Failure to Deposit Proceeds. If Borrower fails to deliver any payments made under the Pledged Notes Receivable directly to Lender or Lockbox Agent as required by Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery), or if Borrower takes any other action which Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Lender.
Appears in 3 contracts
Samples: Loan and Security Agreement (Equivest Finance Inc), Loan and Security Agreement (Equivest Finance Inc), Loan and Security Agreement (Equivest Finance Inc)
Failure to Deposit Proceeds. If Borrower fails shall fail to deliver any payments made under the Pledged Notes Receivable directly to Lender or Lockbox Agent as required by pursuant to Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery)2.4 above, or if Borrower takes shall take any other action act which Lender Agent shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to any Lender.
Appears in 3 contracts
Samples: Loan, Security and Agency Agreement (Silverleaf Resorts Inc), Security and Agency Agreement (Silverleaf Resorts Inc), Loan, Security and Agency Agreement (Silverleaf Resorts Inc)
Failure to Deposit Proceeds. If Borrower fails shall fail to deliver any payments made under the Pledged Notes Receivable directly to Lender or Lockbox Agent as required by pursuant to Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery)2.3 above, or if Borrower takes shall take any other action act which Agent or any Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Agent or any Lender.
Appears in 2 contracts
Samples: Loan and Security Agreement (Silverleaf Resorts Inc), Loan and Security Agreement (Silverleaf Resorts Inc)
Failure to Deposit Proceeds. If Borrower fails shall fail to deliver any payments made under the Pledged Notes Receivable directly to Lender or Lockbox Agent as required by pursuant to Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery)2.4 above, or if Borrower takes shall take any other action act which Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Lender.
Appears in 1 contract
Samples: Loan and Security Agreement (Silverleaf Resorts Inc)
Failure to Deposit Proceeds. If Borrower fails to deliver any payments made received under the any Pledged Notes Note Receivable directly to Lender or Lockbox Agent as required by Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery)2.4 hereof, or if Borrower takes any other action which Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Lender.
Appears in 1 contract
Samples: Receivables Loan and Security Agreement (Silverleaf Resorts Inc)
Failure to Deposit Proceeds. If Borrower fails to deliver any payments made under the Pledged Notes Receivable an Applicable Underlying Transaction directly to Lender or Lockbox Agent as required by Section 2.5 hereof (other than inadvertent failures that are corrected immediately upon discovery), or if Borrower takes any other action which Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Lender.
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Failure to Deposit Proceeds. If Borrower fails to deliver any payments made received under the any Pledged Notes Note Receivable directly to Lender or Lockbox Agent as required by Section 2.5 2.4 hereof (other than inadvertent failures that are corrected immediately upon discovery), or if Borrower takes any other action which Lender shall deem to be a conversion of all or any portion of the Collateral or fraudulent with respect to Lender.
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