Financial Defaults Sample Clauses

Financial Defaults. 1. Franchisee or any Guarantor files a voluntary petition or a petition for reorganization under any bankruptcy, insolvency or similar law;
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Financial Defaults. Neither Guarantor nor Seller currently is, or ever has been, in default under any credit agreement or in default with respect to any indebtedness having a principal balance of $5,000,000.00 or more.
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Financial Defaults. In the event of a Financial Default, the Parties are not required to follow the Dispute Process set forth in Section 9.1 above. Instead, the Defaulting Party shall have a Financial Default Cure Period following the provision of notice of Financial Default by the non-Defaulting Party to the Defaulting Party to pay the amount owed in full. If the Defaulting Party: (a) fails to cure a Financial Default in full within the Financial Default Cure Period, or (b) incurs three (3) or more Financial Defaults in any given fiscal year within the Term, regardless of whether cured, the non-Defaulting Party may issue a notice of intent to terminate the Collaborative Agreement(s) under which the Financial Default arose, as well as all other Collaborative Agreements, and initiate wind down and dissolution of the Collaborative in accordance with Article 11. In accordance with Section 10.5 below, neither the Defaulting Party nor any other party to any Collaborative Agreement shall have a right to injunctive or other relief to prevent termination of this or any other Collaborative Agreement and wind down of the Collaborative under this Section 9.2, but shall not be precluded from pursuing a claim for damages for wrongful termination of any or all of the Collaborative Agreements or to enforce any liquidated financial obligation owed to such Party under this Agreement.
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Financial Defaults. (a) If Guarantor One's Net Worth (as defined below and measured quarterly) shall be less than: (i) $155,000,000 at any time from the Closing Date through January 31, 2000, (ii) $160,000,000, at any time from February 1, 2000 through January 31, 2001 or (iii) $175,000,000 at any time from and after January 31, 2001.
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Financial Defaults. Upon the occurrence and during the ------------------ continuance of a Potential Default or Event of Default under (and as each such term is defined in) the Credit Agreement as a result of failure of the Holders of Senior Indebtedness to receive a payment when due ("Payment Default") or a default under Paragraph 7(e) of the Credit Agreement (a "Financial Covenant Default" and, collectively, with a Payment Default, the "Financial Defaults"), then, unless and until such Financial Default shall have been cured (which cure in the case of a default under Paragraph 7(e) shall have been in effect for at least two consecutive fiscal quarters) or waived in writing by the Lender, no payment shall be made for or on account of the Subordinated Indebtedness and no Holder of Subordinated Indebtedness shall take or receive, directly or indirectly, in cash or other property or by set-off or in any other manner (including, without limitation, from or by way of collateral) payment of all or any of the Subordinated Indebtedness
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Financial Defaults. The following shall be a default under this Lease:
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Related to Financial Defaults

  • Covenant Defaults If Borrower defaults in the performance or observance of any covenant or agreement in this Agreement, and such default continues for a period of twenty (20) calendar days after the earlier of Borrower's knowledge thereof or receipt of written notice from Lender thereof, except for violations of SECTION 7.08(d), which shall become an Event of Default at the end of the sixty (60) day period stated therein and except for specific Defaults listed elsewhere in this SECTION 9.01, as to which no notice or cure period shall apply unless specified; or

  • Optional Defaults If any Event of Default referred to in Section 7.1, 7.2, 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9 or 7.10 hereof shall occur, Agent may, with the consent of the Required Lenders, and shall, at the written request of the Required Lenders, give written notice to Borrowers to:

  • No Defaults or Events of Default (a) Since (the date of the last similar certification), and except as set forth in Appendix I, no Default or Event of Default has occurred.

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.6, 6.8, or 6.9, or violates any covenant in Section 7; or

  • Guarantor Defaults Any Guarantor fails in any material respect to perform or observe any term, covenant or agreement in the Guaranty; or the Guaranty is for any reason partially (including with respect to future advances) or wholly revoked or invalidated, or otherwise ceases to be in full force and effect, or any Guarantor or any other Person contests in any manner the validity or enforceability thereof or denies that it has any further liability or obligation thereunder; or any event described at subsections (f) or (g) of this Section occurs with respect to any Guarantor; or

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • No Material Defaults Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

  • Financial Condition of the Borrower The Loans may be made to the Borrower without notice to or authorization from any Guarantor regardless of the financial or other condition of the Borrower at the time of such grant. Each Guarantor has adequate means to obtain information from the Borrower on a continuing basis concerning the financial condition of the Borrower and its ability to perform its obligations under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations.

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