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; 2. Franchisee or any Guarantor consents to an involuntary petition under any bankruptcy, insolvency or similar law or fails to vacate any order approving such an involuntary petition within 90 days from the date the order is entered; 3. Franchisee or Guarantor is unable to pay its debts as they become due; 4. Franchisee or Guarantor is adjudicated to be bankrupt, insolvent or of similar status by a court of competent jurisdiction; 5. A receiver, trustee, liquidator or similar authority is appointed over the Hotel;
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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 4.1 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 this Agreement and initiate wind down in accordance with Article VI. In accordance with Section 5.5, neither the Defaulting Party nor any other party to this Agreement shall have a right to injunctive or other relief to prevent termination of this Agreement and wind down under this Section 4.2, but shall not be precluded from pursuing a claim for damages for wrongful termination of this Agreement or to enforce any liquidated financial obligation owed to such Party under this Agreement.
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Financial Defaults. The following shall be a default under this Lease: (a) if a voluntary or involuntary petition in bankruptcy shall be filed by or against Tenant that is not dismissed within ninety (90) days after its filing; (b) if Tenant shall enter into any formal arrangement with its creditors as a class extending the time within which Tenant may pay any of its obligations and attempting to modify Tenant's obligations under this Lease; (c) if Tenant shall effect any composition that materially alters Tenant's obligations to pay Rent under this Lease; (d) if Tenant shall make any assignment for the benefit of its creditors; (e) if all or any part of Tenant's interest in the Premises shall be: (i) levied upon under execution to satisfy all, or part of, a judgment entered by a court of competent jurisdiction; (ii) levied upon or distrained to pay all, or part of, any governmental tax; or (iii) the subject matter of a receivership proceeding or trusteeship that is not removed or dismissed within ninety (90) days after Tenant receives written notice of such event; or (f) without limiting the terms and conditions of Section 9.2(c) hereof, if Landlord shall receive any written assertion of the existence of a default on the part of Tenant under any documents evidencing, securing or otherwise relating to any indebtedness secured, in whole or in part, by any interest of Tenant related to the Premises or this Lease.
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Financial Defaults. 1. Franchisee or any Guarantor files a voluntary petition or a petition for reorganization under any bankruptcy, insolvency or similar law; 2. Franchisee or any Guarantor consents to an involuntary petition under any bankruptcy, insolvency or similar law or fails to vacate any order approving such an involuntary petition within 90 days from the date the order is entered; 3. Franchisee or Guarantor is unable to pay its debts as they become due; 4. Franchisee or Guarantor is adjudicated to be bankrupt, insolvent or of similar status by a court of competent jurisdiction; 5. A receiver, trustee, liquidator or similar authority is appointed over the Hotel; 6. Execution is levied against the Hotel, Franchisee or any material real or personal property in the Hotel in connection with a final judgment; or 7. A suit to foreclose any lien, mortgage or security interest in the Hotel or any material personal property at the Hotel, or any security interest in Franchisee is filed and is not vacated within 90 days.
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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. (b) If Guarantor One's Fixed Charge Coverage Ratio (as defined below) shall be less than: (i) 1.50:1 for each fiscal quarter during Guarantor One's fiscal year ended January 31, 2000, (ii) 1.75:1.00 for each fiscal quarter during Guarantor One's fiscal year ending January 31, 2001 or (iii) 1.85:1.00 for each fiscal quarter of Guarantor One thereafter. The tests described in this Section 6.13 shall be measured quarterly, at the end of each fiscal quarter of Guarantor One, on a consolidated basis, for Guarantor One and its consolidated Subsidiaries. In addition thereto:
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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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Related to Financial Defaults

  • Covenant Defaults Borrower fails to perform or observe any covenant, agreement or obligation contained in this Agreement or in any of the Loan Documents. However, if any default described in this Section 7.1(b) is curable and if Borrower or Guarantor, as the case may be, has not been given a notice of a similar default within the preceding 12 months, such default be cured if Borrower or Guarantor, as the case may be, after receiving written notice from Lender demanding cure of such default: (1) cures the default within 30 days; or (2) if the cure requires more than 30 days, immediately initiates steps which Lender deems in Lender's sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical, which, in all events, must occur within 60 days of such failure. The foregoing notice and cure period shall not apply to a breach by Borrower of any covenant or agreement obligating Borrower to pay the Loan or any other amounts due under the Loan Documents, the covenants, agreements, and obligations in Sections 6.1(c)(i) (provided, however, that, in connection with Sections 6.1(c)(i), in all circumstances other than the lapse of insurance, the foregoing notice and cure period specified above shall apply), 6.1(g), 6.1(m), 6.2(b) or 6.2(c), or the covenants, agreements and obligations that are otherwise specifically addressed in other subsections of this Section 7.1.

  • 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 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Grace periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth in subsection (a) above;

  • 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.

  • Financial Covenant So long as any Loan shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower will maintain a ratio of Consolidated Debt to Consolidated Capital of not greater than 0.65 to 1.00 as of the last day of each fiscal quarter.

  • Financial Covenant Calculations The parties hereto acknowledge and agree that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants set forth in Section 6.7 and for purposes of determining the Applicable Margin, (i) after consummation of any Permitted Acquisition, (A) income statement items and other balance sheet items (whether positive or negative) attributable to the target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period (including by adding any cost saving synergies associated with such Permitted Acquisition in a manner reasonably satisfactory to the Agent), subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness of a target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such applicable period and (ii) after any Disposition permitted by Section 6.8), (A) income statement items, cash flow statement items and balance sheet items (whether positive or negative) attributable to the property or assets disposed of shall be excluded in such calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to Borrowers and the Agent and (B) Indebtedness that is repaid with the proceeds of such Disposition shall be excluded from such calculations and deemed to have been repaid as of the first day of such applicable period.

  • 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.

  • Specific Defaults The Company fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03 or 6.09(c) or in Article VII; or

  • Right to Cure Defaults Upon the occurrence of any Event of Default or if Borrower fails to make any payment or to do any act as herein provided, Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, make or do the same in such manner and to such extent as Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or to foreclose this Security Instrument or collect the Debt. The cost and expense of any cure hereunder (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this Section 11.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear interest at the Default Rate (as defined in the Note), for the period after notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by this Security Instrument and the Other Security Documents and shall be immediately due and payable upon demand by Lender therefor.

  • Financial Condition Covenant Permit the Asset Coverage Ratio to be less than the Minimum Permitted Ratio; or in each case allow Indebtedness of the Borrower to exceed the limits set forth in the Borrower’s Prospectus or registration statement or allow Indebtedness to exceed the requirements of the 1940 Act.

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