Guarantor Default. (a) The failure by the Guarantor to: (x) pay any Guarantor Payment (whether in cash or by the Bank drawing on the Pledged Letter of Credit) which failure is not cured within two (2) business days of the Guarantor’s receipt of written notice from the Company of such failure or (y) comply with the covenant set forth in Section 5.8 hereto shall constitute a “Key Default” hereunder.
Appears in 6 contracts
Samples: Payment and Security Agreement (Bioheart, Inc.), Payment and Security Agreement (Bioheart, Inc.), Payment and Security Agreement (Bioheart, Inc.)
Guarantor Default. (a) The failure by the Guarantor to: (x) pay any Guarantor Payment (whether in cash or by the Bank drawing on on, taking control of or foreclosing the Pledged Letter of Creditassets deposited into the Collateral Account) which failure is not cured within two (2) business days of the Guarantor’s receipt of written notice from the Company of such failure or (y) comply with the covenant set forth in Section 5.8 5.9 hereto shall constitute a “Key Default” hereunder.
Appears in 3 contracts
Samples: Payment and Security Agreement (Bioheart, Inc.), Payment and Security Agreement (Bioheart, Inc.), Payment and Security Agreement (Bioheart, Inc.)
