Loan Defaults. If any of the following events occurs, it is hereby defined as and declared to be and to constitute a “Loan Default”:
(a) failure by the Borrower to pay any payment obligation required to be paid hereunder when due, which failure shall continue a period of five Business Days;
(b) failure by the Borrower to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Loan Agreement, other than as referred to in paragraph (a) or (c) through (f) of this Section, which failure shall continue for a period of thirty (30) calendar days after written notice, specifying such failure and requesting that it be remedied, is given to the Borrower by Issuer or the Bank, unless the Issuer and the Bank shall agree in writing to an extension of such time prior to its expiration; provided, however, that if the failure stated in such notice is correctable but cannot be corrected within the applicable period the Issuer and the Bank may not unreasonably withhold their consent to an extension of such time up to thirty (30) calendar days from the delivery of the written notice referred to above if corrective action is instituted by the Borrower in the applicable period and diligently pursued until the Loan Default is corrected;
(c) any representation made by or on behalf of the Borrower contained in this Loan Agreement, or in any instrument furnished in compliance with or with reference to this Loan Agreement or the Loan, is false or misleading in any material respect on the date on which such representation is made;
(d) a petition is filed by or against the Borrower under any federal or state bankruptcy or insolvency law or other similar law in effect on the date of this Loan Agreement or thereafter enacted, unless in the case of any such petition filed against the Borrower such petition shall be dismissed within thirty (30) calendar days after such filing and such dismissal shall be final and not subject to appeal; or the Borrower shall become insolvent or bankrupt or make an assignment for the benefit of its creditors; or a custodian (including, without limitation, a receiver, liquidator or trustee) of the Borrower or any of its property shall be appointed by court order or take possession of the Borrower or its property if such order remains in effect or such possession continues for more than thirty (30) calendar days;
(e) the Borrower shall generally fail to pay its debts as such debts become due; and,
(f) any material provisi...
Loan Defaults. To Transferor’s knowledge, there is no default under the terms and conditions of any agreement, loan, mortgage, deed of trust, or any other loan document in favor of any mortgagee with a security interest in the Facility. Schedule 3.12 sets forth a list of all Debt of Transferor, and, to Transferor’s knowledge, all Debt otherwise affecting the Facility. “Debt” means (a) all indebtedness, contingent or otherwise, for money borrowed, purchase money indebtedness (other than accounts payable in the ordinary course of business to the extent such accounts payable are not more than sixty (60) days past due) and reimbursement obligations with respect to letters of credit; (b) obligations evidenced by notes, bonds, debentures or similar instruments; (c) all of the indebtedness and obligations of the type described in clauses (a) and (b) of this definition guaranteed in any manner through an agreement, contingent or otherwise, to supply funds to, or in any other manner invest in, the debtor, or to purchase indebtedness, or to purchase and pay for property if not delivered or pay for services if not performed, primarily or exclusively for the purpose of enabling the debtor to make payment of the indebtedness or obligation or to insure the owners of the indebtedness or obligation against loss; (d) all of the indebtedness or obligations of the type described in clauses (a), (b) and (c) of this definition secured by any Encumbrance upon the Property, even though no liability currently exists for the payment of such indebtedness; (e) all obligations to pay rent or other amounts under any lease of (or other arrangement covering the right to use) real or personal property that are required to be classified and accounted for as capital or finance leases on a balance sheet as of such date computed in accordance with GAAP; (f) the deferred purchase price of assets, property or services incurred outside the ordinary course of business; (g) all indebtedness of others guaranteed or in effect guaranteed directly or indirectly in any manner; (h) all obligations for any earn-out or contingent payment or bonus or similar payment or any indemnification obligations under any acquisition agreement; and (i) all accrued but unpaid interest expense and all penalties, fees, breakage costs, charges and prepayment premiums that are payable, in each case with respect to any of the indebtedness or obligations described in this definition, including as a result of the entry into this Agreement ...
Loan Defaults. If any of the following events occurs, it is hereby defined as and declared to be and to constitute a “Loan Default”:
(a) failure by the Borrower to pay any payment obligation required to be paid hereunder when due, which failure shall continue a period of five Business Days;
(b) failure by the Borrower to observe and perform any covenant, condition or agreement on its part to be observed or performed under this Loan Agreement, other than as referred to in paragraph (a) or (c) through
Loan Defaults. The Borrower hereby acknowledges for the express benefit of the Guarantor that the breach of its obligations hereunder or under the General Agency Agreement or any material misrepresentation hereunder may give rise to an Event of Default under the Loan Agreement subject to the terms thereof, whereupon the Guarantor may cause the acceleration of the Loan and exercise all rights and remedies available to it by Law, hereunder or as subrogee of the LENDERS under the Loan Agreement.
Loan Defaults. (a) Each Creditor and the Third Lender (each, a “Defaulted Creditor”) agrees to give prompt written notice to the others of any events of default under its respective Loan Documents, and to give the others a reasonable opportunity to cure any such events of default in accordance with the terms of the respective Loan Documents, provided, however, that the Defaulted Creditor shall be entitle to continue to pursue its rights and remedies under the applicable Loan Documents.
(b) Each Creditor and the Third Lender agree that, for a period of at least 90 days after an event of default under its respective Loan Documents or after it receives notice from another Creditor of from the Third Lender of an event of default under that Creditor's or the Third Lender’s Loan Documents, it shall not exercise its respective receivership or foreclosure remedies under its respective Loan Documents (the "Stand-Still Period"), provided, however, that the County expressly shall be permitted to exercise remedies under the Restrictive Covenants and the Tax Credit Covenant with the Borrower, and the County expressly shall be entitled to exercise and enforce covenants and agreements of the Borrower relating to income, rent, or affordability restrictions contained in the County Loan Documents. Following the Stand-Still Period, each Creditor may commence foreclosure proceedings with respect to the Property under its respective Loan Documents or exercise any other rights or remedies it may have under its respective Loan Documents without limitation.
Loan Defaults. Guarantor currently is not nor has it ever been in default under any credit agreement or in default with respect to any indebtedness having a principal balance of $1,000,000 or more.
Loan Defaults. In the event of more than one Loan Default, Lender shall be entitled to determine which Loan Default is the Loan Default for purposes of exercising any right that Lender may have under this Agreement upon the occurrence of a Loan Default.
Loan Defaults. Once each calendar quarter-year, PCS will search PCS’s record of Loan repayments processed to search for those Loans that might have become a deemed distribution. PCS will furnish this report to you, and you will decide whether a Loan has become a deemed distribution [¶ 20.11 at page 20].
Loan Defaults. For each Loan, you will decide whether repayments are in default, whether a Loan has become a deemed distribution, and whether to offset a Loan against a distribution.
Loan Defaults. Grantor defaults on any of the representations, warranties, covenants, obligations, or indemnity obligations under the Promissory Note, this Agreement, or related documents or agreements between Grantor and Secured Party.
