Material Impairment. Any event shall occur which shall reasonably cause MLBFS to in good faith believe that the prospect of payment or performance by Grantor has been materially impaired. The existence of such a material impairment shall be determined in a manner consistent with the intent of Section 1-208 of the UCC.
Appears in 12 contracts
Samples: Loan and Security Agreement (Derma Sciences Inc), Loan and Security Agreement (Yp Net Inc), Security Agreement (Main Street & Main Inc)
Material Impairment. Any event shall occur which shall reasonably cause MLBFS to in good faith believe that the prospect of payment or performance by Grantor has been materially impaired. The existence of such a material impairment shall be determined in a manner consistent with the intent of Section 1-208 of the UCC.
Appears in 2 contracts
Samples: Employment Agreement (Lakeland Industries Inc), Security Agreement (American Eco Corp)
