Material Impairment. Any event shall occur which shall reasonably cause MLBFS to in good faith believe that the prospect of full payment or performance by Customer or any Guarantor of any of their respective liabilities or obligations under this Loan Agreement, the Note or any of the other Additional Agreements to which Customer or such Guarantor is a party 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 4 contracts
Samples: Wcma Line of Credit Increase (Sel-Leb Marketing Inc), Line of Credit Extension Agreement (Lakeland Industries Inc), Lease Agreement (Lakeland Industries Inc)
Material Impairment. Any event shall occur which shall reasonably cause MLBFS to in good faith believe that the prospect of full payment or performance by Customer or any Guarantor of any of their respective liabilities or obligations under this Loan Agreement, the Note Agreement or any of the other Additional Agreements to which Customer or such Guarantor is a party 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 4 contracts
Samples: Loan and Security Agreement (Cd Warehouse Inc), Loan Agreement (Gt Bicycles Inc), Loan and Security Agreement (Genesis Media Group Inc /De/)
Material Impairment. Any event shall occur which shall reasonably cause MLBFS to in good faith believe that the prospect of full payment or performance by Customer or any Guarantor of any of their respective its liabilities or obligations under this Loan Agreement, the Note Agreement or any of the other Additional Agreements to which Customer or such Guarantor is a party 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 1 contract
Samples: Loan and Security Agreement (Faro Technologies Inc)
Material Impairment. Any event shall occur occur, which shall reasonably cause MLBFS to to, in good faith faith, believe that the prospect of full payment or performance by Customer or any Guarantor the Credit Parties of any of their respective liabilities liabilities, or obligations under this Loan loan Agreement, the Note or any of the other Additional Agreements to which Customer or such Guarantor is a party Loan Documents, 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 1 contract
Samples: Term Loan and Security Agreement (DND Technologies Inc)
