Obligor Default Sample Clauses

Obligor Default. Issuer shall deliver a written notice to Investor promptly, and in any event within 5 business days after having knowledge thereof, when any of the following (an “Obligor Default”):
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Obligor Default. A. If, at any time, an Obligor is more than thirty days past due on a payment owed by him under a Contract, Servicer shall engage an independent third party contractor to repossess the Leased Vehicle.
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Obligor Default. If SBCC gives Hologic notice of an Obligor Default --------------- under any Contract purchased by SBCC and requests in writing that Hologic indemnify SBCC pursuant to this Section 11(b), Hologic will, within ten (10) days after receipt of SBCC's request, pay SBCC an amount equal to the As-Placed Investment of the Equipment.
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Obligor Default. On or after receiving notice that Obligor has failed to make payment as required with respect to any Loan, the Seller shall, to the extent not prohibited by the Intercreditor Agreement or the Indenture, exercise any rights and remedies against the Obligor under the Loan Documents in accordance with the written direction of the Required Participants. The Participant shall indemnify and hold harmless (to the extent of its Pro Rata Share of the Loan Amount) the Seller from and against all losses, damages, liabilities, reasonable costs and expenses as incurred (including, without limitation, attorneys’ fees) which the Seller incurs in connection with such exercise of rights and remedies to the extent Seller has received written direction from the Required Participants, with respect to any such exercise, and otherwise with Seller’s efforts to collect payment from the Obligor (except for such losses, liabilities, costs and expenses which have been arisen out of Seller’s actual bad faith, willful misconduct or gross negligence).
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Obligor Default. On or after receiving notice that Obligor has failed to make payment as required with respect to any Loan, the Seller shall, to the extent not prohibited by the Intercreditor Agreement or the Indenture, exercise any rights and remedies against the Obligor under the Loan Documents in accordance with the written direction of the Required Participants. The Participant shall indemnify and hold harmless (to the extent of its Pro Rata Share of the Loan Amount) the Seller from and against all losses, damages, liabilities, reasonable costs and expenses as incurred (including, without limitation, attorneys’ fees) which the Seller incurs in connection with such exercise of rights and remedies to the extent Seller has received written direction from the
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Obligor Default 
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Related to Obligor Default

  • Guarantor Defaults Any Guarantor fails in any material respect to perform or observe any term, covenant or agreement in the Guaranty; or the Guaranty is for any reason partially (including with respect to future advances) or wholly revoked or invalidated, or otherwise ceases to be in full force and effect, or any Guarantor or any other Person contests in any manner the validity or enforceability thereof or denies that it has any further liability or obligation thereunder; or any event described at subsections (f) or (g) of this Section occurs with respect to any Guarantor; or

  • Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Event of Default Any of the following shall constitute an “Event of Default”:

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (i) through (iv) of Section 9.1(h)) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Lender may, by notice to the Borrower declare all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and the Commitments shall terminate.

  • Lender Default If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(e), 2.17(d), 2.18(d), 2.18(e) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

  • After Event of Default Borrower further agrees to pay, or reimburse Lender, for all reasonable out-of-pocket costs and expenses, including without limitation reasonable attorneys’ fees and disbursements incurred by Lender after the occurrence of an Event of Default (i) in enforcing any Obligation or in foreclosing against the Collateral or exercising or enforcing any other right or remedy available by reason of such Event of Default; (ii) in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or in any insolvency or bankruptcy proceeding; (iii) in commencing, defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to Borrower and related to or arising out of the transactions contemplated hereby; (iv) in taking any other action in or with respect to any suit or proceeding (whether in bankruptcy or otherwise); (v) in protecting, preserving, collecting, leasing, selling, taking possession of, or liquidating any of the Collateral; or (vi) in attempting to enforce or enforcing any Lien in any of the Collateral or any other rights under the Security Instrument.

  • Event of Default Defined Acceleration of Maturity; Waiver of Default. "Event of Default" with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

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