Other Occurrences Clause Samples
The "Other Occurrences" clause defines how the contract addresses events or situations not specifically covered elsewhere in the agreement. Typically, this clause outlines procedures or obligations that apply when unforeseen circumstances arise, such as requiring parties to notify each other or take reasonable steps to mitigate any impact. Its core practical function is to ensure that the contract remains effective and provides guidance even when unexpected events occur, thereby reducing ambiguity and potential disputes.
Other Occurrences. In all other circumstances the fair market value of the Real Property shall be deemed to equal the result of dividing the Net Cash Flow Before Debt Service for the immediately preceding fiscal year by ten percent (10%). However, if the Net Cash Flow Before Debt Service for the immediately preceding fiscal year has been lowered because of unusually high Operating Expenses during such fiscal year the fair market value of the Real Property may, at the option of the Maker be determined by dividing by ten percent (10%) the mean average of the Net Cash Flow Before Debt Service of the Real Property for the three immediately preceding fiscal years of the Real Property.
Other Occurrences. (a) Any one or more Environmental Claims shall have been asserted against any Domestic Consolidated Company; the Domestic Consolidated Companies would be reasonable likely to incur liability as a result thereof; and such liability would be reasonably likely, individually or in the aggregate, to have a Materially Adverse Effect;
(b) Any Credit Party shall lose a material part of the business from any customer of such Credit Party which, during the Fiscal Year ended prior to such loss thereof, accounted for 15% or more of the aggregate sales of the Credit Parties, if such loss could reasonably be expected to have a Materially Adverse Effect;
(c) [Intentionally Omitted];
(d) There shall have occurred uninsured damage to, or loss, theft or destruction of, any part of the Collateral, where such damage, loss, theft, or destruction could reasonably be expected to have a Materially Adverse Effect, (ii) any security interest of the Collateral Agent in any part of the Collateral, or the Lien on any real property pursuant to any Mortgage ceases to be a first priority security interest or Lien (except for Permitted Liens which are permitted by the Credit Documents to be prior to the security interest or Lien of the Collateral Agent), where such cessation could reasonably be expected to have a Materially Adverse Effect, or (iii) any Guarantor shall terminate or repudiate the Domestic Guaranty Agreement to which it is a party, or any Domestic Guaranty Agreement shall be declared unenforceable or shall no longer be in full force and effect; then, and in any such event, and at any time thereafter if any Event of Default shall then be continuing, the Domestic Agent may, and upon the written or facsimile request of the Required Lenders, shall, by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Domestic Agent, any Lender or the holder of any Note to enforce its claims against the Borrower or any other Credit Party: (i) declare the Domestic Syndicated Loan Commitments terminated, whereupon the pro rata Domestic Syndicated Loan Commitments of each Lender shall terminate immediately and any unused line fee shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest on the Loans, and all other Obligations (other than Hedging Obligations) owing hereunder (including, without limitation, the maximum amount which would be available to be drawn unde...