Potential Defaults. Except as otherwise provided in this Agreement, in the event either Party (the “Defaulting Party”) fails to perform, or delays in the performance of, any obligation, in whole or in part, required to be performed by the Defaulting Party as provided in this Agreement (a “Potential Default”), the other Party (the “Injured Party”) may give written notice of such Potential Default to the Defaulting Party (the “Default Notice”), which Default notice shall state the particulars of the Potential Default. The Parties agree to cooperate in good faith and meet and confer regarding each Potential Default.
Potential Defaults. Property Franchise Agreement Brief Description Courtyard, Fort Lauderdale, FL Relicensing Franchise Agreement as of October 27, 2011 by and between Marriott International, Inc. and Grand Prix Fixed Lessee LLC Hotel failed QA Program, but Franchisee has not received formal Notice Letter. Towneplace Suites, Horsham, PA Relicensing Franchise Agreement as of October 27, 2011 by and between Marriott International Inc. and Grand Prix Fixed Lessee LLC Notice of Red Zone 1 Status from Franchisor, dated February 22, 2013. Hotel failed QA Program and is in Red Zone 1. Residence Inn, Shelton, CT Relicensing Franchise Agreement as of October 27, 2011 by and between Marriott International, Inc. and Grand Prix Fixed Lessee LLC Hotel failed QA Program and is in Red Zone 1. Residence Inn, Altamonte Springs, FL Relicensing Franchise Agreement as of October 27, 2011 by and between Marriott International, Inc. and Grand Prix Fixed Lessee LLC Notice of Red Zone 1 Status from Franchisor, dated August 30, 2013. Hotel failed QA Program and is in Red Zone 1. Residence Inn, Mountain View, CA Relicensing Franchise Agreement as of October 27, 2011 by and between Marriott International, Inc. and Grand Prix Fixed Lessee LLC Notice of Red Zone 1 Status from Franchisor, dated February 28, 2014. Hotel failed QA Program and is in Red Zone 1. DOC ID - 21031260.28 Sched X-0 Xxxxxxxxx, Xxxxxxxx, XX Relicensing Franchise Agreement dated as of October 27, 2011, by and between Marriott International, Inc., as franchisor, and Grand Prix Floating Lessee LLC, as franchisee. Hotel failed QA Program, but Franchisee has not received formal Notice Letter. Sheraton, Rockville, MD License Agreement dated as of October 27, 2011, as amended and assigned, by and between The Sheraton LLC, as licensor, and Grand Prix Floating Lessee LLC, as licensee. Resolution of May 14, 2013 Notice of Default Letter.Hotel was under construction at the time of Letter and resolved the issues, but is awaiting approval from Franchisor. Hyatt House, Mount Laurel, NJ Franchise Agreement as of October 27, 2011 by and between Hyatt House Franchising, L.L.C. and Grand Prix Fixed Lessee LLC Deficiency Improvement Notice Letter from Franchisor, dated September 13, 2013. Hotel is in the Deficiency Improvement Policy ("DIP"). Hyatt House, El Segundo, CA Franchise Agreement as of October 27, 2011 by and between Hyatt House Franchising, L.L.C. and Grand Prix Fixed Lessee LLC Hotel is potentially in the DIP, but Franchisee has not receive...
Potential Defaults. The anticipated failure of the Borrower to repay, on or prior to September 30, 2023, the entire principal amount of all Loans which have accrued under the Credit Agreement as required under Sections 2.1(a) and 2.6 of the Credit Agreement. The failure to make such repayment will be an immediate Event of Default under Section 9.1(a)(i) of the Credit Agreement. The anticipated failure of the Borrower to repay, on or prior to September 30, 2023, all accrued and unpaid interest and fees on the Loans and all other obligations of the Credit Parties which have accrued under the Credit Agreement as required under Sections 2.1(a) and 2.6 of the Credit Agreement. The failure to make such repayment will be an Event of Default under Section 9.1(a)(ii) of the Credit Agreement if not remedied within three (3) Business Days following September 30, 2023. The anticipated failure of the Borrower to pay the Amendment No. 14 Fee on or prior to September 30, 2023 as required under Section 6(b) of Amendment No. 14 to the Credit Agreement (as amended by Amendment No. 15 to the Credit Agreement). The failure to make such payment will be an Event of Default under Section 9.1(a)(ii) of the Credit Agreement if not remedied within three (3) Business Days following September 30, 2023. The anticipated failure of the Borrower to pay, on or prior to September 30, 2023, interest in cash which has accrued at the Default Rate on the principal amount of $360,000,000 since August 31, 2023 pursuant to Section 2.9 of the Credit Agreement. The failure to make such payment will be an Event of Default under Section 9.1(a)(ii) of the Credit Agreement if not remedied within three (3) Business Days following September 30, 2023. The anticipated failure of the Borrower to pay, on or prior to September 30, 2023, interest in cash which has accrued at the Default Rate on the remaining portion of principal (other than the abovementioned principal among of $360,000,000) since September 20, 2023 pursuant to Section 2.9 of the Credit Agreement. The failure to make such payment will be an Event of Default under Section 9.1(a)(ii) of the Credit Agreement if not remedied within three (3) Business Days following September 30, 2023.
Potential Defaults. Subject to the obligation, if any, of the Lenders pursuant to Section 1.4(d) hereof, none of the Lenders shall have any obligation to advance or re-advance any sums pursuant to the Revolving Loans, the Swing Line Bank shall have no obligation to advance any Swing Line Loan, and Huntington shall have no obligation to issue or extend any Letters of Credit at any time when (a) an Event of Default has occurred and is continuing or (b) a set of facts or circumstances exists, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing, would constitute an Event of Default under Sections 10.1(g), (h), (i) or (j) of this Agreement (herein a "Potential Default"). BORROWING BASE DEFINITIONS
Potential Defaults. None of the Revolving Lenders shall have any obligation to advance or re-advance any sums pursuant to the Revolving Loans and no Issuing Bank shall have any obligation to issue, procure or extend any Letters of Credit at any time when an Event of Default or a Potential Default has occurred and is continuing.
Potential Defaults. The Existing Borrowers hereby acknowledge that Lender has notified them that the following breaches or violations of the Loan Agreement have occurred which, if not cured within the applicable grace period provided in the Loan Agreement, will constitute additional Events of Default (the "Potential Defaults"):
Potential Defaults. Subject to the obligation, if any, of the Lenders pursuant to Section 1.4(d) hereof, none of the Lenders shall have any obligation to advance or re-advance any sums pursuant to the Revolving Loans, the Swing Line Bank shall have no obligation to advance any Swing Line Loan, and Huntington shall have no obligation to issue or extend any Letters of Credit at any time when an Event of Default or a Potential Default has occurred and is continuing.
Potential Defaults. None of the Lenders shall have any obligation to advance or re-advance any sums pursuant to the Revolving Loans, and Huntington shall have no obligation to issue or extend any Letters of Credit at any time when (a) an Event of Default has occurred and is continuing or (b) a set of facts or circumstances exists, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing, would constitute an Event of Default under Sections 10.1(g), (h), (i) or (j) of this Agreement (herein a "Potential Default").
Potential Defaults. None of the Banks shall have any obligation to advance or re-advance any sums pursuant to the Revolving Loans or issue or extend any Letters of Credit at any time when an Event of Default has occurred and is continuing or a set of facts or circumstances exists, which, by themselves, upon the giving of notice, the lapse of time, or any one or more of the foregoing, would constitute an Event of Default under Sections 10.1(g), (h), (i) or (j) of this Agreement, and in the instance of a set of facts or circumstances existing which, upon the giving of notice or the lapse of time, would constitute an Event of Default pursuant to Section 10.1(k) of this Agreement, and such facts or circumstances have existed for more than 48 hours (herein a " Potential Default").
