Repayment Events. A Repayment Event occurs if: (a) the Borrower fails to pay any money owing to FSL under a Loan Agreement; (b) the Borrower is a corporation, and a liquidator, receiver, administrator or any similar officer is appointed over any part of the Borrower’s undertaking; (c) the Borrower is a partnership which is dissolved or has a receiver appointed to any of its assets; (d) the Borrower is declared or becomes insolvent or, if an individual, is declared bankrupt; or (e) the Borrower breaches any term of this PFMA or any Loan Agreement. If a Repayment Event occurs: (i) the Borrower is deemed to have repudiated the relevant Loan Agreement; (ii) the Debt the subject of the applicable Loan Agreement will become immediately due and payable by the Borrower to FSL without FSL having to make demand for the same; (iii) FSL may cancel or otherwise deal with any Insurance; (iv) FSL may direct the Insurer, or any person or organisation to whom Insurance Proceeds are paid, to pay the Insurance Proceeds in full to FSL; and FSL may apply the Insurance Proceeds received by FSL in payment of all Secured Moneys. If the Insurance Proceeds received by FSL are less than the Secured Moneys the Borrower will remain liable to FSL for the shortfall and if they exceed the Secured Moneys FSL will account to the Borrower for the excess. FSL will not be liable for any losses that the Borrower may incur if FSL exercises its right to cancel any Insurance or otherwise exercises its rights under this clause. The Borrower must pay FSL upon demand all its costs and expenses (including legal costs and expenses on a full indemnity basis) incurred by FSL in recovering Secured Moneys following a Repayment Event.
Repayment Events. A Repayment Event occurs if: (a) the Borrower fails to pay any money owing to FSL under a Loan Agreement; (b) the Borrower is a corporation, and a liquidator, receiver, administrator or any similar officer is appointed over any part of the Borrower’s undertaking; (c) the Borrower is a partnership which is dissolved or has a receiver appointed to any of its assets; (d) the Borrower is declared or becomes insolvent or, if an individual, is declared bankrupt; or (e) the Borrower breaches any term of this PFMA or any Loan Agreement. If a Repayment Event occurs: (i) the Borrower is deemed to have repudiated the relevant Loan Agreement; (ii) the Debt the subject of the applicable Loan Agreement will become immediately due and payable by the Borrower to FSL without FSL having to make demand for the same;
Repayment Events. (a) With respect to any acquisition of FF&E by Ashford LLC pursuant to this ERFP Agreement, if prior to the date that is two years after such acquisition (the “Applicable Two Year Period”), (i) the Company is subject to a Company Change of Control (as defined in the Advisory Agreement) or (ii) the Company or the Advisor terminates the Advisory Agreement and the Company is required to pay the Termination Fee thereunder (each of clauses (i) and (ii), a “Repayment Event”), the Operating Partnership shall pay to Ashford LLC an amount equal to one hundred percent (100%) of any Enhanced Return Investments actually funded by Ashford LLC during such Applicable Two Year Period (less any amount that the Applicable TRS has previously paid to purchase any such FF&E from Ashford LLC, if any (“Previously Repaid Amounts”)) and any amounts paid to or setoff by Applicable TRS pursuant to Section 2.01(e)(ii)(A) (provided that, with respect to amounts paid to or setoff by Applicable TRS pursuant to Section 2.01(e)(ii)(A), the Operating Partnership shall repay 100% of the Defaulted Funding Amount (and not the 125% thereof that was paid to or setoff by Applicable TRS)). The amount payable by the Operating Partnership pursuant to this Section 2.02(a) is referred to herein as a “Repayment”).
(b) If the Operating Partnership or its subsidiaries dispose of or cause to be disposed any Enhanced Return Hotel Asset or other real property with respect to which Ashford LLC owns FF&E, including by way of a foreclosure or deed-in-lieu of foreclosure by a mortgage or mezzanine lender of the Operating Partnership or its subsidiaries (a “Disposition Replacement Event”), Ashford Trust shall promptly identify, and Ashford LLC shall acquire in exchange for such FF&E, FF&E for use at another real property asset leased by the Applicable TRS and with a fair market value equal to the value of such FF&E as established in connection with such disposition.
(c) Ashford LLC shall convey, at the time of payment by Operating Partnership under Section 2.02(a) or the time of a disposition under Section 2.02(b), all applicable FF&E to
(i) with respect to Section 2.02(a), the Applicable TRS and (ii) with respect to Section 2.02(b), the particular transferee of such FF&E with respect to any Enhanced Return Hotel Asset or other real property asset, which conveyances by Ashford LLC shall be treated as a sale of such assets by Ashford LLC for income tax purposes. The payments required under Section 2.02(a) shall ...
Repayment Events. A Repayment Event occurs if: (a) the Borrower fails to pay any money owing to FSL under a Loan Agreement; (b) the Borrower is a corporation, and a liquidator,receiver, administrator or any similar officer is appointed over any part of the Borrower’s undertaking; (c) the Borrower is a partnership which is dissolved or has a receiver appointed to any of its assets; (d) the Borrower is declared or becomes insolvent or, if an individual, is declared bankrupt; or
Repayment Events. If at any time a Repayment Event has occurred in relation to a Purchased Receivable, the relevant Seller agrees promptly to notify the Bank. In relation to any Repayment Event affecting a Receivable, the Bank and the relevant Seller agree that the loss suffered by the Bank in respect of that Receivable as a result of that Repayment Event will be a sum equal to the reduction in the Net Value arising as a result. At the Bank’s determination in its sole discretion and upon the Bank’s request, the relevant Seller undertakes to carry out the following:
(a) that Seller shall raise a credit note (or other similar book keeping entry) in favour of the relevant Eligible Buyer for the amount of that reduction in accordance with its standard sales ledger practices; and/or
(b) that Seller shall promptly on demand pay the amount of that reduction to the Bank, in discharge of the loss suffered by the Bank as a result of the Repayment Event in respect of the relevant Receivable.
Repayment Events. In addition to the prepayments required pursuant to clauses (c)(i) and (ii) above, upon the occurrence of any Repayment Event, the Borrower shall prepay Advances on the next Business Day after the Net Cash Proceeds from such Repayment Event are received by the Borrower or the Parent or one of their respective Subsidiaries, as applicable, in an amount equal to the lesser of (A) the amount of the outstanding Advances on such Business Day and (B) the Repayment Amount for such Repayment Event. Prepayments made pursuant to this clause (c)(iii) shall be applied (A) first, to outstanding Term Advances (and accrued Current Pay Interest related thereto), (B) second, to outstanding PIK Obligations (and accrued Current Pay Interest related thereto), (C) third, to accrued PIK Interest on all Advances and (C) fourth, to Revolving Advances (and accrued Current Pay Interest related thereto) and, thereafter, to the cash collateralization of outstanding Letter of Credit Exposure.
Repayment Events. In the event that any of the following events occurs prior to the "maturity date" set forth in the Purchase Money Note or the Revolving Note, the total outstanding principal and accrued interest and all other sums secured by the Purchase Money Note and the Revolving Note shall become immediately due and payable (each, a "Repayment Event"):
(a) Jeff ceases to be President of Advanta Bank Corp. for any reason;
(b) Jeff leaves or retires or otherwise ceases to be employed by Advanta Bank Corp., Advanta or any other Advanta affiliate;
(c) At settlement, if the Property is sold; or
(d) June 30th, 2004, unless such date is extended by mutual agreement of Jeff and Advanta.
Repayment Events. The Allowance will be subject to pro-rata reimbursement to ABC as follows if: (1) Allscripts terminates the Agreement prior to the expiration of the Term for any reason other than a default by ABC; or (2) ABC terminates the Agreement prior to the expiration of the Term as a result of a default by Allscripts. Such reimbursement will be the full amount of each Allowance paid to Allscripts for purchases during the calendar year during which termination occurs, less one-twelfth (1/12th) of such amount for each full month of the calendar year prior to the event giving rise to termination. By way of example and for purposes of illustration, should the Agreement be terminated on May 5th of the following years (with Allscripts earning its maximum Allowance and such Allowance having been paid on March 15th ), ABC will be entitled to reimbursement of $[ ]* in 2002 ($[ ]* less $[ ]* [$[ ]* x 4 full calendar months, January to April]); or $[ ]* in 2003 to 2006 ($[ ]* less [4 months x $[ ]*]).
Repayment Events. The Corporation shall have the right to be repaid to the ---------------- extent of its Premium Payments (as defined in Section 10 of the Agreement) upon the death of the Owner prior to the termination of the Agreement or upon the happening of any of the following events (the "Repayment Events") which occur prior to the Owner's attainment of age sixty-five (65):
(a) The lapse, cancellation, or surrender of the Policy by the Owner or its assignee; (b) The total cessation of the Corporation's business;
Repayment Events. The Grantee shall repay the total amount of any funds disbursed to the Grantee (the “Repayment Amount”) upon the occurrence of any one or more of the following at any time through the end of the Grant Period (each a “Repayment Event”):
(a) Prohibited by the Act If any funds disbursed are used by the Grantee toward:
1. Development of a stadium or arena for use by a professional sports team or development of a casino or property associated or affiliated with the operation of a casino as prohibited by the MSF Act (see MCL 125.2088(c)(3)(c)), or to induce the Grantee, a qualified business, or small business to leave the State of Michigan, or to contribute to the violation of internationally recognized workers’ rights, of workers in a country other than the US, as prohibited by the MSF Act (see MCL 125.2088(c)(4)(c) and (d); and
2. Activities prohibited in 10 CFR 420, Section 420.18 “Expenditures prohibitions and limitations.”
(b) Materially Incorrect Information If any information, representation or warranty, provided by the Grantee to the State or the MSF in support of this Agreement, any request by the Grantee for the disbursement of Grant funds, Milestone Report, or to satisfy any conditions precedent to the Grantee receiving any disbursed funds, is found to be incorrect by the State or MSF in any material respect.
