Security Default. Any Security Document (other than the Immovables Mortgage or the Enterprise Mortgage) for any reason (other than an act or omission of OPIC or by OPIC) shall have ceased to constitute a valid and perfected first priority security interest in and Lien on any of the collateral purported to be covered thereby; or the Company shall have created or permitted to exist any Lien (other than a Permitted Lien) on any of its property, revenues or assets.
Security Default. As security for any and all Obligations, the Customer hereby recognizes and admits the Bank's ownership in and unqualified right to the possession and disposal of, any and all shipping documents, warehouse receipts, policies or certificates of insurance and other documents relating to drafts drawn under any Credit and to any and all goods shipped in connection with any Credit, to any of the drafts drawn thereunder (whether or not such documents or goods are released to, or upon the order of, the Customer in trust or otherwise) and to the proceeds of the foregoing, until such time as all such Obligations have been fully paid and discharged. All such goods and/or documents, and the proceeds thereof, coming into the Bank's possession, or that of any of the Bank's correspondents, may be held and disposed of by the Bank as hereinafter provided, it being understood that the receipt by the Bank, or by any of the Bank's correspondents, at any time of other security of whatsoever nature, including cash, shall not be deemed as a waiver of any of the Bank's rights or powers hereunder. Insofar as any goods and/or documents, which may be held by the Bank, or for the Bank's account, as collateral hereunder may be released by the Bank to, or upon the order of, the Customer in trust, the Customer will sign and deliver to the Bank on demand such trust receipts and/or statements of trust receipt financing as may be satisfactory to the Bank, and will pay any related filing fees, it being understood that the Bank's rights as specified herein or therein shall be in addition to, but not in limitation of, the Bank's rights under any applicable law. Upon any transfer, sale, delivery, surrender or endorsement of any bill of lading, warehouse receipt or other document at any time(s) held by the Bank or held for the Bank's account by any of the Bank's correspondents, related to any draft(s) accepted by the Bank in reliance thereon, the Customer shall indemnify and hold the Bank harmless from and against each and every claim, demand, action or suit which may arise against the Bank or any such correspondent(s), by reason thereof.
Security Default. (1) A default by the Shipowner in the due and punctual observance and performance of any provision in Sections 11.07, 12.01 12.02, 12.03, and 15.01(a) of this Agreement;
Security Default. The failure of Seller to timely issue, maintain or replace the Development Security or the Performance Security in compliance with the provisions of Section 5.3 if such non-compliance is not cured within ten (10) Business Days after receiving written notice thereof from Buyer.
Security Default. (i) Any Security Document, once executed and delivered, ceases at any time for any reason to provide the Liens, rights, titles, interests, remedies, powers or privileges created thereby, (ii) any Lien created in any portion of the collateral pledged pursuant to the Security Documents shall cease to be effective or fail to have the priority originally created under the Security Documents, (iii) the validity of the Security Documents or the applicability thereof to the obligations of the Borrower hereunder or any part thereof, shall be disaffirmed in writing by or on behalf of the Borrower, or (iv) OPIC’s security interest or other rights in any portion of the collateral pledged pursuant to the Security Documents shall terminate in any manner other than that contemplated by the Financing Documents.
Security Default. A default by the Mortgagor in the due and punctual observance and performance of any provision in Sections 2.09, 3.01, 3.04(c), 3.04(d), 3.04(e), 3.05, 3.07, 3.08, 3.12, 3.16, or 4.01 of this Mortgage or Sections 4.02, 10.09, 10.13, 10.14, 10.18, 11.01, 11.02, 11.03, 11.05, 11.06, 11.07, 11.08, 11.09, 12.01 12.02, 12.03, 13.03, 15.01, 15.02, 17.01, 17.02 or 17.03 of Annex C of the Agreement; A default continuing for five (5) Business Days, unless otherwise stated, after written notice to Mortgagor from the Mortgagee specifying such failure by the Mortgagor in the due and punctual observance and performance of any provision in Sections 2.08, 3.03, 3.04(g), 3.04(h), 3.04(i), 3.04(j), 3.10 (except (f) and (j)), or 4.03 of this Mortgage or Sections 6.04, 6.06, 6.09, 7.07, 9.02, 10.08, 11.10 (except (g) and (k) thereof), and 11.13 of Annex C of the Agreement; A default continuing for thirty (30) days after written notice to the Mortgagor from the Mortgagee by the Mortgagor in the due and punctual observance of any other provision, condition or covenant in this Mortgage or any provision set forth in, the Agreement, provided that the cure period shall be reduced to ten (10) days in connection with any failure to pay a debt due or make a payment due under Section 5.08 hereof or Sections 4.05 or 6.08 of Annex C of the Agreement; The Mortgagor or any guarantors of the Mortgagor’s performance under this Mortgage, the Agreement or any other Transaction Document, becomes insolvent or bankrupt or ceases paying or providing for the payment of its debts generally, or the Mortgagor or any guarantor is dissolved or, by a court of competent jurisdiction, is adjudged a bankrupt, or makes a general assignment for the benefit of its creditors, or loses its charter by forfeiture or otherwise; or a petition for reorganization of the Mortgagor or any guarantor under the Bankruptcy Code is filed by the Mortgagor or any guarantor , or such petition is filed by creditors and the same is approved by such a court of competent jurisdiction; or a reorganization of the Mortgagor or any guarantor under the Bankruptcy Code is approved by a court, whether proposed by a creditor, a stockholder or any other Person whomsoever; or a receiver or receivers of any kind whatsoever, whether appointed in admiralty, bankruptcy, common law or equity proceedings, is appointed, by a decree of a court of competent jurisdiction, with respect to any Vessel, or all or substantially all of the Mortgagor’s or a...
Security Default. (1) A default by the Mortgagor in the due and punctual observance and performance of any provision in Sections 2.09, 3.01, 3.04(c), 3.04(d), 3.04(e), 3.05, 3.07, 3.08, 3.12, 3.16, or 4.01 of this Mortgage or Sections 4.02, 10.09, 10.13, 10.14, 10.18, 11.01, 11.02, 11.03, 11.05, 11.06, 11.07, 11.08, 11.09, 12.01 12.02, 12.03, 13.03, 15.01, 15.02, 17.01, 17.02 or 17.03 of Annex C of the Agreement;
Security Default. (a) Customer hereby grants Bank a continuing security interest in and recognizes and admits Bank’s unqualified right to the possession and disposition of any and all property shipped under or pursuant to or in connection with any Commercial Credit or in any way relative thereto, and in and to all shipping documents, warehouse receipts, policies or certificates of insurance and other documents or instruments accompanying or relative to drafts and in and to the proceeds to each and all of the foregoing, all to be held by Bank subject to the terms of this Agreement as collateral security for the prompt and unconditional payment of any and every obligation and liability of Customer to Bank and Bank’s claims of every nature and description against Customer, whether or not represented by negotiable instruments or other writings, whether now existing or hereafter incurred, originally contracted with Bank and/or with another or others and now or hereafter owing to or acquired in any manner by Bank, whether contracted by Customer alone or jointly or severally with another or others, direct or indirect, absolute or contingent, secured or not secured, matured or unmatured including, without limitation, all amounts owing to Bank from Customer under this Agreement (all of the foregoing are hereinafter called “Obligations”).
Security Default. (a) The following events shall constitute a default under this Agreement (a "Security Default"):
Security Default. (a) To the extent Customer has previously granted Bank security interests, liens and/or mortgage(s) on the real and/or personal property of the Customer to secure indebtedness owing from Customer to Bank, Customer hereby grants to Bank a lien or mortgage on and security interest in such property to secure all Obligations arising under this Agreement. To the extent that such property exists as of the date of this Agreement, or will exist at some future date, in either case pursuant to existing agreements or mortgages, such agreements and mortgages are hereby amended to secure the Obligations arising under this Agreement if they do not already do so. To the extent such property comes to exist at some future date pursuant to agreements or mortgages not yet existing, such agreements and mortgages shall be deemed to secure the Obligations arising under this Agreement if they do not do so by their terms. Customer shall deliver to Bank, and/or grant Bank a security interest in, on demand, such other property, of value and character satisfactory to Bank, to secure the Obligations arising under this Agreement, as Bank may require in its sole discretion.
