Automatic Default definition

Automatic Default shall occur automatically upon the occurrence of any of the following events:

Automatic Default has the meaning set forth in Section 12(h) of this Agreement.

Automatic Default shall have the meaning set forth in Section 13 hereof.

Examples of Automatic Default in a sentence

• Upon the occurrence of an Automatic Default, all sums owing to Beneficiary under the Note and the other Loan Documents shall automatically become immediately due and payable.

• At CDF’s request, or without request in the event of an Automatic Default, Dealer shall pay all Vendor Credits to CDF as soon as the same are received for application to the Obligations.

• Upon the occurrence of an Automatic Default, all sums owing to Lender under the Note and the other Loan Documents shall automatically become immediately due and payable.

• Upon the occurrence of an Automatic Default, all sums owing to Mortgagee under the Note and the other Loan Documents shall automatically become immediately due and payable.

• At Agent’s request, or without request in the event of an Automatic Default, each Dealer shall pay all Vendor Credits to Agent as soon as the same are received for application to the Obligations.

More Definitions of Automatic Default

Automatic Default shall occur automatically upon the occurrence of any of the following events: DEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000

Automatic Default shall have the meaning ascribed to such term in Section 7.1.b.

Automatic Default has the meaning ascribed to such term in Section 9.1(b) hereof.

Automatic Default shall have the meaning set out in Article 7.2.

Automatic Default has the meaning set forth in Section 11. Base Rate means, for any day, a rate per annum equal to the greater of (a) the Prime Rate or, (b) the Federal Funds Rate plus 1/2%. Any change in the Base Rate due to a change in the Prime Rate, shall be effective from and including the effective date of such change in the Prime Rate.

Automatic Default shall have the meaning ascribed to such term in Section 7.1.b. “Bankruptcy Code” - shall have the meaning ascribed to such term in Section 7.1.b(i).

Automatic Default has the meaning set forth in Section 11. Bank Product means any one or more of the following financial products or accommodations extended to either Reseller or any of their Subsidiaries by a Bank Product Provider: (a) commercial credit cards, (b) commercial credit card processing services, (c) debit cards, (d) stored value cards, (e) purchase cards (including so-called “procurement cards” or “P-cards”) or (f) Cash Management Services.