Bank Termination Event definition
Examples of Bank Termination Event in a sentence
Each of the Issuer, the Cash Manager and the Collateral Account Bank undertakes and agrees to notify the Security Trustee in accordance with Clause 15 (Notices) promptly upon becoming aware of any Collateral Account Bank Termination Event or any event which with the giving of notice or lapse of time or certification would constitute the same pursuant to Clause 9.3 (Termination by Issuer).
Each of the Issuer, the Cash Manager and the Swap Collateral Account Bank undertakes and agrees to notify the Security Trustee in accordance with Clause 15 (Notices) promptly upon becoming aware of any Swap Collateral Account Bank Termination Event or any event which with the giving of notice or lapse of time or certification would constitute the same pursuant to Clause 9.3 (Termination by Issuer).
However, in the event that the parties cannot mutually agree upon the type and/or amount of such modification(s) after no fewer than ***** of such good faith discussion, this shall be deemed a Bank Termination Event and Bank shall have the right to terminate this Agreement with ***** prior notice.
Provided, however, that individual breaches (as opposed to the development of a pattern of occurrences) of this Section 4.3 shall not be grounds for a Bank Termination Event under Section 9.2 unless such breach has a materially adverse effect on Pier 1, Bank, this Agreement, or the Plan.
If Bank elects to engage third parties to perform services pursuant to this Agreement and such third parties fail to perform in accordance with the standards set forth herein, such failure to perform shall not be deemed to be an event beyond Bank’s control for purposes of determining if a Bank Termination Event shall have occurred.
Each of the Issuer, the Cash Manager and the Issuer Account Bank undertakes and agrees to notify the Security Trustee in accordance with Clause 15 (Notices) promptly upon becoming aware of any Issuer Account Bank Termination Event or any event which with the giving of notice or lapse of time or certification would constitute the same pursuant to Clause 9.3 (Termination by Security Trustee).
Each of the Issuer, the Cash Manager and the Collateral Account Bank undertakes and agrees to notify the Security Trustee in accordance with Clause 14 (Notices) promptly upon becoming aware of any Collateral Account Bank Termination Event or any event which with the giving of notice or lapse of time or certification would constitute the same pursuant to Clause 8.3 (Termination by Issuer).
Each of the following conditions or events shall constitute a "Bank Termination Event" hereunder for which Bank may terminate this Agreement immediately by providing written notice to Stage and without further action (unless otherwise expressly provided below).
Second, with respect to (i) and (ii) above, if Pier 1 cures the underlying breach and/or failure to perform within the thirty (30) day time period provided in Section 9.2 (c) for Pier 1 to avoid generating a Bank Termination Event, then Pier 1 shall not have to pay the first $25,000 of Losses related thereto.
Notwithstanding the foregoing, in the event that Bank fails to pay Retailer in full within the time periods set out in Section 6.6, Retailer may immediately, without being in default of this Agreement or causing a Bank Termination Event, suspend performance of any of its duties under this Agreement in whole or in part.