Bank Termination Event definition

Bank Termination Event shall have the meaning set forth in Section 9.2.
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Bank Termination Event means any of the following events: (i) Bank shall fail to pay any amount when due hereunder and the same shall remain unpaid for a period of fifteen (15) days after the Retailers, acting collectively, shall have made written demand therefor PROVIDED, HOWEVER, that the failure to make a payment due hereunder shall not constitute a "Bank Termination Event" if the amount which Bank has failed to pay is less than XXXXXXXXX Dollars ($XXXXX) and Bank, acting in good faith, has delivered a written notice to Retailers contesting its obligation to make such payment; (ii) Bank shall materially fail or neglect to perform, keep, or observe any other term, provision, condition, or covenant contained in this Agreement that is required to be performed, kept, or observed by it, and such failure or neglect shall continue for a period of thirty (30) days after Retailers, acting collectively, shall have given written notice thereof; (iii) any representation, warranty or statement, made, delivered or deemed made by Bank hereunder shall prove not to have been true and correct in all material respects as of the date when made, delivered or deemed made and such failure to be true and correct has a material adverse effect on Bank's ability to perform its obligations hereunder; (iv) Bank shall assign its rights and obligations hereunder to General Electric Capital Corporation and Retailers, acting collectively, shall notify Bank of their election to characterize such assignment as a "Bank Termination Event" under this Agreement within thirty (30) days of the date on which any Retailer is first notified of such assignment; or (v) Bank (A) shall no longer be Solvent; (B) shall generally not pay its debts as such debts become due or shall admit in writing its inability to pay its debts generally; (C) shall make a general assignment for the benefit of its creditors; (D) shall institute or have instituted against it any proceeding seeking to adjudicate it a bankrupt or insolvent or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency, or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property, and, in the case of any proceeding instituted against it (but not instituted by it), either such proceeding shall remain...
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Examples of Bank Termination Event in a sentence

  • 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.

  • 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.

  • Notwithstanding anything in Section 11.01 to the contrary, the Commitment Period shall terminate on the date provided below without need of any prior judicial declaration: (a) Retailers, acting collectively, shall have the right to terminate the Commitment Period upon thirty (30) days written notice if a Bank Termination Event shall occur and be continuing.

  • 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.

  • 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.

  • In the event this Agreement is terminated prior to expiration due to a Bank Termination Event, Company shall return to Bank the unamortized portion of the payments described in this Section 2.11(a) within forty-five (45) Business Days after termination.

  • 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.

Related to Bank Termination Event

  • Company Termination Event means any of the following:

  • Swap Termination Event means the occurrence of a “Termination Event” under the Swap Agreement, as defined in the Swap Agreement.]

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Potential Termination Event means an event which but for the lapse of time or the giving of notice, or both, would constitute a Termination Event.

  • Forbearance Termination Event has the meaning set forth in Section 3(a) hereto.

  • Additional Termination Event has the meaning specified in Section 5(b).

  • Consultation Termination Event shall have the meaning assigned to such term or an analogous term in the Servicing Agreement.

  • Commitment Termination Event means the earlier of (a) automatically and without notice or further action, the occurrence of any Event of Default described in Section 7.01(i) (Bankruptcy, Insolvency, etc.) with respect to the Borrower and (b) the occurrence and continuation of any other Event of Default under this Agreement pursuant to which either a Commitment Termination Event has been expressly declared or a declaration of the Loan to be due and payable has been given, in each case pursuant to Section 7.03 (Action if other Event of Default).

  • Servicer Termination Event shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement or at any time that the Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, any analogous concept under the servicing agreement pursuant to which the Mortgage Loan is being serviced in accordance with the terms of this Agreement.

  • Early Termination Event has the meaning specified in Section 9.2.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Exercise Termination Event (i) the Effective Time (as defined in the Merger Agreement) of the Merger; (ii) termination of the Merger Agreement in accordance with the provisions thereof if such termination occurs prior to the occurrence of an Initial Triggering Event, except a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional); or (iii) the passage of 12 months after termination of the Merger Agreement if such termination follows the occurrence of an Initial Triggering Event or is a termination by Grantee pursuant to Section 8.1(d) of the Merger Agreement (unless the breach by Issuer giving rise to such right of termination is non-volitional) (provided that if an Initial Triggering Event continues or occurs beyond such termination and prior to the passage of such 12-month period, the Exercise Termination Event shall be 12 months from the expiration of the Last Triggering Event but in no event more than 18 months after such termination). The "Last Triggering Event" shall mean the last Initial Triggering Event to expire. The term "Holder" shall mean the holder or holders of the Option.

  • Termination Events means each of the events specified in Clause 10.3 of this Contract.

  • Event Termination Date See Section 2(e) hereof.

  • Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.

  • Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;

  • Event of Termination has the meaning specified in Section 7.01.

  • Incipient Event of Termination means an event that but for notice or lapse of time or both would constitute an Event of Termination.

  • Series Termination Date means, with respect to any Series of Notes, the date specified as such in the applicable Series Supplement.

  • Servicer Event of Termination One or more of the events described in Section 7.01.

  • Mandatory Termination Date means the "Termination Date" set forth under "Investment Summary--Essential Information" in the Prospectus for the Trust.

  • Termination Event means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

  • Termination Upon a Change in Control means a termination of Officer’s employment with Corporation within 12 months following a “Change in Control” that constitutes a Termination Other Than For Cause described in Section 2.1(b).

  • Senior Termination Date For each Senior Certificate Group, the Distribution Date on which the aggregate Class Certificate Balance of the related Classes of Senior Certificates has been reduced to zero.

  • Outside Termination Date shall have the meaning set forth in Section 8.01(f).