Client Event of Default definition

Client Event of Default means (a) if the Client fails to perform any of its material obligations or contravenes any provision under the applicable Agreement; or (b) if SKYTRAC, in its sole discretion considers Client to be unacceptable credit risk and becomes unable to pay its debts, or if the Client enters into liquidation, makes an arrangement with its creditors, becomes subject to an administration order or a receiver or administrative receiver is appointed over all or any of its assets or takes or suffers to be taken any similar action in consequence of a debt, ceases or threatens to cease trading or is dissolved, or any procedure equivalent to any of the preceding matters occurs in any other jurisdiction with respect to the Client.

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Client Event of Default means the occurrence and continuance of any of the following events, acts, occurrences or conditions described in Paragraphs 1 through 8 below, for whatever reason:

Client Event of Default means each of the events or circumstances described as a Client default under Section 29.1 of this Agreement.

Examples of Client Event of Default in a sentence

• Without limiting the foregoing, in the event that the Client has committed a Client Event of Default, SKYTRAC will be entitled to collect all past and present amounts due and owing under the applicable Agreement.

• If the Agreement is terminated for any Client Event of Default (as defined below), the Client is not entitled to any refunds or credits for any Fees, Rates or Prices paid to SKYTRAC under the applicable Agreement.

• Notwithstanding the foregoing, Payplant shall have the right to exercise Enforcement Rights against a Defaulting Client or a Debtor (as applicable) by filing suit before a court of competent jurisdiction, or otherwise, and nothing under this Section 30 shall in any way impair or otherwise affect the Enforcement Rights available to Payplant following a Client Event of Default.

• While Client is registered with Payplant and no Client Event of Default exists, Client is authorized to post Client’s Eligible Receivables for sale to Payplant.

• Payplant shall have the following Enforcement Rights following the occurrence of any Client Event of Default.

• Client agrees that Payplant may, at any time before or after the occurrence of a Client Event of Default, and at Payplant’s sole election, notify all or selected Registered Debtors of the fact that their Invoice Payment Obligations have been or may be sold on the Platform, or otherwise encumbered in favor of Payplant, and Payplant shall have the further right to instruct or reinstruct such Registered Debtors to make their respective Invoice Payments directly to Payplant at the Lockbox Account address.

• Payplant shall have the right, at any time before or after the occurrence of a Client Event of Default, to apply any and all amounts that Payplant may then or thereafter owe to Client, as well as to apply any funds belonging to Client that are in Payplant’s possession or under Payplant’s control (including Client funds then and thereafter on deposit in the Lockbox Account), to the payment and satisfaction, whole or in part, of Client’s obligations to Payplant.

• Client can initiate a redelivery of Cash upon a ▇▇▇▇▇ Fargo Event of Default or a Termination Trigger Event invoked by Client, and ▇▇▇▇▇ Fargo can initiate redelivery of Cash upon a Client Event of Default or a Termination Trigger Event invoked by it.

• Payplant shall have the unrestricted right to terminate or to temporarily suspend Client’s registration rights on the Platform at any time for any or no reason whether or not a Client Event of Default then exists.

• Client’s forfeiture of the right to receive Client Remittance Payments is an agreed-upon penalty as a result of a Client Event of Default.

More Definitions of Client Event of Default

Client Event of Default shall have the meaning set forth in Section 18.1(a)(ii).

Client Event of Default has the meaning set forth in Section 10.01(a)(ii).

Client Event of Default means that Client or any Controlling Shareholder of Client (i) is the subject of a criminal indictment or an equivalent criminal proceeding before any court or tribunal for a felony or for a crime involving moral turpitude or dishonesty (or an attempt of dishonesty) or for criminal activity that is punishable by imprisonment, (ii) is or becomes bankrupt or insolvent, or (iii) is in material breach or default under this Agreement.

Client Event of Default means the occurrence of any of the following events:

Client Event of Default has the meaning set forth in Section 6.1(c).

Client Event of Default has the meaning set forth in Section 10.01(a)(ii). “Custodial Accounts” means with respect to the Group 1 Assets, the Group 6 Assets and the Group 8 Assets, those custodial accounts used for depositing and/or disbursing all custodial funds related to the Mortgage Loans and maintained in accordance with Applicable Requirements and this Agreement. “Customer Information” means any personally identifiable information in any form (written, electronic or otherwise) relating to a Mortgagor, including, but not limited to: a Mortgagor’s name, address, telephone number, Mortgage Loan number, Mortgage Loan payment history, delinquency status, insurance carrier or payment information, tax amount or payment information; the fact that the Mortgagor has a relationship with the owner of the Servicing to such Mortgagor’s Mortgage Loan; and any other personally identifiable information. “Depository Accounts” means the accounts used for depositing and clearing all amounts received with respect to the Mortgage Loans, including, without limitation, Mortgagor payments, wire transfers, ACH or other electronic transfers, payoff funds, and claim payments, and for processing “NSF” checks. “Document Custodian” means the applicable financial institution designated in accordance with the Servicing Agreements to retain possession of the Mortgage Documents. “EDP” means the electronic data processing system used by BANA. “Expiration Date” has the meaning set forth in Section 1.02(c). “▇▇▇▇▇▇ Mae” means the Federal National Mortgage Association or any successor thereto. “FHA” means the Federal Housing Administration a division of HUD or any successor thereto.