Defaulting Borrower definition

Defaulting Borrower shall have the meaning set forth in Section 15.3 hereof.

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Defaulting Borrower means a Borrower who has failed to make his / her Borrower Loan Repayments in full or partially or is otherwise in breach with the Loan Agreement.

Defaulting Borrower. See §37(c).

Examples of Defaulting Borrower in a sentence

• Except as expressly stated herein, neither the execution of this Amendment nor the failure of any Bank to exercise any right or remedy constitutes a waiver of any Default or Event of Default with respect to the Defaulting Borrower or any other Borrower or of such right or remedy or any other right or remedy under the Credit Agreement or the other Loan Documents.

• The Guaranteeing Borrower waives all rights of subrogation against the Defaulting Borrower or any other Borrower, for the express purpose that the Guaranteeing Borrower shall not be deemed a “creditor” of the Defaulting Borrower or any other Borrower under applicable bankruptcy law with respect to the Defaulting Borrower’s or any other Borrower’s obligations to the Lender.

• The Guaranteeing Borrower waives any right to require the Lender to: (i) proceed against the Defaulting Borrower or any other guarantor, (ii) proceed against any collateral, (iii) pursue any other remedy in the Lender’s power whatsoever, or (iv) notify the Guaranteeing Borrower of any default by the Defaulting Borrower in the payment of any amounts due under the Loan Documents or in the performance of any agreement of the Defaulting Borrower under the Loan Documents.

• You agree and acknowledge that BigFundr may decide whether or not it is in the best interest of the affected Users as a whole under the relevant Debenture Note to initiate any actions against the Defaulting Borrower.

• Upon the occurrence of any Event of Default, the principal amount of and accrued interest on this Note attributable to the Defaulting Borrower may be declared due and payable in the manner and with the effect provided in the Loan Agreement.

More Definitions of Defaulting Borrower

Defaulting Borrower means any Borrower (a) which the I-Bank shall specify, in an Officer’s Certificate delivered to the Trustee, as being in default under such Borrower’s Loan Agreement until such time as the I-Bank shall specify, in an Officer’s Certificate delivered to the Trustee, that such Borrower is no longer in default under such Loan Agreement and/or (b) which the Trustee shall specify in a notice to the I-Bank to the effect that the Trustee has not timely received any portion of a Loan Repayment of such Borrower due under such Borrower’s Loan Agreement and/or that the Trustee has knowledge of any other event of default under such Loan Agreement.

Defaulting Borrower has the meaning specified in Section 2.19(b).

Defaulting Borrower means any Borrower with respect to which an LGA Event of Default has occurred and is continuing.

Defaulting Borrower means a Borrower that has caused an Event of Default under Article 7 hereof.

Defaulting Borrower has the meaning set forth in Section 2.02 of this Agreement.

Defaulting Borrower shall have the meaning set forth in Section 20.11(b) hereof.

Defaulting Borrower means a Borrower who shall have failed to make a contribution payment as provided in this Agreement to an Overpaying Borrower.