Defaulting Event definition

Defaulting Event means the occurrence of an Event of Default or the occurrence of any condition or event which but for the giving of notice or passage of time or both would constitute an Event of Default.
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Defaulting Event means (i) a Member’s withdrawal as a Member from the Company in willful and intentional breach of Section 9.1(b), (ii) the fraud, Gross Negligence or intentional or willful misconduct of either Member, (iii) the Transfer by a Member of all or any part of its Interest in willful and intentional breach of Sections 7.1 and 7.2, or (iv) a Member’s Bankruptcy.
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Defaulting Event means any one or more of the following: (i) the petitioning into bankruptcy of any Shareholder/Limited Partner or the making of any assignment by a Shareholder/Limited Partner for the benefit of his or its creditors; (ii) the seizure and attachment of a Shareholder/Limited Partner's Shares for the payment of any judgment or order; (iii) the failure by a Shareholder/Limited Partner to obtain, perform or carry out any of its obligations in this Agreement where such failure continues for thirty (30) days after notice in writing from either the Corporate General Partner or the other Shareholders/Limited Partners, or any one of them, demanding that such default be cured; (iv) the failure by any Shareholder/Limited Partner to take reasonable action to prevent or defend any action or proceedings whereby any of its Shareholder/Limited Partner's Interest is seized or, if there be an execution or attachment thereof, where such failure continues for thirty (30) days after the other Shareholders/Limited Partners, or any of them, has demanded in writing that such Shareholders/Limited Partners take such reasonable action and such Shareholder/Limited Partner fails to take any such action or proceedings; (v) the bankruptcy or commission of an act of bankruptcy by a Shareholder/Limited Partner or the appointment of a receiver or receiver- manager in respect of the Shareholder/Limited Partner's Shares; (vi) the institution of proceedings for the dissolution or winding-up of any Shareholder/Limited Partner. Notwithstanding the foregoing, if a Shareholder/Limited Partner is dissolved by the Lieutenant Governor in Council, pursuant to Section 133 of the MGA, this shall not be deemed to be a Defaulting Event;
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Examples of Defaulting Event in a sentence

  • Borrower acknowledges and agrees that an Event of Default and/or Defaulting Event under any one of the Financing Agreements shall constitute an Event of Default or Defaulting Event under each of the other Financing Agreements.

  • Lender shall not have terminated the Revolving Loan facility hereunder, nor shall a Defaulting Event exist or have occurred.

  • Upon the occurrence of an Event of Default or of a Defaulting Event, give prompt written notice of such occurrence to Lender signed by the president or chief financial officer of Borrower describing such occurrence and the action, if any, being taken to cure the Event of Default or Defaulting Event.

  • Within the limits of the Borrowing Base and the Term, so long as Borrower is in compliance with all of the terms and conditions of this Agreement and no Defaulting Event has occurred, Borrower may request borrowings, repay and request reborrowings of Revolving Loans.

  • In any event, Borrower will immediately pay Lender from its own funds (and not from the proceeds of Receivables), for application to the Revolving Loans, an amount equal to any credit or adjustment made to any Eligible Accounts; provided, however, that so long as no Defaulting Event has occurred, such payment need not be made if Borrower shall have, after making such credit or adjustment, sufficient Receivables to maintain the aggregate outstanding balance of the Revolving Loans under the Borrowing Base.

  • Within the limits of the Revolving Loan Borrowing Base and the Revolving Loan Term, so long as Borrower is in compliance with all of the terms and conditions of this Agreement and no Defaulting Event has occurred, Borrower may request borrowings and may repay and request reborrowings of Revolving Loans.

  • Unless sooner terminated by Lender as a result of the occurrence of a demand, an Event of Default, or a Defaulting Event, Borrower's eligibility to request Revolving Loans shall commence on the date hereof and shall continue for a period through and including March 31, 2003 (the "Term").

  • Lender shall not have terminated the Revolving Loan facility or the Equipment Loan facility hereunder, nor shall a Defaulting Event exist or have occurred.

  • Upon the occurrence of an Event of Default or of a Defaulting Event, give prompt written notice of such occurrence to Lender signed by the president or chief financial officer of Borrower describing such occurrence and the steps, if any, being taken to cure the Event of Default or Defaulting Event.

  • No delay or failure to take action on the part of the Bank in exercising any right, power or privilege hereunder or under any of the other Financing Agreements shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or privilege preclude other or further exercise thereof or the exercise of any other right, power or privilege or shall be construed to be a waiver of any Defaulting Event.


More Definitions of Defaulting Event

Defaulting Event refers to any event listed in Article 7.1 of this Agreement.
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Defaulting Event means any one or more of the following: the petitioning into bankruptcy of any Shareholder/Limited Partner or the making of any assignment by a Shareholder/Limited Partner for the benefit of his or its creditors; the seizure and attachment of a Shareholder/Limited Partner's Shares for the payment of any judgment or order; the failure by a Shareholder/Limited Partner to obtain, perform or carry out any of its obligations in this Agreement where such failure continues for thirty (30) days after notice in writing from either the Corporate General Partner or the other Shareholders/Limited Partners, or any one of them, demanding that such default be cured; the failure by any Shareholder/Limited Partner to take reasonable action to prevent or defend any action or proceedings whereby any of its Shareholder/Limited Partner's Interest is seized or, if there be an execution or attachment thereof, where such failure continues for thirty (30) days after the other Shareholders/Limited Partners, or any of them, has demanded in writing that such Shareholders/Limited Partners take such reasonable action and such Shareholder/Limited Partner fails to take any such action or proceedings; the bankruptcy or commission of an act of bankruptcy by a Shareholder/Limited Partner or the appointment of a receiver or receiver-manager in respect of the Shareholder/Limited Partner's Shares; the institution of proceedings for the dissolution or winding-up of any Shareholder/Limited Partner. Notwithstanding the foregoing, if a Shareholder/Limited Partner is dissolved by the Lieutenant Governor in Council, pursuant to Section 133 of the MGA, this shall not be deemed to be a Defaulting Event;
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Defaulting Event means (i) the failure of a Member to make its First Capital Contribution, its Second Capital Contribution or its Third Capital Contribution as set forth in Section 7 hereof; (ii) a Member's withdrawal or retirement from the Company in breach of the covenant contained in Section 17 hereof, (iii) the disposition (whether voluntary or by operation of law) by a Member of all or any part of such Member's interest in the Company (or such Member's right to receive distributions of Company property or assets) in breach of the covenant contained in Section 16.1 hereof, (iv) with respect to any Member which is a corporation, partnership or trust, the liquidation or dissolution of such Entity, except in connection with a reorganization, merger, consolidation or business combination in which there is a surviving Entity, subject to the Investor Member's rights set forth in Section 16.3 hereof, or (v) any Uncured Major Default of such Member. In the case of the Managing Member, in addition to any of the events described in the preceding clauses (i) through (v), the Managing Member shall have suffered a Defaulting Event in the event of a breach by the Managing Member of the covenant contained in Section 16.3 hereof. In the case of the Investor Member, in addition to any of the events described in the preceding clauses (i) through (v), the Investor Member shall have suffered a Defaulting Event in the event of a breach by the Investor Member of the covenant contained in Section 16.2 hereof.
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Defaulting Event means the occurrence of any event which deprives or divests any Member of any of his right, title or interest in or to his Membership Interests, including but not limited to, the following:
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Defaulting Event means (a) a general assignment by the Partnership or by any of the Partners for the benefit of creditors; (b) the appointment of a receiver, trustee or custodian for all or any substantial part of the property and assets of the Partnership or of any of the Partners; (c) the entry of an order for relief under Title 11 of the United States Code, as amended from time to time, against the Partnership or against any of the Partners, or any other judgment or decree entered against the Partnership or against any of the Partners by any court of competent jurisdiction [which order, judgment or decree continues unstayed and in effect for a period of sixty (60) consecutive days] in any involuntary proceeding against the Partnership or against any of the Partners under present or future federal bankruptcy laws or under any other applicable bankruptcy, insolvency or other laws respecting debtor's rights; or (d) the commencement by the Partnership or by any of the Partners of any voluntary proceeding under present or future federal bankruptcy laws or under any other applicable bankruptcy, insolvency or other laws respecting debtor's rights.
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Defaulting Event means (i) the failure of a Member to make its First Capital Contribution or its Second Capital Contribution as set forth in Section 7 hereof; (ii) a Member's withdrawal or retirement from the Company in breach of the covenant contained in Section 17 hereof, (iii) the disposition (whether voluntary or by operation of law) by a Member of all or any part of such Member's interest in the Company (or such Member's right to receive distributions of Company property or assets) in breach of the covenant contained in Section 16.1 hereof, (iv) with respect to any Member which is a corporation, partnership or trust, the liquidation or dissolution of such Entity, except in connection with a reorganization, merger, consolidation or business combination in which there is a surviving Entity, subject to the Investor Member's rights set forth in Section 16.3 hereof, or (v) any Uncured Major Default of such Member. In the case of the Managing Member, in addition to any of the events described in the preceding clauses (i) through (v), the Managing Member shall have suffered a Defaulting Event in the event of a breach by the Managing Member of the covenant contained in Section 16.3 hereof. In the case of the Investor Member, in addition to any of the events described in the preceding clauses (i) through (v), the Investor Member shall have suffered a Defaulting Event in the event of a breach by the Investor Member of the covenant contained in Section 16.2 hereof.
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Related to Defaulting Event

  • Defaulting Partner shall have the meaning set forth in Section 9.1.

  • Defaulting Entity shall have the meaning set forth for such term in Section 6.02(a) hereof. “Deficiency Amount” shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Terminating Event means any of the following events:

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Defaulting Bank means, at any time, subject to Section 2.18(d), (i) any Bank that has failed for two or more consecutive Business Days to comply with its obligations under this Agreement to make available its ratable portion of a Borrowing (each, a “funding obligation”), unless such Bank has notified the Agent and a Borrower in writing that such failure is the result of such Bank’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) any Bank that has notified the Agent or a Borrower in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder, unless such writing or statement states that such position is based on such Bank’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement), (iii) any Bank that has, for three or more Business Days after written request of the Agent or a Borrower, failed to confirm in writing to the Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (iii) upon the Agent’s and the Borrowers’ receipt of such written confirmation), (iv) any Bank with respect to which a Bank Insolvency Event has occurred and is continuing with respect to such Bank or its Parent Company, or (v) any Bank that has become the subject of a Bail-In Action; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in such Bank or its Parent Company by a Governmental Authority or an instrumentality thereof. Any determination by the Agent that a Bank is a Defaulting Bank under any of clauses (i) through (v) above will be conclusive and binding absent manifest error, and such Bank will be deemed to be a Defaulting Bank (subject to Section 2.18(d)) upon notification of such determination by the Agent to the Borrowers and the Banks. The Agent will promptly send to all parties hereto a copy of any notice to the Borrowers provided for in this definition.

  • Defaulting Member the meaning set forth in Section 3.2(a).

  • Defaulting Investor means any Investor that has (a) failed to make a payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of Bankruptcy.

  • Non-Defaulting Bank means each Bank other than a Defaulting Bank.

  • Rating Event means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

  • Defaulting Limited Partner means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership Loan within 15 days after demand for payment thereof is made by the Partnership.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

  • Defaulting Lender Fronting Exposure means, at any time there is a Defaulting Lender, (a) with respect to the Issuing Bank, such Defaulting Lender’s Applicable Percentage of the outstanding Letter of Credit obligations other than Letter of Credit obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Applicable Percentage of Swingline Loans other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or cash collateralized in accordance with the terms hereof.

  • Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.

  • Defaulting Shareholder has the meaning set out in clause 16.7;

  • Defaulting Lender means any Lender with respect to which a Lender Default is in effect.

  • Defaulting Party has the meaning specified in Section 6(a).

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Defaulting Lender Rate means (a) for the first 3 days from and after the date the relevant payment is due, the Base Rate, and (b) thereafter, the interest rate then applicable to Advances that are Base Rate Loans (inclusive of the Base Rate Margin applicable thereto).

  • Liquidating Event has the meaning set forth in Section 13.1 hereof.

  • Employer default means having an outstanding balance or liability to the old fund or to the uninsured employers' fund or being in policy default, as defined in W. Va. Code § 23-2c-2, failure to maintain mandatory workers' compensation coverage, or failure to fully meet its obligations as a workers' compensation self-insured employer. An employer is not in employer default if it has entered into a repayment agreement with the Insurance Commissioner and remains in compliance with the obligations under the repayment 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).

  • Termination Fee Event has the meaning ascribed thereto in Section 8.2(2).

  • Subsequent Triggering Event means any of the following events or transactions occurring after the date hereof: (i) The acquisition by any person (other than Grantee or any Grantee Subsidiary) of beneficial ownership of 25% or more of the then outstanding Common Stock; or (ii) The occurrence of the Initial Triggering Event described in clause (i) of subsection (b) of this Section 2, except that the percentage referred to in clause (z) of the second sentence thereof shall be 25%.

  • Vesting Event means the earliest to occur of the following events: