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.

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;

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.

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

• Lender may, upon the occurrence of any Event of Default or Defaulting Event or both, apply or exercise the right of set off against any or all of the foregoing or any part of any thereof against any liability of Borrower to Lender, regardless whether such liability is matured or unmatured.

• 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").

• 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.

• In no event shall Lender be required to subordinate or release its security interest in the Borrower Collateral if a Defaulting Event or Event of Default shall exist on the date of the requested subordination or release, or if the outstanding principal balance of the Revolving Loans otherwise exceeds the Borrowing Base on such date.

More Definitions of Defaulting Event

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.

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:

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.

Defaulting Event refers to any event listed in Article 7.1 of this Agreement.

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.

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;