Examples of Payment Default in a sentence
If a Payment Default or other Event of Default relating to payment shall have occurred and be continuing, either the Borrower or the Subordinate Trustee may proceed hereunder against the Guarantor, and the Borrower, in its discretion, and the Subordinate Trustee shall have, the right to proceed first and directly against the Guarantor under this Guaranty without exhausting any other remedies it may have or without resorting to any security held by the Borrower.
In the event an Event of Default other than a Payment Default shall have occurred and be continuing, the Subordinate Trustee may require the Guarantor to provide indemnity or security for the obligations guaranteed, which security shall be sufficient, in the Subordinate Trustee’s sole and absolute discretion, to protect the obligations guaranteed hereunder.
For the avoidance of doubt and without limitation, the Intercreditor Agreement shall include provisions addressing removal of Arena Tenant Improvements as a remedy, identifying which party to the Intercreditor Agreement will be the controlling party or parties to direct remedies upon the occurrence of any Payment Default, other limitations and timing of remedies for all parties.
Upon Payment Default, the Capital Account will be available as additional security to the City and County to meet the payment obligations under the Public Financing.