Borrower Defaults Clause Samples

Borrower Defaults. (a) Administrative Bank shall give the Banks notice of any Default of which Administrative Bank has knowledge or notice. Except with respect to (i) the nonpayment of principal, interest or any fees that are due and payable under any of the Loan Documents, (ii) Defaults with respect to which Administrative Bank has actually sent written notice of to the Borrower and (iii) Defaults with respect to which Administrative Bank has entered into discussions with a Borrower, Administrative Bank shall be deemed to not have knowledge or notice of the occurrence of a Default unless Administrative Bank has received notice from a Bank or a Borrower specifying such Default and stating that such notice is a “Notice of Default”. If Administrative Bank has such knowledge or receives such a notice from a Borrower or a Bank in accordance with the immediately preceding sentence with respect to the occurrence of a Default, Administrative Bank shall give prompt notice thereof to the Banks. Within ten (10) days of delivery of such notice of Default from Administrative Bank to the Banks (or such shorter period of time as Administrative Bank determines is necessary), in the event Administrative Bank wishes to take any action requiring the consent of Required Banks or all of the Banks (as provided in this Agreement), Administrative Bank and the Banks shall consult with each other to determine a proposed course of action. Administrative Bank shall (subject to Section 10.7) take such action with respect to such Default as shall be directed by the Required Banks or the Banks, as applicable; provided that (i) except as otherwise provided in Section 10.9 hereof, Administrative Bank may (but shall not be obligated to) take such action, or refrain from taking such action (including decisions (a) to make Protective Advances (subject to the limitation set forth in the definition thereof) that Administrative Bank determines reasonably are necessary to protect or maintain the Project and (b) to foreclose on the Project or exercise any other remedy), with respect to such Default as it shall deem advisable in the interest of the Banks and (ii) no actions approved by the Required Banks shall violate the Loan Documents or any Governmental Requirements. (b) Each of the Banks acknowledges and agrees that no individual Bank may separately enforce or exercise any of the provisions of any of the Loan Documents (including, without limitation, the Notes) other than through Administrative Bank. Administra...
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Borrower Defaults. (1) If the borrower doesn’t use the loan under the contract, the lender calculates the contract interest rate adding % from the date of default or in accordance with daily interest rates/monthly interest rates/AIR. (If the People’s Bank adjusts the interest rate policy, its provisions.) After the loan extended, if the borrower fails to use the loan under the contract, the lender adds % based on the rate after extension. (2) loans overdue If the loans overdue, calculates the contract interest rate based on the overdue penalty interest rate, adding % from the date of loans overdue, or in accordance with daily interest rates/monthly interest rates/AIR. (If the People’s Bank adjusts the interest rate policy, calculates according its provisions.) After the loan period extended, add 40% based on the interest rate after extension from the date of loan overdue. (3) The borrower fails to pay interest periodically, the part of loan unpaid interest calculates interest according to the overdue loan penalty rate.
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Borrower Defaults. On or after the Initial Borrowing Date, Borrower shall be in breach of or in default under a Major Project Document, such breach or default could reasonably be expected to have a Material Adverse Effect, is not otherwise waived in writing by the counterparty of such Major Project Document, and is not remediable or, if remediable, continues unremedied for such period of time (without giving effect to any extension given to Lender under any applicable Consent Agreement with respect thereto) under such Major Project Document as Borrower has available to it under such Major Project Document to remedy such breach or default.
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Borrower Defaults. Borrower shall be in breach of, or in default of, any material obligation under a Major Project Document that is not otherwise waived by the counterparty of such Major Project Document and such breach or default shall not be remediable or, if remediable, shall continue unremedied for the lesser of (i) a period of 30 days or (ii) such period of time under such Major Project Document which Borrower has available to it in which to remedy such breach or default.
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Borrower Defaults. Upon the occurrence of any default under this Agreement other than a default under Section 9.3 (“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.0 percentage point(s) higher than the rate of interest otherwise provided under this Agreement. Upon the occurrence of a default under Section 9.3 (“Bankruptcy”), principal amounts outstanding under this Agreement will at the option of the Bank bear interest at a rate which is 1.5 percentage point(s) higher than the rate of interest otherwise provided under this Agreement.
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Borrower Defaults. 51 8.04 Rights as a Lender................................................53 8.05 Indemnification...................................................53 8.06 Non-Reliance on Administrative Agent and Other Lenders............54 8.07
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Borrower Defaults. Tenant agrees with Administrative Agent that effective as of the date of this Agreement: (i) Tenant shall not take any steps to terminate the Lease for any default by Borrower or any succeeding owner of the Property until after giving Administrative Agent written notice of such default, stating the nature of the default and giving Administrative Agent thirty (30) days from receipt of such notice to effect cure of the same, or if cure cannot be effected within said thirty (30) days due to the nature of the default, Administrative Agent shall have a reasonable time to cure provided that it commences cure within said thirty (30) day period of time and diligently carries such cure to completion; and (ii) notice to Borrower under the Lease (oral or written) shall not constitute notice to Administrative Agent.
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Borrower Defaults. Borrower shall be in breach of, or in default of, any material obligation under a Major Project Document (other than the PPA) and is not otherwise waived by the counterparty of such Major Project Document and such breach or default shall not be remediable or, if remediable, shall continue unremedied for the lesser of (i) a period of 30 days after Borrower receives notice thereof from the counterparty to such Major Project Document or (ii) such period of time (without giving effect to any extension given to Collateral Agent under any applicable Consent with respect thereto) under such Major Project Document which Borrower has available to it in which to remedy such breach or default; provided, that if (A) such breach does not involve the payment of money and cannot be cured within such 30 day period (or such lesser period of time, as the case may be), (B) such breach is susceptible of cure within 90 days after such breach or default, (C) Borrower is proceeding with diligence and in good faith to cure such breach, (D) the existence of such breach or default has not had and could not after considering the nature of the cure, be reasonably expected to give rise to termination by the counterparty of the Major Project Document which is subject to breach or to otherwise have a Material Adverse Effect, and (E) Administrative Agent shall have received an officer’s certificate signed by a Responsible Officer to the effect of clauses (A), (B), (C) and (D) above and stating the action Borrower is taking to cure such breach, then such 30 day cure period (or such lesser period of time, as the case may be) shall be extended to such date, not to exceed a total of 90 days, as shall be necessary for Borrower diligently to cure such breach.
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Related to Borrower Defaults

  • Borrower Default Unless the Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or the Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

  • Default by Borrower Upon the occurrence of any event of default under the Loan, Administrative Agent may accelerate payment under the Loan and/or under any note or notes evidencing the Loan, and shall institute such legal proceedings and take such other actions (“Enforcement Actions”) as are in its opinion necessary and appropriate to collect the Debt then due under the Loan, to enforce the security therefor, and to protect and preserve the respective rights and interests of Lender and the Participants. If Lender and Participants are unable to recover from Borrower the entire amount of fees, costs and expenses of all Enforcement Actions, then each Participant shall contribute to such portion as is not recovered from Borrower, ratably in accordance with its Participant Share.

  • Other Defaults Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after notice thereof by the Administrative Agent to the Borrower; or

  • Default under Loan Documents A default under any of the other Loan Documents, all of which covenants, conditions and agreements contained therein are hereby incorporated in this Agreement by express reference, shall be and constitute an Event of Default under this Agreement and any other of the Obligations.

  • Other Defaults Under Loan Documents Any Loan Party shall default in the performance of or compliance with any term contained in this Agreement or any of the other Loan Documents, other than any such term referred to in any other subsection of this Section 8, and such default shall not have been remedied or waived within 30 days after the earlier of (i) an Officer of Company or such Loan Party becoming aware of such default or (ii) receipt by Company and such Loan Party of notice from Administrative Agent or any Lender of such default; or