CHANGE OF MANAGEMENT DEFAULT Sample Clauses

CHANGE OF MANAGEMENT DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if any of ________________, ________________ or __________________ shall cease to be the _________________, ______________________ or ___________________, respectively, of Borrower. BORROWER: DORSON SPORTS, INC. INITIALED FOR BORR▇▇▇▇ ▇Y: /s/ LG ---------------------- DATE: MAY 27, 1998 INITIALED FOR BANK BY: /s/ RSC _______ -------------------------- EXHIBIT A-SPECIAL PROVISIONS - PAGE 10 ------------------------------------- Attached to and made a part of that certain Loan and Security Agreement of even date herewith between DORSON SPORTS, INC. ("Borrower") and LASALLE NATIONAL BANK ("Bank").
View SourceView Similar (3)
CHANGE OF MANAGEMENT DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if neither ▇▇▇▇▇ ▇▇▇▇▇▇▇ or ▇▇▇▇▇▇▇ ▇▇▇▇ are the Executive Vice President/Assistant Secretary or Chairman, respectively, of Borrower. CONDITIONS TO CLOSING
View Source
CHANGE OF MANAGEMENT DEFAULT. In addition to the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ shall cease to be Chairman of the Board of Directors of the Borrower and ▇▇▇▇ ▇▇▇▇▇▇▇▇ shall cease to be part of Senior Management of Borrower.
View Source
CHANGE OF MANAGEMENT DEFAULT. In addition to the Events of Default specified in paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Edward Steele and John Klecha shall cease to be the Chief E▇▇▇▇▇▇▇▇ ▇▇▇▇cer a▇▇ ▇▇▇▇▇▇▇▇t, respectively, of Borrower; provided, however, that Borrower shall have seven (7) days from the date such Persons cease to be the Chief Executive Officer and President, respectively, of Borrower to retain an interim replacement Chief Executive Officer or President satisfactory to Lender in its sole discretion before such event shall constitute an Event of Default; further provided, however, that Borrower shall have ninety (90) days from the date such Persons cease to be the Chief Executive Officer and President, respectively, of Borrower to retain a permanent replacement Chief Executive Officer or President satisfactory to Lender in its sole discretion before such event shall constitute an Event of Default. EXHIBIT A SPECIAL PROVISIONS ---------------------------- Attached to and made a part of that certain Loan and Security Agreement, as it may be amended in accordance with its terms from time to time, including all exhibits attached thereto (the "Agreement") of even date herewith by and between The Singing Machine Company, Inc. ("Borrower") and LaSalle Business Credit, Inc. ("Lender").
View Source
CHANGE OF MANAGEMENT DEFAULT. Name Office
View Source
CHANGE OF MANAGEMENT DEFAULT. Provision 12 of Exhibit A of the Agreement is deleted in its entirety and the following is substituted in its place:
View Source
CHANGE OF MANAGEMENT DEFAULT. In addition of the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if Maurice Hamilburg shall cease to be the Chief Executive Off▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇t of Borrower.
View Source
CHANGE OF MANAGEMENT DEFAULT. In addition of the Events of Default specified in Paragraph 12 of the Agreement, it shall be an Event of Default hereunder if ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ shall cease to be the Chief Executive Officer and President of Borrower. EXHIBIT A - SPECIAL PROVISIONS - PAGE 6 OTHER PROVISIONS (12) PERMITTED LIENS: Bank acknowledges that the liens evidenced by the following filed financing statements and any amendments thereto, as said financing statements exist as of February 3, 1997, shall constitute Permitted Liens: 9722005452; 9320012721; 932037852; 932073046; 932090200;952091599 CONDITIONS TO CLOSING (13)
View Source
CHANGE OF MANAGEMENT DEFAULT. Officer Name Obligor Office
View Source

Related to CHANGE OF MANAGEMENT DEFAULT

  • Consequences of Event of Default (a) Upon the occurrence of an Event of Default, the Company shall promptly deliver written notice thereof to the Holder. If one or more Events of Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority), then, and in each and every such case (other than an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries), unless the principal of the Note shall have already become due and payable, the Holder may by notice in writing to the Company, declare 100% of the outstanding principal of, and accrued and unpaid interest on, the Note to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately due and payable. If an Event of Default specified in Section 2.4(h) or Section 2.4(i) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the outstanding principal of, and accrued and unpaid interest on, the Note shall become and shall automatically be immediately due and payable without any action on the part of the Holder. (b) Subsection (a) above, however, is subject to the conditions that if, at any time after the outstanding principal of the Note shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the Holder a sum sufficient to pay installments of accrued and unpaid interest upon the Note and the outstanding principal of the Note that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under applicable Law, and on such principal at the rate per annum borne by the Note plus one percent), and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under the Note, other than the nonpayment of the principal of and accrued and unpaid interest on the Note that shall have become due solely by such acceleration, shall have been cured or waived, then and in every such case the Holder, by written notice to the Company, may waive all default or Events of Default with respect to the Note and rescind and annul such declaration and its consequences and such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Note; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Event of Default, or shall impair any right consequent thereon.

  • Payment Default Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period);

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (b) through (d) of Section 8.1.5 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare all of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.