DEFAULTS BY BORROWER Sample Clauses

The "Defaults by Borrower" clause defines the specific actions or failures by the borrower that constitute a default under the agreement. Typically, this includes missed payments, failure to maintain required insurance, insolvency, or breach of other material obligations. By clearly outlining what constitutes a default, the clause provides both parties with certainty regarding the circumstances that may trigger remedies such as acceleration of the loan or foreclosure, thereby managing risk and ensuring clarity in the lender-borrower relationship.
DEFAULTS BY BORROWER. The occurrence of any one or more of the following shall constitute an "Event of Default" or a "Default" hereunder, and any Event of Default or Default that may occur hereunder shall constitute a default under each of the other Loan Documents: (a) A failure by Borrower to make any payment on the Note when and as the same becomes due, which failure continues for a period of thirty (30) days. (b) Any failure of Borrower or the Guarantor after any applicable notice and cure period, to observe or perform any of the covenants (other than payment of the Note), contained in this Agreement or any of the other Loan Documents, or an Event of Default shall occur under any of the Loan Documents. (c) The disapproval by Lender of any construction work and failure of Borrower to commence correction thereof to the satisfaction of Lender within fifteen (15) days after notice to Borrower of such disapproval, and thereafter to diligently complete the same. (d) A discontinuance or abandonment of construction for a period of thirty (30) days, or material failure to adhere to the Construction Schedule except to the such discontinuance or abandonment is caused by inclement weather or a force majeure event, in which case the period shall be reasonably extended by Lender. (e) Bankruptcy or insolvency of any contractor or subcontractor and failure of Borrower to diligently procure a replacement contractor or subcontractor satisfactory to Lender. (f) The occurrence of a Prohibited Transfer. (g) The existence of any collusion, fraud, dishonesty or bad faith by or with the acquiescence of Borrower or the Guarantor that in any way relates to or affects the Loan or the Project. (h) If, at any time, any material representation, statement, report or certificate made now or hereafter by Borrower or the Guarantor is not true and correct, or if at any time any material statement or representation made in the construction loan application or any supporting materials submitted to Lender for this Loan is not true and correct. (i) If all or a substantial part of the assets of Borrower or the Guarantor are attached, seized, subjected to a writ or distress warrant, or is levied upon, and such attachment, seizure, writ, warrant or levy is not vacated within thirty (30) days thereafter. (j) If Borrower or the Guarantor is enjoined or restrained or in any way prevented by court order from performing any of their obligations hereunder or under the other Loan Documents or conducting all or a substantia...
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DEFAULTS BY BORROWER. 13.01 The occurrence of any condition that would for any reason disable or prevent Borrower from complying with the terms and provisions of this Agreement within the time and in the manner required and which has not been cured or corrected prior to the expiration of the applicable grace, notice or cure periods. The existence of any collusion or bad faith by or with the acquiescence of Borrower with any third party relating to the securing of the Agreement or in the securing of any advance of loan proceeds.
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DEFAULTS BY BORROWER. An "Event of Default" shall be deemed to have occurred under this Agreement as and when an "Event of Default" shall have occurred under the Deeds of Trust.
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DEFAULTS BY BORROWER. The occurrence of any one or more of the following shall constitute an "Event of Default" hereunder, and any Event of Default which may occur hereunder shall constitute a default under each of the other Loan Documents: (a) A failure by Borrower to make any payment on the Note when and as the same becomes due, which failure continues for a period of fifteen (15) days. (b) Any failure of Borrower for a period of thirty (30) days after written notice from Lender to Borrower, to observe or perform any of the covenants (other than payment of the Note or payments required hereunder), contained in this Agreement or any of the other Loan Documents; provided, that such thirty (30)-day period shall be extended to permit the cure of any default which by its nature is not reasonably susceptible to cure within said thirty (30)-day period, so long as Borrower promptly within said thirty (30)-day period commences its efforts to cure and thereafter diligently pursues the same to completion. (c) Any failure by Borrower to repay the Loan or any portion thereof as required herein. (d) The failure of Borrower to fund the DSC Cash Collateral Reserve as required herein.
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DEFAULTS BY BORROWER 
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DEFAULTS BY BORROWER 
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Related to DEFAULTS BY BORROWER

  • Payments by Borrower Except to the extent otherwise provided herein, all payments of principal, interest, Fees and other amounts to be made by the Borrower under this Agreement, the Notes or any other Loan Document shall be made in Dollars, in immediately available funds, without setoff, deduction or counterclaim (excluding Taxes required to be withheld pursuant to Section 3.10), to the Administrative Agent at the Principal Office, not later than 1:00 p.m. Central time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 11.5, the Borrower shall, at the time of making each payment under this Agreement or any other Loan Document, specify to the Administrative Agent the amounts payable by the Borrower hereunder to which such payment is to be applied. Each payment received by the Administrative Agent for the account of a Lender under this Agreement or any Note shall be paid to such Lender by wire transfer of immediately available funds in accordance with the wiring instructions provided by such Lender to the Administrative Agent from time to time, for the account of such Lender at the applicable Lending Office of such Lender. Each payment received by the Administrative Agent for the account of the Issuing Bank under this Agreement shall be paid to the Issuing Bank by wire transfer of immediately available funds in accordance with the wiring instructions provided by the Issuing Bank to the Administrative Agent from time to time, for the account of the Issuing Bank. In the event the Administrative Agent fails to pay such amounts to such Lender or the Issuing Bank, as the case may be, within one (1) Business Day of receipt of such amounts, the Administrative Agent shall pay interest on such amount until paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be extended to the next succeeding Business Day and interest shall continue to accrue at the rate, if any, applicable to such payment for the period of such extension.

  • Payments by Borrowers (i) Except as otherwise expressly provided herein, all payments by Borrowers shall be made to Agent’s Account for the account of the Lender Group and shall be made in immediately available funds, no later than 1:30 p.m. on the date specified herein. Any payment received by Agent later than 1:30 p.m. shall be deemed to have been received (unless Agent, in its sole discretion, elects to credit it on the date received) on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. (ii) Unless Agent receives notice from Borrowers prior to the date on which any payment is due to the Lenders that Borrowers will not make such payment in full as and when required, Agent may assume that Borrowers have made (or will make) such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption, distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrowers do not make such payment in full to Agent on the date when due, each Lender severally shall repay to Agent on demand such amount distributed to such Lender, together with interest thereon at the Defaulting Lender Rate for each day from the date such amount is distributed to such Lender until the date repaid.

  • Waivers by Borrowers Each Borrower expressly waives all rights it may have now or in the future under any statute, or at common law, or at law or in equity, or otherwise, to compel Agent or Lenders to marshal assets or to proceed in respect of the Obligations guaranteed hereunder against any other Credit Party, any other party or against any security for the payment and performance of the Obligations before proceeding against, or as a condition to proceeding against, such Borrower. It is agreed among each Borrower, Agent and Lenders that the foregoing waivers are of the essence of the transaction contemplated by this Agreement and the other Loan Documents and that, but for the provisions of this Section 12 and such waivers, Agent and Lenders would decline to enter into this Agreement.

  • Waivers by Borrower BORROWER WAIVES (A) THE RIGHT TO TRIAL BY JURY (WHICH LENDER HEREBY ALSO WAIVES) IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO ANY OF THE LOAN DOCUMENTS, THE OBLIGATIONS OR THE COLLATERAL; (B) PRESENTMENT, DEMAND AND PROTEST AND NOTICE OF PRESENTMENT, PROTEST, DEFAULT, NON-PAYMENT, INTENT TO ACCELERATE, ACCELERATION, MATURITY, RELEASE, COMPROMISE, SETTLEMENT, EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL PAPER, ACCOUNTS, CONTRACT RIGHTS, DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND GUARANTIES AT ANY TIME HELD BY LENDER ON WHICH BORROWER MAY IN ANY WAY BE LIABLE AND HEREBY RATIFIES AND CONFIRMS WHATEVER LENDER MAY DO IN THIS REGARD; (C) NOTICE PRIOR TO TAKING POSSESSION OR CONTROL OF THE COLLATERAL OR ANY BOND OR SECURITY WHICH MIGHT BE REQUIRED BY ANY COURT PRIOR TO ALLOWING LENDER TO EXERCISE ANY OF LENDER'S REMEDIES;

  • 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.