Events of Default and Lenders Remedies Sample Clauses

Events of Default and Lenders Remedies. Any one or more of the following described events shall constitute an Event of Default hereunder, whether such occurrence shall be voluntary or involuntary, or come about or be effected by operation of law or otherwise: . The Borrowers shall fail to pay any amount of principal of or interest payable on or in respect of the Loans, the Letter of Credit Liabilities, the Credit Fees, any other Obligations or any other amount payable under this Agreement, the Notes, or the other Loan Documents within three (3) Business Days of the date notice is given such Borrower or Guarantor of such failure to pay. . Any Borrower or Guarantor shall fail to perform or observe any of its covenants and agreements set forth in Sections 8.6, 8.10 and 8.12 and in Articles 9 (other than Section 9.5) and 10. . Any Borrower or Guarantor shall fail to perform or observe any of its other covenants and agreements set forth in this Agreement (other than those described in Sections 11.1.1 and 11.1.2) or the other Loan Documents, and such failure shall continue for more than thirty (30) days after the earlier of (a) written notice from the Administrative Agent to such Borrower or Guarantor, as applicable, of the existence of such Default or (b) the date any Responsible Officer of such Borrower or Guarantor, as applicable, first obtains knowledge of such failure.
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Events of Default and Lenders Remedies. The occurrence of any one or more of the following events shall constitute an "EVENT OF DEFAULT" hereunder: (A) Nonpayment of principal, interest or any other amount when due under this Note; (B) Failure to perform any duty or obligation of Maker or to pay any sum due or otherwise advanced under any Security Document or any other default by Maker thereunder; (C) The conversion of the Bankruptcy Case to a case under Chapter 7 of the Bankruptcy Code; (D) The appointment, at any time during the Bankruptcy Case, of a trustee, pursuant to 11 U.S.C.ss.1104; or (E) The occurrence of any of the Events of Default set forth in the Security Agreement. Upon the occurrence of an Event of Default hereunder, Agent for Lender, pursuant to the terms and in accordance with the procedures set forth in the Security Agreement, shall provide to Maker a written Notice of Default at the address set forth herein and provide to Maker a period of ten (10) business days from the date of the Notice of Default in order to cure all defaults under this Note and/or any of the other Loan Documents. If any such defaults remain uncured as of the close of business on the tenth business day following the date of the Notice of Default, the Agent for Lender may, pursuant to the terms and in accordance with the procedures set forth in the Security Agreement, exercise any of the rights and remedies contained in the Security Agreement. All payments on this Note shall be applied in the manner set forth in the Security Agreement.
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Events of Default and Lenders Remedies 
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Related to Events of Default and Lenders Remedies

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default ("Event of Default"): (i) Default in the payment of interest upon this Note, as and when the same shall become due; or (ii) Default in the payment of the principal of this Note, as and when the same shall become due; or (iii) Default in the payment of any other obligation of the Company in an amount in excess of $100,000; or (iv) The Company shall fail to perform or observe any affirmative covenant contained in this Note and such Default, if capable of being remedied, shall not have been remedied ten (10) days after written notice thereof shall have been given by the Holder to the Company; or (v) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 3 (iv); or

  • Events of Default Remedies If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise): (a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note; (b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within two days; (c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or (d) a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Events of Default Rights and Remedies Section 7.1 Events of Default Section 7.2 Rights and Remedies Section 7.3 Certain Notices