Loan Default Events Clause Samples
The 'Loan Default Events' clause defines the specific circumstances under which a borrower is considered to be in default on a loan agreement. This typically includes situations such as missed payments, insolvency, or breaches of other key terms in the contract. By clearly outlining what constitutes a default, the clause provides both parties with a shared understanding of the triggers for lender remedies, thereby reducing ambiguity and helping to manage risk in the lending relationship.
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Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event:
(a) failure of the Borrower to pay any Loan Repayment when and as the same shall become due and payable pursuant to Section 4.02(a) hereof;
(b) failure of the Borrower to pay any amounts payable hereunder, other than Loan Repayments, when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Issuer or the Trustee, unless the Issuer and the Trustee shall agree in writing to an extension of such time;
(c) failure of the Borrower to observe and perform in any material respect any covenant, condition or agreement on its part required to be observed or performed by this Agreement, other than a covenant described in subsection (a) or subsection (b) above or the failure of the Borrower to strictly comply with the covenants, conditions or agreements contained in Sections 5.09(a) through (k), 5.09(p) through (s), 5.10, 5.11 and 5.12 hereof, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Issuer or the Trustee, unless the Issuer and the Trustee, with the written approval of the Bank, shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Issuer and the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or
(d) existence of an Event of Default under and as defined in Sections 7.01(a) through (e) of the Indenture. The provisions of subsection (c) of this Section are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; orders of any kind of the government of the United States or of the State or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people...
Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event:
(a) failure of the Borrower to pay any Loan Repayment when and as the same shall become due and payable pursuant to Section 4.02(a) hereof;
(b) failure of the Borrower to pay any amounts payable hereunder, other than Loan Repayments (including Additional Payments), when and as the same shall become due, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee shall agree in writing to an extension of such time;
(c) failure of the Borrower to observe and perform any covenant, condition or agreement on its part required to be observed or performed by this Agreement, other than a covenant described in subsection (a) or (b) above or in Section 5.12 hereof, which failure continues for a period of 30 days after written notice delivered to the Borrower and the Bank, which notice shall specify such failure and request that it be remedied, given by the Trustee, unless the Trustee, with the written approval of the Bank, shall agree in writing to an extension of such time; provided, however, that if the failure stated in the notice cannot be corrected within such period, the Trustee will not unreasonably withhold their consent to an extension of such time if corrective action is instituted within such period and diligently pursued until the default is corrected; or
(d) existence of an Event of Default under and as defined in Sections 7.01(a) through (e) of the Indenture. The provisions of Section 7.01(c) are subject to the limitation that the Borrower shall not be deemed in default if and so long as the Borrower is unable to carry out its agreements hereunder by reason of strikes, lockouts or other industrial disturbances; acts of public enemies; terrorist acts; orders of any kind of the government of the United States or of the State or any of their departments, agencies, or officials, or any civil or military authority; insurrections, riots, epidemics, landslides; lightning; earthquake; fire; hurricanes; storms; floods; washouts; droughts; arrests; restraint of government and people; civil disturbances; explosions; breakage or accident to machinery, transmission pipes or canals; partial or entire failure of utilities; or any other cause or event (whether similar or dissimilar to the foregoing) not reasonably with...
Loan Default Events. The following events shall be “Loan Default Events”:
Loan Default Events. 20 Section 7.02. Remedies on Default.......................................................... 21 Section 7.03. Agreement to pay Attorneys' Fees and Expenses................................ 23 Section 7.04. No Remedy Exclusive.......................................................... 23 Section 7.05. Waivers...................................................................... 23 TABLE OF CONTENTS (continued) Page ARTICLE VIII PREPAYMENT Section 8.01. Redemption of Bonds with Prepayment Moneys................................... 23 Section 8.02. Options to Prepay Loan....................................................... 24 Section 8.03. Mandatory Prepayment......................................................... 24 Section 8.04. Amount of Prepayment......................................................... 25 Section 8.05. Notice of Prepayment......................................................... 26 ARTICLE IX
Loan Default Events. 19 SECTION 7.2.
Loan Default Events. Any one of the following which occurs and continues shall constitute a Loan Default Event:
Loan Default Events. Any one of the following which occurs and continues shall constitute a “Loan Default Event”:
(a) Failure of the Company to make any Loan Payment required by Section 4.2(a) hereof when due; or
(b) (i) Failure of the Company to make any Purchase Price Payment or any Change of Control Payment required by Section 4.2(b) or Section 4.2(c) hereof, respectively, when due; or