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 BORRXXXX XY: /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").
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CHANGE OF MANAGEMENT DEFAULT. Name Office Xxxxxxx Xxxxxxxxxxx Chairman Xxxxx Xxxxxxx CEO
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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 Exxxxxxxx Xxxxcer axx Xxxxxxxxt, 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").
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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 Xxxxx Xxxxxxx or Xxxxxxx Xxxx are the Executive Vice President/Assistant Secretary or Chairman, respectively, of Borrower. CONDITIONS TO CLOSING
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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:
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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 Xxxxxx X. Xxxxxx shall cease to be Chairman of the Board of Directors of the Borrower and Xxxx Xxxxxxxx shall cease to be part of Senior Management of Borrower.
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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 Xxxxxxx Xxxxxxxxx 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)
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CHANGE OF MANAGEMENT DEFAULT. Officer Name Obligor Office Xxxxxxx Xxxxx Xxxxxx Chief Executive Officer Xxxxxx Xxxx Datrek President/Chief Executive Officer Xxxxxxx Xxx Xxxxxx Chief Financial Officer Xxxxxxx Xxx Datrek Chief Financial Officer Xxxxxxx Xxxx Xxxxxx Chief Operating Officer Xxxxxxx Xxxx Datrek Chief Operating Officer Xxxxxxx Xxxxx Parent President/Chief Executive Officer
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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 Offxxxx xxx Xxxxxxxxt of Borrower.
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Related to CHANGE OF MANAGEMENT DEFAULT

  • Consequences of Event of Default In every such event (other than an event with respect to the Borrower described in clause (l) of Section 7.01), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (l) of Section 7.01, (i) the Commitments shall automatically terminate, and (ii) the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

  • 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 of an Event of Default:

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (i) through (iv) of Section 9.1(h)) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Lender may, by notice to the Borrower declare all or any portion of the outstanding principal amount of the Loans 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 Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and 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:

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Other Payment Default The Borrower shall default in the payment when and as due (whether at maturity, by reason of acceleration or otherwise) of interest on any Loan or Reimbursement Obligation or the payment of any other Obligation, and such default shall continue for a period of three (3) Business Days.

  • Action Upon Certain Failures of the Master Servicer and Upon Event of Default In the event that a Responsible Officer of the Trustee shall have actual knowledge of any action or inaction of the Master Servicer that would become an Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Trustee shall give prompt written notice thereof to the Master Servicer.

  • Servicer Event of Default Any one of the conditions or circumstances enumerated in Section 4.07 with respect to the Servicer.

  • After Event of Default Borrower further agrees to pay, or reimburse Lender, for all reasonable out-of-pocket costs and expenses, including without limitation reasonable attorneys’ fees and disbursements incurred by Lender after the occurrence of an Event of Default (i) in enforcing any Obligation or in foreclosing against the Collateral or exercising or enforcing any other right or remedy available by reason of such Event of Default; (ii) in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or in any insolvency or bankruptcy proceeding; (iii) in commencing, defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to Borrower and related to or arising out of the transactions contemplated hereby; (iv) in taking any other action in or with respect to any suit or proceeding (whether in bankruptcy or otherwise); (v) in protecting, preserving, collecting, leasing, selling, taking possession of, or liquidating any of the Collateral; or (vi) in attempting to enforce or enforcing any Lien in any of the Collateral or any other rights under the Security Instrument.

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