Compliance Defaults Sample Clauses

Compliance Defaults. Each Borrower is in material compliance with all applicable statutes and governmental rules and regulations (including, without limitation, all statutes and regulations governing or otherwise relating to the production, manufacture, storage, sale, distribution and/or other handling of beer or other intoxicating beverages that apply to such Borrower by virtue of the nature of its business). No Default or Event of Default has occurred and is continuing.
Sample 1
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Compliance Defaults. The following shall constitute additional Events of Default under the terms of this Agreement (“Compliance Default”): a) Borrower fails to provide proof of compliance as required above; b) Borrower and/or a tenant commences operating a Cannabis Business at the Real Property Collateral without complying with applicable state and local law in the jurisdiction where each Real Property Collateral is situated and providing proof of such compliance to Lender; c) Borrower, Tenant or any other occupant of the Real Property Collateral uses the Real Property Collateral in a manner that is not in compliance with the state and local law in the jurisdiction where each Real Property Collateral is situated; or d) any Governmental Authority commences a forfeiture proceeding against the Real Property Collateral. In the event of a Compliance Default Lender may, at its option, declare the Note (including, without limitation, all accrued interest) due and payable immediately regardless of the Maturity Date. Borrower expressly waives notice of the exercise of this option.
Sample 1
Compliance Defaults. The following shall constitute additional Events of Default under the terms of this Supplement solely to the extent such event would reasonably be expected to result in a Materially Adverse Effect: (i) the Company or any Guarantor has failed, after 30 days’ written notice, to provide reasonably acceptable proof of compliance to the Administrative Agent as required under this Section; (ii) the Company, any Guarantor and/or a tenant operates a Cannabis Activity at the Real Property Collateral without the requisite Cannabis Licenses (iii) the Company or any Guarantor, a tenant or other occupant of such Real Property Collateral uses such property in a manner that is not in compliance with State and local law for failure to comply with applicable State and local law for operation of a cannabis business and a final, binding, non-appealable decision in favor of such Governmental Authority results in the revocation or loss of a required Cannabis Licenses and the Company or any Guarantor; or (iv) any Governmental Authority issues a final, binding, non-appealable decision in favor of such Governmental Authority that results in the revocation or loss of such required Cannabis Licenses.
Sample 1

Related to Compliance Defaults

  • Covenant Defaults If Borrower defaults in the performance or observance of any covenant or agreement in this Agreement, and such default continues for a period of twenty (20) calendar days after the earlier of Borrower's knowledge thereof or receipt of written notice from Lender thereof, except for violations of SECTION 7.08(d), which shall become an Event of Default at the end of the sixty (60) day period stated therein and except for specific Defaults listed elsewhere in this SECTION 9.01, as to which no notice or cure period shall apply unless specified; or

  • Specific Defaults The Company fails to perform or observe any term, covenant or agreement contained in Section 6.03(a) or Article 7; or

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.3, 6.4, 6.6, 6.8, or 6.9, or violates any covenant in Section 7; or

  • Payment Defaults Tenant shall fail to pay any installment of Rent or any other payment hereunder when due; provided, however, that Landlord will give Tenant notice and an opportunity to cure any failure to pay Rent within 3 days of any such notice not more than once in any 12 month period and Tenant agrees that such notice shall be in lieu of and not in addition to, or shall be deemed to be, any notice required by law.

  • Compliance and Default Certificates 30 Section 3.06. Stay, Extension and Usury Laws. 31 Section 3.07. Notes Acquired by the Company 31 Section 3.08. Existence. 31 Article 4 Repurchase and Redemption 31 Section 4.01. No Sinking Fund. 31

  • Material Contract Defaults The Company is not, or has not received any notice or has any knowledge that any other party is, in default in any respect under any Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a material default. For purposes of this Agreement, a “Material Contract” means any contract, agreement or commitment that is effective as of the Closing Date to which the Company is a party (i) with expected receipts or expenditures in excess of $50,000, (ii) requiring the Company to indemnify any person, (iii) granting exclusive rights to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $50,000 or more, including guarantees of such indebtedness, or (v) which, if breached by the Company in such a manner would (A) permit any other party to cancel or terminate the same (with or without notice of passage of time) or (B) provide a basis for any other party to claim money damages (either individually or in the aggregate with all other such claims under that contract) from the Company or (C) give rise to a right of acceleration of any material obligation or loss of any material benefit under any such contract, agreement or commitment.

  • Certain Covenant Defaults Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the covenants contained in Section 7.

  • Absence of Defaults No event has occurred or is continuing which constitutes a Default or an Event of Default, or which constitutes, or which with the passage of time or giving of notice or both would constitute, a default or event of default by the Borrower or any Subsidiary thereof under any Material Contract or judgment, decree or order to which the Borrower or its Subsidiaries is a party or by which the Borrower or its Subsidiaries or any of their respective properties may be bound or which would require the Borrower or its Subsidiaries to make any payment thereunder prior to the scheduled maturity date therefor.

  • No Defaults; Violations No material default exists in the due performance and observance of any term, covenant or condition of any material license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject. The Company is not in violation of any term or provision of its Certificate of Incorporation or Bylaws or in violation of any material franchise, license, permit, applicable law, rule, regulation, judgment or decree of any governmental agency or court, domestic or foreign, having jurisdiction over the Company or any of its properties or businesses.

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