Default in Performance of Certain Covenants Sample Clauses
The "Default in Performance of Certain Covenants" clause defines the consequences and procedures that apply when a party fails to fulfill specific obligations outlined in the agreement. Typically, this clause identifies which covenants are covered, describes what constitutes a default, and may outline any notice and cure periods before further action is taken. For example, if a borrower fails to maintain required insurance or misses a reporting deadline, this clause would specify the steps the lender can take in response. Its core practical function is to provide a clear framework for addressing breaches of key obligations, thereby protecting the interests of the non-defaulting party and promoting compliance with the agreement.
Default in Performance of Certain Covenants. Any Credit Party shall default in the performance or observance of any covenant or agreement contained in Section 8.1, 8.2 or 8.4(e)(i) or Article X or XI.
Default in Performance of Certain Covenants. The Borrower shall default in the performance or observance of any covenant or agreement contained in Articles VIII or IX of this Agreement.
Default in Performance of Certain Covenants. The Borrower shall default in the performance or observance of any covenant or agreement contained in Sections 6.1, 6.2 or 6.5(h)(i) or Articles VIII or IX of this Agreement or any Guarantor shall default in the performance or observance of any covenant or agreement contained in Sections 10(a), 10(b), 10(e)(v)(A), 11(l), 12 and 13 of the Guaranty Agreement.
Default in Performance of Certain Covenants. Any Credit Party shall default in the performance or observance of any covenant or agreement contained in Sections 7.4, 7.5(b), 7.9, 7.15 or Article VIII.
Default in Performance of Certain Covenants. Any Borrower shall default in the performance or observance of any covenant or agreement applicable to it contained in Section 7.1, 7.2, 7.4(a) or Article IX or X, and, in the case of a default in the performance or observance of any covenant or agreement contained in Article X, such default shall continue for a period of ten (10) Business Days.
Default in Performance of Certain Covenants. Any of the Credit Parties shall default in the performance or observance of any covenant or agreement contained in Article X or XI of this Agreement.
Default in Performance of Certain Covenants. The Parent Borrower shall default in the performance or observance of any covenant or agreement contained in Section 7.1(a), 8.3 (solely with respect to preservation of legal existence of the Credit Parties), 8.8, 8.9, 8.10 or Article IX.
Default in Performance of Certain Covenants. Any Loan Party shall default in the performance or observance of any covenant or agreement contained in Sections 6.1, 6.2(a), 6.3(a), 6.4 (only with respect to corporate existence), 6.15 or 6.18, or Section 7.
Default in Performance of Certain Covenants. The Borrower shall default in the performance or observance of any covenant or agreement contained in SECTION 7.1, 7.2, 7.4(E) or Articles IX or X of this Agreement.
Default in Performance of Certain Covenants. Any Credit Party or any Subsidiary thereof shall default in the performance or observance of any covenant or agreement contained in Sections 8.1(a), (b) or (d), 8.2(a) or (b), 8.3(a), 8.4, 8.13, 8.15, 8.16, 8.17, 8.18 or 8.19 or Article IX; provided that a breach of the financial covenants set forth in Section 9.13 shall not constitute an Event of Default with respect to any Term Loans, and the Term Loan Lenders shall not be permitted to exercise any remedies with respect to a breach of the financial covenants set forth in Section 9.13, unless and until the Required Revolving Credit Lenders have declared all amounts outstanding under the Revolving Credit Facility to be due and payable and all outstanding Revolving Credit Commitments to be terminated, in each case in accordance with this Agreement and such declaration has not been rescinded.