Defaults and Acceleration Sample Clauses
Defaults and Acceleration. (i) If a Specified Derivatives Provider exercises any right to terminate or unwind one or more transactions under any Specified Derivatives Contract entered into by such Specified Derivatives Provider in connection with any event of default, termination event or similar event (each, however described in such Specified Derivatives Contract, a “Termination Event”) including, for the avoidance of doubt, any right to designate an “Early Termination Date” provided for in such Specified Derivatives Contract, then such Specified Derivatives Provider shall send written notice thereof to Administrative Agent, specifying in detail the nature of the related Termination Event. If a Specified Derivatives Provider sends any such notice in respect of any Loan Party’s default under any Specified Derivatives Contract to the Administrative Agent, then such Specified Derivatives Provider agrees to send notice to the Administrative Agent in the event such Loan Party cures said default. The failure of any Specified Derivatives Provider to deliver any notice contemplated by this clause (i) shall not (A) affect the validity of any termination or unwind of one or more transactions under any applicable Specified Derivatives Contract, (B) result in, or form the basis of, any breach of the applicable Specified Derivatives Contract, or (C) impose any liability on such Specified Derivatives Provider.
(ii) Each Specified Derivatives Provider acknowledges that, subject to the terms of this Agreement, the Administrative Agent and the Lenders have the rights to declare Defaults and Events of Default under the Loan Documents, accelerate the Obligations and enforce such remedies as are available pursuant to the Loan Documents (including the Security Documents) or otherwise, including, without limitation, foreclosure. Each Specified Derivatives Provider agrees that while it may have the right to terminate or unwind one or more transactions under any Specified Derivatives Contract entered into by such Specified Derivatives Provider in respect of a Termination Event, only Administrative Agent shall have the right to enforce the remedies provided by the Loan Documents (or otherwise pursue remedies or recourse against the Collateral) arising from such Termination Event under such Specified Derivatives Contract entered into by such Specified Derivatives Provider.
(iii) Each Specified Derivatives Provider acknowledges and agrees that (A) it shall only have recourse to the Collateral through the Ad...
Defaults and Acceleration. (a) The parties acknowledge that under the Loan Documents, it may be an Event of Default, as defined therein, if any Event of Default occurs under the Swap Contract as to which the Swap Loan Party is the Defaulting Party, or if any Termination Event occurs under the Swap Contract as to which the Swap Loan Party is an Affected Party. Unless the context otherwise specifies or requires, the terms “Event of Default,” “Defaulting Party,” “Termination Event,” “Affected Party” and “Early Termination Date” have the meanings given to them in the Swap Contract.
Defaults and Acceleration. (a) Pursuant to the Indenture, for purposes of determining whether a Default or Event of Default exists with respect to the Bonds, but only with respect to the Bonds, the following shall also constitute Events of Default under the Indenture:
(i) default in the performance, or breach, of any covenant or warranty in this Agreement (other than (1) Section 6.1(l) (Financial and Other Statements (Notice of Environmental Matters)) hereof or (2) a covenant or warranty a default in the performance or breach of which is specifically dealt with elsewhere in this Agreement), and continuance of such default or breach for a period of 30 days after notice has been given in accordance with the procedures described in Section 9.01C (Events of Default) of the Indenture; or
(ii) default in any representation or warranty made by the Company herein, or made by the Company in any statement or certificate furnished by the Company in connection with the consummation of the issuance and delivery of the Bonds is untrue in any material respect as of the date of the issuance or making thereof; or
(iii) the Company or any of its Subsidiaries defaults in any payment, beyond any period of grace provided with respect thereto, of principal of, or premium or interest on, any obligation for borrowed money having an outstanding principal amount of $10,000,000 or more; or
(iv) a final, non-appealable judgment in an amount in excess of $10,000,000 above available insurance coverage (so long as the insurer shall have agreed, in writing at the time such judgment shall become final, that it is responsible for payment of such judgment up to the limit of available coverage) is rendered against the Company or any of its Subsidiaries and, within 60 days after entry thereof, such judgment is not discharged.
(b) In addition to the sums stated to be payable pursuant to Section 9.06 (Covenant to pay Trustee amounts due on Bonds and right of Trustee to judgment) of the Indenture upon the occurrence of the defaults referred to therein, upon the occurrence of an acceleration pursuant to Section 9.02 (Acceleration of Maturity; Rescission and Annulment) of the Indenture, the Company shall pay the Make Whole Amount, calculated as of the time of such payment, to each holder of Bonds in respect of the Bonds held by such holder.
Defaults and Acceleration. In the event of any failure to pay any interest when due hereunder, and the continuance of such failure to pay for a period of ten (10) days after written notice, by certified or registered mail or by hand delivery, of such failure from the Payee to the Company or in the event that all of the indebtedness of the Company to Chemical Bank (or any bank serving as the Company's primary lender) becomes due and payable as the result of an event of default with respect thereto, this Note shall be in default and the entire unpaid principal sum hereof, together with accrued interest, shall at the option of the Payee, become immediately due and payable in full.
Defaults and Acceleration