Failure by Borrower Clause Samples
The 'Failure by Borrower' clause defines the consequences and procedures that apply if the borrower does not fulfill their obligations under the agreement. Typically, this clause outlines what constitutes a default, such as missed payments or breaches of covenants, and describes the lender's rights in response, which may include demanding immediate repayment, charging penalties, or initiating legal action. Its core function is to protect the lender by providing clear remedies and recourse in the event the borrower fails to meet their contractual commitments.
Failure by Borrower to perform obligation not involving the payment of money, or to comply with any other term or condition applicable to Borrower under any Loan Document, and the expiration of thirty (30) days after written notice of such failure by Lender to Borrower, provided that if Borrower cannot reasonably cure such failure within such thirty (30) day period, such thirty (30) day period shall be extended for a reasonable period not in excess of ninety (90) days from the date of Lender's notice to cure such failure provided that Borrower shall have commenced such cure within such thirty (30) day period and shall diligently thereafter proceed to effect such cure.
Failure by Borrower to perform any obligation not involving the payment of money, or to comply with any other term or condition applicable to Borrower under any Loan Document, and the expiration of thirty (30) days after written notice of such failure by Lender to Borrower; provided, however, that if such failure cannot be remedied by the payment of money and cannot be remedied within such 30-day period and Borrower promptly takes and diligently pursues action to remedy such failure, Borrower shall have an additional period of time, not to exceed ninety (90) days, within which Borrower may remedy such failure.
Failure by Borrower any Corporate Guarantor or the Individual Guarantor to observe or perform any agreement, condition, undertaking, term, provision or covenant (other than the covenants set forth in Paragraph 6.1.12 hereof) in this Agreement, the Notes or any Loan Document, by, between or among BORROWER or any Corporate Guarantor and BANK;
Failure by Borrower or Guarantors to perform all terms and conditions contained in this Agreement shall constitute a default hereunder and, at the option of Bank, this Agreement shall be of no further force and effect.
Failure by Borrower to perform obligation not involving the payment of money, or to comply with any other term or condition applicable to Borrower under any Loan
Failure by Borrower to generally pay its debts as such debts become due, unless the delinquent payment of a particular debt is consistent with Borrower's prior custom and practice and does not otherwise result in or contribute to a covenant violation or other Event of Default under this Agreement.
Failure by Borrower to pay any monetary amount when due under any Loan Document and the expiration of ten (10) days after written notice of such failure by Lender to Borrower.
Failure by Borrower to perform any obligation not involving the payment of money (including, without limitation, FDC's failure to comply with the financial covenants set forth in SECTION 10.21), or to comply with any other term or condition applicable to Borrower under any Loan Document and the expiration of thirty (30) days after written notice of such failure by Lender to Borrower.
Failure by Borrower to (i) furnish financial information when due or requested, or (ii) permit the inspection of its books or records as set forth in Section 4.10;