MAJOR DEFAULTS Clause Samples
MAJOR DEFAULTS. An Obligor does not pay on the due date any amount payable by it under the Interim Documents to which it is a party at the place at and in the currency in which it is expressed to be payable unless:
(i) in the case of principal or interest, payment is made within three Business Days of the due date; and
(ii) in the case of any amount not constituting principal or interest, payment is made within five Business Days of the due date.
MAJOR DEFAULTS. The Remedy stated in a Notice of Default which is designated by the Port as a Major Default shall be effective and final sixty (60) calendar days after the Notice of Default is mailed or personally delivered, unless (i) the Concessionaire has delivered a completed Notice of Contest to the Port, on a form for such a purpose, that it contests the Notice of Default within thirty (30) calendar days, or (ii) the Notice of Default contains the finding set forth in Section 4.3.6.4, in which event the Remedy shall take immediate effect as provided in Section 4.3.6.4.
MAJOR DEFAULTS. In the event that a Member shall be in Default as a result of a Major Default the remedies shall be as follows:
MAJOR DEFAULTS. 1 Payment Default
(i) in the case of principal or interest, payment is made within three Business Days of the due date; and
(ii) in the case of any amount not constituting principal or interest, payment is made within five Business Days of the due date.
MAJOR DEFAULTS. The occurrence of any one or more of the following events, each of which shall constitute an Event of Default, shall also constitute a Major Default hereunder:
(1) The Borrowers shall fail to pay when due any installment of principal, any interest, fee or other amount (including mandatory prepayments) payable under this Agreement or under any of the Security Documents or under the Plan Notes, unless such failure is cured within five (5) days after such due date;
(2) The Borrowers (or any of them) shall fail to comply with the provisions of Section 6.1(C): (a) which require the delivery of evidence of insurance, unless such failure is cured within fifteen (15) days after written notice from Lender, or (b) which require the maintenance of insurance coverage as provided in Section 6.1(C);
(3) The Borrowers (or any of them) shall fail to observe or perform the covenants contained in Sections 6.2(A), (B), (C), (D), (F), (G), (H), (I), (J), (K), (L), (M), (O) or (Q);
(4) The Borrowers (or any of them) shall fail to remove federal, state or local tax liens covering, in any one instance or in the aggregate, in excess of $50,000.00 in taxes, assessments or other governmental charges, on any of the Borrowers' real or personal property within five (5) days after the earlier of: (a) the date on which the applicable taxing authority levies on any asset or assets of any of the Borrowers or otherwise commences enforcement action with respect to such taxes, or (b) any Borrower receives notice from such taxing authority of such levy or commencement of enforcement proceedings;
(5) The Borrowers (or any of them) or any Guarantor shall make a general assignment for the benefit of its or any of its or their creditors;
(6) Proceedings in bankruptcy, or for reorganization of any of the Borrowers or any Guarantor, or for the readjustment of any of its debts, under the Bankruptcy Code, or any part thereof, or under any other Laws, whether state or federal, for the relief of debtors, now or hereafter existing (collectively, "Bankruptcy Proceedings"), shall be commenced by any of the Borrowers or any Guarantor, or against any of the Borrowers or any Guarantor by any other Person, or which otherwise have jurisdiction over the Indebtedness evidenced by the Plan Notes, this Agreement or the other Plan Documents (as defined in the Plans) and any such Bankruptcy Proceedings, or any action or omission by any of the Borrowers or Guarantor in connection therewith (including, without limitat...
MAJOR DEFAULTS