Obligor Defaults Sample Clauses

Obligor Defaults. The Borrower shall give, or shall cause Servicer to give, notice to the Agent and the Note Purchaser within two Business Days of the Borrower’s, the Transferor’s or the Servicer’s actual knowledge of the occurrence of any default by an Obligor under any Loan Asset.
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Obligor Defaults. Upon the Servicer's becoming aware of any Obligor Default, Servicer agrees to promptly give any notice to Obligor required to commence the running of any applicable cure period following a default in the performance by Obligor of its obligations under the Loan, the related Note and Related Documents. If an Obligor Default shall occur and be continuing or if a Loan shall otherwise become a Defaulted Loan, Servicer shall promptly undertake the collection of such Obligor's indebtedness in accordance with its Credit and Collection Policy. Without limiting the foregoing the Servicer shall commence liquidation of the Collateral pledged to secure such Obligor's obligations under its Loan within thirty (30) days after the occurrence of such Obligor's Default or upon a Loan becoming a Defaulted Loan, unless Servicer receives notice from the Seller of its election to repurchase such Loan pursuant to Section 7.02 of this Agreement. Buyer shall promptly notify Servicer of any payment default by an Obligor under the related Note and Servicer shall promptly notify Buyer, Seller and Guarantor of the occurrence of any other Obligor Default or of a Loan becoming a Defaulted Loan for a reason other than a payment default. In its efforts to collect the indebtedness evidenced by any Note, Servicer shall in all events proceed in good faith and in a commercially reasonable manner and when seeking to realize on Collateral pledged by any Obligor, shall proceed in such a fashion as to preserve to Buyer its rights to seek collection of a deficiency against such Obligor if the sale of the Collateral is insufficient to pay such Obligor's obligations in full. Notwithstanding any other provision in this Agreement to the contrary, Buyer shall have the right, at its sole discretion, to assume the servicing obligations of the Servicer hereunder in connection with the liquidation of a Defaulted Loan and related Property and Servicer shall cooperate with Buyer in effecting such transfer of obligations and liquidation of Collateral. If Buyer assumes the servicing obligations with respect to the liquidation of a Defaulted Loan, Buyer shall proceed as a prudent and experienced servicer would under the circumstances and shall be entitled to reimbursement for its reasonable fees and expenses in performing such obligations in accordance with Section 5.10 hereof.
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Obligor Defaults. FULL AND LIMITED RECOURSE;
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Obligor Defaults. 39 SECTION 5.06 Servicer Reports; Annual Compliance Report. . . . . . . .40 SECTION 5.07 Lockboxes . . . . . . . . . . . . . . . . . . . . . . . .41 SECTION 5.08 Payment of Guaranty Fees and Servicing Fees . . . . . . .41 SECTION 5.09
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Obligor Defaults. 38 SECTION 5.06 Servicer Reports; Annual Audit. . . . . . . . . . . . 39 SECTION 5.07 Loan and Other Payments . . . . . . . . . . . . . . . 40 SECTION 5.08 Computation and Payment of Periodic Payments, Servicing Fees and Guaranty Fees; Servicer's Expenses. . . . . . . . . . . . . . . . . . . . . . . 41 SECTION 5.09 Applicable Rate . . . . . . . . . . . . . . . . . . . 43 SECTION 5.10 Concerning Insurance on Collateral . . . . . . . . . 44 SECTION 5.11 Access to Certain Documentation and Certain Information Regarding the Loans . . . . . . . . . . . 45 SECTION 5.12
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Related to Obligor Defaults

  • Events of Defaults If one or more of the following events ("Events of Default") shall have occurred and be continuing:

  • Cure of Defaults If at any time after an event of default and prior to the actual sale of the Vessel by the Mortgagee or prior to any enforcement or foreclosure proceedings the Shipowner offers completely to cure all events of default and to pay all expenses, advances and damages to the Mortgagee consequent on such events of default, with interest at the interest rate set forth in Section 1.07(b) of the Credit Agreement, then the Mortgagee may, but shall not be obligated to, accept such offer and payment and restore the Shipowner to its former position, but such action, if taken, shall not affect any subsequent event of default or impair any rights consequent thereon.

  • Other Defaults Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty (30) days after notice thereof by the Administrative Agent to the Borrower; or

  • Specific Defaults The Company fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02, 6.03 or 6.09(c) or in Article VII; or

  • 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.

  • Waiver of Defaults and Events of Default (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

  • 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.

  • Notice of Defaults and Events of Default As soon as possible and in any event within five (5) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • No Material Defaults Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

  • Servicer Defaults If any one of the following events (a “Servicer Default”) shall occur and be continuing:

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