Security Failure Sample Clauses

Security Failure. Any Collateral Document or financing statement after delivery thereof pursuant to Section 3.01 or 5.01(j) shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security interest in the Collateral purported to be covered thereby; or
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Security Failure. Ten (10) Business Days after the earlier of (i) a Loan Party obtaining actual knowledge that, or (ii) receipt of written notice by the Administrative Agent that, any Collateral Document or financing statement required by this Agreement, as amended, shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security interest in the Collateral purported to be covered thereby, which failure is not corrected within such ten (10) Business Day period; then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Commitments of each Lender Party and the obligation of each Lender Party to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, declare the Advances, all interest thereon and all other amounts payable under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Loan Party under any Bankruptcy Law, (y) the Commitments of each Lender Party and the obligation of each Lender Party to make Advances shall automatically be terminated and (z) the Advances, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Loan Parties. Each Lender acknowledges that the ability of the Administrative Agent to take any such action requested by or consented to by the Required Lenders in respect of the Collateral will be subject to the terms and provisions of the Intercreditor Agreement.
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Security Failure. Any Collateral Document or financing statement after delivery thereof pursuant to Section 3.01 shall for any reason (other than pursuant to the terms thereof) cease to create a valid and perfected first priority lien on and security interest in the Collateral purported to be covered thereby; provided, however, that any such failure shall not give rise to an Event of Default hereunder if (i) such failure is unintentional on the part of the Loan Parties, (ii) no other Default or Event of Default has occurred and is then continuing, (iii) such failure is reasonably susceptible of cure by the Loan Parties (with the reasonable cooperation of the Agents and Lenders, if necessary) and is cured within ten (10) days after the earlier of the date on which (A) a Responsible Officer of a Loan Party obtains actual knowledge of such failure or (B) written notice thereof has been given to the Borrowers by any Agent or any Lender; provided further that the Agents and Lenders shall cooperate in all commercially reasonable respects with the Loan Parties in effecting such cure; or 109
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Security Failure. Any Collateral Document after delivery thereof pursuant to Section 3.01 shall for any reason (other than pursuant to the terms thereof or because it has not been filed in the appropriate filing or recording office) cease to create a valid Lien on the Collateral purported to be covered thereby; or
Sample 1
Security Failure. The failure of Seller to cause First Wind, or an Affiliate of First Wind (other than Seller), to apply for and cause to be issued to Buyer and thereafter to maintain and replace the LD Security or Performance Security in compliance with Section 3.5(b) or Section 7.3, as applicable, including, among other requirements thereunder, (1) in the case of a Downgrade Event, the failure of Seller to cause First Wind or an Affiliate of First Wind (other than Seller) to replace the LD Security or the Performance Security (unless payment on such LD Security or Performance Security has been made upon demand by Buyer as provided for pursuant to the agreement referred to in Section 2.1(c)or Section 2.1(e), as applicable); or (2) in the case of a failure of Seller to cause First Wind, or an Affiliate of First Wind (other than Seller), prior to thirty (30) days before the expiration date of the LD Security or Performance Security to cause the extension thereof or the issuance of a replacement LD Security or Performance Security (unless payment on such LD Security or Performance Security has been made upon demand by Buyer as provided for pursuant to the agreement referred to in Section 2.1(e)); or the failure of Seller to cause First Wind or an Affiliate of First Wind (other than Seller) to provide replacement LD Security or Performance Security within ten (10) Business Days after written notice to Seller of the occurrence of any of the following events: (x) the failure of the Qualified Issuer to honor a demand for payment or make a payment thereunder; (y) the LD Security or the Performance Security issued by such Qualified Issuer shall fail to be in full force and effect in accordance with the terms of this Agreement; or (z) the Qualified Issuer shall repudiate, disaffirm, disclaim, reject, in whole or in part, or challenge the validity of its LD Security or Performance Security.
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Security Failure. 43 7.5 Failure to Comply with Covenants.......................................43 7.5a Failure to Comply with Certain Article IV Covenants and Article V Covenants....................................................43 7.5b Failure to Comply with Other Covenants.................................43 7.6 Misrepresentation......................................................44 7.7 Adverse Judgments, Etc.................................................44
Sample 1
Security Failure. The Collateral Documents collectively shall cease to create a valid and perfected first priority lien (to the extent purported to be granted by such documents) on any portion of the Collateral, subject to Permitted Encumbrances.
Sample 1
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Related to Security Failure

  • Payment Failure Any Credit Party (i) fails to pay any principal when due under this Agreement or (ii) fails to pay, within three Business Days of when due, any other amount due under this Agreement or any other Credit Document, including payments of interest, fees, reimbursements, and indemnifications;

  • No Failure to Cure Default The Seller has not received a written notice of default of any senior mortgage loan related to the Mortgaged Property which has not been cured;

  • Equipment Failures In the event of equipment failures beyond the Administrator's control, the Administrator shall take reasonable and prompt steps to minimize service interruptions but shall have no liability with respect thereto. The Administrator shall develop and maintain a plan for recovery from equipment failures which may include contractual arrangements with appropriate parties making reasonable provision for emergency use of electronic data processing equipment to the extent appropriate equipment is available.

  • Lenders’ Failure to Perform All Advances (other than Swing Loans and Agent Advances) shall be made by the Lenders contemporaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Advance (or other extension of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligations hereunder, and (ii) no failure by any Lender to perform its obligations hereunder shall excuse any other Lender from its obligations hereunder.

  • Power Failure Power Failure means the failure of power or other utility service if the failure takes place off the "residence premises". But if the failure results in a loss, from a Peril Insured Against on the "residence premises", we will pay for the loss caused by that peril.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Failure to Elect; Events of Default If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, (i) if such Borrowing is denominated in Dollars, at the end of such Interest Period such Borrowing shall be converted to a Syndicated Eurocurrency Borrowing of the same Class having an Interest Period of one month, and (ii) if such Borrowing is denominated in a Foreign Currency, the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, (i) any Eurocurrency Borrowing denominated in Dollars shall, at the end of the applicable Interest Period for such Eurocurrency Borrowing, be automatically converted to an ABR Borrowing and (ii) any Eurocurrency Borrowing denominated in a Foreign Currency shall not have an Interest Period of more than one month’s duration.

  • Borrower’s Failure to Notify If the Borrower fails to give notice pursuant to Section 1.6(a) above of the continuation or conversion of any outstanding principal amount of a Borrowing of Eurodollar Loans before the last day of its then current Interest Period within the period required by Section 1.6(a) and such Borrowing is not prepaid in accordance with Section 1.8(a), the Borrower shall be deemed to have given the notice three (3) Business Days prior to the end of the then current Interest Period and such Borrowing shall automatically be continued as a Borrowing of a Eurodollar Loan with a one (1) month Interest Period; provided that all Lenders are able to accommodate such one (1) month Interest Period and such Eurodollar Loan shall be subject to the funding indemnity set forth in Section 1.11 hereof in the event it is prepaid prior to the end of the Interest Period. In the event the Borrower fails to give notice pursuant to Section 1.6(a) above of a Borrowing equal to the amount of a Reimbursement Obligation and has not notified the Administrative Agent by 12:00 noon (Chicago time) on the day such Reimbursement Obligation becomes due that it intends to repay such Reimbursement Obligation through funds not borrowed under this Agreement, the Borrower shall be deemed to have requested a Borrowing of Base Rate Loans under the Revolving Credit (or at the option of the Swing Line Lender under the Swing Line) on such day in the amount of the Reimbursement Obligation then due, which Borrowing shall be applied to pay the Reimbursement Obligation then due.

  • Default Event 7.1 Any of the following events will be deemed to be a Default Event:

  • Waiver; Deficiency Each Grantor waives and agrees not to assert any rights or privileges which it may acquire under Section 9-112 of the New York UCC. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Administrative Agent or any Lender to collect such deficiency.

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