Facility Termination Event definition

Facility Termination Event means any of the events described in Section 13.1.

Facility Termination Event shall have the meaning assigned to such term in Section 2.05(k).

Facility Termination Event has the meaning specified in Section 7.1.

Examples of Facility Termination Event in a sentence

• No delay or omission of the Collateral Agent or of any other Secured Party to exercise any right or remedy accruing upon any Facility Termination Event shall impair any such right or remedy or constitute a waiver of any such Facility Termination Event or an acquiescence therein.

• Upon the occurrence of a Facility Termination Event described in Section 13.1(d), the Facility Termination Date shall be deemed to have occurred automatically, and all outstanding Advances under this Agreement and all other Obligations under this Agreement shall become immediately and automatically due and payable, all without presentment, demand, protest or notice of any kind (all of which are hereby expressly waived by the Borrower).

• No Note Agent shall be deemed to have knowledge or notice of the occurrence of any breach of this Agreement or the occurrence of any Facility Termination Event unless it has received notice from the Investment Manager, the Borrower or any Lender, referring to this Agreement and describing such event.

• The facility terminates on the earlier of June 17, 2020 or upon the occurrence of a Facility Termination Event, as defined in the amended Credit Agreement.

• Such interest shall be payable monthly, and if not paid when due, any unpaid interest shall be capitalized on the principal balance as additional cash borrowing by Customer and, for the avoidance of doubt, failure to pay such capitalized interest shall not constitute a Facility Termination Event.

More Definitions of Facility Termination Event

Facility Termination Event. “Net Pool Balance,” or “Required Reserve” or (I) amends or modifies any defined term (or any defined term used directly or indirectly in such defined term) used in clauses (A) through (H) above in a manner that would circumvent the intention of the restrictions set forth in such clauses.

Facility Termination Event means the occurrence of any of the following: (i) an Event of Default, (ii) the average of the Annualized Default Ratios on the Serviced Portfolio for the three most recently ended Collection Periods exceeds 2.5%, (iii) the average of the NPA Ratios for the Serviced Portfolio for the three most recently ended Collection Periods equals or exceeds 2.0%, (iv) the average of the NPA Ratios for the Securitized Portfolio for the three most recently ended Collection Periods equals or exceeds 1.5% or (v) the Cumulative Net Loss exceeds the percentages found in the column titled "Facility Termination Event" in the

Facility Termination Event i. there occurs any change in BNPP PB’s interpretation of any Applicable Law or the adoption of or any change in the same (including, for the avoidance of doubt, any new or amended rules, requests, guidelines and directives promulgated in connection with current Applicable Law, including the Xxxx-Xxxxx Xxxx Street Reform and Consumer Protection Act) that, in the reasonable opinion of counsel to BNPP PB, has the effect with regard to BNPP PB of materially impeding or prohibiting the arrangements under the 40 Act Financing Agreements (including, but not limited to, imposing or adversely modifying or affecting the amount of regulatory capital to be maintained by BNPP PB); provided, however, BNPP applies the same interpretation, adoption or change to all similarly situated PB customers, as determined in BNPP PB’s sole discretion; provided, further, that it shall not be a Facility Termination Event if there occurs a change in, or change in BNPP PB’s interpretation of, any Applicable Law that results in a cost increase to BNPP PB (as determined in its sole discretion), rather than a prohibition (as determined in BNPP PB’s sole discretion), and such cost increase is accepted by Customer (for the avoidance of doubt, such cost increase may be implemented by adjusting the fees and rates in Appendix B or in any other manner, as determined by BNPP PB in its sole discretion);

Facility Termination Event. (a) Failure by any Loan Party to pay or deposit (i) when due any Principal, whether at stated maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii) any Interest on any Loan, any Fee or any other Aggregate Unpaid (other than Principal) within five (5) Business Days after the date due therefor.

Facility Termination Event means the occurrence of any of the following: (i) an Event of Default; (ii) a Funding Termination Event that remains in effect for two consecutive Payment Dates as reported in the Monthly Servicer Report or otherwise; (iii) the Cumulative Net Loss for all contracts in the Serviced Portfolio originated in a calendar quarter exceeded the applicable percentages found in the column titled “Facility Termination Event” in the definition of “Static Pool Test” for two or more consecutive calendar quarters after such pool of contracts was originated; (iv) any event or circumstance described in Subsections (d), (e), (h), (o) and (v) of Section 8.01 shall occur with respect to any LEAF Party; (v) any event or circumstance described in Subsection (q) of Section 8.01 shall occur with respect to LEAF; (vi) a Servicer Termination Event (if the Servicer is a LEAF Party) set forth in Subsections (vii), (viii), (ix), (x), (xi), (xii) and (xiii) of Section 6.01(a) of the Servicing Agreement, shall have occurred and be continuing; (vii) any Change of Control shall occur with respect to LEAF or the Borrower, unless the Lender shall have expressly consented to such Change of Control in writing; (viii) LEAF shall have failed to maintain a Senior Leverage Ratio no greater than 8.0:1.0; (ix) the Servicer shall have failed to maintain (a) “Minimum Tangible Net Worth” (defined as stockholders’ equity plus subordinated debt less intangibles, with no SFAS 133/138 adjustments) of $30,000,000 or (b) minimum stockholders’ equity of $6,000,000 (with no SFAS 133/138 adjustments); and (x) LEAF shall have defaulted (after giving effect to any and all notice, grace and cure periods) in respect of any material Indebtedness for borrowed money.

Facility Termination Event in Appendix A to the Secured Loan Agreement is hereby amended and restated in its entirety as follows:

Facility Termination Event means, prior to the Remarketing Date, any of the events described in SECTION 15.1, and from and after the Remarketing Date, any of the events described in SECTION 15.1(a), (b), (c) or (d).