Ineligibility Event definition
Examples of Ineligibility Event in a sentence
Neither the Managing Facility Agent nor any Administrative Agent shall be deemed to have knowledge or notice of the occurrence of an Amortization Event, Discount Event, Rating Event, Remittance Event or Ineligibility Event (each, an "Occurrence") hereunder unless the Managing Facility Agent has received notice from a Purchaser, the Seller, the Servicer, RAC or Raytheon referring to this Agreement, describing such Occurrence and stating that such notice is a notice thereof.
Neither the Managing Facility Agent nor any Purchaser shall by any act (except by a written instrument pursuant to paragraph 14 hereof), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any default or Amortization Event, Ineligibility Event, Remittance Event, Discount Event or Rating Event, or in any breach of any of the terms and conditions hereof.
If, on or prior to such 30th day (or the Business Day immediately succeeding such 30th day, as applicable), a Seller shall make a Seller Adjustment Payment in respect of any such Ineligible Receivable, then the Company shall have no further remedy against such Seller in respect of the Ineligibility Event with respect to such Receivable.
If there exists a Borrowing Base Shortfall for any reason other than an Ineligibility Event which is subject to the provisions of paragraph 3.2, Borrower, without notice or demand, will immediately (a) make to Lender a principal payment in an amount equal to the Borrowing Base Shortfall plus accrued and unpaid interest on such principal payment or (b) deliver to Lender one or more Eligible Instruments having an aggregate Borrowing Base not less than the Borrowing Base Shortfall.
In the event that the Company becomes a business ineligible for financing pursuant to 13 C.F.R. Section 107.720 during the 12 month period following TeleSoft's or Chase's acquisition of the Company's Preferred Stock (an "Ineligibility Event"), the Company acknowledges that without SBA approval, TeleSoft and Chase will not be permitted to retain its investment in the Company.
If, on or prior to such 30th day (or the Business Day immediately succeeding such 30th day, as applicable), the Seller shall make a Seller Repurchase Payment in respect of any such Receivables Sale Agreement Ineligible Receivable, then the Company shall have no further remedy against the Seller in respect of the Ineligibility Event with respect to such Receivable.
No Manufacturer Default or Manufacturer Ineligibility Event has occurred and is continuing.
No Tax Equity Commitment Ineligibility Event shall have occurred and be continuing with respect to such Facility.
If, on or prior to such 30th day (or the Business Day immediately succeeding such 30th day, as applicable), the Seller shall make a Seller Repurchase Payment in respect of any such Ineligible Receivable, then the Company shall have no further remedy against the Seller in respect of the Ineligibility Event with respect to such Receivable.
In such event, the Company will give the Trustee and the Holders of the Securities notice of this redemption in accordance with the notice requirements set forth in Section 3.3, except that (i) the Company will not give a Redemption Notice earlier than 60 days prior to the earliest date on or from which it would be obligated to pay any such Additional Amounts, and (ii) at the time the Company gives the notice, the circumstances creating its obligation to pay such Additional Amounts remain in effect.