Material Loan Default definition
Material Loan Default means, unless amended or waived, (i) a failure to pay interest required under the Loan Documents when due and payable or failure to pay principal and/or any prepayment premiums or other regularly accruing fees under the Loan Documents when due and payable, at maturity or upon acceleration, each case following the expiration of any applicable grace periods; (ii) a breach of a financial covenant which remains uncured following the expiration of any and all applicable cure periods contained in the Loan Documents; or (iii) Owner becomes Bankrupt or institutes any proceedings of any nature under any law or statute of any jurisdiction as now existing or hereafter amended or becoming effective, for the relief of debtors wherein Owner is seeking relief as debtor on account of its insolvency, which, in the event of an involuntary proceeding, is not discharged or dismissed within a period of sixty (60) days after the institution thereof.
Material Loan Default means, unless amended or waived, (i) a failure to pay interest required under the Loan Documents when due and payable or failure to pay principal and/or any prepayment premiums or other regularly accruing fees under the Loan Documents when due and payable, at maturity or upon acceleration, each case following the expiration of any applicable grace periods; (ii) a breach of a financial covenant which remains uncured following the expiration of any and all applicable cure periods contained in the Loan Documents; or (iii) Owner becomes Bankrupt or institutes any proceedings of any nature under any law or statute of any jurisdiction as now existing or hereafter amended or becoming effective, for the
Material Loan Default shall have the meaning set forth in Section 1.4(a) of the Trust Agreement.
Examples of Material Loan Default in a sentence
Notwithstanding anything in Sections 1.2 and 1.3 above, if at any time there is the simultaneous existence of a Material Loan Default and any of the Bankruptcy/Invalidity Surety Defaults, a Change of Control and Consent, Premium Escrow and Surety Loss of Premium shall occur immediately and automatically.