DEFAULT/CROSS DEFAULT. You will be in default if: (a) You do not make any payment or perform any obligation required under any other agreement that You may have with Us, including but not limited to loan agreements, credit line agreements, debt instruments and the like; or (b) You do not make any payment or perform any obligation required under this Agreement; or (c) You should die, become involved in any insolvency, receivership or custodial proceeding brought by or against You; or (d) You have made a false or misleading statement in Your credit application and/or in Your representations to us while You owe money on Your Account; or (e) a judgment or tax lien should be filed against You or any attachment or garnishment should be issued against any of Your property or rights, specifically including anyone starting an action or proceeding to seize any of Your funds on deposit with Us; and/or (f) We should, in good faith, believe Your ability to repay Your indebtedness hereunder is or soon will be impaired. If You are in default, We may, without prior notice or demand and to the extent permitted by law, cancel Your rights under this Agreement, declare the entire unpaid balance of Your Account immediately due and payable, set-off any money owed Us in accordance with the terms of said Agreement and require the return of all access devices. If immediate payment is demanded, You will continue to pay Finance Charges at the applicable Annual Percentage Rate in effect until what You owe has been repaid. Even if Your unpaid balance is less than Your Credit Limit(s), You will have no credit available during any time that any aspect of Your Account is in default. PENALTY APR (EXCEPT CREDIT CARDS) For all products (except Credit Cards), if You are ever 30 or more days past due on any payment and/or Your Account is otherwise in default, the Margin applicable to Your entire balance existing at that time and in the future will increase by 10.00%. The increase in the Margin will result in an increase in the Daily Periodic Rate by 0.027397% (corresponding to an increase in the ANNUAL PERCENTAGE RATE of 10.00%).

DEFAULT/CROSS DEFAULT. If Resident fails to pay rent or any other sum due, or otherwise fails to abide by and perform any of the obligations, terms, conditions or provisions of this lease, including, but not limited to, failure to reimburse Management for any damages, repairs or costs when due, abandonment of the Premises, or violates any of the rules and Regulations set forth herein, each and any such breach shall constitute a default under this lease. If such default continues for three (3) calendar days after written notice of default from Management, Management may terminate this lease by written notice to Resident. In the event of a default by Resident, Management may enter upon and take possession of the Premises as provided by law. Management may enter upon and take possession of the Premises, and lease same at the best price obtainable by reasonable effort, without advertisement and by private negotiation, and for any term and for any rent and upon such terms as Management deems proper. Resident shall be liable to owner for the deficiency, if any between Resident's rent hereunder and the price so obtained by Management by reletting, after deduction of owner's expenses incurred in reletting, repairing, refurbishing, cleaning, painting or otherwise making the Premises releasable or tenantable. Any action hereunder by Management shall not prejudice any rights of action against Resident as provided in this lease or by law, and Management shall not be guilty of trespass or forcible entry as a result of such re-entry and repossession of the premises by Management.

DEFAULT/CROSS DEFAULT. Any Event of Default shall constitute a default under this Assignment, and in any such

DEFAULT/CROSS DEFAULT. It shall be a default under this Amendment, and an Event of Default under the Credit Agreement, the Guaranty Agreements, all other Loan Documents and under any and all other obligations of Borrower or the Guarantors, if: (a) any one or more of them shall fail to comply with any of the terms of this Amendment; (b) any one or more of them shall default under any provision of the Credit Agreement, after giving effect to any applicable notice or cure periods or materiality standards; (c) any one or more of them shall default under any other obligation to Agent or to any Lender, after giving effect to any applicable notice or cure periods or materiality standards; (d) any entity either affiliated or under common control with Borrower or the Guarantors shall be in default under any other agreement or obligation to Agent or to any Lender or (e) the conditions set forth in Section 2.2 are not satisfied by the Effectiveness Termination Date.

Related to DEFAULT/CROSS DEFAULT

Cross-Default If "Cross Default" is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period);
Cross-Defaults (i) The Borrower, any Guarantor or any of their respective Subsidiaries shall fail to pay any principal of or premium or interest on its Debt which is outstanding in a principal amount of at least $1,000,000 individually or when aggregated with all such Debt of the Borrower, any Guarantor or any of their respective Subsidiaries so in default (but excluding Debt evidenced by the Notes) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; (ii) any other event shall occur or condition shall exist under any agreement or instrument relating to Debt which is outstanding in a principal amount of at least $1,000,000 individually or when aggregated with all such Debt of the Borrower, such Subsidiary, or such Guarantor so in default, and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or (iii) any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; provided that, for purposes of this subsection 7.01(d), the “principal amount” of the obligations in respect of any Hedging Contracts at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that would be required to be paid if such Hedging Contracts were terminated at such time;
Indebtedness Cross-Default (i) Any Credit Party or any of its Subsidiaries shall fail to pay any principal of, premium or interest on or any other amount payable in respect of any Indebtedness of such Credit Party or such Subsidiary (as the case may be) that is outstanding in a principal amount of at least $20,000,000 either individually or in the aggregate for all such Credit Parties and Subsidiaries (but excluding Indebtedness outstanding hereunder), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness; or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or otherwise to cause, or to permit the holder thereof to cause, such Indebtedness to mature; or any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; or (ii) any Credit Party or any of its Subsidiaries shall breach or default any payment obligation under any Hedging Agreement that is a Bank Product to the extent such breach or default in any payment obligation is not cured within three (3) Business Days after the same shall become due and payable; or
Cross-Default; Cross-Collateralization (a) Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that each of the Loan Documents (including, without limitation, the Security Instruments) are and will be cross collateralized and cross defaulted with each other so that (i) an Event of Default under any of Loan Documents shall constitute an Event of Default under each of the other Loan Documents; (ii) an Event of Default hereunder shall constitute an Event of Default under each Security Instrument; (iii) each Security Instrument shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance and Borrower waives any claims related thereto.
Major Default The Purchasers shall be considered to be in “Major Default” in the event that (a) the Purchasers are in breach of their obligations under the Agreement and (b) such breaches, individually or in the aggregate, resulted or would reasonably be expected to result in (i) material Losses to the Sellers or their Affiliates, (ii) material reputational harm to the Sellers or their Affiliates, (iii) material and adverse regulatory consequences to the Sellers or their Affiliates, for which, in each case of clauses (i) through (iii), indemnification by the Purchasers pursuant to Article 8 of the Agreement would not be sufficient to remedy all damages incurred by the Sellers and their Affiliates or (iv) if the Sellers reasonably determine, based on the advice of counsel, that it would reasonably be expected to be a violation of their fiduciary duties under applicable Law to not terminate the Agreement, taking into account the indemnification by the Purchasers pursuant to Article 8 of the Agreement; provided, that the following breaches shall be excluded, and not taken into account, in determining if a Major Default has occurred: (x) any breach to the extent resulting from any action taken by the Purchasers pursuant to and in accordance with written direction given by the Sellers and (y) any breach to the extent arising out of or resulting from, directly or indirectly, a breach by the Sellers of the Agreement, the Transition Services Agreement or the Purchase Agreement.
After Event of Default Borrower further agrees to pay, or reimburse Lender, for all reasonable out-of-pocket costs and expenses, including without limitation reasonable attorneys’ fees and disbursements incurred by Lender after the occurrence of an Event of Default (i) in enforcing any Obligation or in foreclosing against the Collateral or exercising or enforcing any other right or remedy available by reason of such Event of Default; (ii) in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or in any insolvency or bankruptcy proceeding; (iii) in commencing, defending or intervening in any litigation or in filing a petition, complaint, answer, motion or other pleadings in any legal proceeding relating to Borrower and related to or arising out of the transactions contemplated hereby; (iv) in taking any other action in or with respect to any suit or proceeding (whether in bankruptcy or otherwise); (v) in protecting, preserving, collecting, leasing, selling, taking possession of, or liquidating any of the Collateral; or (vi) in attempting to enforce or enforcing any Lien in any of the Collateral or any other rights under the Security Instrument.
Repayment on Event of Default When there is an Event of Default, Borrower will, if Bank demands (or, upon the occurrence of an Event of Default under Section 8.5, immediately without notice or demand from Bank) repay all of the Advances. The demand may, at Bank’s option, include the Advance for each Financed Receivable then outstanding and all accrued Finance Charges, the Early Termination Fee, Collateral Handling Fee, attorneys’ and professional fees, court costs and expenses, and any other Obligations.
Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

DEFAULT/CROSS DEFAULT Sample Clauses

Filter & Search

Related Clauses

Related to DEFAULT/CROSS DEFAULT