Credit Default. One of the following credit defaults occurs:
Credit Default. Unless otherwise disclosed by Guarantor on Form 8-K with separate notice by the Borrowers to Lender of the filing of such Form 8-K, upon, and in any event within five (5) Business Days after, the Borrowers shall furnish the Lender notice of the involuntary termination, acceleration, maturity of or reduction in the amount available for borrowing under any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds entered into by a Borrower Party and any third party to the extent that such agreement or facility, prior to the effectiveness of such termination, acceleration, maturity or reduction in the amount available for borrowing, provides for a minimum amount available for borrowing by such Borrower Party equal to or greater than $10,000,000.
Credit Default. The Borrower shall furnish the Lender notice upon, and in any event within five (5) Business Days after, any involuntary termination or acceleration of any repurchase agreement, loan and security agreement or similar credit facility or agreement for borrowed funds entered into by Borrower and any third party.
Credit Default. (a) We may perform a credit check on you, using the information you have provided to us on our request.
Credit Default. In the event of a credit default in the EIM, the credit default settlement provisions in Section 12 shall apply.
Credit Default. In the event either Party shall (a) make an assignment or any general arrangement for the benefit of creditors or experience the appointment of a trustee, custodian or receiver; (b) default in the payment obligation to the other Party; (c) file a petition or otherwise commence, authorize, or acquiesce in the commencement of a proceeding or case under any bankruptcy or similar law for the protection of creditors or have such petition filed or proceeding commenced against it; (d) otherwise become bankrupt or insolvent (however evidenced); or (e) be unable to pay its debts as they fall due (collectively, a “Credit Default”); then the other Party shall have the right to either withhold and/or suspend deliveries or payment, or terminate this Agreement without prior notice, in addition to any and all other remedies available hereunder or under applicable law. If Manager is the party which is in Credit Default, then in addition to all other remedies available to UGI, all storage inventories associated with storage capacities released by UGI to Manager up to the Storage Equivalent Inventory Balance, or other rights or property previously transferred hereunder, shall be immediately deemed to be transferred back to UGI and Manager hereby grants UGI a limited power of attorney to effectuate all such transfers. Notwithstanding anything in this Agreement to the contrary; (i) the provision of Performance Security by Manager to UGI is absolute, and not subject to offset or deduction of any kind; (ii) the provision of Performance Security secures all obligations of Manager to UGI whether under this Agreement or otherwise; and (iii) any payment obligation of UGI to Manager is expressly conditioned upon and shall not become due until the provision of Performance Security to UGI consistent with the terms of this Agreement.
Credit Default. A “Credit Default” shall occur (i) if Customer fails to make full and timely payment for all amounts due (subject to Section 5 herein governing billing disputes). In the event of a Credit Default, Atron Solutions may, in addition to its rights available to it at law or in equity: (i) suspend any or all Services to Customer upon written notice;
Credit Default. (a) Buyer warrants and represents to Lafayette Textiles Corp that it is fully solvent and able to meet its obligations as they mature; (b) Buyer’s failure to fulfill any obligations to Lafayette Textiles Corp at maturity under this or any other agreement shall accelerate and make due and payable immediately all amounts owing to Lafayette Textile Corp under this or any other agreement irrespective of the terms of payment set forth in this or such other contracts, if Lafayette Textiles Corp so elects; (c) the signing of this agreement by Lafayette Textiles Corp shall not imply that Lafayette Textiles Corp has investigated the financial responsibility of Buyer and found it satisfactory, and in any event Lafayette Textiles Corp shall at all times have the right to limit or cancel Buyer’s credit line upon notification to Buyer. If, in Lafayette Textiles Corp's sole opinion, the financial condition of Buyer at any time warrants such action, Lafayette Textiles Corp may demand payment in cash in whole or part, or anticipation of payment of other obligations, before acquiring, manufacturing, processing, or delivering the goods or any part thereof, and Xxxxx agrees to comply with such demand. Upon Buyer’s failure to make such payment or anticipation within ten (10) days after demand, Lafayette Textiles Corp, in addition to its other rights set forth in this agreement or granted to it by law shall have the right to cancel the agreement and recover its damages from Buyer, sell all or any part of the undelivered goods at public or private sale and hold Buyer responsible for its damages.
Credit Default. (a) Buyer warrants and represents to seller that is fully solvent and able to meet its obligations as they mature.(b) Buyer's failure to fulfill any obligations to seller at maturity under any contract shall accelerate and make due and payable immediately all amounts owing to seller under any contract irrespective of the terms of payment set forth in such contracts, if seller elects. (c) This contract shall not imply that seller has investigated the financial responsibility of buyer's and found it satisfactory and in any event seller shall at all times have the right to limit or cancel buyers credit line upon notification to buyer if in seller's sole opinion, the financial condition of buyer at any time warrant such action, seller may demand payment in cash in whole or in part, or anticipation of payment or other obligations, before acquiring, manufacturing, processing or in delivering the goods or any part hereof, and buyer agrees to comply with such demand notwithstanding the terms stated and seller's time for delivery shall be extended for a period equal to the time between its such demand and buyers on each and any and all contracts and Seller's time for delivery shall be extended for a period equal to the time between its such demand and Buyers compliances there with and for any additional period rendered necessary by Buyer's delay in compliance. Upon buyer's failure to make such payment or anticipation within (10) days after demand. Seller in addition to its other rights set forth in this contract or granted to it by law shall have the right to cancel the contract and recover its damage from buyer, bill all or any part of the undelivered goods to buyer and withhold delivery until payment is received, and/or sell all or any part of undelivered the goods at public or private sale, holding buyer responsible for its damages. Any property of buyer, including but not limited to merchandise billed and held, (whether paid for not) at any time in seller's possession, or the possession of nay parent, subsidiary, affiliate or division of seller, either as principal or agent, shall be deemed held as security for, and may at seller's option be set off against any and all of Buyer's obligations to seller, or to any parent, subsidiary, affiliate division principal or agent of seller.
Credit Default. The Borrower shall furnish the Lender written notice (a) promptly upon, and in any event within five (5) Business Days after any Responsible Officer has Knowledge of, any condition or event that constitutes an “event of default” under any Material Debt Facility, and (b) promptly upon, and in any event within three (3) Business Days after, the involuntary termination or acceleration or involuntary material reduction in the amount available for borrowing under, any Material Debt Facility.
