Suspension of Advances. Borrower’s ability to request that Bank finance Eligible Accounts hereunder will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank prior to the execution of this Agreement.
Suspension of Advances. RUS may, in its absolute discretion, suspend making Advances on the Award upon its making a determination that an event has occurred that is likely to have a Material Adverse Effect. RUS may also suspend making advances of the Award upon the occurrence of an Event of Default.
Suspension of Advances. In addition to the rights, powers and remedies referred to in Section 8.1, the RUS may, in its absolute discretion, suspend or terminate the obligation to make or approve Advances hereunder if (i) any Event of Default, or any occurrence which with the passage of time or giving of notice would be an Event of Default, occurs and is continuing; or (ii) an event shall have occurred that has had or is likely to have a Material Adverse Effect.
Suspension of Advances. RUS may suspend the Grant, in whole or in part, for the reasons specified in Section 7.1 hereof as a basis for Grant termination.
Suspension of Advances. Advances to a Franchisee under any Line of Credit for a Store of such Franchisee may, at Lender’s sole discretion, be suspended or limited at any time that the unpaid balance of all Advances under all Lines of Credit for such Franchisee’s Stores that have been open for business for one (1) year or more, when added to the outstanding principal balance of all Term Loans made to such Franchisee related to such Stores exceeds the product of such Stores’ Average Monthly Revenue multiplied by four (4) where (i) the ratio of cash expenses of such Stores (total annual expenses, less depreciation directly related to the operation of such Stores that have been open for business for one (1) year or more, calculated in accordance with generally accepted accounting principles applied on a consistent basis) to total revenue for such Stores (calculated in accordance with generally accepted accounting principles applied on a consistent basis, excluding extraordinary items, based on a three (3) month rolling average) exceeds 64%; (ii) the Franchisee fails to maintain the number of rental contracts for all Stores that have been open for business for one (1) year or more that are seven (7) or more days past due (calculated on a three (3) month rolling average) at 8% or less of its total outstanding rental contracts for such Stores; (iii) expenses of a Store that has been open for business for less than twelve (12) months cause the ratio of actual expenses to actual revenue to exceed the ratio of expenses to revenue reflected in the proforma cash flow projections for that Store; (iv) payments (principal and/or interest) under any Receivable of the Franchisee are more than fifteen (15) days past due; (v) the idle inventory percentage for Stores that have been open for business for one (1) year or more (the quotient of the idle inventory divided by the total inventory, calculated on a three (3) month rolling average and based on the idle inventory and total inventory figures reflected on the Franchisee’s monthly royalty reports for such Stores) exceeds twenty-five percent (25%); or (vi) in Lender’s determination, the Receivable is otherwise in default.”
Suspension of Advances. Borrower’s ability to request that Bank make Credit Extensions hereunder will terminate if, in Bank’s good faith discretion, there has been a material adverse change in the general affairs, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent financial forecast of Borrower presented to and accepted by Bank prior to the execution of this Agreement.
Suspension of Advances. Without limiting the fact that (i) Bank has no obligation to make Advances based upon Aggregate Eligible Accounts prior to the occurrence of the Sale Event, and (ii) Bank shall not make any Advances based upon Aggregate Eligible Accounts upon and after the occurrence of the Sale Event, Borrower’s ability to request that Bank finance Eligible Accounts hereunder will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank prior to the execution of this Agreement.” 7 The Loan Agreement shall be amended by deleting the following text, appearing in Section 2.2.3 thereof: “Except as otherwise provided in Section 2.3.1(b)(i), the Finance Charge is payable when the Advance made based on such Financed Receivable is payable in accordance with Section 2.3 hereof.” and inserting in lieu thereof the following: “Except as otherwise provided in Section 2.3.1(b)(i) prior to the occurrence of the Sale Event, and at all times upon and after the occurrence of the Sale Event, the Finance Charge is payable when the Advance made based on such Financed Receivable is payable in accordance with Section 2.3 hereof.” 8 The Loan Agreement shall be amended by deleting the following, appearing as Section 2.2.4 thereof:
Suspension of Advances. RUS may, in its absolute discretion, suspend making Advances hereunder, if:
Suspension of Advances. If at any time, (a) an EVENT OF DEFAULT or POTENTIAL DEFAULT occurs and is continuing; (b) there is an unresolved commercial dispute under any agreement between the BORROWER and the BUYER, or (c) in the reasonable judgment of EDC, there is a material adverse change in the financial or operational status of the BORROWER where such change would impair the BORROWER's ability to fulfill its obligations under this Agreement, the SECURITY AGREEMENT or the HONDA TOOL QUOTE on a timely basis, EDC may, without prejudice to the BORROWER's obligations hereunder, by notice to the BORROWER, suspend EDC's obligation to make ADVANCES pursuant to this Agreement, which suspension will continue until EDC notifies the BORROWER that the suspension is removed.
Suspension of Advances. Borrower’s ability to request that Bank finance Eligible Accounts or extend Peso Advances hereunder will terminate if, in Bank’s sole discretion, there has been a material adverse change in the general affairs, management, results of operation, condition (financial or otherwise) or the prospect of repayment of the Obligations, or there has been any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank prior to the Effective Date.”
