Examples of Delinquency proceeding in a sentence
In the event of a Delinquency Proceeding, the parties agree that, for purposes of Section 221.43 of the Suspension of Business-Involuntary Dissolutions Article of the Insurance Act, 40 P.S. §221.1 et seq., the value of the Collateral must be equal to at least one hundred five percent (105%) of the Revolving Credit Commitments.
The Collateral Value requirements set forth in Section 5.10 must be maintained for so long as the Borrower may borrow under this Agreement and until payment in full of the Notes, interest thereon, and all fees and other Obligations of the Borrower and expiration of all Letters of Credit under this Agreement and the other Loan Documents including, but not limited to, during any Delinquency Proceeding.
The Collateral Value requirements set forth in Section 7.1.10 [Collateral Value] must be maintained for so long as the Borrower may borrow under this Agreement and until payment in full of the Notes, interest thereon, and all fees and other Obligations of the Borrower and expiration of all Letters of Credit under this Agreement and the other Loan Documents including, but not limited to, during any Delinquency Proceeding.
To the Knowledge of Seller, no event has occurred, or is reasonably likely to occur, that (whether with notice or lapse of time or both) could reasonably be expected to cause a Delinquency Proceeding to be commenced against Homestead by the Insurance Commissioner of the Commonwealth of Pennsylvania.
Seller has no current intention of taking any action which could reasonably be expected to result in the commencement of a Delinquency Proceeding against Homestead.