Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure):
Default by the Borrower. Where the Borrower fails to make up the deficiency in the collaterals according to the agreement in a timely fashion, or fails to return the securities on the due date or according to agreement, or fails to pay for the lending charges, or is in violation of the representations or warranties, it shall be deemed to be in default. In the event of default by the Borrower, the related securities lending and borrowing shall be deemed to be due, and the Lender may complete the negotiated borrowing transaction by ______________ (the agreed manner), recover the deficiency in payment from the Borrower, collect a default penalty equivalent to _______, and at the same time claim for damages.
Default by the Borrower. (a) Upon Lender’s acquiring actual knowledge that a default or Event of Default under the Junior Mezz Loan Documents has occurred, Lender shall notify Participant in writing within five (5) Business Days after obtaining such knowledge of the existence and nature of such default or Event of Default. Following such notice to Participant, Lender shall propose a course of action that Lender has determined ought to be taken as a result of such default or Event of Default (including, without limitation, any Enforcement Action) and, provided that Participant approves such course of action as a Lender Decision/Action, Lender may proceed to take such course of action. Nothing contained herein shall preclude Participant from proposing a different course of action for approval by Lender. Lender and Participant agree that if they agree upon Lender commencing an Enforcement Action, Lender shall be authorized without further consent of the Participant but, if time permits, upon prior written notice to Participant to take all administrative and ministerial actions in pursuit of such action consistent with Lender’s standard of care under Section 4(b) hereof, including by way of example and not by limitation, decisions regarding details of advertising a UCC Sale, the location of such a sale and similar matters provided that the amount and terms of any bid shall be deemed a Lender Decision/Action. In the event that Lender and Participant agree that a sale of the Equity Interests or other Collateral is to be instituted, absent an agreement to the contrary by Lender and Participant, the bid amount shall be the full outstanding principal balance of the Junior Mezz Loan, all accrued and unpaid interest at the Default Rate, all late charges and other amounts payable under the Junior Mezz Loan.
Default by the Borrower. Should an Event of Default (as defined in the Loan Agreement) occur, the Guarantor unconditionally and absolutely agrees to pay the unpaid amount of the Borrower's Indebtedness guaranteed hereunder. Such payment or payments shall be made immediately following written demand by the Lender at the Lender's address stated above. The Guarantor hereby waives notice of acceptance of this Agreement and of any Indebtedness to which it applies or may apply.
Default by the Borrower. Upon the occurrence of an event of default (or similar term or phrase under the Loan Documents) by the Borrower under the Loan Documents (which is not cured after the expiration of any applicable opportunity to cure): in addition to all notices to the Borrower required under the Loan Documents, the Lender shall copy the MSF with all notices to the Borrower, and further provide the MSF written notice describing in reasonable detail the circumstances of the event of default; and prior to drawing Cash Collateral from the Cash Collateral Account to repay the Loan, the Lender shall first take control (via foreclosure, deed-in-lieu of foreclosure, possession, exercising assignments of rights, or other similar action) of any and all Primary Collateral, or provide written direction to the Borrower to sell or liquidate the Primary Collateral, or any combination thereof, and, as the case may be, the Lender shall sell or liquidate, or cause the Borrower to sell or liquidate, the Primary Collateral and apply the proceeds thereof to the Loan. (The gross proceeds from the sale or liquidation of the Primary Collateral (exclusive of any costs and expenses related to such sale or liquidation, or interest, or fees or other charges of any kind) is referred to herein as the “Gross Proceeds from Primary Collateral”; and the difference between the Gross Proceeds from Primary Collateral and the amount due under the Loan shall be deemed the “Remaining Default Principal Balance”). To the extent the Gross Proceeds from Primary Collateral is equal to or greater than the underwritten value assigned by the Lender for the Primary Collateral at the time of the Lender’s initial advance of the Loan (the “Underwriting Value for Lending Purposes”) then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral (after taking into account applicable Reductions), against the Remaining Default Principal Balance. To the extent the Gross Proceeds from Primary Collateral is less than the Underwriting Value for Lending Purposes then, upon at least forty-five (45) calendar days prior written notice to the MSF, and in accordance with all applicable laws, the Lender may charge, set-off and otherwise apply up to 100% of the then existing balance of the Cash Collateral, less the Exit Fee as provided by Section 15, (after taking i...
Default by the Borrower. The Lender shall promptly, after the Lender's having knowledge thereof, inform the Co-Investing Participants in writing of any material default under the Loan Documents and of all material facts relating to such default or relating to any other aspect of the Loan which facts are likely to have a materially adverse effect on the value of the security for the Loan or on the ability of the Borrower or any Guarantor to perform its obligations under the Loan Documents and shall keep the Co-Investing Participants informed and up to date with respect to such default and such facts and any actions taken by the Lender, in its capacity as lead lender and servicer, in connection therewith, in written notices delivered on a reasonably timely basis in connection with the material developments relating thereto. Upon the occurrence of a material default under the Loan Documents, and within 10 days after written notification to the Co-Investing Participants by the Lender of such default or within such shorter period of time after notification as may be deemed advisable by the Lender, the Lender and the Co-Investing Participants shall consult to determine a mutually acceptable course of action to take with respect to such default and then to pursue such course of action without delay and with due diligence. Notwithstanding any contrary or inconsistent provision of this paragraph, no Co-Investing Participant shall be obligated or required hereunder to approve or disapprove of the actual taking of title to the Premises and the Improvements by the Lender and the Co-Investing Participants (whether at a foreclosure sale, the consummation of a deed in lieu of foreclosure transaction or otherwise) unless and until the Lender has furnished such Co-Investing Participant with a recent appraisal and an updated environmental report concerning the Premises and the Improvements. No action whatsoever shall be taken by the Lender in response to any such default unless the Lender and the Co- Investing Participants unanimously agree upon a mutually acceptable course of action to pursue. If foreclosure is the action taken, then after payment of all reasonable costs and expenses of foreclosure and collection, the Lender shall promptly remit to each Co-Investing Participant its pro rata share of all net proceeds received by the Lender as a consequence of such foreclosure proceeding, including, without limitation, net proceeds of foreclosure sale, net income from operation of the Premises and t...
Default by the Borrower or any Guarantor in the performance or observance of any covenant, condition or obligation contained in any Loan Document to which it is a party that does not require the payment of money to the Agent or any Lender and such default continues for a period of 20 days after the earliest of (x) receipt of notice from the Agent of such default, and (y) knowledge of the existence of such default by one of the chief executive officer, chief financial officer, controller, general counsel or secretary of the Borrower, unless: