Events of default and remedies with respect to Secondary Loans.

CFR · 2024-01-01 · US · Title 12

(a) (1) Nonpayment of interest when due and payable; (2) Nonpayment of principal when due and payable; (3) Failure of the Secondary Borrower to perform any condition or covenant under any Secondary Loan document; (4) Any representation or warranty of the Secondary Borrower made in connection with the Secondary Loan application or the Secondary Loan documents is false or incorrect in any material respect; (5) Principal or interest on any indebtedness of the Secondary Borrower or any subsidiary of the Secondary Borrower in excess of $100,000 is not paid when due (subject to a cure period); (6) The holder of any junior or parity lien on collateral institutes a proceeding to enforce a lien on the collateral; (7) The Secondary Borrower files bankruptcy or consents to the appointment of a receiver or trustee for itself or the collateral; (8) Any money judgment is filed against the Secondary Borrower and remains unvacated for a period of 60 days from filing; or (9) Any other events of default set forth in the Secondary Loan documents. (b)

official document · source cfr-2024 · id 12:§ 1808.618