Anticipated Events of Default. Failure of the Borrowers to deliver by February 14, 2008 to the Second Lien Administrative Agent and the Second Lien Lenders the financial statements and other reports and information required under Section 6.01(b) of the Second Lien Credit Agreement (Event of Default under Section 8.01(b) of the Second Lien Credit Agreement)
Anticipated Events of Default. Borrower anticipates that the following Events of Default have either occurred or will occur during the Forbearance Period (collectively the “Anticipated Events of Default,” and together with the Existing Events of Default, the “Designated Events of Default”):
i. Borrower will fail to make any interest payments on the Loans as required by Section 2.4 of the Loan Agreement, which will constitute Events of Default under Section 10.1 of the Loan Agreement;
ii. Borrower will fail to make principal payments, as required by Section 3.6 of the Loan Agreement, which will constitute Events of Default under section 10.1 of the Loan Agreement;
iii. Borrower will fail to maintain a debt service coverage of at least 1.25 to 1.00, as required by Section 8.3(b) of the Loan Agreement, which will constitute an Event of Default under Section 10.3 of the Loan Agreement; and
iv. Borrower will fail to make principal prepayments triggered by the next Determination Date, as required by Section 3.5 of the Loan Agreement, which will constitute an Event of Default under Section 10.1 of the Loan Agreement.
Anticipated Events of Default under Section 11.1 of each of the Loan Agreements as a result of Borrower's failure to make the principal payments with respect to the Loans that are due on November 1, 2012, November 18, 2012, December 1, 2012, December 18, 2012, January 1, 2013, January 18, 2013, and February 1, 2013, each of which constitutes a separate Event of Default.
Anticipated Events of Default. The Borrower anticipates that the following Events of Default will occur (the “Anticipated Events of Default”):
(i) The Borrower has failed to comply with the requirement of Section 8.01(a) of the Credit Agreement that stipulates the annual financial statements of the Borrower to be delivered no later than 90 days after the end of each fiscal year of the Borrower shall be issued without a “going concern” or like qualification or exception, which failure will constitute an Event of Default under Section 10.01(d) of the Credit Agreement upon expiration of the notice period with respect thereto, which notice shall be deemed to have been delivered to the Borrower on April 8, 2015.
(ii) The Borrower is in default under Section 10.01(b) of the Credit Agreement as a result of the failure to pay interest on April 21, 2015 (the “Subject Amount”), which failure will constitute an Event of Default under Section 10.01(b) of the Credit Agreement upon expiration of the 30 day grace period (unless paid or waived before the expiration of such grace period).
Anticipated Events of Default. Failure of the Borrowers to comply with the financial covenants set forth in Section 7.11(a) and Section 7.11(b) of the First Lien Credit Agreement (Events of Default under Section 8.01(b) of the First Lien Credit Agreement) for the fiscal quarter ended March 31, 2008.
Anticipated Events of Default under Section 16(a) of the Master Lease as a result of Lessees' failure to pay the Rent due on November 1, 2012, December 1, 2012, January 1, 2013, February 1, 2013, March 1, 2013, April 1, 2013, May 1, 2013 and June 1, 2013, as required pursuant to Equipment Schedule No. 001 and Equipment Schedule 002, each of which constitutes a separate Event of Default.
Anticipated Events of Default. The Master General Partner anticipates that:
(i) An Event of Default under Section 8.1(h) of the Hedging Agreement will occur as a result of the commencement of the Chapter 11 Cases (as defined in the Restructuring Support Agreement, the “Chapter 11 Case”) by the Master General Partner and certain of its Affiliates (the “Anticipated Hedging Facility Default”); and
(ii) An Event of Default under each Approved Master Agreement will occur as a result of the commencement of the Chapter 11 Case (the “Anticipated Triggering Event”; together with the Anticipated Hedging Facility Default, the “Anticipated Events of Default”)
Anticipated Events of Default. Events of Default occurring pursuant to:
1. Section 7.01(b)(i) of the Credit Agreement as a result of the Borrower’s failure to immediately repay the Loans in an amount sufficient to eliminate Overadvances in existence during the Forbearance Period and anticipated to be reflected in Borrowing Base Certificates required to be delivered during the Forbearance Period.
2. Section 7.01(b)(ii) of the Credit Agreement as a result of the Borrower’s failure to pay the interest payable under the Credit Agreement or any other Loan Document when the same was due and payable on Interest Payment Dates that occur during the forbearance Period.
3. Section 7.01(c)(i) and Section 5.17(h)(ii) of the Credit Agreement as a result of the SNCF Variance reported in any Budget Reconciliation Reports delivered to Agent prior to the Ninth Amendment Effective Date.
4. Section 7.01(v) of the Credit Agreement as a result of the occurrence of a SPAC Milestone Trigger Event. I. DEFINITIONS 1 Section 1.01 Defined Terms 1
Anticipated Events of Default. Failure to comply with the financial covenant set forth in Section 7.11(a) during the Forbearance Period.
Anticipated Events of Default. The Borrower anticipates that the following Events of Default have either occurred or will occur during the Forbearance Period (collectively the “Anticipated Events of Default,” and together with the Existing Events of Default, the “Designated Events of Default”): the Borrower will fail to make payments with respect to Principal Debt, as required by Section 3.6 of the Loan Agreement, which will constitute Events of Default under Section 10.1 of the Loan Agreement; the Borrower will fail to maintain a ratio of EBITDAX to the sum of (i) Interest Expense and (ii) the aggregate Monthly Reduction Amount actually paid in cash for the applicable period determined on a consolidated basis of less than 1.25 to 1.00, as required by Section 8.3(b) of the Loan Agreement, which will constitute an Event of Default under Section 10.3 of the Loan Agreement; the Borrower will fail to make a payment with respect to the Borrowing Base increase fee, as required by Section 3.7 of the Loan Agreement, which will constitute an Event of Default under Section 10.1 of the Loan Agreement; the Borrower will fail to use proceeds of the Loans as required by Section 2.2 of the Loan Agreement, which will constitute an Event of Default under Section 10.3 of the Loan Agreement; and the Borrower will fail to maintain a depository account (the “TC-TX Account”) with Xxxxx Fargo Bank, National Association as required by Section 7.11 of the Loan Agreement (as amended by this Agreement), which will constitute an Event of Default under Section 10.3 of the Loan Agreement.
