Any Default or Event Clause Samples
The "Any Default or Event" clause defines the circumstances under which a party is considered to be in default or when a specific event triggers certain contractual rights or remedies. Typically, this clause outlines a range of actions or omissions—such as failure to pay, breach of obligations, or insolvency—that constitute a default or event. For example, missing a payment deadline or entering bankruptcy may be specified as events under this clause. Its core practical function is to clearly identify triggers for enforcement actions or remedies, thereby allocating risk and providing certainty about when contractual consequences may arise.
Any Default or Event of Default occurring after the Forbearance Effective Date under either Credit Agreement as a result of the failure by the Borrower to satisfy the requirements of Section 6.13 of such Credit Agreement.
Any Default or Event of Default occurring after the Forbearance Effective Date under either Credit Agreement as a result of the failure by the Borrower to satisfy the requirements of Section 6.17 of such Credit Agreement.
11. Article VII, clause (a). Any Default or Event of Default occurring under either Credit Agreement of the type described in clause (a) of Article VII of such Credit Agreement arising from the failure to make any payment when due after the Forbearance Effective Date.
12. Article VII, clause (b).
(a) Any Default or Event of Default occurring under the 2000 Credit Agreement of the type described in clause (b) of Article VII of such Credit Agreement arising from the failure to pay interest when due after the Forbearance Effective Date.
(b) Any Default or Event of Default occurring under the 2002 Credit Agreement of the type described in clause (b) of Article VII of such Credit Agreement, but solely to the extent of the additional interest, if any, required to be paid hereunder and pursuant to Section 2.13(c) of the 2002 Credit Agreement.
(a) Any Default or Event of Default occurring under the 2000 Credit Agreement as a result of a Specified Default occurring under the 2002 Credit Agreement, or (b) any Default or Event of Default occurring under the 2002 Credit Agreement as a result of a Specified Default occurring under the 2000 Credit Agreement.
14. Any Default or Event of Default occurring under either Credit Agreement as a result of the failure by any Subsidiary Loan Party to make any required payments under the Subsidiary Guarantee Agreement during the Forbearance Period as a consequence of another Specified Default.