Designated Defaults. Borrowers' Default in paying interest under the Credit Agreement when due and payable on March 1, 2008.
Designated Defaults. The occurrence of a Material Adverse Change in violation of Section 11.01(1) of the Credit Agreement, including without limitation by reason of (a) the failure of the Borrower to conduct an initial public offering as anticipated, without providing any adequate and feasible alternative source of equity or other liquidity; (b) the failure of the Borrower to maintain reasonably adequate operating cash and working capital, including without limitation by reason of notice that the Lenders received from the Borrower’s investment bankers that the Borrower has only approximately $9 million in cash remaining and that the Borrower is chronically operating at a negative cash-flow basis and is spending net operating cash at a rate of approximately $4 million per month; (c) the failure of the Borrower to raise additional capital from its existing shareholders and notice that the Lenders received that the Borrower’s existing shareholders do not intend to invest further in or otherwise finance the Borrower; and (d) the Borrower’s inability to be able to provide adequate assurance of its making its interest payment due on March 31, 2015.
Designated Defaults. As of March 15, 1997, the aggregate unpaid principal balance on the Note is $17,279,008.59 and the unpaid interest which has accrued on such principal balance through such date is $1,018,233.
Designated Defaults. The Borrower has requested that the Administrative Agent, the Issuing Bank, and the Lenders waive the Designated Defaults and any Representation Defaults (as defined below).
Designated Defaults. Exhibit A to the Amended Forbearance Agreement is hereby deleted and EXHIBIT A hereto substituted in lieu thereof. Borrowers represent and warrant that all Unmatured Events of Default and Events of Default under the Credit Agreement are set forth on EXHIBIT A (the "Designated Defaults").
Designated Defaults. The Designated Defaults (a) have occurred and are continuing or will occur, (b) constitute a Default or an Event of Default under the Loan Agreement without the need for any notice to the Credit Parties, and (c) have not been cured by the Credit Parties, and as a consequence thereof, and subject to and but for the terms of this Agreement, the Lender is free to exercise any and all rights and remedies available under the Loan Agreement, the other Loan Documents, or applicable Law without the need for any notice to any Credit Party.
Designated Defaults. Except to the extent expressly provided below, the following Events of Default shall constitute Designated Defaults to the extent arising as a result of events occurring prior to the Second Amendment Effective Date:
Designated Defaults. The following are Designated Defaults. • Failure to meet the Financial Requirements set forth in Article IV.A. of the Third Amended and Restated Business Loan Agreement dated October 26, 2001 or as provided in one or more of the Original Loan Documents. • Non-payment of creditors other than Standard Federal, as provided in one or more of the Original Loan Documents. • Material adverse changes to the business of Borrower, as provided in one or more of the Original Loan Documents
Designated Defaults. Borrower has failed to comply with all of the financial covenants set forth in Section 4.4 of the Credit Agreement and each such failure to comply has resulted in an “Event of Default” under the Credit Agreement. Such Events of Default, together with any other Events of Default existing as of the date hereof of which Borrower has notified the Bank, are herein called the “Designated Defaults.”
Designated Defaults. Exhibit A to the Forbearance Agreement is hereby amended to add thereto the following: "An Event of Default under Section 7.2 of the Credit Agreement due to a violation of Section 5.7(a) (fixed charge coverage ratio) for the period ended and at September 30, 2002. An Event of Default under Section 7.7 (Change of Control) and subsection (a) of Section 7.11 (Indenture) of the Credit Agreement arising as a result of the Second Occurrence Failure under, and as defined in, that certain Contingent Warrant Agreement dated September 30, 1999, among U.S. Borrower, General Electric Company, Wayne R. Hellman, Hellman, Ltd., Wayne R. Hellman, as voting trustee xxxxx Xxting Trust Agreement datex Xxxxxxx 00, 0095, Alan J. Ruud, and Alan J. Ruud, as voting trustee under Voting Trust Xxxxxxxxx xxted Jaxxxxx 0, 0008."
