Existing and Covenant Default Standstill Sample Clauses

Existing and Covenant Default Standstill. Notwithstanding Senior Lender’s rights under applicable law or any provision of the Securities Documents, Senior Lender hereby acknowledges and agrees that it shall not allege, act upon or exercise any of its rights or remedies under the Securities Documents or applicable law with respect to the Existing Defaults or any existing or future Covenant Default (the “Standstill Agreement”) until the earlier of (a) September 30, 2009; (b) the date on which an Insolvency Proceeding is commenced by or against Borrower; (c) the date on which any payment due under the Securities is not made; (e) Borrower incurs any unsecured, mezzanine or similar indebtedness for borrowed money that is not Permitted Indebtedness; or (d) the date of a Default. Senior Lender agrees that for the period during which the Standstill Agreement is in effect, Senior Lender will not send (or cause to be sent to) Borrower a Notice of Default as provided under Section 5.1(c) of each Securities Indentures with respect to the Existing Defaults or any existing or future Covenant Default and (ii) it will cause each holder of the Securities (or instruct the Securities Trustee) to waive the Existing Defaults or any existing or future Covenant Default during such period; provided that nothing in this Agreement or the Option Agreement shall waive any other rights of Senior Lender with respect to the Existing Defaults, or concerning any time period when the Standstill Agreement is not in effect. Senior Lender reserves all rights under applicable law and the Securities Documents with respect to (i) any Event of Default under, and as defined in, the Securities Indentures other than the Existing Defaults or (ii) any Default.
Sample 1
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Related to Existing and Covenant Default Standstill

  • Other Covenant Defaults If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement (other than as set forth in Sections 8.1, 8.2 or 8.4 through 8.11), in any of the other Loan Documents and Borrower has failed to cure such default within fifteen (15) days of the occurrence of such default. During this fifteen (15) day period, the failure to cure the default is not an Event of Default (but no Loan will be made during the cure period).

  • Covenant Defaults If Borrower defaults in the performance or observance of any covenant or agreement in this Agreement, and such default continues for a period of twenty (20) calendar days after the earlier of Borrower's knowledge thereof or receipt of written notice from Lender thereof, except for violations of SECTION 7.08(d), which shall become an Event of Default at the end of the sixty (60) day period stated therein and except for specific Defaults listed elsewhere in this SECTION 9.01, as to which no notice or cure period shall apply unless specified; or

  • Covenant Default (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8, 6.9, 6.10, or 6.11, or violates any covenant in Section 7; or

  • Certain Covenant Defaults Borrower fails to perform any obligation under Section 6.5 or 6.6, or violates any of the covenants contained in Section 7.

  • Event of Default; Waiver The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

  • Guarantee Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such Guarantee Events of Default, unless such defaults have been cured before the giving of such notice; provided, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities.

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Existing Defaults No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, contained in any Contractual Obligation applicable to it, and no condition exists which, with or without the giving of notice or the lapse of time, would constitute a default under such Contractual Obligation, except, in any such case, where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect on the Loan Parties, taken as a whole.

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities.

  • No Event of Default, etc No condition or event has occurred or exists which constitutes or which, after notice or lapse of time or both, would constitute an Event of Default.

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