Existing Events of Default under Section 8.1(o) of the Credit Agreement by reason of the Specified Investors' failure to make the payments required under the Support Agreement for Borrower's fiscal quarter ended December 30, 2000."
Existing Events of Default. Each Credit Party acknowledges that Borrowers have failed to comply with the provisions of the Credit Agreement as set forth under the heading “Existing Events of Default” on Exhibit A hereto (collectively, the “Existing Events of Default”).
Existing Events of Default. For purposes of this Forbearance Agreement, the term “Existing Events of Default” shall mean the following:
Existing Events of Default. The Borrower’s failure to repay the Loans in full in cash on the Maturity Date constituted and continues to constitute an Event of Default under the Credit Documents, the Borrower’s declaration and payment of dividends to its equity investors after the Maturity Date also constituted and continues to constitute an Event of Default under the Credit Documents and such Events of Default (the “Existing Events of Default”) have not been waived or consented to by Agent or any of the Lenders.
Existing Events of Default. The Company hereby acknowledges and agrees that the Events of Default set forth in Schedule I to this Agreement (each an “Existing Event of Default”) have occurred and are continuing, each of which independently constitutes an Event of Default and entitles HT to exercise its rights and remedies under the Note, applicable law, or otherwise.
Existing Events of Default. Borrower acknowledges that Borrower has failed to comply with the provisions of the Credit Agreement as set forth under the heading “Existing Events of Default” on Exhibit A hereto (collectively, the “Existing Events of Default”).
Existing Events of Default. Borrower acknowledges the existence of certain Events of Default, all of which remain uncured after any applicable notice and opportunity to cure under the Loan Documents (the “Existing Events of Default”), which include failure to payoff the Note at its Maturity Date.
Existing Events of Default. The Company has requested that the holders of the Notes waive the Existing Events of Default subject to the terms and conditions set forth herein. Pursuant to such request, the holders of the Notes hereby waive the Existing Events of Default for the period prior to the Effective Date and, so long as there is no occurrence of a new Default hereunder or of a new Event of Default under the Note Agreement (for purposes hereof, a new Default or new Event of Default includes a new or further violation of any of the sections of the Note Agreement implicated in any of the Existing Events of Default), for the remainder of the Forbearance Period. Such waiver shall not extend to any period of time after the Forbearance Period except to the extent expressly provided in a further written agreement among the Company and the Required Holder(s), provided that such waiver shall automatically survive the expiration of the Forbearance Period if the Company is then in full compliance with all provisions of the Note Documents (as amended by this letter agreement but without the benefit of any waiver of defaults except as set forth in this Section 6 and other waivers made by the holders of the Notes prior to the Effective Date). The Company acknowledges and agrees that the waiver contained herein is a limited, specific and one-time waiver as described above. Such limited waiver (a) shall not modify or waive any other term, covenant or agreement contained in any of the Note Documents, and (b) shall not be deemed to have prejudiced any present or future right or rights which the holders of the Notes now have or may have under this letter agreement, the Note Agreement (as modified hereby) or the other Note Documents.
Existing Events of Default. The following Events of Default (collectively the “Existing Events of Default”) have occurred and are continuing under the Loan Agreement:
i. Borrower incurred indebtedness under that certain loan agreement dated June 30, 2014, between Borrower and Xxxxxx Xxxx, an individual, as further evidenced by that certain promissory note dated as of even date therewith in the original principal amount of $1,500,000 made by Borrower and payable to the order of Xxxxxx Xxxx, in violation of Section 8.9 of the Loan Agreement, which constitutes an Event of Default under Section 10.3 of the Loan Agreement.
ii. Borrower failed to maintain a debt service coverage ratio of at least 1.25 to 1.00 as of the end of the fiscal quarter ended September 30, 2014, as required by Section 8.3(b) of the Loan Agreement, which constitutes an Event of Default under Section 10.3 of the Loan Agreement;
iii. Borrower failed to make principal payments on November 1, 2014, December 1, 2014, January 1, 2015 and February 1, 2015, as required by Section 3.6 of the Loan Agreement, which constitutes an Event of Default under Section 10.1 of the Loan Agreement; and
iv. Borrower failed to cause all payments of production proceeds from the Mortgaged Properties to be deposited into the Cash Collateral Account, as required by Section 4.7 of the Loan Agreement, which constitutes an Event of Default under Section 10.1 of the Loan Agreement.
v. None of the Guarantors have accounts at Green Bank
Existing Events of Default. The Events of Default described in Sections 4.3 and 4.4 are the “Existing Defaults.”
