Specified Defaults. The occurrence of any event expressly stated to constitute an Event of Default under this Agreement.
Specified Defaults. For purposes of this Agreement, the term “Specified Defaults” shall mean the following, collectively, and the term “Specified Default” shall mean any of the following:
Specified Defaults. (a) Immediately following the closing of the transactions consummated by this Agreement, the Company shall cure (i) the Specified Defaults with respect to the Noteholders and the Exchanged Notes such that no default, or Event of Default, exists under the Supplemental Indenture with respect to the Noteholders and the Exchanged Notes, it being agreed and acknowledged by the parties hereto that the consummation of the transactions contemplated by, and the performance by such parties of their obligations under, this Agreement (including the payment of all accrued and unpaid interest on the Notes through the Closing Date) shall result in the cure of such Specified Defaults, and (ii) the Payment Default with respect to the Notes, it being agreed and acknowledged by the parties hereto that the consummation of the transactions contemplated by, and the performance by such parties of their obligations under, this Agreement (including the funding of all accrued and unpaid interest on the Notes through the Closing Date) shall result in the cure of such Payment Default.
(b) Subject to the last sentence of Section 4.11(c), the Company shall on the Closing Date, irrevocably deposit funds with the Trustee sufficient to pay the aggregate principal amount of all of the Notes (other than the Exchanged Notes) and interest on such Notes for the period from April 1, 2013 to, but excluding, June 26, 2013 (which funds shall be held by the Trustee for payment of any amounts due in accordance with Section 4.11(c)).
(c) Within five (5) business days following the Closing, the Company shall commence a redemption of the entire aggregate principal amount of the Notes then outstanding (plus accrued and unpaid interest) pursuant to Section 4.01 of the Supplemental Indenture. The Company shall complete such redemption within 30 days thereafter and, at such time, redeem all Notes delivered to the Trustee in accordance with such redemption. Upon the redemption date, the trustee shall pay the principal amount of and accrued interest then due on such Notes and then cancel such Notes, at which time no Notes will be outstanding. Notwithstanding the irrevocability of the funds deposited pursuant to Section 4.11(b), to the extent the amount of the funds deposited exceeds the amount of funds required to redeem the Notes pursuant to this Section 4.11(c), the Company may direct the trustee to return such excess funds to the Company following the redemption date.
Specified Defaults. Borrowers have requested that Administrative Agent and the Lenders waive the Specified Defaults. Subject to the terms and conditions of this Amendment, Administrative Agent and the Lenders hereby waive the Specified Defaults.
Specified Defaults. (a) As a result of the existence of the Specified Defaults, subject to the proviso to the definition of “Events of Default” herein, Agent and Lenders have the right to charge interest at the default rate in accordance with (but in all cases subject in the limitations set forth in) Section 2.5(b) commencing on the date on which any Specified Default first occurred.
(b) The Loan Parties shall continue to comply with all limitations, restrictions or prohibitions that are effective or applicable under this Agreement or any of the other Loan Documents during the continuance of any Event of Default. No oral representations or course of dealing on the part of Agent, Lenders or any of their respective members, officers, employees or agents, and no failure or delay by Agent or Lenders with respect to the exercise of any right, power, privilege or remedy under any of this Agreement, the other Loan Documents or Applicable Law shall operate as a waiver thereof, and the single or partial exercise of any such right, power, privilege or remedy shall not preclude any later exercise of any other right, power, privilege or remedy. The execution and delivery by Agent and the Lenders of this Agreement and any other Loan Document executed and delivered as of the Effective Date shall in no way be deemed to constitute a waiver or deemed waiver of any Events of Default outstanding as of the Effective Date, except with respect to the Specified Defaults as set forth herein. Finally, no waiver, forbearance or other similar action by Agent or Lenders with regard to any Default or Event of Default, whether now existing or hereafter arising under this Agreement or any of the other Loan Documents, shall be effective unless the same has been reduced to writing and executed by an authorized representative of Agent or the Lenders.
Specified Defaults. Each Obligor acknowledges that Borrower is in default under the following sections of the Loan Agreement:
(a) Section 6 and Item 21(a) of the Schedule as a result of Borrower’s failure to maintain the minimum fixed charge coverage ratio required thereunder for each of the months ended October 31, 2009, November 30, 2009 and December 31, 2009; and
(b) Section 6 and Item 21(b) of the Schedule as a result of Borrower’s failure to maintain the minimum tangible net worth required thereunder as of October 31, 2009, November 30, 2009 and December 31, 2009. The Events of Default specified in the foregoing clauses (a) through (b) are hereafter collectively referred to as the “Specified Defaults”. Obligors acknowledge that, as a result of the Specified Defaults, (y) but for Lender’s agreement to forbear as set forth herein, Lender has the right to declare all of the Obligations to be immediately due, payable and performable, and Lender has the right to enforce collection of the Obligations by making demand under the Guaranty and repossessing and disposing of any interest in the Collateral, as more fully set forth in Section 13 of the Loan Agreement, and (z) Borrower is not entitled to make any payment on any Subordinated Debt.
Specified Defaults. Each of the Specified Defaults shall be deemed to be an Event of Default (other than the events described in items 2 and 3 on Exhibit A, until the holders of the Senior Subordinated Notes (or the trustee on behalf of such holders) shall have the right to accelerate the Senior Subordinated Notes), from and after the Second Forbearance Termination Date.
Specified Defaults. Failure of Borrower to comply with any of the Financial Covenants and the expiration of 30 Business Days after written notice from Lender.
Specified Defaults. It is understood and agreed by the Parent, the Borrower and TDC Energy LLC, a Louisiana limited liability company (“Guarantor”), that, notwithstanding Section 1(a) above, the Specified Defaults constitute one or more Defaults and Events of Default for all purposes of the Loan Documents.
Specified Defaults. Notwithstanding anything contained herein or the other Loan Documents to the contrary, no representation or warranty is made or shall be made by or on behalf of any Loan Party to the extent that such representation or warranty could be untrue, incorrect, misstated or misleading in any respect on account of, or in connection with, the Specified Defaults or any one of them.
