Anticipated Default definition

Anticipated Default shall have the meaning assigned to such term in the recitals hereto.

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Anticipated Default means any Event of Default arising from the Borrowers' failure after the date hereof to comply with certain Sections of the Credit Agreement as designated as an "Anticipated Default" on Schedule A hereto for the period specified on Schedule A.

Examples of Anticipated Default in a sentence

Borrower has requested that Lender waive the Anticipated Default.
Lenders do not forbear or waive Borrowers' obligations under such sections for any events other than the Existing Default and Anticipated Default, and Lenders do not waive any other failure by Borrower to perform its obligations under the Transaction Documents.
This waiver is granted only with respect to the Anticipated Default and not with respect to any other Default or Event of Default which has previously existed, now exists, or at any time in the future shall exist, or any other breach of, or failure to comply with, the Agreement or any other Loan Document.
It shall be a condition precedent to the effectiveness of this Agreement that (i) all amounts due and payable under the Notes as of the execution date shall have been paid, (ii) no Event of Default (other than the Anticipated Default) shall exist under the Notes, the Credit Agreement, or any other Loan Document, and (iii) the Agent shall have received such other items as they may reasonably request.
Lender is willing to waive the Anticipated Default and hereby waives the Anticipated Default.
Upon termination of the Forbearance Period, Lender shall have the right to enforce any and all remedies with respect to any default, including any event of default then outstanding under the Note or any of the other Loan Documents (including, without limitation, any Anticipated Default).
Subject to the conditions contained herein and performance by Borrower of all of the terms of the Agreement after the date hereof, Bank waives the Covenant Default and the Anticipated Default.
Agent and the Lenders expressly reserve all rights with respect to the Existing Default or any Anticipated Default, subject only to the terms in the Credit Agreement, the Forbearance Agreement, the other Loan Documents and this Amendment.
Notwithstanding the provisions of the Credit Agreement to the contrary, the Agent and the Lenders hereby agree to extend the 2016 Audit Covenant Waiver Deadline, extend the April EBITDA Waiver Deadline, extend the June EBITDA Waiver Deadline and extend the Anticipated Default Waiver Deadline until the date (the “Waiver Deadline”) that is the earlier of (a) the occurrence and continuation of a Default or Event of Default other than any Specified Event of Default and (b) August 31, 2017.
Borrower and Guarantor acknowledge that, in the absence of forbearance by Lender, the Anticipated Default would have occurred and been uncured, and that Borrower would be unconditionally obligated to pay all of its liabilities to Lender including all Obligations, all without defense, setoff or counterclaim of any kind or nature whatsoever.

More Definitions of Anticipated Default

Anticipated Default means a default or breach under Section 5.8 of the Agreement that is anticipated or likely to occur (but has not yet occurred), as reflected in any certificate, information or report delivered by Borrowers to Administrative Agent under Section 5.1(c) or 5.2(m) of the Agreement, in each case with respect to any of the following defaults or breaches by any Borrower or School: (a) failure to maintain a composite score of 1.0 or more under the factors of financial responsibility set forth in 34 C.F.R. Part 668, Subpart L, or to satisfy the "zone alternative" requirements set forth at 34 C.F.R. § 668.175(d) if applicable; (b) failure to maintain the final and draft Cohort Default Rates for all Schools, except for up to one School per federal fiscal year, at less than 30% as calculated pursuant to 34 C.F.R., Part 668, Subpart N for any two consecutive federal fiscal years, and failure to maintain the final and draft Cohort Default Rates for all Schools at less than 40% as calculated pursuant to 34 C.F.R., Part 668, Subpart N for any one federal fiscal year; (c) failure to derive no more than 90 percent of its revenues from Title IV Program funds as calculated consistent with 34 C.F.R. §§ 668.14 and 668.28 or any successor regulation or regulations as measured in the first six-month period of any fiscal year that follows a fiscal year in which any School derived more than 90% of its revenues from Title IV Program funds; or (d) failure to maintain material compliance with all Educational Laws, including (i) administrative capability requirements under 34 C.F.R. § 668.16, (ii) Program Participation Agreement requirements under 34 C.F.R. § 668.14, and (iii) eligible program requirements under 34 C.F.R. § 668.8.

Anticipated Default has the meaning set forth in the Recitals above.

Anticipated Default means any Event of Default arising from (a) the Borrowers' failure after the date hereof to comply with certain Sections of the Credit Agreement as designated as an "Anticipated Default" on Schedule A hereto for the period specified on Schedule A, (b) the Borrowers' failure to maintain the Consolidated Fixed Charge Coverage Ratio for the Fiscal Month ended June 30, 2004, as required by Section 7.23 of the Credit Agreement and (c) the Borrowers' failure to maintain the US Fixed Charge Coverage Ratio for the Fiscal Month ended June 30, 2004, as required by Section 7.23 of the Credit Agreement; provided, however, that in the event the Termination Date is automatically extended as provided in the definition thereof, "Anticipated Default" shall also include any Event of Default arising from the Borrowers' failure to comply with Section 7.23 of the Credit Agreement prior to the Termination Date.