Coverage Default definition

Coverage Default means that the Collateral Coverage Ratio is less than 1.2 at any time in question.
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Coverage Default means that the Coverage Ratio is less than 125%.
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Coverage Default has the meaning given in Section 5.3. -----------
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Examples of Coverage Default in a sentence

  • This Waiver (except with respect to the Fixed Charge Coverage Default) shall automatically terminate and be of no further force or effect if the Borrower and the Lenders fail to execute an amendment to the Credit Agreement within 30 days of the closing of the Southern Acquisition satisfactory to the Borrower and the Lenders, which amendment shall contain revisions to the Credit Agreement outlined on Exhibit A attached to this Waiver.

  • Borrower shall at all times maintain a Collateral Coverage Ratio of 150% or greater, but in any event, Borrower shall notify Lender promptly after becoming aware that any event, condition or circumstance which has occurred or exists which could reasonably be expected to become or constitute a Collateral Coverage Deficiency or a Collateral Coverage Default.

  • Subject to the conditions of effectiveness set forth in Section 4 hereof and the termination set forth in Section 2 hereof, the Lenders hereby waive the Southern Acquisition Default, the Fixed Charge Coverage Default and the Southern Loan Default.

  • Subject to Section 9.2(a)(iv), any occurrence of a Collateral Coverage Default.

  • As a consequence of the Interest Coverage Default and the Debt to EBITDA Default, Events of Default have occurred and are continuing under paragraph 7 A(v) of the Note Agreement.

  • If any Coverage Default exists, Borrower and TOGA shall within thirty (30) days after obtaining knowledge thereof cure such Coverage Default, either by furnishing and mortgaging additional engineered producing oil and gas xxxxx satisfactory to Lenders in order to increase Modified NPV10 or by making payments (or identifying and segregating cash in the TOGA Dollar Collateral Account) in order to reduce the Adjusted Investment.

  • Short-Term Baseline Model by Firm Characteristics Interest Rate Loan Size Collateral Coverage Default Table 8: Regressions of Contract Terms on Past Performance: Using Counterfactual Long-Term Contract Firms w.

  • Mr. Bell moved to send the above-listed names to the Planning Board for review, and recommendations to the Council.

  • Borrower shall notify Lender promptly after becoming aware that any event, condition or circumstance which has occurred or exists which could reasonably be expected to become or constitute a Collateral Coverage Deficiency or a Collateral Coverage Default.

  • The Company was not in compliance with the provisions of paragraph 6D of the Note Agreement (Interest Coverage Ratio) for the period ended September 30, 1999 (the "Interest Coverage Default") and expects to be unable to effect compliance with such provisions for the period ending December 31, 1999.


More Definitions of Coverage Default

Coverage Default has the meaning given to such term in the TCW Agreement. ----------------
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Coverage Default means the Collateral Coverage Ratio is less than 1.20 at any time after February 1, 2005.
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Coverage Default means the occurrence of either of the following:
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Related to Coverage Default

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Forbearance Default means any of: (A) the occurrence of any Default or Event of Default other than the Specified Defaults, (B) the failure of Borrower or any other Designated Company to timely and strictly comply with any term, condition, covenant, agreement or other obligation set forth in this Agreement, (C) the failure of any representation or warranty made by Borrower or any other Designated Company under or in connection with this Agreement to be true and complete in all material respects as of the date when made or any other material breach of any such representation or warranty, (D) the taking of any action by Borrower or any other Designated Company to in any way repudiate or assert a defense to any Obligation under the Credit Agreement, this Agreement or any of the other Loan Documents or the assertion of any claim or cause of action against Administrative Agent, Co-Administrative Agent or any Lender relating in any way thereto, (E) the date on which Administrative Agent, in its sole discretion or at the direction of the Required Lenders, delivers to Borrower a written notice terminating the Forbearance Period, which notice may be delivered at any time upon or after the delivery of any Proposed Vendor Payment Schedule Rejection Notice (as defined below) by the Administrative Agent in accordance with Section 3(c)(ii) hereof, or (F) Borrower fails to receive Inventory purchased with a CIA Payment (as defined below) within six (6) Business Days of the making of such CIA Payment. The occurrence of any Forbearance Default shall constitute an immediate Event of Default under the Credit Agreement and other Loan Documents. Upon the termination or expiration of the Forbearance Period, the agreement of Administrative Agent, Co-Administrative Agent and each Lender hereunder to forbear from exercising its default-related rights and remedies shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which Borrower and each other Designated Company hereby waives. Borrower and each other Designated Company further agrees that any of Administrative Agent (upon direction of the Required Lenders to the extent provided in the Credit Agreement) and each Lender may at any time after the expiration or termination of the Forbearance Period proceed to exercise any and all of its rights and remedies under any or all of the Credit Agreement, any other Loan Document and/or applicable law, all of which rights and remedies are hereby fully reserved by Administrative Agent and each Lender. Any agreement by Administrative Agent and the Lenders to extend the Forbearance Period, if any, must be set forth in writing and signed by Administrative Agent and the Lenders. Borrower and each other Designated Company acknowledges that none of Administrative Agent or any Lender has made any assurances concerning any possibility of any extension of the Forbearance Period. Borrower and each other Designated Company acknowledges and agrees that any Loan or other financial accommodation which Administrative Agent, Co-Administrative Agent or any Lender makes to or for the benefit of Borrower or any other Designated Company on or after the Forbearance Effective Date has been made by such party in reliance upon, and is consideration for, among other things, the general releases and indemnities contained in Section 5 hereof and the other covenants, agreements, representations and warranties of Borrower and each other Designated Company hereunder.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Minor Default means any Event of Default that is not a Major Default.

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Indenture Default means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).