Existing Default definition

Existing Default has the meaning specified in Section 2.01 hereof.

Existing Default a Default which has occurred and is continuing, or an Event of Default which has occurred, and which has not been waived in writing by Lender.

Existing Default means any default or potential default under any Existing Transaction Document that has occurred prior to the Restructuring Effective Date;

Examples of Existing Default in a sentence

• There shall be no Existing Default and no Default or Event of Default will occur as a result of such Advance being requested or made or the application of the proceeds thereof.

• There shall be no Existing Default and no Default or Event of Default is reasonably likely to occur as a result of such Letter of Credit being issued or a draw thereon being made or paid.

• Bank hereby waives Borrower’s Existing Default under the Loan Agreement.

• The execution, delivery and effectiveness of this Agreement shall not and does not operate as a waiver of any right, power or remedy of Administrative Agent or the Lenders under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents or any Existing Default or Event of Default.

• Upon the terms and subject to the conditions set forth in this Amendment, the Lender hereby waives the Existing Default.

More Definitions of Existing Default

Existing Default is defined in Section 12.19.

Existing Default means, as of any date, an Event of Default which has occurred and is continuing as of such date.

Existing Default means any Default that may exist on the Effective Date under Section 8.01(b) of the Credit Agreement solely to the extent arising by reason of breach of Sections 7.11(b) and 7.11(d) as of January 31, 2009.

Existing Default means the default existing on this date under Section 9.01(c) of the Credit Agreement, solely as a consequence of a breach of the negative covenant set forth at Section 8.16 of the Credit Agreement for the fiscal quarter ended October 31, 1998 and solely to the extent such default may have arisen from the loss incurred by the Company on the sale of the assets of the MMG Division of its Subsidiary, OCLI Optical Coating Laboratory GmbH.

Existing Default means an Event of Default under Section 8.2(a) of the Credit Agreement as a result of Borrower’s failure to consummate one or more Strategic Transactions by the Milestone Date resulting in Net Proceeds of at least $100,000,000 as required by Section 5.20(a) of the Credit Agreement.

Existing Default means the Default existing as of the date of this First Supplemental Indenture under Section 3.1 of the Indenture and arising from the failure by the Company to make the payment of interest on the Securities due and owing as of October 31, 1999.

Existing Default as defined therein;