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 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.

Examples of Existing Default in a sentence

• The Borrower represents and warrants to TBCC that all representations and warranties set forth in the Loan Agreement, as amended hereby, are true and correct, except for representations and warranties that may be breached as a result of an Existing Default (as defined in the Forbearance Agreement).

• Neither this Agreement, nor any actions taken in accordance with this Agreement or the Loan Documents shall be construed as a waiver of or consent to the Existing Default or any other existing or future defaults under the Loan Documents, as to which the DIP Lender’s rights shall remain reserved.

• Following two Business Days’ prior written notice to the Debtors and from the Termination Date, the DIP Lender may, in its sole discretion, exercise any and all remedies available to it under the Loan Documents by reason of the occurrence and continuation of the Existing Default.

• Borrower has requested that Bank waive its rights and remedies against Borrower, limited specifically to the Existing Default.

• Therefore, subject to the terms and conditions hereof, Bank does hereby waive the Existing Default.

More Definitions of Existing Default

Existing Default is defined in Section 12.19.

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

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

Existing Default used in the Forbearance Agreement shall include, in addition to the violation of the Fixed Charge Ratio under the Loan Agreement described in SECTION 3.01 of the Forbearance Agreement, the failure of Borrowers for the five-month fiscal period ending closest to November 7, 1998, to maintain EBITDA (as defined in the former SECTION 5.10 of the Forbearance Agreement) of not less than $10,580,000, as was required by such former SECTION 5.10 of the Forbearance Agreement.

Existing Default means the Event of Default existing on this date under Section 8.01(c) of the Credit Agreement as a consequence of a breach of the negative covenant set forth at Section 7.13 of the Credit Agreement solely for the quarter ended September 30, 1996.

Existing Default has the meaning set forth in the Preliminary Statements.

Existing Default means the Event of Default existing on this date under Section 8.10 of the Credit Agreement for failure by the Borrower to maintain a Fixed Charge Coverage Ratio for the twelve month period ending as of December 31, 1997 of at least 1.25:1.00.