Facility Default definition

Facility Default. An Event of Default that relates directly to one or more of the Leased Properties and/or the Facilities operated thereon (such as, for example only and without limitation, an Event of Default arising from a failure to maintain or repair, or to operate for the Primary Intended Use, or to maintain the required Authorizations for, one or more of the Facilities), as opposed to an Event of Default that, by its nature, does not relate directly to any of the Leased Properties or Facilities (such as, for example only and without limitation, an Event of Default arising from a breach of Section 3.1(a)).

Facility Default means any event which, with the giving of notice, the passage of time, or both, would constitute a Facility Event of Default.

Facility Default means any occurrence that with notice or the passage of time or both would become a Facility Event of Default.

Examples of Facility Default in a sentence

• When the Administrative Agent or the Collateral Agent incurs expenses after the occurrence of a Lending Facility Default or an Exchange Note Default the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law.

• No delay or omission of the Lender or any Exchange Noteholder of any Exchange Note to exercise any right or remedy accruing upon any Lending Facility Default or Exchange Note Default shall impair any such right or remedy or constitute a waiver of any such Lending Facility Default or Exchange Note Default or an acquiescence therein.

• Any expenses incurred by the Collateral Agent after the occurrence of a Lending Facility Default or an Exchange Note Default are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or State bankruptcy, insolvency or similar law.

• Funding 1 shall notify the Funding 1 Liquidity Facility Provider of any Funding 1 Liquidity Facility Default (and the steps, if any, being taken to remedy it) promptly upon its occurrence.

• If this Lease is terminated pursuant to Section 16.1, whether in whole or, in the case of any Facility Default, in part, Tenant waives, to the maximum extent permitted by applicable law, (a) any right of redemption, re-entry or repossession, (b) any right to a trial by jury in the event of summary proceedings to enforce the remedies set forth in this ARTICLE XVI, and (c) the benefit of any moratorium laws or any laws now or hereafter in force exempting property from liability for rent or for debt.

More Definitions of Facility Default

Facility Default means an Event of Default that relates directly to one or more of the Facilities (such as, for example only and without limitation, an Event of Default arising from a failure to maintain or repair, or to operate for the Primary Intended Use, or to maintain the required Authorizations for, one or more of the Facilities), as opposed to an Event of Default that, by its nature, does not relate directly to any of the Facilities.

Facility Default means either (1) an Event of Bankruptcy with respect to the Borrower or (2) the delivery of a notice of termination pursuant to Section 8.1(c) of the Closed-End Servicing Agreement following a Facility Servicer Event of Default (unless, in the case of this clause (2), a successor Closed-End Servicer has accepted its appointment on or before the date specified in such notice of termination pursuant to Section 8.4(c) of the Closed-End Servicing Agreement) will constitute a “Facility Default.”

Facility Default has the meaning specified in Section 6.01(a) of the Basic Collateral Agency Agreement.

Facility Default has the meaning specified in Section 6.01 of the Credit and Security Agreement.

Facility Default has the meaning given to it in Paragraph 1 of Part B (Approved Default Variations) of Schedule 8 (Variations);

Facility Default and "Facility Event of Default" have the respective meanings defined in the Facility Agreement.

Facility Default. A Facility Event of Default or any event which upon the passage of time or giving of notice (or both) would constitute a Facility Event of Default.