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. 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 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.
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.
If no Facility Default or Facility Event of Default has occurred and is continuing, the Servicer may instruct the Collateral Agent to invest any funds in the Revolving Facility Collection Account, and, if investment instructions are received, the Administrative Agent will invest the funds in the Revolving Facility Collection Account in those investments.
More Definitions of Facility Default
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 given to it in Paragraph 1 of Part B (Approved Default Variations) of Schedule 8 (Variations);
Facility Default has the meaning specified in Section 6.01 of the Credit and Security Agreement.
Facility Default and "Facility Event of Default" have the respective meanings defined in the Facility Agreement.
Facility Default means a default or Event of Default under any of the Facility Agreements.
Facility Default means any event which, with the giving of notice, the passage of time, or both, would constitute a Facility Event of