Forbearance Default definition
Forbearance Default means (A) the occurrence of any Default (as defined in the GE Loan Agreement) or any Event of Default (as defined in the TCFC Loan Agreement) other than the Specified Defaults, (B) the failure of any Borrower or any other Loan Party to comply timely with any term, condition, or covenant set forth in this Agreement, (C) the failure of any representation or warranty made by any Borrower or any other Loan Party 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 breach of any such representation or warranty in any material respect, (D) any occurrence, event or change in facts or circumstances occurring on or after the Effective Date that would have a Material Adverse Change (as defined in either Loan Agreement) on any Borrower or any other Loan Party or any of their respective financial conditions, businesses, prospects or assets, (E) (I) any breach by Travis or any other Loan Party of any provision of the Merxxx Xgreement or any other agreement, instrument or document executed in connection therewith, (II) any failure by Travis or TRMC to satisfy any condition precedent to txx xxxectiveness of the Merger Agreement or any other agreement, instrument or document executed in connection therewith, (III) any termination or purported termination by any party thereto of the Merger Agreement, or (IV) any other failure of the Merger Agreement to remain in full force and effect at any time, (F) any breach by Tracker of any of the provisions of that certain letter agreement dated on or about the date hereof between Tracker and Lender (the "Tracker Letter Agreement"), including, without limitation, any failure by Tracker to fund any working capital shortfall of Travis pursuant to Section 7 of the Tracker Letter Agreement, ox (X) any determination made by Lender in its sole discretion at any time that Lender, Travis and Tracker (or its affiliate, TMRC) have failed or arx xxxble to reach agreement on the terms for restructuring the credit facilities under the Loan Documents or on any other matters referenced in Section 6.03(g) of the Merger Agreement. Any Forbearance Default shall constitute an immediate Default under the GE Loan Agreement and an immediate Event of Default under the TCFC Loan Agreement.
Forbearance Default means the occurrence of any one or more of the following:
Forbearance Default means any of the following:
Examples of Forbearance Default in a sentence
If a Forbearance Default has occurred and is continuing, Borrowers shall be obligated to pay Bank interest on the outstanding Principal Sum at the Post-Default Rate (as defined in the Forbearance Agreement).
Additionally, upon the occurrence and continuation of a Forbearance Default, the unpaid balance of Principal Sum and all accrued interest may be declared to be due and payable all in the manner, upon the conditions and with the effect provided in the Forbearance Agreement.
Nothing in this Amendment shall be construed to waive, modify, or cure any default or Event of Default or Forbearance Default (other than the Identified Forbearance Defaults) that exist that exists or may exist under the Forbearance Agreement or other Loan Document.
Any Forbearance Default shall constitute an immediate Event of Default under the Credit Agreement and other Loan Documents.
Failure to comply with these conditions will be deemed to be a Forbearance Default under Section 11 of the Forbearance Agreement.
More Definitions of Forbearance Default
Forbearance Default means
Forbearance Default means: (a) a Borrower's failure to pay, perform or observe any of its obligations under the First Amendment or the Second Amendment in accordance with the respective terms thereof; or (b) the existence or occurrence of any Default or Event of Default other than a Designated Default.
Forbearance Default shall have the meaning specified in the Forbearance Agreement.
Forbearance Default has the meaning specified for such term in Section 2(c)(ii) of this Agreement.
Forbearance Default means any one the following: (a) the occurrence of any Default or Event of Default (other than the Covenant Defaults and the default caused by Borrower's failure to make its July 15, 2002 interest payment pursuant to the Subordinated Debt Documents, if any the "Sub Debt Payment") under the Credit Agreement; (b) the failure of Borrower or any Guarantor to comply with any term, condition or covenant set forth in this Agreement; (c) any representation made by Borrower or any Guarantor under or in connection with this Agreement shall have been materially false or misleading as of the date when made; (d) the filing of any petition (voluntary or involuntary) under the insolvency or bankruptcy laws of the United States or any state with respect to Borrower or any Guarantor or any of their respective affiliates or Subsidiaries; provided however, that the filing of an involuntary petition shall not be a Forbearance Default unless such petition shall not be dismissed or stayed for a period of ten (10) days or more from the date of filing the petition, or an order for relief shall have been entered; (
Forbearance Default means the occurrence of any of the following at any time during the Forbearance Period: (i) any Event of Default (other than each Existing Default), unless such Event of Default has been otherwise expressly waived in writing by the Required Lenders (or, all of the Lenders, to the extent required by the Credit Agreement), (ii) the failure of any Loan Party to comply with any term, condition, or covenant set forth in this Agreement in accordance with the terms of this Agreement, (iii) the failure of any representation or warranty made by any Loan Party under or in connection with this Agreement to be true, correct and complete in all respects as of the date when made, (iv) the commencement or continuation of any enforcement action against any Loan Party or any of its property by any creditor of a Loan Party, (v) any Loan Party shall contest any term, provision, or acknowledgment contained in this Agreement, (vi) any Loan Party shall suffer the appointment of a receiver, trustee, custodian or similar fiduciary, or shall make an assignment for the benefit of creditors, or any petition for an order for relief shall be filed by or against any Loan Party under the Bankruptcy Code, or any Loan Party shall make any offer or agreement of settlement, extension or compromise to or with such Loan Party’s unsecured creditors generally, (vii) the commencement of any litigation or other proceeding by a Loan Party or any of their respective Affiliates against Agent, any Lender or any of their respective Affiliates, (viii) the occurrence or existence of a material adverse change in the business, assets, condition or prospects (financial or otherwise) of the Loan Parties, taken as a whole, from and after the date of this Agreement, or (ix) the termination of the engagement of Xxxx Xxxxx, or any halt or termination of the Sales/Recapitalization Process.
Forbearance Default means (A) the occurrence of any Event of Default other than the Specified Defaults, (B) the failure of Issuer or any other Credit Party to comply timely with any term, condition, or covenant set forth in this Agreement on the specific dates (if any) set forth in this Agreement, (C) the failure of any representation or warranty made by Issuer or any other Credit Party under or in connection with this Agreement to be true and complete as of the date when made or any other breach of any such representation or warranty, (D) the repudiation and/or assertion of any defense by any Credit Party with respect to this Agreement or any Second Lien Document or the pursuit of any claim by any Credit Party against the Trustee, any Noteholder or any Releasee (as hereinafter defined) or (E) the termination or expiration of any other forbearance granted by another creditor of the Credit Parties. Any Forbearance Default shall constitute an immediate Event of Default under the Second Lien Indenture and other Second Lien Documents.