Known Defaults definition

Known Defaults means (a) the Event of Default under Section 7.1(b) of the Participation Agreement subsisting as of the date of this Waiver Agreement and (b) the Default relating to the existence of mechanics' liens on the Project in an amount in excess of $3 million subsisting as of the date of this Waiver Agreement.
Sample 1Sample 2
Known Defaults means those certain Events of Default that have occurred and are continuing, as expressly described on Schedule I attached hereto.
Sample 1Sample 2
Known Defaults means (i) the Events of Default and Potential Defaults described in the letter of the Agent to the Borrower dated February 21, 2001 (the "Cheyenne Judgment"), together with the Event of Default which has occurred pursuant to Section 7.01(j) of the Credit Agreement as a result of such events; (ii) the existence of the Lien created by the recording or other perfection of the Cheyenne Judgment by Travelers Casualty and Surety Company of America ("Travlers") or its affiliates against Elk Horn; (iii) the Default (as defined in the Senior Note Indenture) which will occur under the Senior Note Indenture by reason of (x) the payment by Travelers on the appeal bond issued in connection with the Cheyenne Judgment, and (y) the recording or other perfection by Travelers or its affiliates of the Cheyenne Judgment against Elk Horn; and (iv) the failure of the Borrower to comply with certain of the financial maintenance covenants set forth in Section 6.16 of the Credit Agreement for the period ended December 31, 2000.
Sample 1

Examples of Known Defaults in a sentence

  • Each Loan Party hereby acknowledges, confirms and agrees that as a result of the Known Defaults, the Lender Group has no obligation to make any loans or advances or other financial accommodations to any Loan Party.

  • The Loan Parties acknowledge and agree that the Known Defaults have occurred and are continuing (except with respect to Known Defaults consisting of the failure of Borrowers to make amortization payments, which are anticipated to occur hereafter during the Forbearance Period).

  • Other than the Known Defaults, no event has occurred and is continuing that constitutes a Default or an Event of Default.

  • For the Forbearance Period (as defined below), the Agent and Lenders shall not take any action or commence any proceedings with respect to the enforcement of any of their rights or remedies under the Loan Documents based solely on the continuance of the Known Defaults.

  • Without limiting the foregoing, during the Forbearance Period, each Loan Party shall promptly provide such information concerning the Known Defaults as the Agent or the Required Lenders may reasonably request from time to time.

  • The Borrower shall have a minimum of $10 million of excess availability under the ABL Credit Agreement for 30 days before and projected for 30 days after paying any Earn-Out Obligations until the time, if any, upon which the Lenders have waived the Known Defaults.

  • During the Forbearance Period, the Agent and the Lenders hereby agree to (i) continue to make Advances (including continuing and/or converting Eurodollar Rate Advances) to the Borrower and (ii) issue, extend or renew, as applicable, Letters of Credit on behalf of the Borrower, in each case upon satisfaction of the terms and conditions set forth in Sections 2.19(g), 4.02(a) and 4.02(b) the Credit Agreement, as applicable (without regard to the occurrence and continuance of the Known Defaults).

  • The Company and the Guarantors have informed the Bank that Events of Default have occurred due to breaches of Sections 5.2(b) and 5.2(c) of the Credit Agreement as of the end of the Parent Guarantor’s fiscal quarters ended on or about July 18, 2003 and October 10, 2003 (collectively, the “Known Defaults”), and the Company and the Guarantors have requested that the Bank waive the Known Defaults subject to the terms and conditions set forth herein.

  • On 2 June 2000, the RF Ministry of Justice regis- tered a new decree from the RF Ministry of Tax and Duties — Decree #AP-3-06/124 «On Confirmation of the Tax Authorities’ Statute on the Features of Fiscal Accounting for Foreign Organizations» (7/4/2000).

  • The Agent and the Lenders agree that during the Standstill Period the Known Defaults shall be Defaults and Events of Default that do not preclude the making of Advances pursuant to Section 8.2(b) of the Credit Agreement.

Related to Known Defaults

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Existing Defaults means, collectively, the Events of Default identified on Exhibit A hereto.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Registration Default As defined in Section 5 hereof.

  • Specified Defaults means, collectively, the Existing Defaults and the Anticipated Defaults.

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Minor Default means any Event of Default that is not a Major Default.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.