Material Covenant Default definition

Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation.
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Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation. “Maturity”: With respect to any Debt, the date on which the unpaid principal of such Debt becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. “Maturity Amendment”: With respect to any Collateral Obligation, any waiver, modification, amendment or variance that would extend the stated maturity date of such Collateral Obligation. For the avoidance of doubt, a waiver, modification, amendment or variance that would extend the stated maturity date of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral Obligation held by the Issuer, does not constitute a Maturity Amendment. “Measurement Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the date as of which the information in any Monthly Report prepared hereunder is calculated, (iv) with five Business Days’ prior written notice to the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee, any Business Day requested by S&P and (v) the Effective Date. “Member State”: Any member state of the European Union.
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Material Covenant Default. A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods contained in the related Underlying Document, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Collateral Obligation.; provided that a default by an Obligor with respect to any Collateral Obligation that is due to an administrative or clerical error or omission, as determined by the Collateral Manager in it’s reasonable discretion, shall not constitute a Material Covenant Default. ““Maturity””: With respect to any NoteDebt , the date on which the unpaid principal of such NoteDebt becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of(if applicable) or by acceleration, call for redemption or otherwise.
Sample 1

Examples of Material Covenant Default in a sentence

  • Providing satisfactory evidence that, at the time of immobi- lization or impoundment of the motor vehicle, whichever is ear- lier, either a complete application for registration for the motor vehicle, including evidence of inspection under s.110.20 when required, accompanied by the required fee had been delivered to the department or deposited in the mail properly addressed with postage prepaid, or the motor vehicle was exempt from registra- tion under this chapter.

  • The Collateral Manager may direct the Trustee at any time without restriction to sell any Collateral Obligation that (i) has a Material Covenant Default or (ii) becomes subject to a Maturity Amendment; provided the Collateral Manager either would not be permitted to, or would not elect to recommend that the Issuer, enter into such Maturity Amendment pursuant to the Collateral Manager Standard or any provision of this Indenture or the Collateral Management Agreement.

  • The Collateral Manager may direct the Collateral Agent at any time without restriction to sell any Collateral Obligation that (i) has had a Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment; provided the Collateral Manager either would not be permitted to, or would not elect to, recommend that the Issuer, enter into such Maturity Amendment pursuant to the Collateral Manager Standard or any provision of this Indenture or the Collateral Management Agreement.

  • The Collateral Manager may direct the Trustee at any time without restriction to sell any Collateral Obligation that (i) has a Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment; provided that the Collateral Manager either would not be permitted to, or would not elect to recommend that the Issuer, enter into such Maturity Amendment pursuant to any provision of this Indenture or the Collateral Management Agreement.

  • The Collateral Manager may direct the Collateral Trustee at any time without restriction to sell any Collateral Obligation that (i) has had a Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment.


More Definitions of Material Covenant Default

Material Covenant Default means a default by an Obligor with respect to any Loan, and subject to any grace periods contained in the related Underlying Loan Agreement, that gives rise to the right of the lender(s) thereunder to accelerate the principal of such Loan.
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Material Covenant Default means with respect to any Senior Debt, the occurrence of any event of default or breach of any incurrence or maintenance covenant or any other provision contained therein or in any agreement under which Senior Debt may be issued restricting or relating to: maintenance of working capital, liquidity, current ratio, fixed or interest charges coverage, net worth, allowance for bad debt reserves or debt-to-capitalization ratio; the amount or classes of Debt (including without limitation, Guaranties) which may at any time be incurred or outstanding; permitted Liens; mergers or acquisitions; sale of significant assets; change of control, limitation on prepayment of Debt, default under other Debt, representations and warranties, permitted investments, impairment of collateral; maintenance of borrowing base; or the making of Restricted Payments.
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Related to Material Covenant Default

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • 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);

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

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

  • Financial Covenant has the meaning specified in Section 7.08.

  • Environmental covenant means a servitude arising under an environmental response project that imposes activity and use limitations.

  • Event of Default has the meaning specified in Section 8.01.

  • Reporting Default means a Default described in Section 6.01(d).

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