Relevant Default definition

Relevant Default means (i) a Default by the Borrower in respect of any payment obligation hereunder or (ii) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization or other relief in respect of either the Borrower or the Guarantor or its debts, or any substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (B) the appointment of a custodian, trustee, receiver, liquidator or other similar official for either the Borrower or the Guarantor or for a substantial part of its assets.

Relevant Default means any Event of Default (as well as any related Default) under any of the following:

Relevant Default means an Event of Default, or any event specified in Condition [ ] (Events of Default) which would (with the giving of notice, the making of any determination or certificate under the Trust Deed or these Conditions or any combination of the foregoing) be an Event of Default.

Examples of Relevant Default in a sentence

• Notwithstanding the foregoing, if, at the time any payment of insurance proceeds in respect of the Aircraft is to be made to the Borrower, a Relevant Default or an Event of Default has occurred and is continuing, such payment shall not be made to the Borrower, but rather such payment shall be made to, or retained by, the Security Trustee and shall be applied to the payment of the Obligations in accordance with Section 8.2 hereof.

• Notwithstanding the foregoing, if, at the time any payment of insurance proceeds in respect of the Aircraft is to be made to the Borrower, a Relevant Default or an Event of Default has occurred and is continuing, such payment shall not be made to the Borrower, but rather such payment shall be made to, or retained by, the Security Agent and shall be applied to the payment of the Secured Obligations in accordance with Clause 31 (Application of Proceeds).

• When any Obligor becomes aware of a Relevant Default that is continuing it shall as soon as reasonably practicable thereafter, give written notice thereof to the Agent and the Security Trustee.

• So far as it is aware no Relevant Default has occurred and is continuing or would be reasonably likely to result from the making of the Loan (except where this representation is made on the first Utilisation to take place under this Agreement, the immediately foregoing reference to Relevant Default shall instead be a reference to Event of Default).

• The Company shall promptly notify the Agent upon becoming aware of the occurrence or existence of any Relevant Default and the steps, if any, being taken to remedy it.

More Definitions of Relevant Default

Relevant Default means any of the events listed under Clauses 3.1.1 to 3.1.3 (inclusive).

Relevant Default means (a) an Event of Default or (b) a Default pursuant to Clause 21.1 (Non-payment), 21.6 (Insolvency), or 21.7 (Insolvency Proceedings) of the Facility Agreement.

Relevant Default has the meaning given to that term in Clause 28.20 (Portfolio-wide Materiality).

Relevant Default shall have the meaning given to it in Section 7.02.

Relevant Default means a Default arising under clause 12.1(a), 12.1(b), 12.1(c) (in relation to any of clauses 10.1(a), (b)(i), (b)(ii), (b)(iii), (b)(iv), (b)(v) and (c), 10.2(a), (b), (c), (f), (g), (h), (j)(i) and (m), 10.5, 10.7, 11.1 and 11.3 and any breach of the Subordination Deed), 12.1(e), 12.1(f), 12.1(g), 12.1(h), 12.1(i), 12.1(j), 12.1(k), 12,1(l), 12.1(m), 12.1(q), 12.1(r), 12.1(u)(i) or 12.1(v). Provided that, if during any financial year a Default occurs pursuant to clause 12.1(b) as a result of a breach of one or more of the Financial Covenants in clause 10.3 as tested by reference to the management accounts for a Quarter, but such Default does not exist when the relevant Financial Covenant(s) is (are) tested by reference to the management accounts for the following Quarter or the audited consolidated financial statements of the Group in respect of such financial year, the Relevant Default which thereby arose shall be deemed waived by the Banks;

Relevant Default has the meaning specified in Section 8.04.

Relevant Default has the meaning set forth in Section 8.01. “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA or the regulations issued thereunder, other than events for which the thirty (30) day notice period has been waived. “Representative” means, with respect to any series of Permitted Pari Passu Secured Refinancing Debt or Permitted Junior Secured Refinancing Debt, the trustee, administrative agent, collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities. “Repricing Transaction” means the prepayment (including repricings or refinancings) of all or a portion of the Term Loans with proceeds from the incurrence by the Borrower of any new Indebtedness having a yield (taking into account any applicable interest rate margin, original issue discount, up-front fees and any LIBOR “floor”) that is less than the yield of the applicable Term Loans (excluding any prepayments, repricings or refinancings in connection with a Change of Control), including without limitation, as may be effected through any amendment to this Agreement relating to the yield of the applicable Term Loans. “Request for Credit Extension” means (a) with respect to a Borrowing, continuation or conversion of Term Loans or Revolving Credit Loans, a Committed Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line Loan, a Swing Line Loan Notice. “Required Class Lenders” means, as of any date of determination, Lenders of a Class having more than 50% of the sum of the (a) Total Outstandings (with, in the case of the Revolving Credit Facility, the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this definition) for all Lenders of such Class and (b) aggregate unused Commitments of all Lenders of such Class; provided that the unused Commitment and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender of such Class shall be excluded for purposes of making a determination of Required Class Lenders. “Required Lenders” means, as of any date of determination, Lenders having more than 50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded pa...