Term Default definition

Term Default means an “Event of Default” as defined in the Term Loan Credit Agreement.

Term Default means an “Event of Default” as defined in the Term Loan Agreement or in any Additional Pari Passu Term Agreement.

Term Default means any “Event of Default” as such term is defined in the Term Credit Agreement.

Examples of Term Default in a sentence

• The Term Liens on the Revolving Priority Collateral that otherwise would have been released pursuant to the first sentence of this paragraph (c) but for the application of subclause (ii) in such sentence will be automatically, unconditionally and simultaneously released when such Term Default and all other Term Defaults cease to exist.

• EdAid, on behalf of the Education Provider, may, at its option, collect either an Unpaid Balance Charge, as defined below, or a Late Payment Fee, on any installment subject to the “Long Term Default Fee” provision below; in no event will EdAid, on behalf of the Education Provider, collect both an Unpaid Balance Charge and a Late Payment Fee on any single installment.

• The Term Liens on the ABL Priority Collateral that otherwise would have been released pursuant to the first sentence of this paragraph (c) but for the application of subclause (ii) in such sentence will be automatically, unconditionally and simultaneously released when such Term Default and all other Term Defaults cease to exist.

• These include “Settled, Insurance Claim, Term Default, Government Claim, Paid by Dealer, BK Chapter 7, 11 or 12 Petitioned, or Discharged and BK Chapter 7, 11 or 12 Reaffirmation of Debt Rescinded.” Foreclosures, on the other hand, are reported with a lead payment history code of 8 and an account condition and payment status code of 94 (“Creditor Grantor reclaimed collateral to settle defaulted mortgage”).

• Any knowledge obtained by the DIP Term Agent, the Existing Term Agent, Cortland Capital Market Services LLC in its individual capacity and not as Specified Mexico Collateral Agent or any Affiliate of Cortland Capital Market Services LLC, regarding any Grantor or the nature of the transaction described herein, including a default or potential ABL Default or Term Default shall not be imputed to the Specified Mexico Collateral Agent.

More Definitions of Term Default

Term Default means an “Event of Default” as defined in the Term Loan Agreement or any similar event or condition set forth in any other Term Loan Document which causes, or permits holders of the applicable Term Obligations outstanding thereunder to cause, the Term Obligations outstanding thereunder to become immediately due and payable.

Term Default means any “Event of Default”, as such term is defined in the Term Documents.

Term Default means any event that, with the passage of time or giving of notice or both, would, unless cured or waived, become a Term Event of Default.

Term Default means any “Event of Default”, as that term is defined in any Term Credit Facility Agreement or any “Event of Default” or “Termination Event”, as those terms are defined in any Term Hedge Agreement. “Term Default Disposition” has the meaning set forth in Section 5.1(i). “Term Deficiency Claim” means any portion of the Term Debt consisting of an allowed unsecured claim under Section 506(a) of the Bankruptcy Code (or any similar provision under any other Bankruptcy Law). “Term DIP Financing” has the meaning set forth in Section 6.2(b). “Term DIP Financing Conditions” means that: (i) (A) the ABL Agent retains its Liens with respect to the Collateral that existed as of the date of the commencement of the applicable Insolvency Proceeding (including proceeds thereof arising after the commencement of such Insolvency Proceeding), (B) as to the ABL Priority Collateral that existed as of the date of the commencement of such Insolvency Proceeding (including proceeds thereof arising after the commencement of such Insolvency Proceeding), the ABL Agent’s Liens with respect to such ABL Priority Collateral remain senior and prior to the Liens (inclusive of any Liens securing the Term DIP Financing) of the Term Agent or any other provider of Term DIP Financing with respect to such ABL Priority Collateral, and (C) as to ABL Priority Collateral acquired by the applicable Grantor after the commencement of such Insolvency Proceeding (excluding proceeds of ABL Priority Collateral existing prior to the commencement of such Insolvency Proceeding), either (x) neither the ABL Claimholders nor the Term Claimholders obtain a Lien with respect to such ABL Priority Collateral or (y) if a Lien with respect to such ABL Priority Collateral is granted to secure the Term DIP Financing, then the ABL Agent obtains a Lien with respect to such ABL Priority Collateral and the Liens with respect to such ABL Priority Collateral securing the Term DIP Financing are junior and subordinate to the Liens of the ABL Agent with respect to such ABL Priority Collateral; (ii) all Liens on Term Priority Collateral securing any such Term DIP Financing shall be senior to or on a parity with the Liens of the Term Agent securing the Term Debt on the Term Priority Collateral; (iii) the proposed Term Cash Collateral use or Term DIP Financing does not compel any Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the Term Cash Col...

Term Default means the occurrence of an "Event of Default" under the Term Loan Documents.

Term Default means an event which with notice or upon the lapse of time or both would become an Event of Default.

Term Default means any “Event of Default”, as such term is defined in any Term Document.