Examples of Waiver Termination Date in a sentence
Each Loan Party further acknowledges and agrees that on the Forbearance and Waiver Termination Date all of the conditions precedent to Credit Extensions contained in the Credit Agreement with respect to the absence of the Specified Defaults shall be reinstated automatically, ab initio, without further action by the Administrative Agent or any of the Lenders.
Upon the Forbearance and Waiver Termination Date, (i) the Forbearance and Limited Waiver of Conditions Precedent shall terminate automatically and be of no further force or effect, and (ii) subject to the terms of the Loan Documents and applicable law, the Administrative Agent and each Lender shall be free in its sole and absolute discretion, without limitation, to proceed to enforce any or all of its rights and remedies set forth in the Credit Agreement, the other Loan Documents and applicable law.
The waiver by the Lenders described in this Section 2 is temporary in nature and such Potential Default shall, unless otherwise waived by the Majority Lenders, be immediately and automatically reinstated on the Waiver Termination Date and shall constitute an “Event of Default” under the Credit Agreement and the other Credit Documents.
Each Credit Party hereby further agrees and acknowledges that (i) the Potential Default has not been permanently waived as a result of this Agreement and that such waiver is temporary in nature, and (ii) from and after the Waiver Termination Date, all rights and remedies of the Lenders enjoined as a result of this Section 2 shall, unless otherwise waived by the Majority Lenders, be reinstated.
The waiver set forth in this Section 3(a) is temporary in nature and the Existing Defaults and the Swap Default shall, unless otherwise agreed to in writing by the Requisite Lenders and MUFG LTD, respectively, be immediately and automatically reinstated on the Waiver Termination Date and shall constitute an “Event of Default” under the Credit Agreement and the other Loan Documents and the Swap Contracts.