Default exists Clause Samples
The "Default exists" clause defines the circumstances under which a party is considered to be in default under an agreement. Typically, this clause outlines specific events or failures—such as missed payments, breaches of obligations, or insolvency—that trigger a default status. For example, if a party fails to deliver goods on time or does not fulfill a financial commitment, this clause would clarify that such actions constitute a default. Its core practical function is to provide clear criteria for identifying when a default has occurred, thereby enabling the non-defaulting party to exercise remedies or protections specified elsewhere in the contract.
Default exists. The Borrower shall not amend or modify any of the terms or conditions relating to the 2021 Unsecured Bond Debt in a manner that would be materially adverse to the Administrative Agent and the Lenders.
Default exists. In addition, on the applicable Stated Maturity Date of each Non-Extending Lender, the Borrowers shall prepay any Loans outstanding on such date (and pay any additional amounts required pursuant to Section 4.4) to the extent necessary to keep outstanding Loans ratable with any revised Term Loan Percentages and Revolving Loan Percentages of the respective Lenders effective as of such date.
Default exists. The Borrower and the Designated Borrowers shall prepay any Committed Loans outstanding on the Increase Effective Date (and pay any additional amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding Committed Loans ratable with any revised Applicable Percentages arising from any nonratable increase in the Commitments under this Section.
Default exists. If requested by the Administrative Agent, the Borrower shall execute an authorization letter addressed to its accountants authorizing the Administrative Agent or any Lender to discuss the financial affairs of the Borrower, any other Loan Party or any other Subsidiary with the Borrower’s accountants.
Default exists. Effective as of the IPO Effective Date, Paragraph 8(g) of the Agreement is hereby amended by adding the phrase "if, immediately before or after giving effect to any such acquisition, purchase, redemption or retirement, any Event of Default or Potential Default exists or would exist" after the word "outstanding" at the end of the paragraph.
Default exists. Should Tenant fail or be disabled from exercising its rights under, and in strict compliance with, this Section 4.4, Tenant shall have no further rights to vacate the Contraction Space or any other portion of the Demised Premises.