Default then exists Clause Samples

Default then exists. The Phase IV Contribution Payment shall be made subject to and in accordance with all of the provisions of Section 4.03 above, except that any reference to (i) Phase I Portion shall be deemed to refer to the Phase IV Portion, (ii) the dollar amount $2,789,640.00 shall be deemed to refer to the Phase IV Contribution Amount and (iii) Construction Payment shall be deemed to refer to the Phase IV Contribution Payment. For purposes of this Section 4.06, the term "PHASE IV CONTRIBUTION AMOUNT" shall mean the product of (x) $1,262,345.00, multiplied by (y) a fraction (the "PHASE IV TERM FRACTION"), the numerator of which is the number of full calendar months during the period commencing on the earlier of (A) the Phase IV Effective Date, and (B) December 1, 2003 and ending on the Expiration Date, and the denominator of which is the number of full calendar months during the Term.
View Source
Default then exists. The Borrower shall not take any action in violation of the provisions of the Subordinated Debt Documents pursuant to which the indebtedness, liabilities and obligations evidenced by the Subordinated Debt Documents are subordinated and made junior to the Revolving Credit Loans, Swing Line Loans and all of the other Obligations. The Borrower shall not permit any Subsidiary to take any action which shall result in violation of the provisions of the Subordinated Debt Documents pursuant to which the indebtedness, liabilities and obligations evidenced by the Subordinated Debt Documents are subordinated and made junior to the Revolving Credit Loans, Swing Line Loans and all of the other Obligations.
View Source
Default then exists. If the Credit Obligations become or are declared immediately due and payable, the Agent may apply such cash, including any interest thereon, to the payment of any of the Credit Obligations as provided in section 3.5.6 of the Guarantee and Security Agreement.
View Source

Related to Default then exists

  • No Default, etc No Default, Event of Default or Material Adverse Change has occurred and is continuing.

  • No Default or Event of Default No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such Default or Event of Default shall have been waived in accordance with this Agreement.

  • No Existing Default No Default or Event of Default shall have occurred and be continuing (i) on the borrowing, continuation or conversion date with respect to such Loan or after giving effect to the Loans to be made, continued or converted on such date or (ii) on the issuance or extension date with respect to such Letter of Credit or after giving effect to the issuance or extension of such Letter of Credit on such date.

  • Action Upon Certain Failures of the Master Servicer and Upon Event of Default In the event that a Responsible Officer of the Trustee shall have actual knowledge of any action or inaction of the Master Servicer that would become an Event of Default upon the Master Servicer’s failure to remedy the same after notice, the Trustee shall give prompt written notice thereof to the Master Servicer.

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.