Events of Default and Forbearance Sample Clauses

Events of Default and Forbearance. Administrative Agent and Banks hereby agree as of the Effective Date (defined below) to forbear from exercising the Enforcement Actions (defined below) solely with respect to the Existing Events of Default until the earliest to occur of any of the following (each, a “Termination Event”): (a) the occurrence of a breach or default under this Agreement; (b) the occurrence of a Default or Event of Default that does not constitute an Existing Event of Default; (c) the acceleration of all or any part of the Indebtedness outstanding under the Senior Notes or the Senior Note Agreement, any enforcement action with respect to the Senior Notes or upon payment by Borrower of any principal under the Senior Notes; (d) termination or amendment of any forbearance agreement entered into with the requisite holders of the Senior Notes or any other failure of any such agreement to continue to be in full force and effect; and (e) November 16, 2009 (the earliest date of occurrence of any Termination Event, the “Forbearance Termination Date”). The time period from the Effective Date to the Forbearance Termination Date is the “
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Events of Default and Forbearance. One or more Events of Default (the “Existing Defaults”) exist or will exist as a consequence of Borrowers’ (i) default under that certain Loan and Security Agreement, dated as of February 8, 2013 by and among Advanced Photonix, Inc., Picometrix, LLC and Partners for Growth III, L.P.; and (ii) anticipated failure to comply with Section 6.9(a) and 6.9(b) of the Agreement for the periods ending December 31, 2013 and January 31, 2014. Subject to the terms and conditions set forth herein, Bank shall forbear from enforcing any rights and remedies it may have against Borrowers from the date hereof until the date (the “Forbearance Termination Date”) that is the earliest to occur of (a) February 28, 2014, (b) the failure of Borrowers to comply with any of the terms of this Amendment, (c) the occurrence of any Event of Default (other than the Existing Defaults), and (d) the date that a Borrower joins in, assists, cooperates, or participates as an adverse party or adverse witness in any suit or other proceeding against Bank relating to the Obligations or the Loan Documents (the “Forbearance Period”). This Amendment does not constitute a waiver or release by Bank of any Obligations or of any Event of Default other than the Existing Defaults. Bank has made no commitment to grant any additional extensions of time at the end of the Forbearance Period.
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Events of Default and Forbearance 
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Related to Events of Default and Forbearance

  • Events of Default and Remedies Section 8.01

  • Events of Default; Waiver The Holders of a Majority in liquidation amount of Preferred Securities may, by vote, on behalf of the Holders of all of the Preferred Securities, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Preferred Securities Guarantee, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon.

  • Events of Default and Acceleration If any of the following events (“Events of Default” or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, “Defaults”) shall occur:

  • Events of Default, Etc During the period during which an Event of Default shall have occurred and be continuing:

  • Events of Defaults If one or more of the following events ("Events of Default") shall have occurred and be continuing:

  • Waiver of Defaults and Events of Default (a) The Noteholders of a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default, except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders.

  • Events of Default Remedies If any of the following events (“Events of Default”) shall occur:

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

  • Waiver of Events of Default The Holders representing at least 66% of the Voting Rights affected by a default or Event of Default hereunder may waive such default or Event of Default; provided, however, that (a) a default or Event of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth in Section 11.01(b)(i) or (ii). Upon any such waiver of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights affected by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon except to the extent expressly so waived.

  • Events of Default Any of the following shall constitute an Event of Default:

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