CSL Provisions definition
Examples of CSL Provisions in a sentence
Anything herein to the contrary notwithstanding, all outstanding Loans shall be immediately repaid upon the occurrence of the CSL Provisions Trigger and no further Loans shall be made so long as the CSL Provisions are in effect.
The FX Forward Contracts shall be secured by cash in amounts and on terms and conditions acceptable to Silicon in its sole discretion upon the occurrence of any CSL Provisions Trigger and so long as the CSL Provisions are in effect.
Borrower and Bank hereby acknowledge and agree that: (a) Pivotal US failed to maintain at all times the minimum Qualifying Cash on deposit in Deposit Accounts of Pivotal US maintained with Silicon required under Section 5 of the Schedule to Loan Agreement; (b) such violation of the minimum Qualifying Cash financial covenant constitutes the "Qualifying Cash CSL Provisions Trigger"; and (c) accordingly, the CSL Provisions are effective.
Silicon and Borrower agree that the Event of Default arising solely from Borrower's failure to comply with the Maximum Quarterly Net Loss financial covenant set forth in Section 5 of the Schedule to the Loan Agreement for the measurement period ended September 30, 2003 (the "Designated Default") hereby is waived; provided, however, that the CSL Provisions have been (at all times since the occurrence of the Designated Default), are, and, notwithstanding such waiver, shall continue to remain, in effect.