Equity Cure Right definition
Examples of Equity Cure Right in a sentence
For the avoidance of doubt, it is agreed and understood that if the amount required to cure any Financial Covenant Default exceeds the greater of $4,000,000 or 10% of pro forma EBITDA, the Equity Cure Right will not cure such Financial Covenant Default.
For the avoidance of doubt, to the extent that the Borrower Representative exercises the Equity Cure Right, no Loan Party or Subsidiary thereof shall be permitted to make cash payments in respect of the Second Lien Term Loan Agreement or to incur any new Indebtedness, and/or to make any Restricted Payments pursuant to Sections 5.10(e) or (f) or Investments pursuant to Section 5.4(i) for the subsequent twelve (12) calendar months.
If Borrower wishes to exercise the Equity Cure Right, it shall notify Bank as soon as possible, but no later than five (5) Business Days after the first occurrence of a Financial Covenant Trigger Date.
Section 8.1 Events of Default 100 Section 8.2 Non Bankruptcy Defaults 102 Section 8.3 Bankruptcy Defaults 103 Section 8.4 Equity Cure Right 103 Section 8.5 Collateral Account 104 Section 8.6 Notice of Default 104 SECTION 9.
For the avoidance of doubt, to the extent that the Borrower Representative exercises the Equity Cure Right, no Loan Party or Subsidiary thereof shall be permitted to incur any new Indebtedness, and/or to make any Restricted Payments pursuant to Sections 5.10(e) or (f) or Investments pursuant to Section 5.4(i) for the subsequent twelve (12) calendar months.