Event of Material Default definition

Event of Material Default means, with respect to the Credit Facility, an “Event of Default” pursuant to Sections (i) 10.01(a) (Loan Principal Payments), (ii) 10.01(b) (Loan Interest and Fee Payments), (iii) 10.01(d) (Covenant Breaches) (solely with respect to the failure to observe or perform any covenant, condition or agreement contained in Sections 9.01(a) (Debt/EBITDAX Ratio), 9.01(b) (Current Ratio), 9.01(c) (Fixed Charge Coverage Ratio), 9.02 (Debt) or 9.11 (Mergers, Etc.) thereof), (iv) 10.01(f) (Material Indebtedness Payments), (v) 10.01(g) (Material Indebtedness Acceleration), (vi) 10.01(h) (Involuntary Bankruptcy) or (vii) 10.01(i) (Voluntary Bankruptcy) thereof, or in each case pursuant to any similar provision contained in any credit agreement pursuant to which the Credit Facility is repaid or otherwise refinanced.
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Event of Material Default has the meaning ascribed to it in the Series A Certificate.
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Event of Material Default shall have the meaning ascribed thereto in Section 8.16;
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Examples of Event of Material Default in a sentence

  • If an Event of Default cannot be remedied, such event shall be deemed as an Event of Material Default; if can be remedied, but the breaching party does not make remedy or fails to make full remedy within thirty (30) days upon receipt of a notice from the non-breaching party, it shall be deemed as an Event of Material Default.

  • The amount determined to be due and payable hereunder as Minimum Cover Damages shall bear interest at the annual rate of two percentage points over the "Base Rate" or comparable base lending rate then in effect at the main office of Fleet Bank, located in Boston, Massachusetts, or its successor bank, from the date the applicable Event of Material Default occurs through the date of payment.

  • Notwithstanding the provision of the preceding sentence, the Termination Event defined in Article 8.1 shall be deemed as an Event of Material Default upon its occurrence.

  • Notwithstanding the provision of the preceding sentence, the Termination Event defined in Article 11.1 shall be deemed as an Event of Material Default upon its occurrence.

Related to Event of Material Default

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Owner Event of Default has the meaning set forth in Section 20.3.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Servicer Event of Default wherever used herein, means any one of the following events:

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Actionable Default means the occurrence of any of the following:

  • Event of Insolvency means, for any Person:

  • Issuer Event of Default means the occurrence of any of the following events:

  • Event of Default has the meaning specified in Section 8.01.

  • Specified Event of Default means any Event of Default pursuant to Section 9.01(a), Section 9.01(f) or Section 9.01(g).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice, constitute an Event of Default.

  • Event of Noncompliance shall have the meaning set forth in the Certificate of Designations.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.