Final Payment Default definition

Final Payment Default has the meaning specified in Section 501.
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Final Payment Default means any failure of any of the Borrowers to Pay in Full all of the Senior Obligations owing to the Senior Lenders immediately upon the occurrence of any acceleration of such Senior Obligations in accordance with any of the applicable Senior Loan Documents or immediately upon the final scheduled maturity of any of the Senior Obligations owing to the Senior Lenders as provided for under the Senior Loan Documents, in either such case as such Senior Loan Documents are in effect on the date hereof or have been modified in accordance with the terms of this Agreement.
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Examples of Final Payment Default in a sentence

  • At any time after an Acceleration Notice, a Final Payment Default Notice or the occurrence of a Liquidation Acceleration under the Pledge and Intercreditor Agreement, the Borrower shall not pay, or cause or permit to be paid, any management or advisory fees (excluding expense reimbursements) of any type to the Investment Manager unless otherwise consented to by the Required Lenders pursuant to the terms of the Pledge and Intercreditor Agreement.

  • At any time after an Acceleration Notice, a Final Payment Default Notice or the occurrence of a Liquidation Acceleration under the Pledge and Intercreditor Agreement, the Borrower shall not pay, or cause or permit to be paid, any management or advisory fees (excluding expense reimbursements) of any type to the Investment Manager unless otherwise consented to by the Controlling Class pursuant to the terms of the Pledge and Intercreditor Agreement.