Examples of First Tier Default in a sentence
A First Tier Default or a Payment Default shall be deemed not to have occurred or to exist for any purpose hereunder, and an Event of Default shall be deemed not to have occurred and be continuing for any purpose hereunder, in each case if Harcourt shall have waived it in writing, stated in writing that it has been cured to Harcourt's reasonable satisfaction or entered into an amendment to this Agreement which by its express terms cures such First Tier Default or such Event of Default.
This Agreement shall terminate at such time as the Present Value Lease Exposure is less than $50,000,000 if at such time no First Tier Default, Payment Default or Event of Default has occurred and is continuing; provided, however, that Sections 2, 3.1, 3.6, 9, 10, 11 and 12 and Sections 7.3 through 7.8 (insofar as they relate to Sections 2, 3.1 and 3.6) shall survive the termination of this Agreement.
Promptly upon acquiring knowledge thereof, the Company will notify Harcourt of the existence of any First Tier Default or Default, specifying the nature thereof and what action the Company or any Subsidiary has taken, is taking or proposes to take with respect thereto.
The Company covenants that it will, and it will cause its Subsidiaries to, comply with the provisions of this Section 5 during the period from the date on which any First Tier Default occurs to the date on which the Company is in compliance with each of the provisions of Section 4 as are then applicable.
No such action by Harcourt shall extend to or affect any subsequent First Tier Default or Event of Default or impair any rights of Harcourt upon the occurrence thereof.
In addition to any other rights and remedies which Agent and Lenders may have pursuant to this Loan Agreement and the other Loan Documents or pursuant to law or equity, and without limitation thereof, if any First Tier Default or Event of Default shall occur and be continuing, then Agent and Lenders may decline to make all or any portion of any Earn-Out Disbursement which is the subject of any outstanding Earn-Out Disbursement Request, in each case as Agent may elect.
Upon the occurrence and during the continuance of any First Tier Default or an Event of Default, in addition to any other rights or remedies of Agent hereunder or under the other Loan Documents, Agent may terminate the Asset Management Agreement entered into with any Affiliate of Borrower and/or may require that Borrower terminate the Asset Management Agreement.
Disbursements from the Cash Sweep Account to reimburse Borrower for operating shortfalls as provided above shall be conditioned on, among other things, the absence of any First Tier Default or Event of Default and Agent’s receipt of a request for disbursement, in form and substance satisfactory to Agent, accompanied by such supporting documentation as Agent shall require.
Without limiting the foregoing, Agent may make all or any portion of any Earn-Out Disbursement so long as any such First Tier Default or Event of Default shall exist without thereby becoming obligated to make all or a portion of any other or further Earn-Out Disbursement or waiving Agent’s’ or Lenders’ right to exercise any of their rights and remedies pursuant to any one or more of the Security Documents and/or the other Loan Documents or as may be available at law or equity.