Examples of Incipient Default in a sentence
Agent and Lenders shall have no obligation to make an Advance under the Receivables Loan (i) more often than twice during any calendar month, (ii) in an amount less than One Hundred Thousand Dollars ($100,000.00), (iii) pursuant to a Request for Receivables Loan Advance received after the expiration of the Receivables Loan Advance Period, or(iv) after the occurrence of an Incipient Default or an Event of Default.
Each such payment shall for all purposes hereunder be deemed to be a Prime Rate Loan (it being understood that (i) each Lender’s obligation to make such payment is absolute and unconditional and shall not be affected by any event or circumstance whatsoever, including the occurrence of any Incipient Default hereunder or the failure of any condition precedent set forth in Article 7 to be satisfied and (ii) each such payment shall be made without any offset, abatement, withholding or reduction whatsoever).
No Event of Default or Incipient Default exists hereunder, nor will any begin to exist immediately after the execution and delivery hereof.
At any time prior to the date that is one hundred eighty (180) days prior to the last day of theCommitment Period, if no Incipient Default or Event of Default shall have occurred and be continuing (or would result after giving effect thereto), the Borrowers, may, if they so elect, increase the aggregate amount of the Commitments (each such increase to be in an aggregate amount that is an integral multiple of$1,000,000 and not less than $10,000,000).
The Agent shall have no fiduciary relationship with any Lender by reason of this Agreement and the other Loan Documents, regardless of whether an Incipient Default or Event of Default has occurred and is continuing.