Indebtedness Default definition

Indebtedness Default means any failure of Danka or any of its Affiliates to perform or observe any condition or covenant made by it under, or that any event shall have occurred or condition shall exist, under any agreement or instrument that governs or otherwise relates to any credit facility or similar arrangement (whether syndicated or held by a single lender) contemplating loans, advances or other extensions of credit in an aggregate maximum amount equal to or greater than $500 million, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of the loans, advances or other extensions of credit thereunder or beneficiary or beneficiaries of the loans, advances or other extensions of credit thereunder (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause the loans, advances or other extensions of credit thereunder to be declared to be due and payable prior to their stated maturity and such failure, event or condition continues without cure for (i) the applicable cure period (if any) set forth in such agreement or instrument or (ii) if no applicable period shall be set forth in such agreement or instrument, a period of 30 days after GE Capital delivers to Danka written notice of such failure, event or condition); provided, however, that in the event that (a) such agreement or instrument is amended so as to eliminate the condition, covenant or event that gave rise to such right of acceleration or (b) the holder or holders or beneficiary or beneficiaries of the loans, advances or other extensions of credit thereunder agree to forbear from exercising, or waive their right to exercise, such right of acceleration, then so long as such amendment, forbearance or waiver is effective, any failure, event or condition that is the subject of such amendment, forbearance or waiver shall not constitute an Indebtedness Default.

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Indebtedness Default has the meaning set forth in Section 13.11(c). “Indemnified Person” has the meaning set forth in Section 6.5(b).

Indebtedness Default means any failure of Danka or any of its Affiliates to perform or observe any condition or covenant made by it under, or that any event shall have occurred or condition shall exist, under (a) the Senior Financing Facility, or (b) any agreement or instrument that governs or otherwise relates to any credit facility or similar arrangement (whether syndicated or held by a single lender) contemplating loans, advances or other extensions of credit in an aggregate maximum amount equal to or greater than $500 million, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of the loans, advances or other extensions of credit thereunder or beneficiary or beneficiaries of the loans, advances or other extensions of credit thereunder (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause the loans, advances or other extensions of credit thereunder to be declared to be due and payable prior to their stated maturity and such failure, event or condition continues without cure for (i) the applicable cure period (if any) set forth in such agreement or instrument or (ii) if no applicable period shall be set forth in such agreement or instrument, a period of 30 days after GE Capital delivers to Danka written notice of such failure, event or condition); provided, however, that in the event that (a) such agreement or instrument is amended so as to eliminate the condition, covenant or event that gave rise to such right of acceleration or (b) the holder or holders or beneficiary or beneficiaries of the loans, advances or other extensions of credit thereunder agree to forbear from exercising, or waive their right to exercise, such right of acceleration, then so long as such amendment, forbearance or waiver is effective, any failure, event or condition that is the subject of such amendment, forbearance or waiver shall not constitute an Indebtedness Default."

Examples of Indebtedness Default in a sentence

The Company may resume payment on the Debentures and may acquire Debentures if and when (x) the default referred to in clause (i) or (ii) of the preceding paragraph above is cured or waived in writing or ceases to exist; or (y) in the case of a default referred to in clause (ii) of the preceding paragraph, 179 or more days pass after the receipt by the Company of the Senior Indebtedness Default Notice, and this Article 4 otherwise permits the payment or acquisition at that time.
If the Company receives a Senior Indebtedness Default Notice, then a similar notice received within nine months thereafter relating to the same default on the same issue of Senior Indebtedness shall not be effective to prevent the payment or acquisition of the Notes for purposes of this Section 8.03.
If the Company receives a Senior Indebtedness Default Notice, then a similar notice received within nine months thereafter relating to the same default on the same issue of Senior Indebtedness shall not be effective for purposes of this Section 4.03.
The Company may resume payment on the Notes and may acquire Notes for cash if and when (x) the default referred to in clause (i) or (ii) of the preceding paragraph above is cured or waived in writing or ceases to exist; or (y) in the case of a default referred to in clause (ii) of the preceding paragraph, 179 or more days pass after the receipt by the Company of the Senior Indebtedness Default Notice, and this Article 8 otherwise permits the payment or acquisition at that time.
Dow Corning shall give notice to the Claims Administrator of a payment default or other material default with respect to any financial indebtedness totaling more than $100,000,000 that results in acceleration of that indebtedness (an "Indebtedness Default") within two (2) business days of such Indebtedness Default.
Dow Corning shall not restructure or otherwise resolve such Indebtedness Default without prior notice to the Claims Administrator.
If the Company receives a Senior Indebtedness Default Notice, then a similar notice received within nine months thereafter relating to the default that was the basis of such Senior Indebtedness Default Notice, on the same issue of Senior Indebtedness, shall not be effective to prevent the payment or acquisition of the Securities as described in the first sentence of this Section 13.03(a).
Notwithstanding the foregoing, payments with respect to the Securities may resume and the Company may acquire Securities for cash when (x) the default with respect to the Senior Indebtedness is cured or waived or ceases to exist or (y) in the case of a default described in (b) above, 179 or more days pass after the Senior Indebtedness Default Notice is received by the Company; provided, that the terms of this Indenture otherwise permit the payment or acquisition of the Securities at that time.
If the Company receives a Senior Indebtedness Default Notice, then a similar notice received within nine months thereafter relating to the default that was the basis of such Senior Indebtedness Default Notice, on the same issue of Senior Indebtedness, shall not be effective to prevent the payment or acquisition of this Security as described in the first sentence of this Section 9.03(a).
The Trustee and the holders of the Debentures shall be entitled to assume that no such event has occurred unless the Company has given such notice and, in the case of notice given of any Senior Indebtedness Default, that such default is continuing until the Company gives written notice to the Trustee that such default has ceased to exist.

More Definitions of Indebtedness Default

Indebtedness Default means (i) that any Material Indebtedness is not paid at maturity or (ii) an event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity (an “Acceleration”) and, in each case, within 30 days after Borrower received notice of such Acceleration (or within 30 days of maturity): (x) the applicable Material Indebtedness has not been paid in full, discharged or otherwise satisfied, or (y) the holder or holders thereof have not in writing acknowledged the cure of the underlying default and extended the maturity or rescinded, annulled or waived the acceleration or notice or default (as the case may be) giving rise to such Acceleration.

Indebtedness Default is hereby amended and restated in its entirety as follows:

Indebtedness Default means any breach of, or the happening of a default or event of default under, the Bank Credit Agreement, the Bridge Loan Agreement, the Management Notes, the Junior Subordinated Notes (or any agreement or instrument relating to any of the foregoing) or any other agreement, instrument or other document representing or relating to Indebtedness (as defined in the Bank Credit Agreement, as in effect on the Series C Initial Issuance Date) to which the Corporation or any of its Subsidiaries is a party or by which any of their respective properties or assets is bound, that, in any such event, permits, or would permit upon notice or with lapse of time or both, any holder thereof to effect, or automatically effects, or would effect, whether upon notice or with lapse of time or both, an acceleration of the maturity thereof.