Known Defaults definition

Known Defaults means those certain Events of Default that have occurred and are continuing, as expressly described on Schedule I attached hereto.
Sample 1Sample 2
Known Defaults means (a) the Event of Default under Section 7.1(b) of the Participation Agreement subsisting as of the date of this Waiver Agreement and (b) the Default relating to the existence of mechanics' liens on the Project in an amount in excess of $3 million subsisting as of the date of this Waiver Agreement.
Sample 1Sample 2
Known Defaults means (i) the Events of Default and Potential Defaults described in the letter of the Agent to the Borrower dated February 21, 2001 (the "Cheyenne Judgment"), together with the Event of Default which has occurred pursuant to Section 7.01(j) of the Credit Agreement as a result of such events; (ii) the existence of the Lien created by the recording or other perfection of the Cheyenne Judgment by Travelers Casualty and Surety Company of America ("Travlers") or its affiliates against Elk Horn; (iii) the Default (as defined in the Senior Note Indenture) which will occur under the Senior Note Indenture by reason of (x) the payment by Travelers on the appeal bond issued in connection with the Cheyenne Judgment, and (y) the recording or other perfection by Travelers or its affiliates of the Cheyenne Judgment against Elk Horn; and (iv) the failure of the Borrower to comply with certain of the financial maintenance covenants set forth in Section 6.16 of the Credit Agreement for the period ended December 31, 2000.
Sample 1

Examples of Known Defaults in a sentence

  • Each Loan Party hereby acknowledges, confirms and agrees that as a result of the Known Defaults, the Lender Group has no obligation to make any loans or advances or other financial accommodations to any Loan Party.

  • Other than the Known Defaults, no event has occurred and is continuing that constitutes a Default or an Event of Default.

  • The Loan Parties acknowledge and agree that the Known Defaults have occurred and are continuing (except with respect to Known Defaults consisting of the failure of Borrowers to make amortization payments, which are anticipated to occur hereafter during the Forbearance Period).

  • For the Forbearance Period (as defined below), the Agent and Lenders shall not take any action or commence any proceedings with respect to the enforcement of any of their rights or remedies under the Loan Documents based solely on the continuance of the Known Defaults.

  • Without limiting the foregoing, during the Forbearance Period, each Loan Party shall promptly provide such information concerning the Known Defaults as the Agent or the Required Lenders may reasonably request from time to time.

  • The Borrower shall have a minimum of $10 million of excess availability under the ABL Credit Agreement for 30 days before and projected for 30 days after paying any Earn-Out Obligations until the time, if any, upon which the Lenders have waived the Known Defaults.

  • Other than the Known Defaults, no event has occurred and is continuing that constitutes an Event of Default.

  • No Event of Default, other than the Known Defaults, has occurred and is continuing.

  • Evidence satisfactory to the Administrative Agent and the Lenders that except for the existence of the Known Defaults, the representations and warranties set forth herein and in the Credit Agreement must be true and correct.

  • The Company and the Guarantors acknowledge and agree that the waiver contained herein is a limited waiver, limited to the specific Known Defaults described above and subject to the conditions described herein.

Related to Known Defaults

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • Existing Defaults means, collectively, the Events of Default identified on Exhibit A hereto.

  • Registration Default As defined in Section 5 hereof.

  • Specified Defaults means, collectively, the Existing Defaults and the Anticipated Defaults.

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

  • Minor Default means any Event of Default that is not a Major Default.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

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

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Default means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • 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);

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • 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).

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Administrative Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • 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.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Lender Default means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of revolving loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within two Business Days after the date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless subject to a good faith dispute; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations, under the Revolving Credit Facility or under other agreements generally in which it commits to extend credit; (iv) a Lender has failed, within three Business Days after request by the Administrative Agent, to confirm that it will comply with its funding obligations under the Revolving Credit Facility; or (v) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or more of clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to the Borrower, each L/C Issuer, each Swing Line Lender and each Lender.