Examples of Major Event of Default in a sentence
The Grantor hereby appoints the Interim Security Agent as its attorney-in-fact for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Interim Security Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of a Major Event of Default, which appointment is irrevocable and coupled with an interest.
If a Major Event of Default has occurred and is continuing, an Interim Finance Party may set off any matured obligation (to the extent beneficially owned by the Interim Finance Party) due and payable by an Obligor to it under an Interim Finance Document against any matured obligation due and payable by it to that Obligor, regardless of currency, place of payment or booking branch of either obligation to the extent permitted by the Interim Facilities Agreement.
Without limiting the generality of the foregoing, the making of an Interim Loan or issuance of a Bank Guarantee shall not be construed as a waiver of any Major Event of Default, regardless of whether the Interim Security Agent or any other Interim Finance Party may have had notice or knowledge of such Major Event of Default at the time.