Parent Default definition

Parent Default has the meaning set forth in Section 7.01.

Parent Default means the occurrence of any of the following: (a) a breach by Parent of its obligation to transfer Transferred Assets to the Borrower pursuant to Sections 1 of the Master License, (b) a breach by Parent of any other obligation in the Master License or Master Assignment Agreement which could reasonably be expected to result in a Material Adverse Effect or (c) any representation or warranty made or deemed made by or on behalf of Parent in the Master License or Master Assignment Agreement or any amendment or supplement thereto or in any report, certificate, or other document furnished pursuant to or in connection with any of the foregoing shall prove to have been incorrect in any material respect when made or deemed made.

Parent Default means the occurrence and continuance of any event of default under: (a) the Senior Secured Indebtedness (under the Parent Credit Agreement, or otherwise); or (b) the Senior Secured Note Documents (as defined in the Parent Credit Agreement).

Examples of Parent Default in a sentence

• The Senior Parent Finance Parties may take Enforcement Action under Clause 6.9 (Permitted Senior Parent enforcement) in relation to a Relevant Senior Parent Default even if, at the end of any relevant Senior Parent Standstill Period or at any later time, a further Senior Parent Standstill Period has begun as a result of any other Senior Parent Event of Default.

• Shaw Notes, when and as the same shall become due and payable, and (y) any event or condition occurs that results in any Indebtedness of the Parent in a principal amount in excess of the Parent Default Threshold or any Indebtedness evidenced by or governing D.

• In the event of a Parent Default, the Company, on behalf of the Company and the Company Shareholder, shall be entitled to elect either (1) to bring an action for specific performance of this Agreement pursuant to Section 9.12 or (2) to terminate this Agreement pursuant to Section 7.03(d).

• Failure by the Parent to comply with or to perform any provision of this Agreement (and not constituting a Parent Default under any of the preceding provisions of this Section 9.2.1) and continuance of such failure for 60 days after notice thereof to the Parent from the Subsidiary.

• Other than the replacement of Collateral Loans in accordance with the terms of Section 7(c), Debtor shall not acquire any additional Collateral Loans: (i) from and after SEPTEMBER 30, 2018; or (ii) after the occurrence of a Parent Default.

More Definitions of Parent Default

Parent Default set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:

Parent Default the declaration or making by Parent of any Distribution, or the making by Parent of any Restricted Investment or any payment (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to any Borrowed Money evidenced by the Senior Notes prior to its due date under the Senior Notes Documents, which, in each case, would result in an Event of Default if such Distribution was declared or made, or such Restricted Investment or payment of Borrowed Money was to be made, by any Borrower.”

Parent Default means a Default as such term is defined in the Parent Credit Agreement.

Parent Default means (i) the breach by Parent, Buyer or any of their respective Affiliates of any obligations under this Agreement or any of the agreements entered into in connection herewith or contemplated hereby or (ii) the failure of Parent and Buyer to work together with the Members in good faith, exercising Parent and Buyer’s commercially reasonable best efforts, to promote the Company’s obtaining a timely extension of the Conditional Approval and/or a permanent Permit to operate the Business from the Board of Pharmacy.

Parent Default means the failure of the Parent (for any reason whatsoever) to redeem all of the then-outstanding Preferred Shares on the Applicable Redemption Date and pay in full the Applicable Redemption Price on or prior to such date in accordance with the provisions of the Certificate of Designation.

Parent Default the declaration or making by Parent of any Distribution, or the making by Parent of any Restricted Investment or any payment (whether voluntary or mandatory, or a prepayment, redemption, retirement, defeasance or acquisition) with respect to any Borrowed Money in respect of the TOKIN-SMTB Loans, which, in each case, would result in an Event of Default if such Distribution was declared or made, or such Restricted Investment or payment of Borrowed Money was to be made, by any Borrower.”

Parent Default means a default or failure in the due observance or performance of any covenant, condition or agreement on the part of the Parent or Acquisition Corp. to be observed or performed under the terms of the Merger Documents to which it is a party, if such default or failure in performance shall remain un-remedied for five (5) days.