Examples of Significant Default in a sentence
Other than as permitted in Section 7.4(b) hereof, Borrower shall not acquire, and shall not permit any Subsidiary Guarantor to acquire, all or a material portion of the Capital Stock or assets of any Person in any transaction or in any series of related transactions or enter into any sale and leaseback transaction if a Significant Default exists or would exists after giving effect to such transaction.
The Borrower agrees for the benefit of the Finance Parties that following the occurrence of a Significant Default which is continuing it shall not make or seek to make any payment to the Servicing Agent in respect of any Servicing Payment, or discharge or seek to discharge any Servicing Payment by way of set-off.
Subject to the effectiveness of this Amendment, Agent and Lenders hereby consent to the payment on October 15, 2013 of all amounts then due on the Existing Subordinated Debt in accordance with its terms (the “Subordinated Debt Maturity Payment”), provided that no Significant Default then exists.
At such time as there shall not be continuing any such Significant Default or Lease Event of Default or after the exercise of remedies hereunder all of the obligations of Lessee hereunder and under the other Operative Documents shall have been fully and indefeasably satisfied, such amount shall be paid to the applicable Lessee to the extent not previously applied in accordance with the preceding sentence.
Except during a period when a Lease Event of Default or a Significant Default has occurred and is continuing (in which case all losses will be adjusted by the loss payee), all losses will be adjusted with the insurers by Lessee.