Term Loan Event of Default means an "Event of Default" as defined in the Term Loan Agreement.
Examples of Term Loan Event of Default in a sentence
The Company's Board of Directors may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation shall be deemed to be an incurrence of Debt by a Restricted Subsidiary of any outstanding Debt of such Unrestricted Subsidiary and such designation shall be permitted only if (a) such Debt is permitted under Section 11.5, and (b) no Term Loan Default or Term Loan Event of Default would be in existence following such designation.
Subject to the provisions of Article XIV hereof, in case a Term Loan Event of Default shall occur (which shall not be cured), the Administrative Agent shall be required, in the exercise of its power, to use the degree of care of a prudent person in the conduct of its own affairs.
If any Term Loan Event of Default occurs and is continuing, the Term Lender may declare the Accreted Value of the Term Loan to be due and payable immediately.
Notwithstanding the foregoing, in the case of a Term Loan Event of Default as described in (h) and (i) of Section 13hereof, the Term Loan will become due and payable without further action or notice.
In addition, the Company may, at its option and at any time, elect to have its obligations and those of Term Loan Subsidiary Guarantor released under the covenants contained in Sections 2.9, 11.2, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 11.9, 11.10, 11.11, 11.12, 11.13, 11.14 and 11.16 ("Covenant Defeasance") and thereafter any omission to comply with such obligations shall not constitute a Term Loan Default or Term Loan Event of Default.