Existing Event of Default. One or more events have occurred that constitute an Event of Default under Section 2.01 of the Note (the “Existing Events of Default”).
Existing Event of Default. Pursuant to Section 6.18 of the Credit Agreement, the Borrower agreed not to permit the Fixed Charge Coverage Ratio as of the last day of the fiscal quarter ending September 30, 2020, to be less than 1.25%. Such percentage, as of September 30, 2020, was less than 1.25%. As a result of the circumstances described in the two proceeding sentences, an Event of Default under Section 7.1(c) exists (the “Existing Event of Default”).
Existing Event of Default. An Event of Default has occurred and is continuing under Section 10.1(u) of the Loan Agreement in that the appraisal value of Borrower's subscriber base has decreased more than twenty percent (20%) from the value set forth in that certain appraisal prepared by BAL Financial, dated as of March 1, 1998, which appraised the value of Borrower's subscriber base at Seventy-two Million Nine Hundred Thousand Dollars ($72,900,000). Based on that certain appraisal prepared by BAT Financial, dated as of August 23, 2002, which appraised the value of Borrower's subscriber base at Twenty-seven Million Dollars ($27,000,000), the current value of the subscriber base has decreased by more than sixty-one percent (61%) (the "Existing Event of Default").
Existing Event of Default. Each Loan Party acknowledges and agrees that the Existing Event of Default has occurred and continues to exist as of the date hereof and that the Agent, on behalf of the other Credit Parties, possesses certain rights and remedies with respect to such Existing Event of Default under the Loan Documents and applicable Law as a result thereof. Each Loan Party further acknowledges and agrees that (a) the Obligations are payable on demand, which demand may be made at such time as selected by the Agent, on behalf of the other Credit Parties, in its sole discretion (or, at the request of the Required Lenders), except as specifically provided herein, (b) the Agent and other Credit Parties have no obligation to forbear from the exercise of their rights and remedies except as specifically set forth herein, and (c) the Lenders have no obligation to make additional Loans, issue additional Letters of Credit or otherwise make any other extensions of credit to any Borrower under the Loan Documents or applicable Law except as specifically set forth herein. Each Loan Party further acknowledges and agrees that the fact that the Agent and the other Credit Parties have not elected to exercise any of their additional rights and remedies under the Loan Documents or applicable Law is not a waiver of the Agent’s or any other Credit Party’s right to do so at any time in the future, except as specifically set forth in Section 9 below.
Existing Event of Default. Agent and Lenders hereby waive the Existing Event of Default; provided, that, Borrower shall be in compliance with all of the terms and conditions of the Credit Agreement as hereby amended. The foregoing waiver is only applicable and shall only be effective in the specific instance and for the specific purpose for which made. Such waiver is expressly limited to the facts and circumstances referred to herein and shall not operate (a) as a waiver of or consent to non-compliance with any other provision of the Credit Agreement or any other Loan Document, (b) as a waiver of any other right, power or remedy of Agent or Lenders under the Credit Agreement or any other Loan Document or (c) as a waiver of or consent to any other Default or Event of Default under the Credit Agreement or any other Loan Document.
Existing Event of Default. Agent and Lenders hereby waive the Existing Event of Default; provided, that, Borrower shall be in compliance with all of the terms and conditions of the Credit Agreement as hereby amended. The foregoing waiver is only applicable and shall only be effective in the specific instance and for the specific purpose for which made. Such waiver is expressly limited to the facts and circumstances referred to herein and shall not operate
Existing Event of Default. Pursuant to Section 5 of the Seventh Amendment, the Borrower agreed to provide to the Bank, on or before January 31, 2021, a certificate of a Secretary or Assistant Secretary of the Borrower certifying as to a true and accurate copy of a resolution of the Board of Directors of the Borrower, in form and substance reasonably acceptable to the Bank, ratifying and confirming the execution, delivery and performance by the Borrower of the Seventh Amendment and the $25,000,000 Revolving Note delivered in connection with the Seventh Amendment and other actions taken by the officers of the Borrower with respect to the Seventh Amendment and the Credit Agreement, and the Borrower agreed that the failure to deliver such certificate would constitute an Event of Default under Section 7.1(d) of the Credit Agreement. The Borrower has failed to deliver such certificate. As a result of the circumstances described in the two proceeding sentences, an Event of Default under Section 7.1(c) of the Credit Agreement exists (the “Existing Event of Default”).
Existing Event of Default. Agent and Lenders hereby waive the Existing Event of Default; provided, however, that Borrowers shall be in compliance with the terms of clause (vi) of Section 6.3 (Indebtedness) of the Credit Agreement as clause (vi) is amended by the provisions of Section 3.1 of this Amendment. The foregoing waiver is only applicable and shall only be effective in the specific instance and for the specific purpose for which made. Such waiver is expressly limited to the facts and circumstances referred to herein and shall not operate (a) as a waiver of or consent to non-compliance with any other provision of the Credit Agreement or any other Loan Document, (b) as a waiver of any other right, power or remedy of Agent or Lenders under the Credit Agreement or any other Loan Document or (c) as a waiver of or consent to any other Default or Event of Default under the Credit Agreement or any other Loan Document.
