Designated Defaults. 1. The occurrence of a Material Adverse Change in violation of Section 11.01(1) of the Credit Agreement, including without limitation by reason of (a) the failure of the Borrower to conduct an initial public offering as anticipated, without providing any adequate and feasible alternative source of equity or other liquidity; (b) the failure of the Borrower to maintain reasonably adequate operating cash and working capital, including without limitation by reason of notice that the Lenders received from the Borrower’s investment bankers that the Borrower has only approximately $9 million in cash remaining and that the Borrower is chronically operating at a negative cash-flow basis and is spending net operating cash at a rate of approximately $4 million per month; (c) the failure of the Borrower to raise additional capital from its existing shareholders and notice that the Lenders received that the Borrower’s existing shareholders do not intend to invest further in or otherwise finance the Borrower; and (d) the Borrower’s inability to be able to provide adequate assurance of its making its interest payment due on March 31, 2015.
Designated Defaults. 1. Borrowers' Default in paying interest under the Credit Agreement when due and payable on March 1, 2008.
Designated Defaults. The following are Designated Defaults. • Failure to meet the Financial Requirements set forth in Article IV.A. of the Third Amended and Restated Business Loan Agreement dated October 26, 2001 or as provided in one or more of the Original Loan Documents. • Non-payment of creditors other than Standard Federal, as provided in one or more of the Original Loan Documents. • Material adverse changes to the business of Borrower, as provided in one or more of the Original Loan Documents
Designated Defaults. Except to the extent expressly provided below, the following Events of Default shall constitute Designated Defaults to the extent arising as a result of events occurring prior to the Second Amendment Effective Date: Failure to comply with the Consolidated Leverage Ratio covenant as set forth in Section 7.11(b) of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement, for the periods ending at any time from and after, or beginning on, February 4, 2011 through March 31, 2012. Failure to comply with the Consolidated Fixed Charge Coverage Ratio covenant as set forth in Section 7.11(c) of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement for the periods ending at any time from and after, or beginning on, February 4, 2011 through September 30, 2011. Failure to comply with the covenant to provide Certificates; Other Information set forth in Section 6.02(d) of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement. Breach of the Investment Property representation and warranty set forth in Section 4.6(d) of the Collateral Agreement, and the related Event of Default arising under Section 8.01(d) of the Credit Agreement. Breach of the Subsidiaries; Equity Interests; Loan Parties representation and warranty set forth in Section 5.13 of the Credit Agreement, and the related Event of Default arising under Section 8.01(d) of the Credit Agreement. Failure to comply with the Covenant to Guarantee Obligations and Give Security set forth in Section 6.12 of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement. Failure to comply with the Indebtedness and Investments covenants set forth in Sections 7.02(d) and 7.03(b) of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement. Failure to comply with the Depository and Other Deposit Accounts covenant set forth in Section 5.9 of the Collateral Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement. Failure to comply with the Indebtedness covenant set forth in Section 7.02(h) of the Credit Agreement, and the related Event of Default arising under Section 8.01(b) of the Credit Agreement.
Designated Defaults. The Borrower has requested that the Administrative Agent, the Issuing Bank, and the Lenders waive the Designated Defaults and any Representation Defaults (as defined below).
Designated Defaults. 1. The Defaults and Events of Default set forth as Designated Defaults in the Second Amendment.
Designated Defaults. As of March 15, 1997, the aggregate unpaid principal balance on the Note is $17,279,008.59 and the unpaid interest which has accrued on such principal balance through such date is $1,018,233.83. Various reimbursable expenses of ING are also due and payable by Borrower. Borrower has, on more than one occasion, failed to pay principal and interest which has become due on the Note, and such failures constitute multiple Events of Default under the Credit Agreement. Such Events of Default, together with any further Events of Default caused by Borrower's failure to make further payments of principal and interest on the Note during the Standstill Period and any present breaches or breaches by Borrower and Parent during the Standstill Period of the following covenants under the Credit Agreement: Sections 5.1(g) and 5.2(b)(ii), insofar as such covenants would be breached as a result of past-due or delinquent Debt, Section 5.2(d), insofar as such covenant would be breached by the issuance of preferred stock of Parent or options or warrants to purchase such preferred stock, Section 5.2(f), insofar as such covenant would be breached by the use of preferred stock of Parent to pay dividends on Parent's common or preferred stock, and Sections 5.2(l), (m), (n) or (o), insofar as such covenants would be breached by any failure to comply with the terms thereof are herein called the "Designated Defaults".
Designated Defaults. Exhibit A to the Forbearance Agreement is hereby amended to add thereto the following: "An Event of Default under Section 7.2 of the Credit Agreement due to a violation of Section 5.7(a) (fixed charge coverage ratio) for the period ended and at September 30, 2002. An Event of Default under Section 7.7 (Change of Control) and subsection (a) of Section 7.11 (Indenture) of the Credit Agreement arising as a result of the Second Occurrence Failure under, and as defined in, that certain Contingent Warrant Agreement dated September 30, 1999, among U.S. Borrower, General Electric Company, Wayne R. Hellman, Hellman, Ltd., Wayne R. Hellman, as voting trustee xxxxx Xxting Trust Agreement datex Xxxxxxx 00, 0095, Alan J. Ruud, and Alan J. Ruud, as voting trustee under Voting Trust Xxxxxxxxx xxted Jaxxxxx 0, 0008."
Designated Defaults. Borrower has failed to comply with all of the financial covenants set forth in Section 4.4 of the Credit Agreement and each such failure to comply has resulted in an “Event of Default” under the Credit Agreement. Such Events of Default, together with any other Events of Default existing as of the date hereof of which Borrower has notified the Bank, are herein called the “Designated Defaults.”
Designated Defaults. The Designated Defaults (a) have occurred and are continuing or will occur, (b) constitute a Default or an Event of Default under the Loan Agreement without the need for any notice to the Credit Parties, and (c) have not been cured by the Credit Parties, and as a consequence thereof, and subject to and but for the terms of this Agreement, the Lender is free to exercise any and all rights and remedies available under the Loan Agreement, the other Loan Documents, or applicable Law without the need for any notice to any Credit Party.
