Examples of Financial Covenant Default in a sentence
Under the Term Lender Forbearance Agreement, the Prepetition Term Lenders party thereto agreed to forbear from exercising their rights and remedies under the Prepetition Credit Agreement with respect to the Going Concern Default, the Interest Payment Default and/or the Financial Covenant Default.
Agreement: Forbearance or Waiver ■ Relevant Factors to Consider: ► Seriousness of the Specified Default – Is it a Financial Covenant Default or Payment Default.
Violating the nancial covenant is an event of default, but not for the term loan lenders: Financial Covenant Default a Financial Covenant Event of Default shall not constitute an Event of Default with respect to any Term Loans until the Revolving Credit Lenders have declared all amounts outstanding under the Revolving Credit Facility to be immediately due and payable ...
In practice, from a mezzanine lender’s perspec- tive, a mezzanine lender’s position is best protected if it is subject to any payment stops only upon the occurrence of a Material Event of Default (Payment Default, Financial Covenant Default or Insolvency Event).
The Borrower has requested that the Required Lenders waive the Deferred Purchase Default.3.3. The Required Lenders hereby waive the Subject Financial Covenant Default and the Deferred Purchase Default.