Relevant Default definition

Relevant Default means (i) a Default by the Borrower in respect of any payment obligation hereunder or (ii) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (A) liquidation, reorganization or other relief in respect of either the Borrower or the Guarantor or its debts, or any substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (B) the appointment of a custodian, trustee, receiver, liquidator or other similar official for either the Borrower or the Guarantor or for a substantial part of its assets.

Relevant Default means any Event of Default (as well as any related Default) under any of the following:

Relevant Default means an Event of Default, or any event specified in Condition [ ] (Events of Default) which would (with the giving of notice, the making of any determination or certificate under the Trust Deed or these Conditions or any combination of the foregoing) be an Event of Default.

Examples of Relevant Default in a sentence

• When any Obligor becomes aware of a Relevant Default that is continuing it shall as soon as reasonably practicable thereafter, give written notice thereof to the Agent and the Security Trustee.

• So far as it is aware no Relevant Default has occurred and is continuing or would be reasonably likely to result from the making of the Loan (except where this representation is made on the first Utilisation to take place under this Agreement, the immediately foregoing reference to Relevant Default shall instead be a reference to Event of Default).

• Provided no Relevant Default and/or Event of Default has occurred and is continuing, the Company shall be permitted to purchase Renewable Products from the Included Renewable Product Tanks and take delivery of such Renewable Products at any Renewable Products Delivery Point in accordance with any accepted Weekly Renewable Products Projection, or as otherwise mutually agreed to by the Parties.

• The immediately preceding sentence shall not apply with respect to any Relevant Default to the extent that such Relevant Default: (i) was procured or approved of by the Borrower after the 2015 Closing Date; (ii) either (A) is not capable of remedy or (B) is capable of remedy and the Borrower or the respective Subsidiary does not take reasonable steps to remedy it promptly upon becoming aware thereof; or (iii) has a Material Adverse Effect.

• Though not obligated to do so, Macquarie shall, absent a Relevant Default or an Event of Default, use commercially reasonable efforts to sell Renewable Products to the Company before selling to another Person.

More Definitions of Relevant Default

Relevant Default means any of the events listed under Clauses 3.1.1 to 3.1.3 (inclusive).

Relevant Default shall have the meaning given to it in Section 7.02.

Relevant Default has the meaning given to that term in Clause 28.20 (Portfolio-wide Materiality).

Relevant Default means (a) an Event of Default or (b) a Default pursuant to Clause 21.1 (Non-payment), 21.6 (Insolvency), or 21.7 (Insolvency Proceedings) of the Facility Agreement.

Relevant Default means a default giving rise to a transitional application;

Relevant Default has the meaning specified in Section 5.4(a).

Relevant Default means a Default arising under clause 12.1(a), 12.1(b), 12.1(c) (in relation to any of clauses 10.1(a), (b)(i), (b)(ii), (b)(iii), (b)(iv), (b)(v) and (c), 10.2(a), (b), (c), (f), (g), (h), (j)(i) and (m), 10.5, 10.7, 11.1 and 11.3 and any breach of the Subordination Deed), 12.1(e), 12.1(f), 12.1(g), 12.1(h), 12.1(i), 12.1(j), 12.1(k), 12,1(l), 12.1(m), 12.1(q), 12.1(r), 12.1(u)(i) or 12.1(v). Provided that, if during any financial year a Default occurs pursuant to clause 12.1(b) as a result of a breach of one or more of the Financial Covenants in clause 10.3 as tested by reference to the management accounts for a Quarter, but such Default does not exist when the relevant Financial Covenant(s) is (are) tested by reference to the management accounts for the following Quarter or the audited consolidated financial statements of the Group in respect of such financial year, the Relevant Default which thereby arose shall be deemed waived by the Banks;