Common use of Definition of Event of Default Clause in Contracts

Definition of Event of Default. Notwithstanding any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any of the following events (each an "Event of Default"): (a) the Borrower defaults in any payment when due under this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary defaults in any payment when due under the Lender's Security and any such default is not remedied within five business days after such default; (b) the Borrower fails to observe or perform any of the covenants in this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary fails to observe or perform any of the covenants in the Lender's Security and such failure is not remedied within 30 days of receipt of notice from the Lender or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failure; (c) an event of default (as defined in the Original Loan Agreement or in any general security agreement between the Original Lenders and the Borrower or any Subsidiary) otherwise occurs; (d) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior Indebtedness; (e) the Borrower or any Subsidiary is otherwise in material breach of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; and (f) if, during the term of this Agreement, there is a Change of Control, and the Lender gives written notice to the Borrower within 30 days of the Lender receiving notice of the Change of Control that the Change of Control constitutes an Event of Default.

Appears in 3 contracts

Sources: Subscription Agreement (Peace Arch Entertainment Group Inc), Loan Agreement (Peace Arch Entertainment Group Inc), Loan Agreement (Peace Arch Entertainment Group Inc)

Definition of Event of Default. Notwithstanding The occurrence of any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any one or more of the following events (each constitutes an "Event of Default"):Default hereunder: (a) if the Borrower defaults makes default in any payment of principal, interest, acceptance fees, Documentary Credit Fees, default interest, Standby Fees, Swap Termination Values, fees for Swap Contracts, any other fees or other like amounts when the same becomes due under this the Agreement or and such default shall have continued for a period of five Business Days after notice has been given by Royal to the Original Loan Agreement or Borrower; (b) if the Borrower or any Subsidiary defaults makes default in any payment of a Compensation Amount, Additional Amount or like payment when the same becomes due under the Lender's Security Agreement and any such default is not remedied within shall have continued for a period of ten Business Days after notice has been given by Royal to the Borrower; (c) if the Borrower makes, suffers or permits a material default in observing or performing any other covenant or condition of the Agreement, any Swap Contract or any other material agreement with Royal and such default shall have continued for a period of five business days Business Days after notice in writing has been given by Royal to the Borrower specifying such default; (bd) if there is a default by the Borrower fails to observe or perform any (other than a default under the Agreement) which results in the acceleration of the covenants in this Agreement or the Original Loan Agreement or payment by the Borrower or any Subsidiary fails of its Material Canadian Subsidiaries of obligations for borrowed money in excess of $5,000,000; (e) if any representation, warranty or statement made by the Borrower, the Borrower Subsidiaries in the Borrower Subsidiaries' Guarantees and the Borrower Subsidiaries' Security Agreements or the Guarantor herein or in the Guarantee or in any certificate pursuant to observe the Agreement or perform the Guarantee shall, in Royal's opinion, prove to have been materially incorrect on the date as of which it was made in any respect materially adverse to Royal and Royal shall have so notified the Borrower; (f) if an order be made or an effective resolution be passed for the winding-up of the Borrower or, without the prior written consent of Royal, any of its Material Canadian Subsidiaries or if the covenants Borrower or any of its Subsidiaries on its own behalf shall make an assignment for the benefit of its creditors or if the Borrower or any of its Subsidiaries shall be declared bankrupt or make an authorized assignment or if a custodian or receiver be appointed under the Bankruptcy and Insolvency Act or if a compromise or arrangement (including a compromise, arrangement, reorganization or other like restructuring commenced by the Borrower which adversely affects its creditors under any Federal or Provincial statute including the Companies' Creditors Arrangement Act or the British Columbia Company Act) is proposed by the Borrower or any of its Subsidiaries to creditors generally or any significant class of creditors, or if a receiver, receiver-manager or other officer with like powers shall be appointed, or if an encumbrancer shall take possession of the property of the Borrower or any of its Subsidiaries or any part thereof, which is, in the Lender's Security reasonable opinion of Royal, material to the business of the Borrower and its ability to perform its obligations under the Agreement or if a distress or execution or any similar process be levied or enforced against a substantial or essential part of such failure property and remain unsatisfied for a period of thirty days, unless such distress, execution or similar process is not remedied within 30 days of receipt of notice from in good faith disputed by the Lender orBorrower or any such Subsidiary and, if such failure is not capable of being remedied in such timeso required by Royal, the Borrower or any such Subsidiary provides adequate security to pay in full the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failureamount claimed; (cg) if the Agreement or any of Royal's Security shall at any time cease to be in full force and effect (other than by expiration or termination in accordance with its terms for reasons other than the default of the Borrower) or if a Court of competent jurisdiction shall declare the Agreement to be null and void or if the Borrower shall contest the validity or enforceability thereof or if the Borrower shall deny that it has any further liability or obligation hereunder or if any of Royal's Security for any reason ceases, other than in accordance with its terms, to constitute valid and subsisting security upon any material part of the property and assets of the Borrower or its Subsidiaries as described therein; (h) if a writ of execution, attachment or similar process has been issued or levied against all, or a substantial portion of, the property of the Borrower or any of its Subsidiaries in connection with any judgement against the Borrower or any of its Subsidiaries in any amount in excess of $1,000,000 which materially affects the property of the Borrower or any of its Subsidiaries, and no application has been brought to stay such writ of execution, attachment or similar process which application has, in the reasonable opinion of Royal, a reasonable chance of success; (i) if it shall become illegal or unlawful for the Borrower or any of its Subsidiaries to carry on its business or to perform its obligations under the Agreement; (j) if the Borrower or any of its Subsidiaries (except for Louisiana-Pacific Acquisition, Inc.) suspends or ceases or threatens to suspend or cease business; (k) if the Borrower or any of its Subsidiaries shall sell or otherwise dispose of or threaten to sell or otherwise dispose of, all or a substantial part of its undertaking, property and assets, whether in one transaction or in a series of related transactions; (l) if there is an event Event of default Default (as defined in the Original Loan Agreement or in any general security agreement between the Original Lenders and the Borrower or any Subsidiary) otherwise occurs; (d) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior Indebtedness; (e) the Borrower or any Subsidiary is otherwise in material breach of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; and (f) if, during the term of this Guarantor Credit Agreement, there is a Change of Control, and the Lender gives written notice to the Borrower within 30 days of the Lender receiving notice of the Change of Control that the Change of Control constitutes an Event of Default).

Appears in 1 contract

Sources: Credit Agreement (Louisiana Pacific Corp)

Definition of Event of Default. Notwithstanding any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any of the following events (each an "Event of Default"):” as to CIWW or any Member Agency means: (a) the Borrower defaults in any The failure to make payment when due as required under this Agreement or the Original Loan Agreement perform or the Borrower observe any obligations or covenants under this Agreement, including without limitation any obligation of or relating to water service or under any Capital Call, except that an Event of Default under this subsection (a), other than a non-payment of debt service allocation as provided in Section 5 of Article XVII, shall not include a delay or failure of payment that is cured within thirty (30) days of a demand for payment, or any Subsidiary defaults in any payment when due under the Lender's Security and any such default other failure of performance that is not remedied cured within five business ninety (90) days after such defaultof a demand for cure or other corrective action; (b) the Borrower fails to observe The affirmative repudiation of any obligation of payment or perform of any covenant of the covenants in this Agreement Agreement, or the Original Loan Agreement or the Borrower or under any Subsidiary fails to observe or perform related agreement except that an Event of Default under this subsection (b) shall not include any of the covenants in the Lender's Security and such failure action that is not remedied cured within 30 thirty (30) days of receipt of notice from the Lender or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failurea demand for cure; (c) an event of default (as defined A receiver is appointed in the Original Loan Agreement relation to a Member Agency or CIWW, or in relation to any general security agreement between of the Original Lenders and the Borrower assets of a Member Agency or any Subsidiary) otherwise occursCIWW; (d) the Borrower A Member Agency or any Subsidiary CIWW becomes insolvent, fails or admits in writing its inability generally to observe or perform any of pay its payment obligations under any agreement or instrument evidencing or securing any Senior Indebtednessdebts as they become due; (e) A Member Agency or CIWW makes a general assignment, arrangement or composition with or for the Borrower or any Subsidiary is otherwise in material breach benefit of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; andits creditors; (f) ifA Member Agency or CIWW institutes a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights; (g) A Member Agency or CIWW has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, during the term of this Agreement, there or a petition is a Change of Controlpresented for its winding-up or liquidation, and such proceeding or petition (i) results in a judgment of insolvency or bankruptcy or the Lender gives written notice to entry of an order for relief or the Borrower making of an order for its winding-up or liquidation or (ii) is not dismissed, discharged, stayed or restrained in each case within 30 ninety (90) days of the Lender receiving notice of the Change of Control that the Change of Control constitutes an Event of Defaultinstitution or presentation thereof.

Appears in 1 contract

Sources: 28e/28f Agreement

Definition of Event of Default. Notwithstanding any other term of this Agreement, the principal balance of the LoanLoans, interest, costs and any other money owing to the Lender Lenders under this Agreement and the Lender's Lenders' Security will immediately become payable unless otherwise waived in writing by the Lender Lenders in any of the following events (each an "Event of Default"): (a) the Borrower defaults in any payment when due under this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary defaults in any payment when due under the Lender's Lenders' Security and any such default is not remedied within five business days after such default; (b) the Borrower fails to observe or perform any of the covenants in this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary fails to observe or perform any of the covenants in the Lender's Lenders' Security and such failure is not remedied within 30 days of receipt of notice from the Lender Lenders or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failure; (c) an event of default (as defined in the Original Loan Agreement or in any general security agreement between the Original Lenders and the Borrower or any Subsidiary) otherwise occurs; (d) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior Indebtedness; (e) the Borrower or any Subsidiary is otherwise in material breach of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; and (f) if, during the term of this Agreement, there is a Change of Control, and the Lender gives Lenders give written notice to the Borrower within 30 days of the Lender Lenders receiving notice of the Change of Control that the Change of Control constitutes an Event of Default.

Appears in 1 contract

Sources: Loan Agreement (Peace Arch Entertainment Group Inc)

Definition of Event of Default. Notwithstanding The occurrence of any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any one or more of the following events (each constitutes an "Event of Default"):Default hereunder: (a) if the Borrower defaults makes default in any payment of principal when the same becomes due under this the Agreement and such default shall have continued for a period of five days after notice has been given by the Lender to the Borrower; (b) if the Borrower makes default in any payment of interest, Acceptance Fees or fees when the Original Loan same becomes due under the Agreement and such default shall have continued for a period of five days after notice has been given by the Lender to the Borrower; (c) if the Borrower makes default in any payment of an Additional Amount or like payment when the same become due under the Agreement and such default shall have continued for a period of five days after notice has been given by the Lender to the Borrower; (d) if the Borrower or Costco US makes, suffers or permits a material default in observing or performing any Subsidiary defaults in any payment when due under covenant or condition of the Agreement, the Lender's ’s Security or any other agreement with the Lender and any such default is not remedied within five business shall have continued for a period of 30 days after notice in writing has been given by the Lender to the Borrower specifying such default; (be) if there is a default by the Borrower fails or by Costco US under the terms of a material debt which results in the demand for payment or acceleration of payment by the Borrower or Costco US, including, without limitation, a default by Costco US under the Costco US Credit Agreement; (f) if any material representation, warranty or statement made by the Borrower herein or by the Borrower or Costco US in any Lender’s Security or in any certificate pursuant to observe or perform any of the covenants in this Agreement or the Original Loan Agreement or the Borrower or any Subsidiary fails to observe or perform any of the covenants Lender’s Security shall, in the Lender's Security and such failure is not remedied within 30 days ’s reasonable opinion, prove to have been materially incorrect on the date as of receipt of notice from which it was made in any respect materially adverse to the Lender or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failureLender; (cg) if: (1) an event order be made or an effective resolution be passed for the winding-up of default (as defined in the Original Loan Agreement or in any general security agreement between the Original Lenders and the Borrower or or, except as permitted herein, any Subsidiary) otherwise occursof its Material Subsidiaries; (d2) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior IndebtednessMaterial Subsidiaries on its own behalf shall make an assignment for the benefit of its creditors; (e3) the Borrower or any Subsidiary of its Material Subsidiaries shall be declared bankrupt or make an authorized assignment or if a custodian or receiver be appointed under the Bankruptcy and Insolvency Act or similar legislation of any other jurisdiction; (4) a compromise or arrangement (including a compromise, arrangement, reorganization or other like restructuring commenced by the Borrower or any of its Material Subsidiaries which adversely affects its creditors under any Federal or Provincial statute including the Companies’ Creditors Arrangement Act or the Canada Business Corporations Act or similar legislation of any other jurisdiction) is otherwise proposed by the Borrower or any of its Material Subsidiaries to creditors generally or any significant class of creditors; (5) a receiver, receiver-manager or other officer with like powers shall be appointed, or if an encumbrancer shall take possession of the property of the Borrower or any of its Material Subsidiaries or any part thereof, material to the business of the Borrower; or (6) a distress or execution or any similar process be levied or enforced against a substantial or essential part of such property and remain unsatisfied for a period of thirty days, unless such distress, execution or similar process is in material breach of good faith disputed by the Borrower or any such Material Subsidiary, (h) if the Agreement or any of the termsLender’s Security shall at any time cease to be in full force and effect (other than by expiration or termination in accordance with its terms for reasons other than the default of the Borrower) or if a court of competent jurisdiction shall declare the Agreement to be null and void or if the Borrower shall contest the validity or enforceability thereof or if the Borrower shall deny that it has any further liability or obligation; (i) if a writ of execution, conditions attachment or covenants similar process has been issued or levied against all, or a substantial portion of, the property of the Borrower or any of its Material Subsidiaries in connection with any judgement against the Borrower or that Material Subsidiary and no application has been brought to stay such writ of execution, attachment or similar process; (j) if it shall become illegal or unlawful for the Borrower or any of its Material Subsidiaries to carry on its business or to perform its obligations under the Agreement or the Lender’s Security; (k) if the Borrower or any of its Material Subsidiaries suspends or ceases or threatens to suspend or cease business; (l) except as permitted by §7.1(s), if the Borrower or any of its Material Subsidiaries shall sell or otherwise dispose of or threaten to sell or otherwise dispose of, all or a substantial part of its undertaking, property and assets, whether in one transaction or in a series of related transactions; (m) if the Borrower or any of its Material Subsidiaries fails to actively and diligently contest in good faith, by appropriate and timely proceedings, any action, suit, litigation or other proceeding commenced against it the result of which could be expected to have a materially adverse effect on its financial condition or operations; (n) if the Borrower knowingly at any time and in any agreement material respect contravenes the provisions of any applicable law, regulation, bylaw, ordinance or instrument evidencing work order of any Governmental Body affecting any property of the Borrower or securing any Senior Indebtedness activity or operation carried out thereon and such breach is not cured within the applicable time periods for remedying breaches effect thereof could be expected to have a material adverse effect on the financial condition or is not waived by operations of the Senior Lender; andBorrower; (fo) if, during the term of this Agreement, if there is occurs a Change in Control; or (p) if there occurs a change in the financial condition of Control, and the Lender gives written notice to the Borrower within 30 days and its Subsidiaries taken as a whole which could be expected to have a material adverse effect on the ability of the Lender receiving notice of Borrower to perform its obligations under the Change of Control that the Change of Control constitutes an Event of DefaultAgreement.

Appears in 1 contract

Sources: Revolving Credit Agreement (Costco Wholesale Corp /New)

Definition of Event of Default. Notwithstanding The occurrence of any other term of this Agreement, the principal balance of the Loan, interest, costs and any other money owing to the Lender under this Agreement and the Lender's Security will immediately become payable unless otherwise waived in writing by the Lender in any one or more of the following events (each constitutes an "Event of Default"):Default hereunder: (a) if the Borrower defaults makes default in any payment of principal, interest, acceptance fees, Documentary Credit Fees, default interest, Standby Fees, Swap Termination Values, fees for Swap Contracts, any other fees or other like amounts when the same becomes due under this the Agreement or with respect to an Obligation and such default shall have continued for a period of five Business Days after notice has been given by Royal to the Original Loan Agreement or Borrower; (b) if the Borrower or Guarantor makes, suffers or permits a material default in observing or performing any Subsidiary defaults other covenant or condition of the Agreement, or, in the case of the Borrower, any payment when due under the Lender's Security Swap Contract or any other material agreement with Royal and any such default is not remedied within shall have continued for a period of five business days Business Days after notice in writing has been given by Royal to the Borrower specifying such default; (bc) if the Borrower fails to observe makes default in any payment of an Additional Amount or perform any of like payment when the covenants in this same becomes due under the Agreement or the Original Loan Agreement or the Borrower or any Subsidiary fails to observe or perform any of the covenants in the Lender's Security and such failure is not remedied within 30 days default shall have continued for a period of receipt of ten Business Days after notice from has been given by Royal to the Lender or, if such failure is not capable of being remedied in such time, the Borrower or the Subsidiary, as the case may be, has not commenced and diligently continued to take all action necessary to correct such failureBorrower; (cd) if an event “Event of default Default” (as defined therein) resulting from the failure to make any payment of principal, interest or premium when due and payable under the Indentures (after giving effect to any cure or grace period provided therein) or to repurchase or redeem any note issued under the Indentures when required thereby occurs and is continuing or any other “Event of Default” occurs and is continuing under the Indentures and results in the “Indebtedness” (as defined in the Original Loan Agreement or in any general security agreement between Indentures) under the Original Lenders and the Borrower or any Subsidiary) otherwise occurs; (d) the Borrower or any Subsidiary fails to observe or perform any of its payment obligations under any agreement or instrument evidencing or securing any Senior IndebtednessIndentures being accelerated; (e) if there is a default by the Borrower (other than a default under the Agreement) which results in the acceleration of payment by the Borrower or any Subsidiary is otherwise of its Material Canadian Subsidiaries of obligations for borrowed money in material breach excess of any of the terms, conditions or covenants in any agreement or instrument evidencing or securing any Senior Indebtedness and such breach is not cured within the applicable time periods for remedying breaches or is not waived by the Senior Lender; and$5,000,000; (f) if any representation, warranty or statement made by the Borrower, the Borrower Subsidiaries in the Borrower Subsidiaries’ Guarantees or the Guarantor herein or in the Guarantee or in any certificate pursuant to the Agreement or the Guarantee shall, in Royal’s opinion, prove to have been materially incorrect on the date as of which it was made in any respect materially adverse to Royal and Royal shall have so notified the Borrower; (g) if: (1) an order be made or an effective resolution be passed for the winding-up of the Borrower or, during without the term prior written consent of this AgreementRoyal, there any of its Material Canadian Subsidiaries or if the Borrower or any of its Subsidiaries on its own behalf shall make an assignment for the benefit of its creditors or if the Borrower or any of its Subsidiaries shall be declared bankrupt or make an authorized assignment or if a custodian or receiver be appointed under the Bankruptcy and Insolvency Act or if a compromise or arrangement (including a compromise, arrangement, reorganization or other like restructuring commenced by the Borrower which adversely affects its creditors under any Federal or Provincial statute including the Companies’ Creditors Arrangement Act or the British Columbia Company Act) is proposed by the Borrower or any of its Subsidiaries to creditors generally or any significant class of creditors, or if a Change receiver, receiver-manager or other officer with like powers shall be appointed, or if an encumbrancer shall take possession of Controlthe property of the Borrower or any of its Subsidiaries or any part thereof, which is, in the reasonable opinion of Royal, material to the business of the Borrower and its ability to perform its obligations under the Agreement or if a distress or execution or any similar process be levied or enforced against a substantial or essential part of such property and remain unsatisfied for a period of thirty days, unless such distress, execution or similar process is in good faith disputed by the Borrower or any such Subsidiary and, if so required by Royal, the Borrower or any such Subsidiary provides adequate security to pay in full the amount claimed; or (2) the Guarantor institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; (h) if the Agreement or any of Royal’s Security shall at any time cease to be in full force and effect (other than by expiration or termination in accordance with its terms for reasons other than the default of the Borrower) or if a Court of competent jurisdiction shall declare the Agreement to be null and void or if the Borrower shall contest the validity or enforceability thereof or if the Borrower shall deny that it has any further liability or obligation hereunder or if any of Royal’s Security for any reason ceases, other than in accordance with its terms, to constitute valid and subsisting security upon any material part of the property and assets of the Borrower or its Subsidiaries as described therein; (i) if a writ of execution, attachment or similar process has been issued or levied against all, or a substantial portion of, the property of the Borrower or any of its Subsidiaries in connection with any judgement against the Borrower or any of its Subsidiaries in any amount in excess of $1,000,000 which materially affects the property of the Borrower or any of its Subsidiaries, and no application has been brought to stay such writ of execution, attachment or similar process which application has, in the Lender gives written notice reasonable opinion of Royal, a reasonable chance of success; (j) if it shall become illegal or unlawful for the Borrower or any of its Subsidiaries or the Guarantor to carry on its business or to perform its obligations under the Agreement; (k) if the Borrower or any of its Subsidiaries suspends or ceases or threatens to suspend or cease business, unless otherwise permitted under §6.1(p) hereof; (l) if the Borrower or any of its Subsidiaries makes or threatens to make a Disposition of all or a substantial part of its undertaking, property and assets, whether in one transaction or in a series of related transactions, unless otherwise permitted under §6.1(q) hereof; (m) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Guarantor under Title IV of ERISA to the Borrower within 30 days Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Lender receiving notice Threshold Amount, or (ii) the Guarantor or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any instalment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Change of Control that the Change of Control constitutes an Event of DefaultThreshold Amount.

Appears in 1 contract

Sources: Credit Agreement (Louisiana Pacific Corp)