Forbearance Defaults. A Forbearance Default or a Default or Event of Default under any Loan Document constitutes an Event of Default on each and every other Loan Document. Each of the following shall constitute a “Forbearance Default” hereunder: (a) The existence or occurrence of any Default or Event of Default (other than the Existing Default) under this Agreement or the other Loan Documents; or (b) Borrower fails to make any Payments in accordance with this Agreement, the Credit Agreement, the Notes or any other Loan Documents or fails to pay the Bank in full all Obligations by the end of the Forbearance Period; or (c) Borrower fails to keep or perform any term, condition, covenant, agreement or obligation contained in this Agreement or in the other Loan Documents (other than the Existing Default); (d) Any representation or warranty of the Borrower made herein is or becomes false, misleading or incorrect in any material respect; or (e) Any action is taken by Borrower, or any event or condition exists, which, in the reasonable opinion of the Bank, impairs or is reasonably likely to impair the prospect of Borrower making any Payments in accordance with this Agreement, the Credit Agreement, the Notes or any other Loan Documents; (f) Any creditor of Borrower exercises any rights or remedies against Borrower which, in the reasonable opinion of the Bank, would cause or would be reasonably likely to cause a Material Adverse Effect; or (g) A Material Adverse Effect occurs, as determined by the Bank in its reasonable discretion.
Appears in 3 contracts
Sources: Forbearance Agreement and Amendment to Credit Agreement (Twin Disc Inc), Forbearance Agreement and Amendment to Credit Agreement (Twin Disc Inc), Forbearance Agreement and Amendment to Credit Agreement (Twin Disc Inc)