Common use of Forbearance Defaults Clause in Contracts

Forbearance Defaults. Each of the following shall constitute a Forbearance Default: (a) The existence of an Event of Default under the Agreement (other than the Designated Defaults); (b) Either Borrower fails to keep or perform any of the covenants or agreements contained herein; or (c) Any representation or warranty of either Borrower contained herein is false, misleading or incorrect in any material respect; or (d) The Internal Revenue Service files a Notice of Tax Lien in connection with either Borrower or any Subsidiary that does not provide for its subordination, in a writing satisfactory to the Banks, to the amounts due and owing or to be due and owing to the Banks under the Agreement and to all of the Liens and security interests granted to the Bank under the Agreement and the Loan Documents. Upon the occurrence of a Forbearance Default, all Loans shall, at Required Banks option, be immediately due and payable and Administrative Agent shall be entitled immediately to exercise all of its rights and remedies under the Loan Documents or otherwise.

Forbearance Defaults. Each of the following shall constitute a Forbearance Default: (a) The existence of an Event of Default under the Agreement (other than the Designated Defaults); (b) Either Borrower fails to keep or perform any of the covenants or agreements contained herein; or; (c) Any representation or warranty of either Borrower contained herein is false, misleading misleading, or incorrect in any material respect; or (d) The Internal Revenue Service files a Notice of Tax Lien in connection with either Borrower or any Subsidiary that does not provide for its subordination, in a writing satisfactory to the Banks, to the amounts due and owing or to be due and owing to the Banks under the Agreement and to all of the Liens and security interests granted to the Bank Administrative Agent and Banks under the Agreement and the Loan Documents. Upon On the occurrence of a Forbearance Default, all Loans shall, at Required Banks option, be immediately due and payable and Administrative Agent shall be entitled immediately to exercise all of its rights and remedies under the Loan Documents or otherwise.