Particular Covenants and Events of Default Clause Samples
The "Particular Covenants and Events of Default" clause defines specific obligations that one or both parties must adhere to during the term of an agreement, as well as the circumstances that constitute a default under the contract. This clause typically outlines detailed requirements such as maintaining certain financial ratios, providing regular reports, or refraining from prohibited actions, and lists events like non-payment, insolvency, or breach of covenants that would trigger a default. Its core function is to clearly set out the standards of conduct expected and the specific triggers for default, thereby providing a framework for monitoring compliance and addressing breaches efficiently.
Particular Covenants and Events of Default. Prior to the date that the conditions to the Initial Disbursement set forth in Section 4.2 have been satisfied, to the extent that any of the provisions of this Article 5 conflicts with the Senior Facility Agreement, the Organizational Documents or otherwise requires satisfaction of the Approval Conditions, such provision shall not be in effect until the conditions to the Initial Disbursement set forth in Section 4.2 have been satisfied.
Particular Covenants and Events of Default