Event of Material Default definition

Event of Material Default means, with respect to the Credit Facility, an “Event of Default” pursuant to Sections (i) 10.01(a) (Loan Principal Payments), (ii) 10.01(b) (Loan Interest and Fee Payments), (iii) 10.01(d) (Covenant Breaches) (solely with respect to the failure to observe or perform any covenant, condition or agreement contained in Sections 9.01(a) (Debt/EBITDAX Ratio), 9.01(b) (Current Ratio), 9.01(c) (Fixed Charge Coverage Ratio), 9.02 (Debt) or 9.11 (Mergers, Etc.) thereof), (iv) 10.01(f) (Material Indebtedness Payments), (v) 10.01(g) (Material Indebtedness Acceleration), (vi) 10.01(h) (Involuntary Bankruptcy) or (vii) 10.01(i) (Voluntary Bankruptcy) thereof, or in each case pursuant to any similar provision contained in any credit agreement pursuant to which the Credit Facility is repaid or otherwise refinanced.
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Event of Material Default has the meaning ascribed to it in the Series A Certificate.
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Event of Material Default shall have the meaning ascribed thereto in Section 8.16;
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Examples of Event of Material Default in a sentence

  • CONTRACTOR shall respond via written notice within thirty (30) days of receipt of the Notice of Event of Material Default that such Material Event of Default has been cured or describe good faith efforts to cure.

  • If an Event of Default cannot be remedied, such event shall be deemed as an Event of Material Default; if can be remedied, but the breaching party does not make remedy or fails to make full remedy within thirty (30) days upon receipt of a notice from the non-breaching party, it shall be deemed as an Event of Material Default.

  • Notwithstanding the provision of the preceding sentence, the Termination Event defined in Article 8.1 shall be deemed as an Event of Material Default upon its occurrence.

  • Notwithstanding the provision of the preceding sentence, the Termination Event defined in Article 11.1 shall be deemed as an Event of Material Default upon its occurrence.

  • In addition, in the event that an Event of Material Default has occurred, and for so long it is occurring, interest shall accrue on the amount of the Put/Call Payment, at a rate of [***] per annum, compounded monthly, from the date such Event of Material Default occurred until the Put/Call Payment, if such payment becomes payable with respect to such Event of Material Default, is paid in full or, if less, the maximum interest rate permitted by Applicable Law.

  • The amount determined to be due and payable hereunder as Minimum Cover Damages shall bear interest at the annual rate of two percentage points over the "Base Rate" or comparable base lending rate then in effect at the main office of Fleet Bank, located in Boston, Massachusetts, or its successor bank, from the date the applicable Event of Material Default occurs through the date of payment.


More Definitions of Event of Material Default

Event of Material Default means (a) the occurrence of any of the events set forth in clauses (a), (e), (h)(i), (h)(ii), (j), (k), (l) and (m) of Section 11.1, or (b) the Company fails to perform or observe any term, covenant or agreement contained in the following sections and such default, if susceptible to cure, is not cured within the cure period applicable to such section under Section 11.1(b) or Section 11.1(d): Section 6.6 (IP Rights), Section 6.7(a) or Section 6.7(b) (Existence), Section 6.8 (Commercialization of the Included Products), Section 7.1 (Liens), Section 7.2 (Indebtedness), and Section 7.3 (except for clause (f) thereof) (Additional Protective Covenants).
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Related to Event of Material Default

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • Potential Default means any event or condition which with notice or passage of time, or both, would constitute an Event of Default.

  • PTC Event of Default Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.