Events of default


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Events of default

Contractually specified events that allow lenders to demand immediate repayment of a debt.

Events of Default

In a loan, an event allowing the lender to call the full amount of the loan from the borrower. Events of default are specifically laid out in the loan contract, and often include chronically late payments or other breaches of contract.
References in periodicals archive ?
If the above defaults were to occur, they could lead to events of default under substantially all of the company's financing and lease agreements, inluding the company's mortgage indentures and letter of credit agreements.
The occurance of any events of default would jeopardize the company's proposed restructuring and could lead to the company not completing the restructuring.
In addition, the SPA may be terminated upon the occurrence of certain events of default.
CCCIT contains standard early redemption events designed to protect investors from deteriorating collateral performance, as well as standard events of default.
50 percent notes, Navistar executed a supplemental indenture relating to the indenture governing the notes, which, among other things, waived any and all defaults and events of defaults existing under the indenture, eliminated certain covenants and certain events of default and related provisions in the indenture and rescinded any and all prior notices of default and/or acceleration delivered to Navistar pursuant to such indenture.
The primary purpose of the proposed amendments and the consent solicitations is to waive any and all defaults and events of default existing under the indentures, eliminate substantially all of the material restrictive covenants and certain events of default and related provisions in the indentures, and rescind any and all prior notices of default and/or acceleration delivered to CSK Auto, Inc.
The Company has received notice from Silicon Valley Bank that Events of Default have occurred under the credit facility between Silicon Valley Bank and the Company.
The Bank states that it is entitled to exercise any and all remedies available under the credit facility and the related security documents, and that, until all Events of Default are cured, the Company is required to pay default interest under the credit facility and that no further advances will be made by the Bank.
75 percent notes, Navistar executed a supplemental indenture relating to the indenture governing the notes, which, among other things, waived any and all defaults and events of defaults existing under the indenture, eliminated substantially all of the material restrictive covenants and certain events of default and related provisions in the indenture and rescinded any and all prior notices of default and/or acceleration delivered to Navistar pursuant to such indenture.
s ("Tier" or the "Company") financial statements for the fiscal year ended September 30, 2005, and the anticipated loss for the quarter ended September 30, 2005, constituted events of default under the revolving credit agreement between the Company and its lender, City National Bank ("CNB").
To address these events of default, the Company and its wholly owned subsidiaries, Official Payments Corporation and EPOS Corporation, entered into an Amended and Restated Credit and Security Agreement (the "Agreement") with CNB on March 6, 2006.