Agency Default definition

Agency Default shall have the meaning set forth in Clause 18.1.1;
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Agency Default is defined in Section 12.4.
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Examples of Agency Default in a sentence

  • Upon the occurrence of an Agency Default, the Company shall have the right to terminate this Agreement by written notice to the Agency, in which event the Company shall have no further obligations under this Agreement.

  • If an Event of Default occurs, in the determination of the County, the County may so notify the Delegate Agency ("Default Notice"), specifying the basis for such default, and advising the Delegate Agency that such default must be cured immediately or this Agreement with the County may be terminated.

  • GMRDS shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Agency to comply with its obligations laid down in this Agreement, including an Agency Default, the Agency’s failure to meet any Condition Precedent, or the Agency’s failure to pay any sums (including Damages) due hereunder.

  • Upon occurrence of an Agency Default, the Authority shall be entitled, without prejudice to its other rights and remedies under this Agreement including its rights of Termination hereunder, to (i) suspend all rights of the Agency under this Agreement including the Agency’s right to receive Payment for a specified period, and (ii) exercise such rights itself or authorise any other person to exercise the same on its behalf during such suspension (the “Suspension”).

  • Upon occurrence of an Agency Default during the Term, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages/Liquidated Damages for such Agency Default.

  • If the termination is due to Agency Default, no Termination compensation shall be due or payable by the Authority to the Agency and the entire Performance Security would be forfeited.

  • Consequently, most of the Authority’s operating costs are largely of a fixed nature.

  • Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Agency shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Agency Default, and in the event of the Agency not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages/Liquidated Damages, and to terminate this Agreement in accordance with Article 18.1.

  • Upon replenishment or furnishing of a fresh Performance Security as aforesaid, the Executing Agency shall be entitled to an additional Cure Period of 15 (fifteen) days for remedying the Executing Agency Default or to meet any Condition Precedent, and in the event of the Executing Agency not curing its default or fails to meet such Condition Precedent within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages and to terminate this Agreement.

  • Promptly upon obtaining actual knowledge thereof, the Lessee and/or the Construction Agent shall notify the Lessor and the Agents in writing of the existence of a Lease Default, Lease Event of Default, Construction Agency Default or Construction Agency Event of Default which notice shall describe the nature of such Lease Default, Lease Event of Default, Construction Agency Default or Construction Agency Event of Default, as applicable.

Related to Agency Default

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • Specified Default means a Default under Section 8.01(a), (f) or (g).

  • Servicer Event of Default One or more of the events described in Section 7.01.

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

  • Funding Default as defined in Section 2.22.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.