Borrower Payment Default definition

Borrower Payment Default has the meaning set forth in Section 2.1(h).
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Borrower Payment Default has the meaning provided in Section 21(a)(i) (Events of Default and Remedies – Borrower Payment Default).
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Borrower Payment Default means the failure of a Borrower to pay when due and in full any payment(s) required with respect to the related Mortgage Loan or related Bond, if applicable, including, but not limited to, principal, interest, late charges, default interest, prepayment premiums, principal reserve fund payments, escrows or other collateral accounts for taxes, insurance premiums and assessments, other collateral accounts and the replacement reserve account, if applicable. For example, scheduled principal and interest payments are past due on the second day after payment is required to be made under the related Bond Documents or Mortgage Loan Documents, as applicable.
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Examples of Borrower Payment Default in a sentence

  • If either party hereto has actual knowledge of any Borrower Payment Default or any other event of default under any Program Financing Agreement, it shall promptly notify the other party thereof.

  • In addition to the terms and conditions set forth in the Collection Agreement and the Master Transfer and Remittance Agreement, if a Borrower Payment Default occurs and is ongoing, the Lender may exercise any and all other remedies available to it by contract (including the applicable Program Financing Agreement) at law or in equity; provided, that such remedies are consistent with applicable law and the Program Requirements.

  • With respect to any given Loan, if any Borrower Payment Default occurs and is ongoing, the remedies available to the Lender are subject to the terms and conditions set forth in the Collection Agreement and the Master Transfer and Remittance Agreement.


More Definitions of Borrower Payment Default

Borrower Payment Default means with respect to a Borrower and the related Loan, the failure of such Borrower to make any payment of principal, interest or any other amount owing under the Loan for 90 days or more beyond the date such payment is due.
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Related to Borrower Payment Default

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

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

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

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

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

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

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Mortgage Loan Event of Default means an “Event of Default” as defined in the Mortgage Loan Agreement.

  • 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.

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

  • 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).

  • Owner Event of Default has the meaning specified in Section 16.2.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

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

  • 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);

  • Event of Default wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Senior Event of Default means an Event of Default under (and as defined in) the Senior Facilities Agreement.