Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.
Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.
Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;
Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.
Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).
Default Notice means the written notice of Default of the Agreement issued by one Party to the other.
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.
Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).
Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.
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.
Registration Default Period shall have the meaning assigned thereto in Section 2(c).
Non-Monetary Default Cure Period shall have the meaning assigned to such term in Section 11(d).
Construction defect means a deficiency in or a deficiency arising out of the design, specifications, surveying, planning, supervision, or observation of construction or construction of residential improvements that results from any of the following:
Registration Default As defined in Section 5 hereof.
Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).
Non-Defaulting Party has the meaning specified in Section 6(a).
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.
Non-Defaulting Member means a Member who is not a Defaulting Member.
Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.
MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);
Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.
Landlord Default shall have the meaning given such term in Article 14.
Registration Default Damages shall have the meaning set forth in Section 8 hereof.
Default Under First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;
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.
Minor Default means any Event of Default that is not a Major Default.