Contract Default definition

Contract Default means, other than any default arising out of a Service Default, (a) the failure of a Customer to make any Assigned Rental Payment or perform any obligation due under a Contract for a period of 60 days or (b) an Event of Bankruptcy relating to such Customer.
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Contract Default. With respect to any Buyers' Contract: (i) the failure of the Obligor(s) to pay within one hundred twenty (120) days of the due date any amount payable thereunder; (ii) the writing off of such Buyers' Contract in accordance with the customary credit and collection policies of the Sellers; or (iii) the occurrence of any default under the terms of the Buyers' Contract or any Related Security Document (other than a payment default) which continues for the shorter of any grace or cure period provided in the Buyers' Contract or Related Security Document or ten days from the date that any notice of such nonpayment default required by the Buyers' Contract or the Related Security Document is given to the Obligor(s).
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Contract Default. An event of default by a User under a Contract.
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Examples of Contract Default in a sentence

  • Parent is not, or has not received any notice or has any Knowledge that any other party is, in Material Contract Default under any Parent Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a Material Contract Default.

  • If the Provider Agency fails to fulfill or comply with any of the terms or conditions of the Contract, in whole or in part, the Department may by Notice place the Provider Agency in default status, and take any action(s) listed in accordance with Department Policy Circular P9.05, Contract Default.

  • When a Contract is terminated under any section of Article IV of this Contract or Policy Circular P9.05, Contract Default, the Provider Agency shall be prohibited from incurring additional obligations of Contract funds.

  • When a Contract has expired under any section of Article IV of this Contract or Policy Circular P9.05, Contract Default, the Provider Agency shall be prohibited from incurring any additional obligations of Contract funds.

  • The Company is not, or has not received any notice or has any Knowledge that any other party is, in Material Contract Default under any Company Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a Material Contract Default.

  • Upon any such waiver, such Purchase Contract Default shall cease to exist, for every purpose of this Agreement, but no such waiver shall extend to any subsequent or other Purchase Contract Default or impair any right consequent thereon unless so expressly therein provided.

  • When a Contract is terminated under any section of Section IV or policy DCF.P9.05, Contract Default, the Provider Agency shall be prohibited from incurring additional obligations of Contract funds.

  • Contract Default in performance and/or unresolved cases form (Form 3.2).

  • Russell Korobkin, The Status Quo Bias and Contract Default Rules, 83 CORNELL L.

  • If Buyer does not approve such Out-Of-Pocket Costs, which approval shall not be unreasonably withheld or delayed, Omnicell shall have a right of first refusal to purchase the Equipment for an amount equal to the Net Book Value determined as of the date of the applicable Contract Default.


More Definitions of Contract Default

Contract Default means a breach by the contractor of any of its obligations under this contract which materially and adversely affects the performance of the services, including but not limited to Financial Management, Insurance, Assets and Equipment, and Performance Monitoring and Records. It also includes a serious breach by the contractor of health and safety legislation. "Service Breakdown" means material failures in the delivery of services under this contract which occur within a period of 12 consecutive weeks, such as a % of missed collections, or a % of missed collections not rectified, or a % of repeat missed collections, or a % of repeat missed collections not rectified, or a % of failure to restore the relevant land use type to the required standard.We are surprised that they are in line to keep their contract as they have regularly missed collections/failed to rectify missed collections/repeated missed collections. So please state what the percentage is and over which period.
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Contract Default means a default under any agreement that would have an Individual MAE.
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Contract Default has the meaning set forth in Section 14.4.
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Contract Default means a default by the Contract Counterparty or any other Person in the performance of any of its obligations under any Assigned Agreement, or the occurrence or non-occurrence of any event or condition under the Assigned Agreements which would immediately or with the passage of time or the giving of notice, or both (including, without limitation, the failure to give a notice of extension), enable the Consenting Party to exercise any right or remedy under the Assigned Agreements or result in the termination or any of the Contract Counterparty’s rights under any Assigned Agreement.
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Contract Default means the failure by a party to a contractual agreement to perform or meet contract terms and conditions.
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Contract Default means the failure of the Owners, or the Developer on behalf of the Owners, as the case may be, to pay any Owner Payment Obligations.
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Related to Contract Default

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

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

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

  • Customer Default has the meaning set out in clause 8.3.

  • 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.

  • 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.

  • 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.

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

  • Contractor Default shall have the meaning set forth in Clause 23.1;

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • 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.

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

  • 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.

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

  • 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);

  • 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).

  • 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.

  • 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.

  • Event of Default has the meaning specified in Section 8.01.

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

  • Minor Default means any Event of Default that is not a Major Default.

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).

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

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

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