Declaration of Default definition

Declaration of Default is defined in Section 6.3.
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Declaration of Default is defined in Section 8.5.
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Declaration of Default means the declaration of the termination of the obligations of the Noteholder to extend or maintain the Advances by reason of one or more Events of Default pursuant to Section 10.2.
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Examples of Declaration of Default in a sentence

  • Until a default is declared under this Agreement, a revocable license is granted to Borrower to collect and retain such Rents, charges, fees, carrying charges, Project accounts, security deposits, and other revenues and receipts, but upon a Declaration of Default under this Agreement or under the Security Instrument, this revocable license is automatically terminated.

  • Failure to remit funds in a timely manner will result in a Declaration of Default and any deposit will be frozen pending the outcome of any re-sale.

  • The beneficiary under said Deed of Trust heretofore executed and delivered to the undersigned a written Declaration of Default and Demand for Sale, and a written Notice of Default and Election to Sell.

  • Once the City determines that sufficient cause exists to justify the action, the City may terminate the Contract without prejudice to any other right or remedy the City may have, after giving the Contractor and its Surety seven (7) days notice by issuing a written Declaration of Default.

  • Each Mortgagee shall have the right during the same period available to Land Owner to cure or remedy, or to commence to cure or remedy, the event of Default claimed in the Notice of Default or Declaration of Default.

  • Any legal action by a Party alleging a Default must be filed within ninety (90) days from date of Declaration of Default after following the procedures in Sections 6.3, 6.4, and 6.5, as applicable.

  • If the Parties cannot mutually agree on a schedule for cure of the Default, at the conclusion of the initial thirty (30)-day period, the Complaining Party may issue a Declaration of Default and proceed to pursue its remedies under this Article VI.

  • If the City Council determines, at the conclusion of the annual review undertaken as required by Article V, that Land Owner has not complied in good faith with the terms of this Agreement, then the determination constitutes a Declaration of Default, and City may proceed to pursue any remedies under this Article VI in addition to those remedies available under Article V.

  • Provided there is failure to pay as indicated above, the Penalty Interest shall be payable notwithstanding that there is no, or even prior to a, Declaration of Default.

  • If one party fails to comply with a provision of the NMR, any of the other parties may file a Declaration of Default with the court (NMR, s 11).


More Definitions of Declaration of Default

Declaration of Default. See Section 7.3.
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Declaration of Default has the meaning given in Section 6.1 of this Agreement.
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Declaration of Default means a notice issued by the NSE and/or the clearing house informing a trading member, non-executing member or a clearing member of the occurrence of an Event of Default in accordance with rule 9.1 of these Derivatives Rules.
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Related to Declaration of Default

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • 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).

  • Notice of Default means a written notice of the kind specified in Section 5.1(4).

  • 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.

  • 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:

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

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

  • 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.

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

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

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

  • Events of Default has the meaning specified in Section 6.01.

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

  • 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.

  • Insurance Agreement Event of Default means an "Event of Default" as defined in the Insurance Agreement.

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

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

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

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

  • Indenture Event of Default means an "Event of Default" as defined in the Indenture.

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

  • Senior Event of Default means an Event of Default under the Senior Loan Documents.

  • 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.

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

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).