Declared Default definition

Declared Default means a Major Event of Default (as defined in the Interim PIK Facility Agreement) which is continuing and has resulted in the giving of an Acceleration Notice by the Interim Facility Agent under paragraph (a)(ii) of clause 7.1 (Repayment) of the Interim PIK Facility Agreement and which has not been revoked, withdrawn or cancelled by the Interim Facility Agent or otherwise ceased to have effect.

Declared Default means (i) a notice of acceleration has been given and not withdrawn in accordance with Section 8.01; or (ii) any automatic acceleration with respect to the events described in clause (g) or (h) of Section 8.01 has occurred and is continuing.

Declared Default means an Event of Default which has resulted in the Facility Agent exercising (or directing the Security Agent to exercise) any of its rights under clause 25.22 (Acceleration) of the Facilities Agreement.

Examples of Declared Default in a sentence

• No notice shall be prepared or given to any third party from whom intellectual property is licensed until a Declared Default has occurred.

• It shall notify the Defaulting Member, DFSA and other Members of the Declared Default and Default Declaration Date and time in writing.

• Irrespective of whether notice of the security is required for perfection, if the service of notice would prevent the relevant member of the Group from using a bank account in the ordinary course of its business no notice of security shall be served until a Declared Default has occurred.

• NASDAQ Dubai shall, in its absolute discretion, determine whether it will treat an Event of Default as a Declared Default and shall determine the Default Declaration Date and time.

• It must act in coordination with AIX, give Notice to the Defaulting Participant and may notify other Participants and the public of the Declared Default and Default Declaration Date.

More Definitions of Declared Default

Declared Default means an Event of Default which has resulted in the Agent exercising any of its rights under Clause 24.14 (Acceleration).

Declared Default means an Event of Default in respect of which any notice has been issued or rights exercised by the Senior Agent under Clause 27.19 (Acceleration) of the Senior Facilities Agreement;

Declared Default shall have the meaning given to it in the Facilities Agreement;

Declared Default means the occurrence of an Event of Default which has resulted in a notice being served by the Agent under paragraph (b) of Clause 23.7 (Acceleration) and such notice has not been withdrawn, cancelled or otherwise ceased to have effect.

Declared Default means an Event of Default in respect of which a notice of acceleration has been served pursuant to the first paragraph of Condition 11 (Events o f Default).

Declared Default has the meaning given to it in Schedule 12 (Agreed Security Principles).

Declared Default means a Senior Default which has resulted in the Senior Agent exercising (or directing the Security Agent to exercise) any of its rights under Clause 29.19 (Acceleration) of the Senior Facilities Agreement.