Default in Payment definition

Default in Payment means an Event of Default described in paragraph (a) or (b) of Section 7.01 hereof.
Default in Payment means an Event of Default described in paragraph (a) or (e) of Section 7.01 of the Indenture.
Default in Payment. In case of default by the LESSEE/BUYER in the payment of the rent, such as when the checks are dishonored, the LESSOR/SELLER, at its option may terminate this contract and eject the LESSEE/BUYER as hereinafter provided. However, the LESSE/BUYER is given seven (7) days grace period within which to settle the account from date rental payment is due. Granting an extension to the aforesaid grace period may not be deemed as a waiver of LESSOR/SELLER right to terminate this contract and eject the LESSE/BUYER but in the event the LESSOR/SELLER so opts to grant a written request for extension, a penalty equivalent to three (3%) percent per month of the rental due, with a fraction of a month considered as one month shall be charged and assessed for delayed payments.

Examples of Default in Payment in a sentence

  • Provided however that upon the occurrence of Event of Default as stated in Section 5.1(a) (Default in Payment) the manner in which consequences are to be triggered in respect of the said Event of Default shall be subject to the SEBI Defaults Procedure Circular.

  • Default in Payment: In case of default in payment of interest and / or principal redemption on the due dates, additional interest of 2% p.a. over the coupon rate will be payable by NABARD for the defaulting period.ii.

  • Default in Payment: In case of default in payment of interest and / or principal redemption on the due dates, additional interest of 2% p.a. over the coupon rate will be payable by NABARD for the defaulting period.iii.

  • Company to Pay to Trustee Whole Amount Due on Securities on Default in Payment of Interest or Principal.

  • During the existence of a Default in Payment, interest shall accrue on fees due and owing from the date of the same until resolved, if resolution is allowed, at the default rate stated in the below.

  • Default in Payment: In case of default in payment of interest and/or principal redemption on the due dates, the Issuer shall pay an additional interest at the rate of 2.00% p.a. over the respective Coupon Rates of the Bonds for the defaulting period.

  • Default in Payment: In case of default in payment of Coupon and/or Redemption Amount on the due dates, additional interest of at least @ 2% p.a. over the Coupon Rate (if applicable as per the Terms and Conditions of the Debentures) will be payable by the Company for the defaulting period.III.

  • Default in Payment The failure of an Employer to pay the contributions required hereunder at the times and in the manner herein specified shall constitute a violation of such Employer’s obligations hereunder.

  • Upon the occurrence of a Default in Payment, the Trustee may, by notice in writing delivered to the Authority and the Agency declare the principal of all then Outstanding Bonds immediately due and payable, and such principal shall thereupon become and be immediately due and payable.

  • Default in Payment of Common Expenses In the event of default by any lot owner in paying to the Board of Directors the assessed common expenses, the lot owner shall be obligated to pay interest at the highest rate permitted by law per year on the common expenses from the due date, together with all expenses, including attorney's fees, incurred by the Board of Directors in any proceeding brought to collect the unpaid common expenses.


More Definitions of Default in Payment

Default in Payment means failure to pay at the due date.
Default in Payment means a failure to pay a fine (or any relevant part or instalment thereof according to the terms upon which the same was incurred) which shall cause to be regarded in default the entire sum then outstanding in respect of the original fine not already paid on the date upon or before which such fine or relevant part or instalment was

Related to Default in Payment

  • margin payment ’ means payment or de- posit of cash, a security, or other property, that is commonly known to the securities trade as original margin, initial margin, main- tenance margin, or variation margin, or as a mark-to-market payment, or that secures an obligation of a participant in a securities clearing agency;

  • Premium means any premium payable under the terms of the Notes.

  • 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.

  • Tax Event Repayment Date means the date set out in a notice from the Issuer to the Bondholders pursuant to Clause 10.4 (Early redemption option due to a tax event).

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

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

  • Default Date the meaning set forth in Section 3.2(a).

  • Default means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

  • 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.

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).

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

  • Debenture Tax Event" means a "Tax Event" as defined in the Indenture.

  • Tax Event means the receipt by the Company and the Trust of an opinion of counsel experienced in such matters to the effect that, as a result of any amendment to or change (including any announced prospective change) in the laws or any regulations thereunder of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement (including any private letter ruling, technical advice memorandum, field service advice, regulatory procedure, notice or announcement, including any notice or announcement of intent to adopt such procedures or regulations) (an “Administrative Action”) or judicial decision interpreting or applying such laws or regulations, regardless of whether such Administrative Action or judicial decision is issued to or in connection with a proceeding involving the Company or the Trust and whether or not subject to review or appeal, which amendment, clarification, change, Administrative Action or decision is enacted, promulgated or announced, in each case on or after the date of original issuance of the Debentures, there is more than an insubstantial risk that: (i) the Trust is, or will be within 90 days of the date of such opinion, subject to United States federal income tax with respect to income received or accrued on the Debentures; (ii) interest payable by the Company on the Debentures is not, or within 90 days of the date of such opinion, will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or (iii) the Trust is, or will be within 90 days of the date of such opinion, subject to more than a de minimis amount of other taxes, duties or other governmental charges.

  • 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.

  • 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:

  • Repayment Event means any event or condition which gives the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of its subsidiaries.

  • Special Interest shall have the meaning assigned thereto in Section 2(c) hereof.

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

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

  • Special Event means any of a Tax Event, an Investment Company Event or a Capital Treatment Event.

  • 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.

  • Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.

  • Foreign Prepayment Event has the meaning assigned to such term in Section 2.11(g).

  • 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.

  • Yield to Maturity means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles.

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