Default Party definition

Default Party shall have the meaning ascribed to it in Section 11.1 hereof.
Sample 1Sample 2Sample 3
Default Party shall have the meaning set forth in Section 6.2.
Sample 1Sample 2
Default Party has the meaning specified in Section 11.13(a) (Limitation of Liability).
Sample 1Sample 2

Examples of Default Party in a sentence

  • For purposes of clause (x) of the definition of Event of Default: Party A's Threshold Amount is U.S.D. $10,000,000.

  • Any other party (“Observant Party”) has the right to request Default Party to make amendments or take remedy measures in reasonable time period.

  • If Party A is the Default Party, the Damaged Parties shall waive Party A’s obligation of liquidated damages, and unless otherwise provided, the Damaged Party shall not in any event have any right to terminate or cancel this Agreement.

  • For purposes of clause (x) of the definition of Event of Default: Party A’s Threshold Amount is U.S.D. $10,000,000.

  • Each of the Parties agrees and acknowledges that except as compulsorily provided by the PRC Laws, if Party C or Party B is a Default Party, the Damaged Parties will have the right to immediately terminates this Agreement and request the Default Party to provide the liquidated damages.

  • The non-default party (the “Non-default Party”) shall have the right to request the default party (the “Default Party”) by written notice to make remedies of its breach and take sufficient, effective and timely measures to eliminate the results caused by such breach and indemnify the Non-default Party of the losses arising from such breach of the Default Party.

  • In the event Pypo is the Default Party and provided that Pypo is entitled to exercise its rights as beneficiary (the Beneficiary’s Rights”) under Section 5.2 of any Equity Pledge Agreement, Pypo shall promptly notify ARCH such default and ARCH shall be entitled to, at its absolute discretion and by delivering a written notice to Pypo, request Pypo to exercise the Beneficiary’s Rights and procure the transfer of all right, title and interest in the relevant Interests to ARCH.

  • Default Party A: If party A does not pay the service fee to party B according to the schedule, additional penalty charge of 3% of the balance payable is required every one month overdue.

  • In the event Pypo is the Default Party and provided that Pypo is entitled to exercise its rights as beneficiary (the “Beneficiary’s Rights”) under Section 5.2 of the Equity Pledge Agreement, Pypo shall promptly notify ARCH such default and ARCH shall be entitled to, at its absolute discretion and by delivering a written notice to Pypo, request Pypo to exercise the Beneficiary’s Rights and procure the transfer of all right, title and interest in the Interests to ARCH.

  • If Default Party still not make modification or take remedial measures within reasonable time or within 15 days after Non-Default Party notify default Party and make modification request, Non-Default Party may choose, in its sole determination (1) terminate this Agreement and request Default Party to pay for all damages, or (2) request Default Party to perform the obligations under this Agreement by compulsion and request Default Party to pay for all damages.


More Definitions of Default Party

Default Party has the meaning given to it in Clause .1;
Sample 1
Default Party has the meaning given in Article 11.1 of this Agreement.
Sample 1

Related to Default Party

  • Lender Default means (i) the refusal (which may be given verbally or in writing and has not been retracted) or failure of any Lender to make available its portion of any incurrence of revolving loans or reimbursement obligations required to be made by it, which refusal or failure is not cured within two Business Days after the date of such refusal or failure; (ii) the failure of any Lender to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless subject to a good faith dispute; (iii) a Lender has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations, under the Revolving Credit Facility or under other agreements generally in which it commits to extend credit; (iv) a Lender has failed, within three Business Days after request by the Administrative Agent, to confirm that it will comply with its funding obligations under the Revolving Credit Facility; or (v) a Lender has admitted in writing that it is insolvent or such Lender becomes subject to a Lender-Related Distress Event or a Bail-In Action. Any determination by the Administrative Agent that a Lender Default has occurred under any one or more of clauses (i) through (v) above shall be conclusive and binding absent manifest error, and the applicable Lender shall be deemed to be a Defaulting Lender (subject to Section 2.17(b)) upon delivery of written notice of such determination to the Borrower, each L/C Issuer, each Swing Line Lender and each Lender.

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

  • 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.

  • Default Period means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default and ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which (a) the Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the non-pro rata application of any voluntary or mandatory prepayments of the Loans in accordance with the terms of Section 2.13 or Section 2.14 or by a combination thereof) and (b) such Defaulting Lender shall have delivered to Company and Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which Company, Administrative Agent and Requisite Lenders waive all Funding Defaults of such Defaulting Lender in writing.

  • 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).

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

  • 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.

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

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

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

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

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

  • Financing Default means an event which would constitute (or with notice or lapse of time or both would constitute) an event of default (which event of default has not been cured) under or would otherwise violate or breach (i) any financing arrangement of the Company or any of its Subsidiaries in effect as of the time of the aforementioned event, and any extensions, renewals, refinancings or refundings thereof in whole or in part; and (ii) any provision of the Company's or any of its Subsidiary's constitutional documents.

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

  • 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.

  • 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;

  • cross-default obligation means a term of any agreement or arrangement whereby the Appointee's liability to pay or repay any debt or other sum arises or is increased or accelerated by reason of a default of any person other than the Appointee. 6.12 Without prejudice to the application of paragraph 6.2 the Appointee shall declare or pay dividends only in accordance with a dividend policy which has been approved by the Board of the Appointee and which complies with the following principles -

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

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice, constitute an Event of Default.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Owner Event of Default shall have the meaning set forth in Section 12.3 hereof

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Administrative Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.