Default Situation definition

Default Situation means any period during which there subsists:
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Default Situation means any event which is, or after notice or lapse of time, or both, would become, a Default or an Event of Default.
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Default Situation means (xx) an Event of Default (whether expressed as an Event of Default or as a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant’s part to be observed or performed beyond the expiration of the applicable notice and grace period) and/or (yy) a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant’s part to be observed or performed. 
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Examples of Default Situation in a sentence

  • A Bondholder (other than (i) a USPP Bondholder holding a certain amount of Class A USPP Bonds prior to the occurrence of certain events; or (ii) after the occurrence of such events, any holder of USPP Bonds, as the case may be) will not be entitled to vote.Prior to a Default Situation, the Bond Trustee may vote on behalf of the Bondholders (other than the certain USPP Bondholders) as part of the Instructing Group.

  • Whilst a Default Situation is subsisting, certain decisions and instructions may be required in a timeframe which does not allow the Bond Trustee to convene Bondholder meetings.

  • Prior to a Default Situation, a Bondholder will not be entitled to vote other than in respect of Entrenched Rights and Reserved Matters.Prior to a Default Situation, the Bond Trustee may vote on behalf of the Unwrapped Bondholders and (if an FG Event of Default has occurred and is continuing in relation to the relevant Financial Guarantor) the Wrapped Bondholders as part of the Instructing Group.

  • Default Situation If the available balance in the Settlement Account of one or more Direct Participants (“Default Member(s)”) is insufficient to meet its Bulk Clearing Commitment, or if one or more Default Member(s) or its Indirect Participant(s) are insolvent at the Final Cut-off time –Final Cut-off timei.

  • Application of this definition shall be further subject to rules set forth in Treasury Regulation §1.409A-3(i) relating to persons acting as a group, transfers to related persons, and certain back-to-back arrangements.

  • Upon any such waiver, such Default Situation shall cease to exist, and any Default or Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default Situation or impair any right consequent thereon.

  • In any case, the Note Trustee shall not be obliged to vote unless it has been indemnified and/or secured and/or prefunded to its satisfaction.Whilst a Default Situation is subsisting, certain decisions and instructions may be required in a timeframe which does not allow the Note Trustee to convene MTN Noteholder meetings.

  • In particular, participants struggled to understand the implications of wildcards in the inquirer/situation/face mapping, i.e., the General Public, Default Situation, and Default Face.

  • We call these the General Public and the Default Situation, respectively.

  • A Bondholder (other than (i) a USPP Bondholder holding a certain amount of Class A USPP Bonds or Class B USPP Bonds prior to the occurrence of certain events; or (ii) after the occurrence of such events, any holder of USPP Bonds, as the case may be) will not be entitled to vote.Prior to a Default Situation, the Bond Trustee may vote on behalf of the Bondholders (other than the USPP Bondholders) as part of the Instructing Group.


More Definitions of Default Situation

Default Situation means any period during which there subsists an Event of Default;
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Default Situation means (xx) an Event of Default (whether expressed as an Event of Default or as a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed beyond the expiration of the applicable notice and grace period) and/or (yy) a default by Tenant under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed. The foregoing notwithstanding neither the occurrence of a Legal Event nor the occurrence of a Bankruptcy Event shall, in and of itself, entitle Owner to deliver a termination notice terminating this Lease pursuant to the terms and conditions of Section 16.01 of this Lease, unless Owner shall be entitled under Section 16.01 of this Lease (as opposed to under this Section 31.06) to deliver such notice.
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Related to Default Situation

  • 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.

  • Emergency Situation means a situation in which an individual is experiencing a serious mental illness or a developmental disability, or a minor is experiencing a serious emotional disturbance, and 1 of the following applies:

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

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

  • Lender Default means (a) the refusal or failure (which has not been cured) of a Lender to make available its portion of any Borrowing or to fund its portion of any Unpaid Drawing under Section 3.4 that it is required to make hereunder, (b) a Lender having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, (c) a Lender has failed to confirm (within one Business Day after a request for such confirmation is received by such Lender) in a manner reasonably satisfactory to the Administrative Agent, the Borrower and, in the case of a Revolving Credit Lender, each Revolving Letter of Credit Issuer that it will comply with its funding obligations under this Agreement, (d) a Lender being deemed insolvent or becoming the subject of a bankruptcy or insolvency proceeding or has admitted in writing that it is insolvent; provided that a Lender Default shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any Stock in the applicable Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide the applicable Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit the applicable Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with the applicable Lender, or (e) a Lender that has, or has a direct or indirect parent company that has, become the subject of a Bail-In Action.

  • 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.

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

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

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

  • 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.

  • 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).

  • Unmatured Default means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute 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.

  • 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.

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

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

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

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

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

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

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

  • 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.

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

  • Default Management Charge has the meaning given to it in paragraph 6.2 of Framework Schedule 9 (Management Information);

  • 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: