Default Status definition

Default Status. The failure of a borrower or endorser (if any) to make an installment payment when due or to meet other terms of the promissory note as defined at 34 CFR 682.200.
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Examples of Default Status in a sentence

  • Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

  • NON-PAYMENT DEFAULT: Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

  • Once the parked vehicle is in Default Status for Non-Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while court orders are being filed.

  • As a reminder to the Mortgagee, Mortgagee Letter 00-05: Page 8, Section A - Default Status of the Loan states “Any attempt to utilize loss mitigation options by deliberately manufacturing or misrepresenting pertinent facts about a mortgagor’s financial or other qualifying status, shall be considered “willful abuse”, will disqualify a mortgagor from participation, and could lead to sanctions if perpetrated by a lender.

  • Once the parked vehicle is in Default Status for Non- Payment, the vehicle will be towed from its existing parking space and location, to another lot and held in impound while the court orders are being filed.

Related to Default Status

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

  • Default Notice means the written notice of Default of the Agreement issued by one Party to the other.

  • 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.

  • 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.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

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

  • Default Loan shall have the meaning provided in Section 5.2(b)(1).

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • default fund means a default fund held by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012;

  • Default Supplier means a Retailer appointed by EDTI pursuant to section 3 of the RRR Regulation;

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

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

  • Purchaser Default has the meaning set forth in Section 12.2 (a).

  • Servicer Default means an event specified in Section 8.01.

  • 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.

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

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

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

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

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

  • Specified Event of Default means any Event of Default under Section 8.01(a), (f) or (g).

  • 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).

  • 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)).

  • 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.

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.