Defaulted debt means a debt where a customer has seriously breached the repayment terms governing that debt such that it is unlikely to be paid. Under the Consumer Credit Act there are specific legal obligations which require a customer to be sent the relevant statutory default notice(s) after which the customer’s agreement may ultimately be terminated. Other types of debts may also be defined as defaulted in the event that they remain unpaid for a period of 90 days or more, if there is not an acceptable arrangement in place to bring the account back up to date, in which case the creditor or lender may reasonably believe that the relationship has broken down. Under the Data Protection Act it is a requirement that any organisation seeking to register a default with a credit reference agency must also send a notice of intention to file a default, this notice is very similar in nature to that required under the Consumer Credit Act both of which give the debtor 28 days to bring the account back up to date before action is taken.

Defaulted debt means a debt where a customer has breached the repayment terms governing that debt such that it is unlikely to be paid. Under the Consumer Credit Act 1974 there are specific legal obligations which require a customer to be sent the relevant statutory default notice(s) after which the customer’s agreement may ultimately be terminated. Other types of debts may also be defined as defaulted in the event that they remain unpaid for a period of 90 days or more, if there is not an acceptable arrangement in place

Defaulted debt means (x) any Indebtedness of the type listed under clauses (a), (b), (c), (e) and (g) of the definition of "Indebtedness" (without duplication, Contingent Liabilities in respect of such type of Indebtedness) and (y) any Indebtedness, whether or not for borrowed money,

Examples of Defaulted debt in a sentence

If, however, during such 24 hours the Non-Defaulting Underwriters shall not have completed such arrangements for the purchase of all of the Defaulted Debt Securities, then this Agreement shall terminate without any liability on the part of the Company or the Non-Defaulting Underwriters.
If one or more of the Underwriters shall fail at the Closing Time to purchase the principal amount of Underwritten Debt Securities which it or they are obligated to purchase under the applicable Terms Agreement (the "Defaulted Debt Securities"), then the remaining Underwriters (the "Non-Defaulting Underwriter") shall have the right, within 24 hours thereafter, to make arrangements to purchase all, but not less than all, of the Defaulted Debt Securities upon the terms herein set forth.
To the best of Borrower's knowledge, and after giving effect to the waiver contained at the end of Section 3.01, except for the Existing Mortgage Defaulted Debt, no event of default is in existence under or with respect to any agreement, instrument or undertaking to which the Borrower or any Guarantor or Subsidiary is a party or by which it or any of its property is bound which could have or cause a Material Adverse Effect.

More Definitions of Defaulted debt

Defaulted debt means a Debt in respect of which (a) the relevant Debtor has become Insolvent; (b) consistent with the Seller’s credit and collection policy as amended from time to time in accordance with Clause 14.3(E), it would be written off as uncollectible; (c) any payment, or part thereof, remains unpaid, for the Default Period or more; (d) the relevant Debtor or the Seller is in breach of any Contract between them and such breach may give rise to a right of set-off (or other analogous rights) in favour of that Debtor.

Defaulted debt has the meaning specified in Section 6.01(p).

Defaulted debt means the indebtedness in the aggregate outstanding principal amount of $7,562,526.00 under those certain promissory notes dated August 30, 2001 and originally payable to Compania Ericsson S.A.C.I.

Defaulted Loan shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement
Defaulted Amounts means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal and interest) that are payable but are not punctually paid or duly provided for.
Defaulter means any person who owes arrears to the Municipality;
Defaulted Receivable means a Receivable:
Designated Indebtedness means any Indebtedness that has been designated by the Borrower at the time of the incurrence thereof as “Designated Indebtedness” for purposes of this Agreement in accordance with the requirements of Section 6.01.