Defaulting Beneficiary definition

Defaulting Beneficiary means a Beneficiary in breach of any obligation(s) under the Grant Agreement and/or this Consortium Agreement.
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Defaulting Beneficiary has the meaning ascribed to such term as set forth in Section 4.5;
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Defaulting Beneficiary means a Beneficiary which the General Assembly has identified to be in breach of this Consortium Agreement and/or the Grant Agreement as specified in Section 4.2 of this Consortium Agreement. means the body awarding the grant for the Project. means: Access Rights are Needed if, without the grant of such Access Rights, carrying out the tasks assigned to the recipient Beneficiary would be technically or legally impossible, significantly delayed, or require significant additional financial or human resources. Access Rights are Needed if, without the grant of such Access Rights, the Exploitation of own Results would be technically or legally impossible. .
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Examples of Defaulting Beneficiary in a sentence

  • Where the IMI2 JU terminates the participation of a Defaulting Beneficiary due to his breach of any obligation under the Grant Agreement in accordance with the provisions of the Grant Agreement, subject to the continuation in force of Clauses 13.4.2 and 13.5, that Defaulting Beneficiary’s participation under, and as a Beneficiary to, this Consortium Agreement shall be deemed to have been terminated.

  • If the payment for such Offered Shares is not delivered to the Offeror by a Beneficiary (the “Defaulting Beneficiary”) on the Closing Date, then the rights and title of the Offeror in respect of such applicable Offered Shares that were to have been transferred to the Defaulting Beneficiary shall be retained by the Offeror until the relevant purchase price is paid by the Defaulting Beneficiary.

  • In the event of a breach by a Beneficiary (Defaulting Beneficiary) of its obligations under this Consortium Agreement or the Grant Agreement which is irremediable or which is not remedied within thirty (30) calendar days of a written notice from the Coordinator, then the other Beneficiaries in the Consortium Council may jointly decide to terminate this Consortium Agreement with respect to the Defaulting Beneficiary following a minimum of 30 calendar days prior to written notice by the Coordinator.

  • However, for communications relating to a specific Beneficiary (other than with respect to Deliverables agreed upon in the relevant WPs and the submission of reports and guarantees provided by such Beneficiary to the Coordinator), the Coordinator shall request the views of the specific Beneficiary and, except in the case it is a Defaulting Beneficiary, incorporate the input of such a Beneficiary in the relevant communication.

  • In addition, a Defaulting Beneficiary shall bear any reasonable and justifiable additional costs occurring to the other Beneficiaries in order to perform the leaving Beneficiary´s task and necessary additional efforts to fulfil them as a consequence of the Beneficiary leaving the consortium.

  • Upon consummation of the transactions contemplated by this Agreement and the Ancillary Agreements, including without limitation receipt of the payments to be made to the Seller as contemplated in this Agreement, the Seller will not be insolvent.

  • The General Assembly should agree on a procedure regarding additional costs which are not covered by the Defaulting Beneficiary or the Mutual Insurance Mechanism.

  • If such breach is substantial and is not remedied within that period or is not capable of remedy, the General Assembly may decide to declare the Beneficiary to be a Defaulting Beneficiary and to decide on the consequences thereof which may include termination of its participation.

  • The Coordinator is entitled to recover any payments already paid to a Defaulting Beneficiary except the lump sum shares already claimed by the Defaulting Beneficiary and accepted by the Granting Authority.

  • Access Rights granted to a Defaulting Beneficiary and such Beneficiary’s right to request Access Rights shall cease immediately upon receipt by the Defaulting Beneficiary of the formal notice of the decision of the General Assembly to terminate its participation in the consortium.

Related to Defaulting Beneficiary

  • Defaulting Limited Partner means a Limited Partner that has failed to pay any amount owed to the Partnership under a Partnership Loan within 15 days after demand for payment thereof is made by the Partnership.

  • Defaulting Partner shall have the meaning set forth in Section 9.1.

  • Refund beneficiary means an individual nominated by a qualified participant or a former qualified participant under section 66 to receive a distribution of the participant's accumulated balance in the manner prescribed in section 67.

  • Defaulting Bank means, at any time, subject to Section 2.18(d), (i) any Bank that has failed for two or more consecutive Business Days to comply with its obligations under this Agreement to make available its ratable portion of a Borrowing (each, a “funding obligation”), unless such Bank has notified the Agent and a Borrower in writing that such failure is the result of such Bank’s determination that one or more conditions precedent to funding has not been satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing), (ii) any Bank that has notified the Agent or a Borrower in writing, or has stated publicly, that it does not intend to comply with its funding obligations hereunder, unless such writing or statement states that such position is based on such Bank’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement), (iii) any Bank that has, for three or more Business Days after written request of the Agent or a Borrower, failed to confirm in writing to the Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such Bank shall cease to be a Defaulting Bank pursuant to this clause (iii) upon the Agent’s and the Borrowers’ receipt of such written confirmation), (iv) any Bank with respect to which a Bank Insolvency Event has occurred and is continuing with respect to such Bank or its Parent Company, or (v) any Bank that has become the subject of a Bail-In Action; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in such Bank or its Parent Company by a Governmental Authority or an instrumentality thereof. Any determination by the Agent that a Bank is a Defaulting Bank under any of clauses (i) through (v) above will be conclusive and binding absent manifest error, and such Bank will be deemed to be a Defaulting Bank (subject to Section 2.18(d)) upon notification of such determination by the Agent to the Borrowers and the Banks. The Agent will promptly send to all parties hereto a copy of any notice to the Borrowers provided for in this definition.

  • Defaulting Entity shall have the meaning set forth for such term in Section 6.02(a) hereof. “Deficiency Amount” shall have the meaning set forth for such term in Section 4.03(a) hereof. “Department” shall mean the South Carolina Department of Revenue.

  • Defaulting Shareholder has the meaning set out in clause 16.7;

  • primary beneficiary means the individual for whose primary benefit the trust is then held. For purposes of Section 8.3, a Qualified Entity is a member of each Family Group to which such one or more Qualified Trusts that are its equity holders belong.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Remainder beneficiary means a person entitled to receive principal when an income interest ends.

  • Defaulting Member the meaning set forth in Section 3.2(a).

  • Financial Beneficiary means any Principal of the Developer or Applicant entity who receives or will receive any direct or indirect financial benefit from a Development, except as further described in Rule 67-21.0025, F.A.C.

  • Surviving beneficiary or "surviving descendant" means a beneficiary or a descendant who did not predecease the decedent and is not considered to have predeceased the decedent under section 2702.

  • Potential Defaulting Lender means, at any time, (i) any Lender with respect to which an event of the kind referred to in the definition of “Lender Insolvency Event” has occurred and is continuing in respect of any Subsidiary of such Lender, or (ii) any Lender that has notified, or whose Lender Parent or a Subsidiary thereof has notified, the Administrative Agent, the Borrower or any LC Issuing Bank in writing, or has stated publicly, that it does not intend to comply with its funding obligations generally under other loan agreements, credit agreements and other similar agreements, unless such writing or statement states that such position is based on such Lender’s determination that one or more conditions precedent to funding cannot be satisfied (which conditions precedent, together with the applicable default, if any, will be specifically identified in such writing or public statement). Any determination by the Administrative Agent that a Lender is a Potential Defaulting Lender under any of clauses (i) and (ii) above will be conclusive and binding absent manifest error, and such Lender will be deemed a Potential Defaulting Lender (subject to Section 2.19(f) hereof) upon notification of such determination by the Administrative Agent to the Borrower, the LC Issuing Banks and the Lenders.

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Beneficiary means each designated person, or the estate of the deceased Executive, entitled to benefits, if any, upon the death of the Executive, determined according to Article 4.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Defaulting Investor means any Investor that has (a) failed to make a payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder, (b) notified the Administrative Agent in writing that it does not intend to make any payment required to be made by it under the terms of this Agreement within one (1) Business Day of the day such payment is required to be made by such Investor thereunder or (c) become the subject of an Event of Bankruptcy.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Defaulting Lender means any Lender with respect to which a Lender Default is in effect.

  • Contingent Beneficiary is the person that becomes the Beneficiary if the named Beneficiary dies prior to the Income Date.

  • Non-Defaulting Bank means each Bank other than a Defaulting Bank.

  • Defaulting Party has the meaning specified in Section 6(a).

  • Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.

  • Termination Benefit means the benefit set forth in Article 7.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Non-Defaulting Member means a Member who is not a Defaulting Member.