Financial Security Default definition

Financial Security Default means, with respect to any Series, any one of the following events shall have occurred and be continuing:
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Financial Security Default. The existence and continuance of any of the following:
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Financial Security Default. Any failure by FSA to pay any Insured Payment pursuant to the terms of the FSA Policy.
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Examples of Financial Security Default in a sentence

  • Notwithstanding the foregoing, in the event that a Financial Security Default shall have occurred and be continuing, the Trustee shall be the Controlling Party with respect to such Series until the applicable Trustee Termination Date.

  • If prior to an Insurer Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of a Financial Security Default and either such Financial Security Default is cured or for any other reason ceases to exist or the Trustee Termination Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, Financial Security shall, upon notice thereof being duly given to the Collateral Agent, again be the Controlling Party.

  • Notwithstanding the foregoing, in the event that a Financial Security Default shall have occurred and be continuing, the Trustee shall be the Controlling Party until the applicable Trustee Termination Date.

  • Absent a Financial Security Default (as defined in the Master Spread Account Agreement), the Trust Collateral Agent may be removed by the Controlling Party at any time (and should be removed at any time that the Indenture Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Trust Secured Party and the Trust.

  • Absent a Financial Security Default (as defined in the Master Spread Account Agreement), the Trust Collateral Agent may be removed by the Controlling Party at any time (and should be removed at any time that the Trustee has been removed), with or without cause, by an instrument or concurrent instruments in writing delivered to the Trust Collateral Agent, the other Issuer Secured Party and the Issuer.

  • Any such reductions shall be made first from compensation which is not deferred compensation subject to regulation under Section 409A of the Code; thereafter the Board of Directors (or Compensation Committee thereof) may determine the order of compensation to be paid out.


More Definitions of Financial Security Default

Financial Security Default means any one of the following events shall have occurred and be continuing:
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Financial Security Default. The occurrence and continuance of any of -------------------------- the following events:
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Financial Security Default. As defined in Section 4.05(l).
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Financial Security Default. As defined in Section 4.05(l). -------------------------- FIRREA: The Financial Institutions Reform, Recovery, and ------ Enforcement Act of 1989. Fitch: Fitch Investors Service, L.P., or any successor thereto. ----- If Fitch is designated as a Rating Agency in the Preliminary Statement, for purposes of Section 10.05(b) the address for notices to Fitch shall be Fitch Investors Service, L.P., One State Street Plaza, New York, Xxx Xxxx 00000, Xxxxxxxxx: Xxxxxxxxxxx Xxxxxxxx Surveillance Group, or such other address as Fitch may hereafter furnish to the Depositor and the Master Servicer.
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Related to Financial Security Default

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

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

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

  • 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 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.

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

  • Guarantor Default means a default by the Guarantor under its obligations pursuant to Article IX of the Note Purchase Agreement which is existing and continuing.

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

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

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

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

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

  • Issuer Event of Default means the occurrence of any of the following events:

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

  • Servicer Event of Default wherever used herein, means any one of the following events:

  • 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).

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

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

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

  • Master Servicer Event of Default wherever used herein, means any one of the following events:

  • Potential Issuer Event of Default means any condition, event or act which, with the lapse of time and/or the issue, making or giving of any notice, certification, declaration, demand, determination and/or request and/or the taking of any similar action and/or the fulfilment of any similar condition, would constitute an Issuer Event of Default;

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.