First Default Notice definition

First Default Notice. Lessor shall give a second notice of default (“Second Default Notice”). If Lessee does not cure the default within thirty (30) days (or if such default cannot reasonably be cured within the second thirty (30) day period, if Lessee shall not within the second thirty (30) day period commence to cure such default and thereafter diligently pursue the same to completion) after Lessee’s receipt of the Second Default Notice, and such default results in a material adverse effect on the use, operation and value of the Property, then a “Final Default” shall have occurred.
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First Default Notice has the meaning set forth in Section 14.2 hereof.
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First Default Notice has the meaning set forth in SECTION 14.2 hereof.
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Examples of First Default Notice in a sentence

  • Within a few days of issuing the First Default Notice, DSI learned Defendants had been attempting to convert Dealer Specialties® customers to a different vehicle label and distribution system under a competitor's brand called HomeNet (Doc.

  • The Second Default Notice must be given within 60 Business Days of the service of the First Default Notice.

  • On February 3, 2015, DSI issued a formal notice of default (" First Default Notice").

  • Section 15.2(a) is the previously referenced cure provision providing thirty days—or more, if the lessee is acting with all due diligence—from the date of notice to cure the breach.In this case, neither the First Default Notice nor the Second Default Notice specifically mentioned the fact that the defendants were not occupying the premises.

  • If a Member (the Defaulting Member) fails to comply with any material condition or obligation which must be complied with under this Constitution (an Act of Default), another Member or other Members (in each case holding Ordinary Shares) may give the Defaulting Member a notice (the First Default Notice) requiring that Act of Default must be remedied within no less than 10 Business Days from the date of service of the First Default Notice.

  • Upon continued failure to repay the Outstanding Dues, the Borrower shall receive a second default notice 30 (thirty) days from the date of on which the First Default Notice was issued (“Second Default Notice”).

  • The First Default Notice also provided: We require a response in writing by 4pm Monday 4 April 2022.

  • UN-Redd and Forest Carbon Partners)ip Facility (n 3) 1–2, para(rap) 4.

  • If Landlord disputes the need for the completion of such obligation, Landlord shall deliver written notice of such disagreement to Tenant within ten (10) days after its receipt of the First Default Notice.

  • In particular, while the IPS discusses the new security environment,that unless steps are taken immediatelyto reversethe challenge of terrorism and the need to ‘transform’ thethis process, the damage may be irreparable.43 Despite the alarming nature of these findings, until recently the government appeared to pay little attention.


More Definitions of First Default Notice

First Default Notice has the meaning set forth in Section 25.1(e).
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First Default Notice. Landlord shall give a second notice of default (“Second Default Notice”). If Tenant does not cure the default within thirty (30) days (or if such default cannot reasonably be cured within the second thirty (30) day period, if Tenant shall not within the second thirty (30) day period commence to cure such default and thereafter diligently pursue the same to completion within one hundred and eighty (180) days) after Tenant’s receipt of the Second Default Notice, and such default results in a Material Adverse Effect, then a “Final Default” shall have occurred. At any time prior to the occurrence of a Final Default, Tenant may elect to toll the cure period on account of the default by commencing a declaratory judgment action to determine whether the alleged default exists (“Proceeding”), provided that Tenant shall be required to pay and perform all other obligations under this Lease, including payment of Annual Rent and additional rent. Tenant shall prosecute the Proceeding expeditiously and in good faith. If the court determines that the alleged default does not qualify as a default and such determination becomes final, Tenant shall not be in default for the alleged default. If the Court determines that a default did occur and such determination becomes final or if the Proceeding is dismissed by the court and such dismissal becomes final, then as of the date of such determination or dismissal, the cure period shall commence again and if cure has not been completed by the expiration of the cure period, Landlord shall have all rights as provided herein for a Final Default.
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Related to First Default Notice

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

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

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

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

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • 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)).

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

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • 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).

  • Forbearance Default means: (A) the failure of the Company to provide the Noteholder Group and its financial advisors with reasonable access, as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of Xxxxx Xxxxx Xxxxxx that are working with the Company, and to provide the Noteholder Group and its legal and financial advisors with any and all due diligence information they may reasonably request, including, without limitation, the Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (2) business days thereafter; (B) the failure of the Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Third Amended Forbearance Agreement) under the DDJ Third Amended Forbearance Agreement or any amendment or modification to the DDJ Third Amended Forbearance Agreement; (D) termination of the DDJ Third Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Third Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the Xxxxxx Engagement Letter or the failure of the Company to pay Xxxxxx’x fees, expenses and indemnity in accordance with the terms of the Xxxxxx Engagement Letter; (G) the occurrence of any Event of Default that is not a Specified Existing Default; (H) the failure of the Company to comply with any term, condition, covenant or agreement set forth in this Third Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Third Amended Forbearance Agreement to be true and correct in all material respects as of the date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default under the Indenture.

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

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

  • 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.

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

  • 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).

  • 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 First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;

  • Credit Default Swap means any credit default swap entered into as a means to (i) invest in bonds, notes, loans, debentures or securities on a leveraged basis or (ii) hedge the default risk of bonds, notes, loans, debentures or securities.

  • Acceleration Notice shall have the meaning specified in Section 6.2.

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

  • 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 Administrative 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 Default With respect to any Indenture, means any Event of Default (as such term is defined in such Indenture).

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).