Grantor Default definition

Grantor Default means a default, event of default or unmatured event of default as defined in any Secured Debt Instrument or any Collateral Document.
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Grantor Default has the meaning ascribed thereto in Section 27.3.
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Grantor Default means a failure by a Grantor to pay Grant Payment Amounts when due under a Grant Agreement;
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Examples of Grantor Default in a sentence

  • Following the occurrence and during the continuance of an Uncured Grantor Default, the Beneficiary may provide written notice to the Grantor of its desire to withdraw Assets from the Trust Account, specifying the amount and type of Assets to be withdrawn.

  • Any such withdrawals shall be utilized and applied by the Beneficiary or any successor by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Beneficiary, without diminution because of insolvency on the part of the Beneficiary or the Grantor, only to pay the amount of the Uncured Grantor Default due to the Beneficiary under the Reinsurance Agreement.

  • If the Concessionaire so elects to exercise the Buy-Out Option, then the Grantor shall pay the Grantor Default Termination Payment to the Concessionaire.

  • Upon the occurrence of a Grantor Default, upon five (5) Business Days following the delivery of written notice by Grantee to Grantor, Grantee may, but shall not have the obligation to, implement such reasonable steps as may be required in order to cure such Grantor Default at Grantor’s sole cost and expense.

  • Grantor shall be deemed to have consented to Grantee performing any alterations, replacements or work that is/are reasonably necessary in order to eliminate such Grantor Default, provided that Grantee shall notify Grantor thereof in writing and reasonably cooperate with Grantor to reasonably include Grantor in planning and implementing such alterations, replacements or work.

  • In the event that the Concessionaire does not (acting reasonably) accept the Grantor's proposals for the remediation or alleviation of the consequences of the Grantor Default or having accepted such proposals the Grantor fails to remedy the Event of Default in accordance therewith, the Concessionaire may forthwith terminate this Concession Agreement on written notice to the Grantor.

  • Grantor shall reimburse Grantee within thirty (30) days following written demand by Grantee thereof (such demand to include copies of invoices and a certification that such costs were actually incurred by Xxxxxxx), of any reasonable third-party costs incurred by Grantee in curing such Grantor Default.

  • LIMITATION OF GRANTOR’S LIABILITY 22 16.1 Grantor Default 22 16.2 Grantor’s Liability 22 16.3 Transfer of Grantor’s Interest 22 17.

  • This notice constitutes certification by the Beneficiary that an Uncured Grantor Default (as defined in Section 2(a)(i) of the Trust Agreement) has occurred.


More Definitions of Grantor Default

Grantor Default means any of the circumstances identified in Clause 36.2;
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Related to Grantor Default

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

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

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

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

  • Contractor Default shall have the meaning set forth in Clause 23.1;

  • 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.

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

  • 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.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

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

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

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

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

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • 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 Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

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

  • 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.

  • Event of Default has the meaning specified in Section 8.01.

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

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

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

  • Owner Event of Default shall have the meaning set forth in Section 18.3.