Institution Default definition

Institution Default means any one of the following events: an expropriation of a material part of the Project Assets and/or shares of the Private Party by the Institution or other Responsible Authority; a failure by the Institution to make payment of any amount or amounts that are due and payable by the Institution under this Agreement (which amounts are not bona fide in dispute) which, either singly or in aggregate exceed the sum of R[x] and such failure continues for [x] Business Days from receipt by the Institution of a notice of non-payment from the Private Party;
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Institution Default means any one of the following events: an expropriation of a material part of the Project Assets and/or shares of the Private Party by the Institution or other Responsible Authority; a failure by the Institution to make payment of any amount or amounts that are due and payable by the Institution under this PPP Agreement (which amounts are not in dispute) which, either singly or in aggregate exceeds the sum of R[x] (indexed to CPIX) and such failure continues for [x] Business Days from receipt by the Institution of a notice of non-payment from the Private Party; a breach by the Institution of its obligations under this PPP Agreement which substantially frustrates or renders it impossible for the Private Party to perform its obligations under this PPP Agreement for a continuous period of [x] months; and a breach by the Institution of its obligations in terms of clause
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Institution Default means any one of the following events:
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Examples of Institution Default in a sentence

  • The effect of this clause is that the Institution can take over the Project Site and suspend the Project for the duration of the event causing it to take the Project Site over, without having to terminate the PPP Agreement and having to pay the termination sum for Institution Default, which could be a substantial sum.

  • On the occurrence of an Institution Default, or within [x] days after the Private Party becomes aware of same, the Private Party may serve notice on the Institution of the occurrence (and specifying details) of such Institution Default.

  • In addition (but without duplication of any amounts payable pursuant to the proviso of the preceding sentence), if any Event of Default shall occur, the principal amount of all outstanding Institutional Loans shall bear interest at the Institution Default Rate from the date on which such Event of Default occurred until the date on which no Event of Default shall be continuing.

  • On the occurrence of an Institution Default, or within 10 days after the Private Party becomes aware of same, the Private Party may serve notice on the Institution of the occurrence (and specifying details) of such Institution Default.

  • In the event of a Qualified Institution Default, Seller shall (1) provide a substitute Letter of Credit that is issued by a Qualified Institution or (2) deliver to Buyer cash collateral for application to such liabilities of Seller due and payable hereunder in an amount equal to the Letter of Credit Amount, in either case within five (5) Business Days after Seller receives notice of the Qualified Institution Default.

  • Care must be taken, however, to ensure that termination is a last resort and can only be chosen by the Private Party when the Institution’s action or inaction has made it impossible for the Private Party to perform its obligations under the PPP Agreement.394 The periods triggering Institution Default are subject to the further remedy periods set out in Part N: (Termination).395 See Part S:83.1 (Miscellaneous: Assignment).

  • If a Bank fails to pay all or any portion of the True-Up Amount applicable to such Bank prior to the expiration of the period of five Business Days referred to in clause (ii) above, such unpaid True-Up Amount of such Bank shall bear interest at the Institution Default Rate from and excluding the last day of such five Business Day period to and including the date paid by the Bank.

  • Termination: Compensation on Termination for Institution Default) for a description of the circumstances when the compensation payable to the Private Party upon termination will take Debt into account.

  • Where the termination is a result of Institution Default, the value of the compensation payable to the Private Party is usually greater than that payable in the event of Force Majeure termination or termination as a result of a Private Party Default.

  • If a Bank fails to pay all or any portion of the True-Up Amount applicable to such Bank prior to the expiration of the period of five Business Days referred to in clause (ii) above, such unpaid True-Up Amount of such Bank shall bear interest at the Institution Default Rate from and excluding the last day of such five Business 117 Day period to and including the date paid by the Bank.

Related to Institution Default

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

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

  • Registration Default As defined in Section 5 hereof.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

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

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

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

  • Registration Default Period shall have the meaning assigned thereto in Section 2(c).

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

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

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

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

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

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

  • 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.

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

  • Subordination Deficiency With respect to any Distribution Date, the excess, if any, of (a) the Specified Subordinated Amount applicable to such Distribution Date over (b) the Subordinated Amount applicable to such Distribution Date.

  • Registration Default Damages shall have the meaning set forth in Section 8 hereof.

  • 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.

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

  • 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.

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

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

  • Funding Default as defined in Section 2.22.

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

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