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

  • 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.

  • 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 termination for Institution Default, fairness dictates that the compensation payable should include breakage costs as well as breakage premiums.

  • Force Majeure: Compensation Events)), the Institution Default should be limited to those breaches by the Institution which render the contractual relationship between the Parties untenable or completely frustrate the Private Party’s ability to perform its obligations under the PPP Agreement.

  • The PPP Agreement should clearly stipulate the events that would constitute an Institution Default and which would entitle the Private Party to terminate the PPP Agreement.

  • Clause 26, Compensation on Termination For Institution Default, describes the payment to the private party where termination occurs by reason of Institution Default.

  • 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.

  • Therefore, if a Private Party seeks to be protected against such an assignment by requiring, for instance, a right to terminate on the basis that such assignment is a “deemed” Institution Default, this should be rejected.

  • 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.

  • 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).

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 an event, which with the giving of 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, at any time, a Bank that is not 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.

  • 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.

  • Funding Default as defined in Section 2.21.

  • 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):

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