Junior Default means a default in the payment of the Junior Notes or any other Junior Debt Documents, or in the performance of any term, covenant or condition contained in the Junior Notes or other Junior Debt Documents, or any other occurrence which, in and of itself or with notice or the passage of time, or both, would permit any Junior Creditor to accelerate the payment of all or any portion of any Junior Debt evidenced by the Junior Notes.

Junior Default means any event of default under the Junior Debt Documents, after the expiration of any applicable grace or cure period.

Junior Default. For the purpose of this Agreement, a "Default" shall mean any occurrence or condition which, with the giving of notice or the passage of time, or both, would be an Event of Default. Unless and until the Master Collateral Agent has actual knowledge that an Event of Default shall have occurred and is continuing, the Master Collateral Agent shall not take any action under this Agreement except for the performance of such duties as are specifically set forth herein and except as may be set forth from time to time in written instructions by the Required Facility Representatives in accordance with this Agreement, and upon receipt of such written instruction, the Master Collateral Agent shall give such notice or direction or exercise such right, remedy or power hereunder as shall be specified in such instruction.

Examples of Junior Default in a sentence

Nothing in this Agreement shall prevent the occurrence of any Junior Default in the event any of the Obligors fails to comply with any of the terms of the Junior Debt Documents, whether or not this Agreement prohibits such Obligor from complying with such terms.
The Junior Creditors and the Obligors shall provide the Trustee with a Junior Default Notice promptly upon the occurrence of each Junior Default, which notice shall specify the date of first occurrence thereof and the nature of such Junior Default, and the Junior Creditors shall notify the Trustee promptly in the event such Junior Default is cured or waived.
The Senior Lender and the Junior Lender, as applicable, shall use its best efforts to provide Borrower with a copy of any Senior Payment Default Notice, Senior Non-Payment Default Notice and Junior Default Notice, as applicable, concurrently with the sending thereof and promptly notify Borrower of any cure or waiver thereof, provided that the failure to give any such notice shall not limit or otherwise affect any party’s rights under this Agreement.
An "Event of Default" shall exist under this Agreement if there exists an "Senior Default" or "Junior Default".
Subordinated Lender shall not issue more than one Junior Default Notice in any three hundred sixty (360) day period.

More Definitions of Junior Default

Junior Default means a Junior Event of Default or any fact, event or circumstance which with notice or passage of time or both, could constitute a Junior Event of Default.

Junior Default means a “Default” as such term is defined in the Junior Loan Agreement.

Junior Default means a “Default” (as defined in the RCF Agreement) and a “Default” (as defined in the HY Note Indenture).

Junior Default means any “Event of Default” (as such term is defined in the Junior Financing Agreement) or any other occurrence permitting Junior Lender to accelerate the payment of, or put or cause the redemption of, all or any portion of the Junior Debt or any of the Junior Notes.

Junior Default means any occurrence constituting a default under the Junior Note or Junior Security Agreement, including a default in the payment of the Junior Debt or performance of any term, covenant or condition contained in the Junior Note or Junior Security Agreement.

Junior Default means a default in the payment of the Junior Debt or any other occurrence permitting Junior Creditor to accelerate the payment of all or any portion of the Junior Debt.