Milestone Default definition

Milestone Default means the occurrence of an Event of Default under Section 8.01(c) as a result of a breach of Section 6.17(b), (j), (k), (l), (m), or (n).
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Milestone Default means that the following shall occur: (1) a Milestone Failure shall have occurred and (2) the Required Lenders have declared in writing that an Event of Default has occurred as a result of such condition remaining unsatisfied as of 12:00 a.m. (NYC time) on the date immediately following the occurrence of such Milestone Failure.
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Milestone Default means the failure to achieve the Milestone.
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Examples of Milestone Default in a sentence

  • Service Provider’s obligation to pay a Milestone Default Credit to WG as a result of failure to meet a Critical Milestone shall not limit WG’s right to seek additional remedies for any failure by Service Provider to meet such Critical Milestone.

  • The Transition Plan for a Work Agreement shall include a transition approach and transition project plan with, as and to the extent set forth in the applicable Work Agreement and Transition Plan, specific responsibilities of the Parties and, as applicable, Deliverables, Milestones, Acceptance Testing, as well as Critical Milestones and Milestone Default Credits.

  • The use of commercially reasonable efforts by Service Provider as required in this Section 8.7 shall not in any way limit Service Provider’s liability (including the payment of Milestone Default Credits and Service Level Credits) for failure to meet the Critical Milestones, Service Levels and Performance Requirements and other Milestones set forth in the applicable Work Agreement, and to the extent the Services are being performed on a fixed price basis, WG shall [***].

  • Upon the payment in full of the Milestone Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company and, if any principal balance remains on the Debenture, the Company shall reissue to the Holder a new Debenture reflecting such balance.

  • Milestone Default Credits shall be offset against any damages awarded in the event that WG successfully pursues a claim against Service Provider, [***].

  • Service Provider shall pay to WG Milestone Default Credits with respect to any failure by Service Provider to fully satisfy any Critical Milestone in accordance with the applicable Work Agreement.

  • This will confirm that Bank hereby waives the February Milestone Default.

  • Subject to WG’s review and approval, Service Provider shall calculate any Service Level Credits and Milestone Default Credits in accordance with Appendix 8 and Exhibit D.

  • In addition, with each such Service Level Credit and Milestone Default Credit, Service Provider shall provide WG with supporting documentation in reasonably sufficient detail to permit WG to review and confirm the accuracy of such Service Level Credit and Milestone Default Credit.

  • Commencing 10 days after Xxxxxx gives notice for payment of a Milestone Default Amount, the Milestone Default Amount shall accrue interest at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law.


More Definitions of Milestone Default

Milestone Default means the failure to achieve the 2014 Milestone or the 2015 Milestone.
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Milestone Default shall have the meaning set forth in Section 9(a).
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Milestone Default means, wherever used herein, whenever the Company shall fail to achieve any of the following as reported in its periodic filings on Forms 10-QSB, 10-KSB or other applicable filings with the Securities and Exchange Commission:
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Milestone Default means Corporation or any Guarantor failing to comply with any provision of Section 7.5 (Milestones);
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Related to Milestone Default

  • Milestone Event has the meaning set forth in Section 8.4.

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

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Development Milestone Event shall have the meaning set forth in Section 9.2(a).

  • Milestone means an event or task described in the Implementation Plan which must be completed by the corresponding date set out in such plan;

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • 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)).

  • Development Milestone Payment shall have the meaning set forth in Section 9.2(a).

  • Potential Default means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

  • Project Milestone means the project milestone set forth in Schedule-J;

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).

  • 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.

  • 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 Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.

  • Milestone Payment means a payment identified in the Implementation Plan to be made following the issue of a Satisfaction Certificate in respect of Achievement of the relevant Milestone;

  • Sales Milestone Payment has the meaning set forth in Section 8.3.1.

  • Milestone Payment Date has the meaning set forth in Section 2.4(a).

  • Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

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