Mortgage Default definition

Mortgage Default shall have the meaning ascribed to the term “Default” in the Mortgage Loan Agreement.

Mortgage Default shall have the meaning assigned thereto in the Mortgages.

Mortgage Default means the occurrence and continuance of a default under the Mortgage.

Examples of Mortgage Default in a sentence

• Xxxxxxxx and Senior Lender acknowledge and agree that payments received by Subordinate Lender, and remitted to Senior Lender under this Section 5, shall not be applied or otherwise credited against the Subordinate Loan, nor shall the tender of such payment to Senior Lender waive any Subordinate Mortgage Default which may arise from the inability of Subordinate Lender to retain such payment or apply such payment to the Subordinate Loan.

• Subordinate Lender acknowledges that a Subordinate Mortgage Default constitutes a Senior Mortgage Default.

• Accordingly, upon the occurrence of a Subordinate Mortgage Default, Subordinate Lender will be deemed to have actual knowledge of a Senior Mortgage Default.

• Senior Lender shall have the opportunity, but not the obligation, to cure any Subordinate Mortgage Default within 60 days following the date of such notice; provided, however that Subordinate Lender shall be entitled, during such 60-day period, to continue to pursue its rights and remedies under the Subordinate Loan Documents, subject to the limitations set forth in Section 6(b) below.

• If a commercial licensee uses a seed-to-sale tracking system that does not integrate with the State inventory tracking system, or does integrate but does not share all required information, the commercial licensee shall ensure all required information is reported directly into the State inventory tracking system.

More Definitions of Mortgage Default

Mortgage Default means the occurrence with respect to any of the Bond Mortgage Documents of a monetary Event of Default (as defined in the Bond Mortgage Documents) or any other Event of Default under the Owner Documents of which the Sponsor has actual knowledge.

Mortgage Default means a default by the Tenant under the terms of any Leasehold Mortgage after the giving of any required notice and the expiration of any applicable cure period without such cure having been effected.

Mortgage Default means the occurrence and continuance of a default under the Mortgage. “Mortgaged Property” means the properties, real, personal or mixed, described in the Granting Clauses of the Mortgage, as they may at any time exist.

Mortgage Default has the meaning assigned to such term in Section 3.01 hereof.

Mortgage Default. Lease Event of Default", "Lease Default", "Majority in Interest of Note Holders", "Make-Whole Amount", or "Note Holder", or the percentage of Note Holders required to take or approve any action hereunder, (2) reduce the amount, or change the time of payment or method of calculation of any amount, of Original Amount, Make-Whole Amount, or interest with respect to any Equipment Note, or alter or modify Article III hereof with respect to the order of priorities in which distribution thereunder shall be made as among the Note Holders, Owner Trustee, and Lessee, (3) reduce, modify, or amend any indemnities in favor of Owner Trustee, FSB, Mortgagee, SSB, or the Note Holders (except that FSB or SSB may consent to any waiver or reduction of an indemnity payable to it) or the other Mortgage Indemnitees, (4) consent to any change in the Mortgage or the Lease which would permit redemption of Equipment Notes earlier than permitted under (S) 2.10 or (S) 2.11 hereof or the purchase or exchange of the Equipment Notes other than as permitted by (S) 2.13 hereof, (5) except as contemplated by the Lease or the Participation Agreement, reduce the amount or extend the time of payment of Basic Rent, Stipulated Loss Value, or Termination Value for the Aircraft in each case as set forth in the Lease, or modify, amend, or supplement the Lease or consent to any assignment of the Lease, in either case releasing Lessee from its obligations in respect of the payment of Basic Rent, Stipulated Loss Value, or Termination Value for the Aircraft or altering the absolute and unconditional character of the obligations of Lessee to pay Rent as set forth in (S) 3 and (S) 16 of the Lease, or (6) permit the creation of any Lien on the Collateral or any part thereof other than Permitted Liens, or deprive any Note Holder of the benefit of the Lien of this Mortgage on the Collateral, except as provided in connection with the exercise of remedies under Article IV; FURTHER, provided, that, without the consent of the majority in interest of the holders of each Series of Equipment Notes, no such amendment, modification, consent, or waiver shall modify (S) 7.1.1, 7.2.7, 7.3, or 11, or Annex D or Schedule 5, of the Lease, (S) 7.6.11 of the Participation Agreement, or any definition in Annex A of the Participation Agreement relating to subleasing, re-registration, or insurance of the Aircraft.

Mortgage Default means the occurrence of any event that is defined as an “Event of Default” under the Mortgage Note, the Mortgage or any other Mortgage Document.

Mortgage Default has the meaning specified in Section ---------------- 501(7).