Operational Default definition

Operational Default has the meaning set forth in Section 2.5(a).
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Operational Default has the meaning assigned in Section 9.2.
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Operational Default has the meaning set forth in Clause 24.2(a);
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Examples of Operational Default in a sentence

  • Notwithstanding the foregoing, Grantee and Guarantor reserve the right to contest the continued existence of an Uncured Operational Default on the merits.

  • Based on the foregoing, for a period of 10 years after the commencement of Mining Operations at the Mines, in the event of an Uncured Operational Default, Grantor, upon five days' prior written notice to the Administrative Agent, shall have the unrestricted right to file, or have filed on its behalf, an injunction requiring Grantee to cease, or the cause the cessation of, Mining Operations at the Mines.

  • Based on the foregoing, for a period of 10 years after the commencement of Mining Operations at the Mine, in the event of an Uncured Operational Default, each Grantor, acting through the Administrative Agent, upon five days' prior written notice to the Grantee Administrative Agent, shall have the unrestricted right to file, or have filed on its behalf, an injunction requiring Grantee to cease, or the cause the cessation of, Mining Operations at the Mine.

  • In the event that Stratus shall be the Operational Default Partner, then any such Guaranty Payment shall not result in any Mandatory Additional Contributions or any Operational Default Payments hereunder, rather, Stratus shall have the sole responsibility for any such Guaranty Payment.

  • If cure cannot reasonably be effected within the specified cure period, Licensee shall be deemed to be in compliance with its obligations hereunder if Licensee commences remedial action within the specified period and diligently pursues steps or actions necessary or appropriate to effect cure of the Operational Default specified in the Operational Default Notice as soon as reasonably possible.

  • Based on the foregoing, for a period of 10 years after the commencement of Mining Operations at the Mines, in the event of an Uncured Operational Default, Grantor, upon five days’ prior written notice to the Administrative Agent, shall have the unrestricted right to file, or have filed on its behalf, an injunction requiring Grantee to cease, or the cause the cessation of, Mining Operations at the Mines.

  • Based on the foregoing, for a period of 10 years after the commencement of Mining Operations at the Mine, in the event of an Uncured Operational Default, each Grantor, acting through the Administrative Agent, upon five days’ prior written notice to the Grantee Administrative Agent, shall have the unrestricted right to file, or have filed on its behalf, an injunction requiring Grantee to cease, or the cause the cessation of, Mining Operations at the Mine.


More Definitions of Operational Default

Operational Default shall have the meaning set forth in Section 3.2(a).
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Operational Default has the meaning assigned in Section 9.21(b).
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Related to Operational Default

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • 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.

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

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).

  • 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.

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

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

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

  • Default means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

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

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

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.

  • 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)).

  • 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).

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

  • Actionable Default means the occurrence of any of the following:

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • 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):

  • Guarantor Default means a default by the Guarantor under its obligations pursuant to Article IX of the Note Purchase Agreement which is existing and continuing.

  • 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.