Operational Default definition

Operational Default has the meaning assigned in Section 9.2.
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Operational Default has the meaning set forth in Section 2.5(a).
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Operational Default shall have the meaning set forth in Section 3.2(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.

  • 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.

  • Anything herein to the contrary notwithstanding, Administrative Agent and Lenders shall have no obligation to forbear from exercising remedies by reason of an Operational Default of any type as to which Borrower elects to cure more than twice in the aggregate during the term of the Loan or more than once in any twelve (12) month period during the term of the Loan.

  • 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.

  • In the event of an Operational Default, the Customer’s sole remedy shall be a pro-rata refund of fees for the months in which there was an Operational Default plus any pre-paid fees.

  • 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.

  • 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.

  • Without limiting the foregoing, the mere occurrence of an Operational Default will not give rise to a presumption of a Material Adverse Effect or Material Adverse Change.

  • 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.


More Definitions of Operational Default

Operational Default has the meaning set forth in Clause 24.2(a);
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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 any event or condition which with notice or passage of time, 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 the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any incurrence of Loans (including pursuant to a Mandatory Borrowing) or to fund its portion of any unreimbursed payment under Section 2.05(c) or (ii) a Bank having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its obligations under Section 1.01 or under Section 2.05(c).

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

  • Senior Default means any Default or Event of Default under the Senior Credit Agreement or any document referred to therein.

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

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

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

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

  • Non-Monetary Default Notice 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 any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).

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

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.

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

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • 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.

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.