Party in Default definition

Party in Default has the meaning given in the definition of Event of Default.
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Party in Default has the meaning given in Clause 61(b)(ii).
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Party in Default shall have the meaning set forth in Section 7(a).
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Examples of Party in Default in a sentence

  • This Agreement may be terminated by either Party in the case of the failure of the other Party to fulfill any of its material obligations hereunder (a “Default”) on ninety (90) days’ prior written notice to the Party in Default, such notice to specify the performance failure of such Party.

  • Furthermore, if such Party is diligently proceeding to cure such Default but such cure cannot be accomplished within such ninety (90) day period, the Party in Default shall be given up to an additional sixty (60) days to cure the Default so long as such Party continues to diligently pursue curing the Default.

  • If the default is reasonably capable of being cured within thirty (30) days, the Party in Default shall have such period to effect a cure prior to exercise of remedies by the Complaining Party.

  • In the event that the Party in Default fails to cure a non-material Event of Default within the applicable cure period, the Complaining Party shall have all of its rights and remedies with respect thereto as may be available at law or in equity, subject to the express limitations on remedies set forth in this Agreement; provided that this Agreement shall not be terminated in respect to a non-material Event of Default.

  • The Complaining Party shall give written notice of Default to the Party in Default, specifying the Default alleged by the Complaining Party.

  • In the event of any Event of Default (whether or not material), the Party in Default shall use reasonable efforts to cure, correct or remedy the Event of Default claimed.

  • Any Non-Monetary Default, other than those specifically addressed in Section 2.21.2, Section 2.21.3, or Section 2.21.4, that is not cured within thirty (30) days after Notice to the Party in Default describing the Non-Monetary Default in reasonable detail.

  • If and when the Party in Default remedies the Default, its rights under such agreements will be restored.

  • Provided, however, that in the event the Default is not capable of being cured within thirty (30) Days, the Agreement shall not be terminated if the Party in Default (or its Permitted Financing Assignee) has begun in good faith taking actions to cure within thirty (30) Days following such written notice and diligently proceeds to completion.

  • The Complaining Party shall give written notice of default to the Party in Default, specifying the default complained of by the Complaining Party.

Related to Party in Default

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Potentially Non-Defaulting Party means a Party that, but for a cure of a Potential Event of Default or failure of performance by the Potentially Non-Defaulting Party, would be a Non-Defaulting Party.

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

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