Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.
Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.
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).
MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);
Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p).
Non-Defaulting Lender means, at any time, each Lender that is not a Defaulting Lender at such time.
Default Event means the occurrence of any of the following events:
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.
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;