Significant Default definition

Significant Default means any Event of Default pursuant to Section 10.03 with respect to any failure to comply with the Financial Covenants or any Default or Event of Default pursuant to Section 11.01 or 11.05.

Significant Default shall occur if (a) similar or related Events of Default occur more than two times with respect to the same Defaulting Member, or (b) the Event of Default (or aggregate of all Events of Default) involves an amount of failed required additional Capital Contribution equal to or greater than the amount set forth in Schedule 2.78.

Significant Default meanss any Event of Default arising under Section 8.01 other than:

Examples of Significant Default in a sentence

• Other than as permitted in Section 7.4(b) hereof, Borrower shall not acquire, and shall not permit any Subsidiary Guarantor to acquire, all or a material portion of the Capital Stock or assets of any Person in any transaction or in any series of related transactions or enter into any sale and leaseback transaction if a Significant Default exists or would exists after giving effect to such transaction.

• The Borrower agrees for the benefit of the Finance Parties that following the occurrence of a Significant Default which is continuing it shall not make or seek to make any payment to the Servicing Agent in respect of any Servicing Payment, or discharge or seek to discharge any Servicing Payment by way of set-off.

• Except during a period when a Lease Event of Default or a Significant Default has occurred and is continuing (in which case all losses will be adjusted by the loss payee), all losses will be adjusted with the insurers by Lessee.

• Subject to the effectiveness of this Amendment, Agent and Lenders hereby consent to the payment on March 31, 2015 of all amounts then due on the Existing Subordinated Debt in accordance with its terms (the “Subordinated Debt Maturity Payment”), provided that no Significant Default then exists.

• Upon any such resignation, the Required Lenders shall have the right to appoint a successor with the approval of the Borrower (such approval not to be unreasonably withheld or delayed; provided that no such approval shall be required if a Significant Default has occurred and is continuing).

More Definitions of Significant Default

Significant Default means (a) any Default which, with the giving of notice and/or lapse of time, would constitute any of the Events of Default referred to in paragraphs (a), (d), (e) or (h) or clause (i) of paragraph (j) of Schedule 9, or (b) the failure at the relevant time of any Guarantee required pursuant to Section 5.15 hereof to remain, in any material respect, in full force and effect. SRM has the meaning given in the introductory paragraph to Schedule 6. State of Design means the state having jurisdiction over the Person responsible for the type design of the Aircraft or any Engine or Part.

Significant Default means a Default (except a Default arising because of a failure by the Company to comply with any provision described in Section 11(d), which has not yet become an Event of Default) or an Event of Default.

Significant Default. A Default or Event of Default, which arises under Section 8.1(a), (b), (i), (j) or (k) hereof, the failure of Borrower to maintain the covenants required under Section 6.8 hereof or the breach of any covenant contained in Section 7 hereof. Sponsored CDO Equity Interests – Collectively, those certain equity interests in the Collateralized Debt Offerings set forth on Schedule “5.14(b)” attached hereto, as such Schedule may be amended, supplemented, replaced or restated from time to time and any other equity interests in Sponsored CDO Offerings (whether now existing or hereafter created or acquired).

Significant Default means (i) any Default or Event of Default referred to in Section 9(a), 9(b), 9(e), 9(f), 9(g), 9(k), 9(l), 9(m), 9(n), 9(o), 9(p) or 9(q) hereof, (ii) any Event of Default referred to in Section 9(c) hereof unless such Event of Default results from a failure to comply with the provisions of Section 7.4 or 7.13 hereof, (iii) any Event of Default referred to in Section 9(d), 9(h), 9(i) or 9(j) hereof and (iv) any Event of Default not specified in the foregoing clauses (i) through (iii) which has been in existence for a period of more than

Significant Default means a Default arising under Section 6.7 (as of the last day of the Fiscal Quarter immediately preceding the date of the Stock Payment Notice for which Commission Reports have been filed for the Company), 6.16, 7.1, 7.2, 7.3, 7.4 or 7.

Significant Default as to any Obligor, (i) any event of default ------------------- occurring under any agreement evidencing Senior Debt resulting from any failure to pay when due (whether at stated maturity, by acceleration, mandatory prepayment, on any interest payment date or otherwise) any principal of or interest on or any other amount owing in respect of such Senior Debt; and (ii) the occurrence or existence of any other event of default under any agreement evidencing Senior Debt.

Significant Default as defined in SECTION 7.2. ------------------- STOCK PURCHASE AGREEMENT: as defined in SECTION 1.1. ------------------------ SUBSIDIARY: with respect to any Person, any corporation or other ---------- Person more than 50% of the Equity Interest of which is at the time owned by such Person and/or one or more of its other Subsidiaries. Unless otherwise specified, any reference to a Subsidiary in this Agreement is intended as a reference to a Subsidiary of the Company. SUCCESSOR: as defined in SECTION 6.7(D). --------- SUCCESSOR TRANSACTION: as defined in SECTION 6.7(D). --------------------- SUPPLEMENT: as defined in SECTION 8.7. ----------