Special Default Event definition

Special Default Event means, individually and collectively, (i) the occurrence of an Event of Default pursuant to Section 15.1 arising out of a default or breach of a Payment Obligation (as defined below) by Lessee, (ii) the failure of Lessee or Guarantor to satisfy any final, unsecured and unappealable judgment arising out of this Lease or the Guaranty which is rendered by a court of competent jurisdiction. As used herein, the term “Payment Obligation” means any obligation from time to time owing by Lessee under this Lease, which obligation can be satisfied with the payment of money, including any Rent, fees, costs or charges that would accrue but for the provisions of U.S. Bankruptcy Code, after any bankruptcy or insolvency petition is filed thereunder.
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Special Default Event means, individually and collectively, (i) the occurrence of an Event of Default pursuant to Section 15.1 arising out of a default or breach of a Payment Obligation (as defined below) by Lessee, (ii) the failure of Lessee to satisfy any final, unsecured and unappealable judgment arising out of this Lease which is rendered by a court of competent jurisdiction. As used herein, the term “Payment Obligation’’ means any obligation from time to time owing by Lessee under this Lease, which obligation can be satisfied with the payment of money, including any Rent, fees, costs or charges that would accrue but for the provisions of U.S. Bankruptcy Code, after any bankruptcy or insolvency petition is filed thereunder.
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Special Default Event means the occurrence of any of the following: (i) Customer files a bankruptcy petition of any type or has a bankruptcy petition of any type filed against it, makes an assignment for the benefit of creditors, or goes into liquidation or receivership,
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Examples of Special Default Event in a sentence

  • The parties specifically agree that Lessor shall not be entitled to terminate this Lease if any Event of Default other than a Special Default Event shall have occurred and be continuing.

  • Upon termination, Customer shall return all System Components to CMT within forty-five (45) days of the termination date specified in the Termination Notice or of the termination by CMT following a Special Default Event.

  • For the purposes of this Agreement and notwithstanding the foregoing, any Special Default Event shall be deemed a default entitling CMT, in its discretion, to immediately terminate the Agreement with or without notice to Customer.


More Definitions of Special Default Event

Special Default Event means the occurrence of any of the following: (i) Customer files a bankruptcy petition of any type or has a bankruptcy petition of any type filed against it, makes an assignment for the benefit of creditors, or goes into liquidation or receivership,(ii) Customer ceases to conduct business in the normal course, becomes insolvent, enters into suspension of payments, moratorium, reorganization or bankruptcy, makes a general assignment for the benefit of creditors, admits in writing its inability to pay debts as they mature, suffers or permits the appointment of a receiver for its business or assets, or avails itself of or becomes subject to any other judicial or administrative proceeding that relates to insolvency or protection of creditors' rights, (iii) any routing of in-vehicle credit card transactions to a non-CMT-approved payment processor or application, unauthorized removal of or tampering with the installed CMT System, or routing of transactions through non-CMT hardware, or any failure by Customer or any Customer Representative to process any credit card transaction through CMT, (iv) non-payment of amounts due for a period of sixty (60) or more days, or(v) the direct or indirect ownership or control of Customer that exists as of the Effective Date changes in any material manner that may adversely affect the rights of CMT, including the acquisition of ownership or control by a competitor of CMT.
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Special Default Event has the meaning set forth in Section 15.2(d).
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Related to Special Default Event

  • 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).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • 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.

  • Liquidity Event of Default with respect to any Liquidity Facility, has the meaning assigned to such term in such Liquidity Facility.

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

  • 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.

  • 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.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Lease Default means any event or condition which, with the lapse of time or the giving of notice, or both, would constitute a Lease Event of Default.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

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

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

  • 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).

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

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

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

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

  • 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)).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Forbearance Default means any of: (A) the occurrence of any Default or Event of Default other than the Specified Defaults, (B) the failure of Borrower or any other Designated Company to timely and strictly comply with any term, condition, covenant, agreement or other obligation set forth in this Agreement, (C) the failure of any representation or warranty made by Borrower or any other Designated Company under or in connection with this Agreement to be true and complete in all material respects as of the date when made or any other material breach of any such representation or warranty, (D) the taking of any action by Borrower or any other Designated Company to in any way repudiate or assert a defense to any Obligation under the Credit Agreement, this Agreement or any of the other Loan Documents or the assertion of any claim or cause of action against Administrative Agent, Co-Administrative Agent or any Lender relating in any way thereto, (E) the date on which Administrative Agent, in its sole discretion or at the direction of the Required Lenders, delivers to Borrower a written notice terminating the Forbearance Period, which notice may be delivered at any time upon or after the delivery of any Proposed Vendor Payment Schedule Rejection Notice (as defined below) by the Administrative Agent in accordance with Section 3(c)(ii) hereof, or (F) Borrower fails to receive Inventory purchased with a CIA Payment (as defined below) within six (6) Business Days of the making of such CIA Payment. The occurrence of any Forbearance Default shall constitute an immediate Event of Default under the Credit Agreement and other Loan Documents. Upon the termination or expiration of the Forbearance Period, the agreement of Administrative Agent, Co-Administrative Agent and each Lender hereunder to forbear from exercising its default-related rights and remedies shall immediately terminate without the requirement of any demand, presentment, protest, or notice of any kind, all of which Borrower and each other Designated Company hereby waives. Borrower and each other Designated Company further agrees that any of Administrative Agent (upon direction of the Required Lenders to the extent provided in the Credit Agreement) and each Lender may at any time after the expiration or termination of the Forbearance Period proceed to exercise any and all of its rights and remedies under any or all of the Credit Agreement, any other Loan Document and/or applicable law, all of which rights and remedies are hereby fully reserved by Administrative Agent and each Lender. Any agreement by Administrative Agent and the Lenders to extend the Forbearance Period, if any, must be set forth in writing and signed by Administrative Agent and the Lenders. Borrower and each other Designated Company acknowledges that none of Administrative Agent or any Lender has made any assurances concerning any possibility of any extension of the Forbearance Period. Borrower and each other Designated Company acknowledges and agrees that any Loan or other financial accommodation which Administrative Agent, Co-Administrative Agent or any Lender makes to or for the benefit of Borrower or any other Designated Company on or after the Forbearance Effective Date has been made by such party in reliance upon, and is consideration for, among other things, the general releases and indemnities contained in Section 5 hereof and the other covenants, agreements, representations and warranties of Borrower and each other Designated Company hereunder.

  • Indenture Default means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder.

  • Potential Default means the occurrence of any event or condition which, with the giving of notice, the passage of time, or both, would constitute an Event of Default.

  • Default Date the meaning set forth in Section 3.2(a).