Surety Default definition

Surety Default means (i) the occurrence and continuance of any failure by the Surety Provider to pay upon a demand for payment in accordance with the requirements of the Surety Bond or (ii) the occurrence of an Event of Bankruptcy with respect to the Surety Provider.
Sample 1Sample 2Sample 3
Surety Default means (i) any failure by the Surety Provider to pay a demand for payment in accordance with the requirements of the Surety Bond and such failure shall not have been cured or (ii) the occurrence of an Event of Bankruptcy with respect to the Surety Provider.
Sample 1Sample 2Sample 3
Surety Default means (i) any continuing failure by the Surety Provider to pay upon a demand for payment in accordance with the requirements of the Surety Bond within three Business Days after due thereunder or (ii) the occurrence and continuance of an Event of Bankruptcy with respect to the Surety Provider.
Sample 1Sample 2

Examples of Surety Default in a sentence

  • During the continuance of a Surety Default, no amounts in respect of the Surety Provider Fee shall be withdrawn from the Series 2006-1 Reserve Account.

  • Promptly after the receipt by a Responsible Officer of the Trustee of notice of the occurrence of a Surety Default, the Trustee shall give notice of such occurrence to each VFC Certificateholder and each Rating Agency.

  • Except for any period during which a Surety Default is continuing, the Surety Provider shall be deemed to be the holder of 100% of the Series 1997-1 Notes for the purposes of giving any consents, waivers, approvals, instructions, directions, requests, declarations and/or notices pursuant to the Base Indenture and this Supplement.

  • During the continuance of a Surety Default, no amounts in respect of the Surety Provider Fee shall be drawn on the Series 2006-1 Letters of Credit.

  • During the continuance of a Surety Default, no amounts in respect of the Surety Provider Fee shall be drawn on the Series 2006-2 Letters of Credit.

  • During the continuance of a Surety Default, no amounts in respect of the Surety Provider Fee shall be withdrawn from the Series 2006-2 Reserve Account.

  • Except for any period during which a Surety Default is continuing, the Surety Provider shall be deemed to be the holder of 100% of the Series 1998-1 Notes for the purposes of giving any consents, waivers, approvals, instructions, directions, requests, declarations and/or notices pursuant to the Base Indenture and this Supplement.

  • The Transferor, the Collateral Agent and the Seller each agree and covenant with the Surety that at all times during the Term of the Agreement the Transferor, the Seller and the Collateral Agent shall not take any action, or decline to take any action if reasonably requested by the Surety at a time when no Surety Default or Surety Insolvency exists, if such action or failure to take action will interfere with the enforcement of any rights under any of the Transaction Documents.

  • The MBIA Premium shall be payable in accordance with the Security Agreement so long as no Surety Default or Surety Insolvency has occurred.

  • So long as no Surety Default has occurred and is continuing, the Surety Provider shall constitute an “Enhancement Provider” with respect to the Series 2007-1 Notes for all purposes under the Indenture and the other Related Documents.


More Definitions of Surety Default

Surety Default means any of the following events (notice of each of which (other than the event in clause (i) below) shall be promptly given by the Enhancement Provider to the Trustee, the Master Servicer and the Company):
Sample 1Sample 2
Surety Default is defined with respect to any Financial Insurance Provider in the applicable Series Supplement.
Sample 1Sample 2
Surety Default means the occurrence and continuance of any failure of the Surety to make payments under the Surety Bond in accordance with its terms.
Sample 1Sample 2
Surety Default shall have the meaning ascribed to it in the Insurance Agreement.
Sample 1
Surety Default means any one or more of the following events: (i) failure of Surety to make any payment in accordance with the terms and conditions of the Surety Bond and failure of Backstop Insurer to make such payment pursuant to the Backstop Policy (a "PAYMENT SURETY DEFAULT"), (ii) Surety or Backstop Insurer has been declared insolvent or bankrupt by a court of competent jurisdiction by an order or judgement of such court, or is a debtor in a bankruptcy, insolvency, liquidation or rehabilitation proceeding, or an order or decree has been entered appointing a receiver, receivers, trustee, liquidator, custodian or custodians for any of its assets or revenues, or a conservator, rehabilitator, liquidator, trustee or similar Person has been appointed under applicable insurance laws with respect to Surety, Backstop Insurer or any material asset of either Surety or Backstop Insurer, or any proceeding shall be instituted with the consent or acquiescence of Surety or Backstop Insurer or any plan shall be entered into by Surety or Backstop Insurer for the purpose of effecting a composition between Surety or Backstop Insurer and its creditors or for the purpose of adjusting the claims of such creditors, or Surety or Backstop Insurer makes any assignment for the benefit of its creditors, or Surety or Backstop Insurer is generally not paying its debts as such debts become due, or Surety or Backstop Insurer files a petition under the United States Bankruptcy Code, as amended, or Surety or Backstop Insurer is subject to a rehabilitation or liquidation proceeding initiated by an insurance commissioner or other similar government official with appropriate jurisdiction, (iii) the Surety Bond or Backstop Policy has been determined to be void or unenforceable by final, unappealable judgment of a court of competent jurisdiction or (iv) Surety or Backstop Insurer asserts that the Surety Bond or Backstop Policy is invalid or unenforceable, or any proceedings shall be instituted by a government agency or authority with appropriate jurisdiction by or with the consent of Surety or Backstop Insurer seeking to declare the Surety Bond or Backstop Policy unenforceable, (v) a default (after any notice and grace periods, if applicable) by Surety has occurred and is continuing under an unconditional, irrevocable surety bond entered into by Surety which insures principal and interest on a loan secured by commercial real estate and such default is not cured by Backstop Insurer in accordance with the t...
Sample 1
Surety Default means any of the following events:
Sample 1

Related to Surety Default

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Authority Default shall have the meaning set forth in Clause 23.2;

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

  • 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.

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

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

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

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

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

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

  • 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);

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

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

  • 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.

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Senior Default means any Senior Payment Default or Senior Covenant Default.

  • Servicer Event of Default One or more of the events described in Section 7.01.

  • 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.

  • 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).

  • 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.

  • 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 Event of Default shall have the meaning specified in Section 17.1 of the Lease.

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

  • 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.

  • 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).

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.