Technical Default means a default in payment of any principal or interest on any Obligation occurring solely as the result of an administrative or operational event or condition or an act of God, which default is cured within 3 Business Days after the payment being due.
Technical Default means a default in payment of any principal of or interest on any Obligation occurring solely as the result of an administrative or operational event (provided that reasonable steps have been taken to prevent the recurrence of such event) or condition or an act of God or emergency outside the control of the Issuer (including natural disaster, nationalisation, currency restrictions, act of terrorism, act of war, breakdown or failure of transmission, communications or computer facilities of third parties, postal or other strikes or industrial action or the failure or disruption of any relevant stock exchange, Clearing System, settlement system or market), which default (i) with respect to payments of interest or principal of any ECP Notes or USCP Notes is cured within three Business Days from the time of such default, (ii) with respect to payments of interest or principal of any Medium Term Notes is cured within three Business Days from the time of such default and (iii) with respect to payments of interest or principal of any Capital Notes is cured within five Business Days from the time of such default. The occurrence of an Enforcement Event does not automatically lead to an acceleration of the Notes except upon the occurrence of a Mandatory Acceleration Event as described in Condition 9(e)(i) (Mandatory Acceleration Event Early Redemption). Upon the occurrence of an Enforcement Event, the Security Trustee will take the actions provided under the Security Trust Deed; provided that, the Security Trustee isnot required to take any particular action, to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. In such circumstances the Security Trustee is entitled to refrain from performing such duties or exercising such rights or powers unless and until it has been indemnified and/or secured to its satisfaction against any fees, costs, expenses or liabilities which it may incur. See Condition 6 (Security) and "The Security and its enforcement". 13. MATURITY DATE The Maturity Date of each Medium Term Note shall be specified in the relevant Final Terms. 14. PRESCRIPTION Claims for principal shall become void unless the relevant Medium Term Notes or (if applicable) Medium Term Note Certificates are pres...
Technical Default means a default in payment of any principal of or interest on any Obligation occurring solely as the result of an administrative or operational event (provided that reasonable steps have been taken to prevent the recurrence of such event) or condition or an act of God or emergency outside the control of the Issuer (including natural disaster, nationalisation, currency restrictions, act of terrorism, act of war, breakdown or failure of transmission, communications or computer facilities of third parties, postal or other strikes or industrial action or the failure or disruption of any relevant stock exchange, Clearing System, settlement system or market), which default
Examples of Technical Default in a sentence
Technical Default with respect to Convertible NotesThe delay results in a technical default under the indenture with respect to the Company’s 7/8% Convertible Subordinated Notes due 2008.
More Definitions of Technical Default
Technical Default has the meaning set forth under Section 6.01 hereof.
Technical Default means a payment default resulting from an administrative or operational event or condition, force majeure, or an act of God, which default is cured, in the case of CP Notes, within three Business Days after the payment being due, and in the case of the USMTNs and EMTNs, five Business Days after the payment being due.
Technical Default. – means a deficiency in the loan agreement that arises from a failure to uphold certain aspects of the loan terms other than the regularly scheduled payments, the following situations refers: