Technical Default definition

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.
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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
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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...
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Examples of Technical Default in a sentence

  • Unfortunately, the program eventually shut down due to problems at the national level.

  • Notifications, in writing, will be sent to the borrower at intervals of 30 and 60 days after the statement due date notifying the borrower that the statement is past due and the loan is considered in Technical Default.

  • July 14, 2008 – Executive Order 08-07 regarding Declaration of a State of Disaster Emergency: CPA’ s approach of Technical Default on $20 Million Indenture.

  • Part 2: Announcement of Technical Default The following information is extracted from 10-K filings on May 2, 2006 of HOOPER HOLMES INC (ticker: HH).

  • Precedent literature assumes that small business includes all businesses and enterprises except large enterprises (Moha Asri, 1999; Moha Asri and Manan, 2010; Rosman and Mohd Rosli, 2011), because most of the businesses worldwide can be categorized as small business through judgmental reasoning (APEC, 2003).

  • The CBOE has submitted a Motion to Vacate Technical Default and requests that Intervenor be allowed to adopt evidence submitted by the City of Chicago.

  • In cases where a Technical Default is succeeded by an Amendment with Violation, an Amendment with Violation/Waiver, or a Waiver within the subsequent two quarters, it is not classified as a Technical Default.Descriptive results.

  • Default can be categorized into four types Debt Services Default, Technical Default, Sovereign Default and Strategic Default (Financial Web).

  • If Xxxxxxxx receives a Technical Default Notice, Cinefllx shall have ten (10) business days from its receipt o f the Technical Default Notice to cure alleged technical defects and return the cured Delivery Materials to Licensee.

  • Should Clneflix not receive a Technical Default Notice within the Review Period, the Delivery Materials will be deemed accepted by Licensee.


More Definitions of Technical Default

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:
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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.
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Technical Default has the meaning set forth under Section 6.01 hereof.
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Related to Technical Default

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

  • 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.

  • 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.

  • 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).

  • 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);

  • 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.

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

  • Contractor Default shall have the meaning set forth in Clause 23.1;

  • PTC Event of Default Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

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

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

  • Customer Default has the meaning set out in clause 8.3.

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

  • 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.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Unmatured Default means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

  • Technical violation means a noncriminal violation of the conditions of parole. This rule is intended to implement Iowa Code section 905.7.

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

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any incurrence of Loans (including pursuant to a Mandatory Borrowing) or to fund its portion of any unreimbursed payment under Section 2.05(c) or (ii) a Bank having notified the Administrative Agent and/or the Borrower that it does not intend to comply with its obligations under Section 1.01 or under Section 2.05(c).

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

  • Unmatured Event of Default means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice, constitute an Event of Default.