Absent Default definition

Absent Default. (as defined in Section 8.14.1) under the Amended Loan Documents, in which event Aetna shall have the rights and remedies provided for in Section 6.4.2, the Project Reserve shall be used: (i) to fund Approved Capital Costs (as defined in Section 5.2.2.1 below) for the Project (including tenant improvement costs and leasing commissions), in accordance with Section 7.3 below; and (ii) to provide working capital for the Project (in addition to the provision for $250,000 of working capital in section 6(b) of the Lockbox Agreement) -- as provided for in the first paragraph of Section 7.2.1 below, if the balance on deposit in the Deposit Account is insufficient therefor, funds in the Project Reserve may be transferred to the Deposit Account for disbursement to pay or permit payment of Approved Operating Costs (as defined in Section 7.2.1.4), Fixed Rate Interest (as defined in Section 2.2.1 below) and certain other obligations which have been approved in advance by Aetna.
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Examples of Absent Default in a sentence

  • Absent Default (as defined in Section III.H. below), the Ally Parties will apply payments pursuant to Dealership’s instructions.

  • Absent Default (as defined in Section III.H), the Ally Parties will apply payments pursuant to Dealership’s instructions.

  • Absent Default, the Ally Parties will apply payments pursuant to ▇▇▇▇▇▇▇’▇ instructions.

  • Absent Default, the entire unpaid balance of principal and accrued but unpaid interest owing on the Revolving Note will be due and payable on January 31, 1997.

  • Absent Default by the Borrower and upon the fifth (5th) anniversary of this Loan Agreement, Lender shall forgive and discharge this Loan.

  • Absent Default, collateral examinations are not expected to occur more than three times per 12-month period.

  • Absent Default (as defined in Section III.H below), or as specifically set forth in and identified in accordance with Section III.

  • Absent Default (as defined in Section I11.H below), the Ally Parties will apply payments pursuant to Dealership's instructions.

  • Absent Default, the entire unpaid balance of principal and accrued but unpaid interest owing on the Consolidated Note will be due and payable August 1, 1999.

  • Absent Default (as defined in Subsection III.H below), the Ally Parties will apply payments pursuant to Dealership’s instructions.

Related to Absent Default

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

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

  • Non-Payment Default has the meaning specified in Section 4.03.

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

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