Amount in Default definition

Amount in Default means the principal and interest amount outstanding in the account of the borrower in respect of term loan/working capital term loan facility (including interest) as the case may be, as on the date of the account becoming NPA, or on the date of lodgment of claim application, whichever is lower, or on such other date as may be specified by Trustee Company for preferring any claim against the guarantee cover subject to a maximum of amount guaranteed.

Amount in Default means the principal and interest amount outstanding in the account(s) of the borrower in respect of term loan and amount of outstanding working capital facilities (including interest), as on the date of the account becoming NPA, or the date of lodgement of claim application whichever is lower or such other date as may be specified by CGTMSE for preferring any claim against the guarantee cover subject to a maximum of amount guaranteed.

Amount in Default means the Defaulting Party’s share of Joint Account expenses which the Defaulting Party has failed to pay when due pursuant to the terms of this Agreement (but excluding any interest owed on such amount); and

Examples of Amount in Default in a sentence

• Where a Payment Party has failed to make a payment required under this Section N and pursuant to paragraph 9.6.6 Payment Parties have borne Default Share Amounts of the Amount in Default, BSCCo shall, if the Panel so decides but not otherwise, institute proceedings on behalf of the BSC Clearer against the Non-paying BSC Debtor for the recovery of the Amount in Default and interest thereon.

• Paragraph 9.2.2 shall apply if, on any Payment Date (such date, in respect of the Settlement Day to which it relates, the " Affected Date"), the FAA has been notified by a Settlement Bank or it otherwise has reason to believe there will be an Amount in Default in respect of any BSC Debtor (the "Non-paying BSC Debtor").

• If in respect of any Non-paying BSC Debtor there is more than one Amount in Default, then any amount due and payable from the BSC Clearer shall be set off against the Amounts in Default in the order in which they originally became due and payable.

• The BSC Clearer shall have no liability in respect of any Shortfall Amount or Default Share Amount in accordance with this paragraph 9, save to the extent that the Amount in Default (including interest) is paid or recovered.

• Subject to paragraph 2.5.2, a Party shall be entitled to payment from the BSC Clearer on a Business Day if, and only if, on that Business Day there is no Amount in Default (as defined in paragraph 9.1(a)) due and payable by that Party to the BSC Clearer and not paid or recovered (within the meaning of paragraph 9.3.1) and so long as an Amount in Default, or any part of it, remains owing to the BSC Clearer, that Party will not request, demand or claim to be entitled to payment by the BSC Clearer.

More Definitions of Amount in Default

Amount in Default means the principal and interest amount outstanding in the account of the borrower in respect of term loan/working capital term loan facility (including interest) as the case may be, as on the date of the account

Amount in Default means the principal and interest amount outstanding in the account(s) of the borrower in respect of Sub-debt facility as on the date of theaccount becoming NPA, or the date of lodgment of claim application whichever is lower for preferring any claim against the guarantee cover subject to a maximum of amount guaranteed.

Amount in Default means the principal and interest amount outstanding in the account(s) of the borrower in respect of term loan or Composite Term Loan (including interest), as on the date of the account becoming NPA, or the date of lodgement of claim application whichever is lower subject to a maximum of amount of guarantee cover.

Amount in Default means the loan amount outstanding in the loan account(s) of the student borrower, inclusive of accrued interest, as on the date of the account becoming NPA, or the date of lodgment of claim application, whichever is lower, or such other amount as may be specified by the Fund for preferring any claim against the guarantee cover subject to a maximum of ‘Guarantee Cover’.

Amount in Default means the amount (principal + interest upto the date of NPA) outstanding in the books of the MLI.

Amount in Default means the principal and interest amount outstanding in the account(s) of the Farmer Producer Company (FPC) Borrower in respect of term loan and working capital facilities (including interest), as on the date of the account becoming Non Performing Asset (NPA), or the date of lodging claim application/recall of advance, whichever is earlier or such of the date as may be specified by SFAC for preferring any claim against the guarantee cover, subject to a maximum of amount Guaranteed and shall not include penal interest, other charges and any other costs debited to the FPC by the Eligible Lending Institution (ELI);

Amount in Default has the meaning given to that term in Section 21.1 of Schedule 11;