Critical Default definition

Critical Default means any of the following:
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Critical Default occurs if: (i) the Client goes into bankruptcy, liquidation, receivership or a resolution to place it in liquidation or receivership is passed or proposed or an administrator, other controller or trustee in bankruptcy is appointed to the Client or any of its assets; (ii) the Client enters into a scheme of arrangement with its creditors; or (iii) there has been a fraud on the part of the Client;
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Critical Default has the meaning given to it in clauses A20.1(d), A20.2, A26.3 and A27.3. Date for Delivery: if the Scope of Work or Order provides a date for Delivery, that date, or if the Scope of Work or Order provides a period of time for Delivery, the last day of that period, but if an extension of time for Delivery is granted by Synergy’s Representative, it means the date resulting from the extension of time. Date of Delivery: the date that the Contractor achieves Delivery. Defect: a defect, error or omission in the Goods or Services or other non-compliance with the Contract that relates to the Goods or Services. Defects Liability Period: the period commencing from the Date of Delivery and expiring: 1 after a period of twelve (12) months from the Date of Delivery; or 2 the period specified in Schedule A -, whichever period is the longer.
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Examples of Critical Default in a sentence

  • Termination shall not constitute a Party's exclusive remedy for such a Critical Default, and such Party shall not be deemed to have waived any of its rights accruing hereunder prior to such Critical Default.

  • Termination will not constitute a Party’s exclusive remedy for such a Critical Default, and such Party will not be deemed to have waived any of its rights accruing hereunder prior to such Critical Default.

  • Sprint will not be required to pay Amdocs any Exit Fee or other termination fees if Sprint terminates the Term for Critical Default.

  • If Sprint ends the Term as a result of a claimed Critical Default by Amdocs and it is determined by the Arbitrator that no Critical Default was committed, then the termination will be deemed a termination for convenience, pursuant to Section 6.2.1 (Termination for Convenience), and Amdocs will have all remedies available to it, in accordance with Section 10.2 (Remedies) hereof, in connection with such determination that no Default was committed.

  • Termination shall not constitute a Party’s exclusive remedy for such a Critical Default, and such Party shall not be deemed to have waived any of its rights accruing hereunder prior to such Critical Default.

  • Section 4.5 (Dispute Resolution) hereof notwithstanding, the Term may be ended by either Party at any time, by delivering a Termination Notice specifying a Termination Date to the other Party if the other Party commits a Critical Default, provided that such Termination Date stated in any Termination Notice issued pursuant to this Section 6.3.1 (Critical Defaults)) will be [**] days or more subsequent to the date of such Termination Notice.

  • Section 4.6 (Dispute Resolution) hereof notwithstanding, the Term may be ended by either Party at any time, by delivering a Termination Notice specifying a Termination Date to the other Party if the other Party commits a Critical Default, provided that such Termination Date stated in any Termination Notice issued pursuant to this Section 6.3.1 (Critical Defaults)) shall be [**] days or more subsequent to the date of such Termination Notice.

  • Assist with the planning, development, and monitoring of the District’s budget to ensure the most efficient use of resources, adherence to established guidelines, and accurate and timely reporting of budgetary information.

  • Sprint shall not be required to pay Amdocs any Exit Fee or other termination fees if Sprint terminates the Term for Critical Default.

  • If a Default Notice states that a Performance Default is a Non-Critical Performance Default (‘Non- Critical Default Notice’), the Provider shall, if requested to do so, prepare a plan (an “Action Plan”) setting out the steps which the Provider shall take to ensure that the Performance Default is remedied, and does not occur again, and the reasonable timescale within which the Action Plan shall be implemented.


More Definitions of Critical Default

Critical Default of Nextel shall mean the default described in clause (f) of Section 11.1.39 (Default) hereunder, i.e., Nextel's failure to pay Amdocs in accordance with the provisions of this Agreement more than [**] percent ([**]%) of Amdocs' charges relating to a period of sixty (60) days or more hereunder; provided that (x) such charges are at least ninety (90) days past due; (y) Amdocs has advised Nextel's Program Manager in writing of Nextel's failure to make timely payment of such amounts and that Amdocs reserves the right to terminate or suspend the Services in accordance with the Agreement if such amounts are not fully paid within forty-five (45) days of Amdocs' above written notice, and (z) Nextel has not paid such amounts in full by the later of the ninety (90) day period specified in (x) above or the forty-five (45) day period specified in (y) above; and provided further, however, that, notwithstanding anything to the contrary provided above, there shall not be deemed to have occurred a "Critical Default" of Nextel hereunder in the event that Nextel has failed to pay Amdocs, in accordance with this Agreement, any portion (i.e., up to [**] percent ([**]%)) of Amdocs' charges relating to such period of sixty (60) days or more, if with respect to any amount greater than [**] percent ([**]%) of Amdocs' charges relating to such period of sixty (60) days or more, Nextel's Chief Information Officer or Chief Operations Officer shall have determined such amount is a "disputed amount" in accordance with Section 4.2.6(d) (Payments) hereof.
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Critical Default means any Default, except for an Event of Default specified in Section 9.01(e) that with notice or lapse of time or both, in accordance with Article IX, would become an Event of Default.
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Critical Default means those Defaults under the Lease listed as such in Schedule 1.
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Related to Critical Default

  • 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.

  • 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);

  • 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.

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

  • 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).

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

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

  • 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.

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

  • 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.

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

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

  • Senior Default means any Default or Event of Default under the Senior Credit Agreement or any document referred to therein.

  • 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.

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

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

  • 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.

  • 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.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • Reporting Default means a Default described in Section 6.01(d).

  • Minor Default means any Event of Default that is not a Major Default.

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

  • 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).