Declared Default definition

Declared Default means a Major Event of Default (as defined in the Interim PIK Facility Agreement) which is continuing and has resulted in the giving of an Acceleration Notice by the Interim Facility Agent under paragraph (a)(ii) of clause 7.1 (Repayment) of the Interim PIK Facility Agreement and which has not been revoked, withdrawn or cancelled by the Interim Facility Agent or otherwise ceased to have effect.

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Declared Default means (i) a notice of acceleration has been given and not withdrawn in accordance with Section 8.01; or (ii) any automatic acceleration with respect to the events described in clause (g) or (h) of Section 8.01 has occurred and is continuing.

Declared Default means the occurrence of an Event of Default which has resulted in a notice being served by the Agent under paragraph (b) of Clause 23.7 (Acceleration) and such notice has not been withdrawn, cancelled or otherwise ceased to have effect.

Examples of Declared Default in a sentence

No notice shall be prepared or given to any third party from whom intellectual property is licensed until a Declared Default has occurred.
Irrespective of whether notice of the security is required for perfection, if the service of notice would prevent the relevant member of the Group from using a bank account in the ordinary course of its business no notice of security shall be served until a Declared Default has occurred.
No notice, whether to third parties or by attaching a notice to the fixed assets, will be prepared or given until the occurrence of a Declared Default which is continuing.
Upon delivery of a Cessation Notice, the applicable Loan Facility Declared Default shall be deemed not to be Continuing.
After the occurrence of a Declared Default which is continuing, the Pledgor undertakes, to transfer to the Pledgee any convening notice to any shareholders’ meeting, as well as of the agenda thereof.

More Definitions of Declared Default

Declared Default means an Event of Default which has resulted in the Facility Agent exercising (or directing the Security Agent to exercise) any of its rights under clause 25.22 (Acceleration) of the Facilities Agreement.

Declared Default means an Event of Default which has resulted in the Agent exercising any of its rights under Clause 24.14 (Acceleration).

Declared Default means an Event of Default in respect of which any notice has been issued or rights exercised by the Senior Agent under Clause 27.19 (Acceleration) of the Senior Facilities Agreement;

Declared Default shall have the meaning given to it in the Facilities Agreement;

Declared Default means an Event of Default in respect of which a notice of acceleration has been served pursuant to the first paragraph of Condition 11 (Events o f Default).

Declared Default means an Event of Default in respect of which a notice of acceleration has been served pursuant to paragraphs (b) or (d) of Clause 24.16 (Acceleration).

Declared Default has the meaning given to it in this Agreement; and