First Tier Default definition

First Tier Default means a Default arising from the existence of any facts or conditions described in clause (a)(ii), (b) or (j) of Section 6.1 hereof (for clarification purposes, without taking into account any period of time set forth in such clauses).
Sample 1
First Tier Default means any Default with respect to the obligations in clauses (b), (m) and (p) of Section 9.1 hereof.
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First Tier Default means any failure by the Company to perform or observe any of the provisions of Section 4.
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Examples of First Tier Default in a sentence

  • A First Tier Default or a Payment Default shall be deemed not to have occurred or to exist for any purpose hereunder, and an Event of Default shall be deemed not to have occurred and be continuing for any purpose hereunder, in each case if Harcourt shall have waived it in writing, stated in writing that it has been cured to Harcourt's reasonable satisfaction or entered into an amendment to this Agreement which by its express terms cures such First Tier Default or such Event of Default.

  • This Agreement shall terminate at such time as the Present Value Lease Exposure is less than $50,000,000 if at such time no First Tier Default, Payment Default or Event of Default has occurred and is continuing; provided, however, that Sections 2, 3.1, 3.6, 9, 10, 11 and 12 and Sections 7.3 through 7.8 (insofar as they relate to Sections 2, 3.1 and 3.6) shall survive the termination of this Agreement.

  • Promptly upon acquiring knowledge thereof, the Company will notify Harcourt of the existence of any First Tier Default or Default, specifying the nature thereof and what action the Company or any Subsidiary has taken, is taking or proposes to take with respect thereto.

  • The Company covenants that it will, and it will cause its Subsidiaries to, comply with the provisions of this Section 5 during the period from the date on which any First Tier Default occurs to the date on which the Company is in compliance with each of the provisions of Section 4 as are then applicable.

  • No such action by Harcourt shall extend to or affect any subsequent First Tier Default or Event of Default or impair any rights of Harcourt upon the occurrence thereof.

  • In addition to any other rights and remedies which Agent and Lenders may have pursuant to this Loan Agreement and the other Loan Documents or pursuant to law or equity, and without limitation thereof, if any First Tier Default or Event of Default shall occur and be continuing, then Agent and Lenders may decline to make all or any portion of any Earn-Out Disbursement which is the subject of any outstanding Earn-Out Disbursement Request, in each case as Agent may elect.

  • Upon the occurrence and during the continuance of any First Tier Default or an Event of Default, in addition to any other rights or remedies of Agent hereunder or under the other Loan Documents, Agent may terminate the Asset Management Agreement entered into with any Affiliate of Borrower and/or may require that Borrower terminate the Asset Management Agreement.

  • Disbursements from the Cash Sweep Account to reimburse Borrower for operating shortfalls as provided above shall be conditioned on, among other things, the absence of any First Tier Default or Event of Default and Agent’s receipt of a request for disbursement, in form and substance satisfactory to Agent, accompanied by such supporting documentation as Agent shall require.

  • Without limiting the foregoing, Agent may make all or any portion of any Earn-Out Disbursement so long as any such First Tier Default or Event of Default shall exist without thereby becoming obligated to make all or a portion of any other or further Earn-Out Disbursement or waiving Agent’s’ or Lenders’ right to exercise any of their rights and remedies pursuant to any one or more of the Security Documents and/or the other Loan Documents or as may be available at law or equity.


More Definitions of First Tier Default

First Tier Default means a Default arising from the existence of any facts or conditions described in clause (a), (b), (g), (h), (k) or (l) of Article VII (for clarification purposes, without taking into account any period of time set forth in such clauses).
Sample 1

Related to First Tier Default

  • Seller Default has the meaning set forth in Section 11.2.

  • Purchaser Default has the meaning set forth in Section 12.2 (a).

  • Buyer Default refers to nonpayment of the Xxxxxxx Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Xxxxxxx Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer’s obligation(s) under this Agreement. In the event of a Buyer Default, the following provisions shall apply:

  • Servicer Default means an event specified in Section 8.01.

  • Servicer Event of Default wherever used herein, means any one of the following events:

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Customer Default shall have the meaning set forth in Section 11.1.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Master Servicer Event of Default wherever used herein, means any one of the following events:

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Owner Event of Default shall have the meaning set forth in Section 12.3 hereof

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

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • Liquidity Event of Default means the occurrence of either (a) the Acceleration of all of the Equipment Notes or (b) an American Bankruptcy Event.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • 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).

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Bankruptcy Event of Default means any Event of Default under Section 8.01(f) of the Credit Agreement.

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • 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);