Gross Default definition

Gross Default has the meaning given in clause 12.1(a).
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Examples of Gross Default in a sentence

  • In the event the procedures of this Article, Paragraphs B and C do not resolve the dispute and in cases relating to Gross Default, and the Parties agree to resolve the dispute by binding arbitration, the dispute shall be resolved under this Paragraph rather than by litigation.

  • A dispute between the Parties regarding any matter relating to the administration of this Agreement or the breach thereof shall be resolved in a fair, expedient and reasonable manner (other than a Gross Default).

  • The definitions of “▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ Loss Test,” “▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ Loss Test,” “Level 2 Gross Default Test,” “Level 1 Gross Default Test,” and “Requisite Amount” are hereby deleted and replaced with the following.

  • In the event of a Gross Default that is either not resolved by Arbitration or when an Attaching Utility fails to cooperate in the process of Arbitration as set out in this agreement.

Related to Gross Default

  • Cross Default is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period);

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

  • cross-default obligation means a term of any agreement or arrangement whereby the Appointee's liability to pay or repay any debt or other sum arises or is increased or accelerated by reason of a default of any person other than the Appointee.

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

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