Institution Default definition

Institution Default means any one of the following events: an expropriation of a material part of the Project Assets and/or shares of the Private Party by the Institution or other Responsible Authority; a failure by the Institution to make payment of any amount or amounts that are due and payable by the Institution under this Agreement (which amounts are not bona fide in dispute) which, either singly or in aggregate exceed the sum of R[x] and such failure continues for [x] Business Days from receipt by the Institution of a notice of non-payment from the Private Party;
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Institution Default means any one of the following events: an expropriation of a material part of the Project Assets and/or shares of the Private Party by the Institution or other Responsible Authority; a failure by the Institution to make payment of any amount or amounts that are due and payable by the Institution under this PPP Agreement (which amounts are not in dispute) which, either singly or in aggregate exceeds the sum of R[x] (indexed to CPIX) and such failure continues for [x] Business Days from receipt by the Institution of a notice of non-payment from the Private Party; a breach by the Institution of its obligations under this PPP Agreement which substantially frustrates or renders it impossible for the Private Party to perform its obligations under this PPP Agreement for a continuous period of [x] months; and a breach by the Institution of its obligations in terms of clause
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Institution Default means any one of the following events:
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Examples of Institution Default in a sentence

  • On the occurrence of an Institution Default, or within [x] days after the Private Party becomes aware of same, the Private Party may serve notice on the Institution of the occurrence (and specifying details) of such Institution Default.

  • In addition (but without duplication of any amounts payable pursuant to the proviso of the preceding sentence), if any Event of Default shall occur, the principal amount of all outstanding Institutional Loans shall bear interest at the Institution Default Rate from the date on which such Event of Default occurred until the date on which no Event of Default shall be continuing.

  • On the occurrence of an Institution Default, or within 10 days after the Private Party becomes aware of same, the Private Party may serve notice on the Institution of the occurrence (and specifying details) of such Institution Default.

  • If a Bank fails to pay all or any portion of the True-Up Amount applicable to such Bank prior to the expiration of the period of five Business Days referred to in clause (ii) above, such unpaid True-Up Amount of such Bank shall bear interest at the Institution Default Rate from and excluding the last day of such five Business 117 Day period to and including the date paid by the Bank.

  • If a Bank fails to pay all or any portion of the True-Up Amount applicable to such Bank prior to the expiration of the period of five Business Days referred to in clause (ii) above, such unpaid True-Up Amount of such Bank shall bear interest at the Institution Default Rate from and excluding the last day of such five Business Day period to and including the date paid by the Bank.

  • In the event of a Qualified Institution Default, Seller shall (1) provide a substitute Letter of Credit that is issued by a Qualified Institution or (2) deliver to Buyer cash collateral for application to such liabilities of Seller due and payable hereunder in an amount equal to the Letter of Credit Amount, in either case within five (5) Business Days after Seller receives notice of the Qualified Institution Default.


More Definitions of Institution Default

Institution Default means any one of the following events: 30.1.1 an expropriation of a material part of the Project Assets and/or shares of the Private Party by the Institution or other Responsible Authority; 30.1.2 a failure by the Institution to make payment of any amount or amounts that are due and payable by the Institution under this Agreement (which amounts are not bona fide in dispute) which, either singly or in aggregate exceed the sum of R500, 000.00 (indexed to CPIX) and such failure continues for 45 Business Days from receipt by the Institution of a notice of non-payment from the Private Party; 30.1.3 a breach by the Institution of its obligations under this Agreement which substantially frustrates or renders it impossible for the Private Party to perform its obligations under this Agreement for a continuous period of 30 days.
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Related to Institution Default

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Registration Default As defined in Section 5 hereof.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.