Milestone Default definition

Milestone Default means the occurrence of an Event of Default under Section 8.01(c) as a result of a breach of Section 6.17(b), (j), (k), (l), (m), or (n).
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Milestone Default means Corporation or any Guarantor failing to comply with any provision of Section 7.5 (Milestones);
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Milestone Default shall have the meaning set forth in Section 9(a).
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Examples of Milestone Default in a sentence

  • If the Service Provider fails to achieve a Milestone then a Milestone Default Termination Point accrues which is cancelled once that Milestone is achieved.

  • If the final Milestone remains uncompleted then further Milestone Default Termination Points accrue at a rate of one every 180 days.

  • The Service Providers failure to meet its obligations under PS1 with respect to Milestone 3 completion and therefore a Milestone Default Termination Point has been issued.

  • If it fails to achieve a milestone then a Milestone Default Termination Point accrues which is cancelled once that milestone is achieved.

  • If three or more Milestone Default Termination Points accrue then the Authority may terminate the Project Contract.

  • Milestone NumberQuantityUnder the terms of the Contract, “Clause 21 (Relief Events, Compensation Events and Excusing Causes)” failure to achieve a Milestone on time attracts an automatic accrue of a Milestone Default Termination Point (MDTP).

  • In light of the Asset Owner Agreement being approved and the ongoing delays with the Core Investment Programme the Service Provider have been asked to review the improvement plan and provide an update Milestone NumberQuantityUnder the terms of the Contract, “Clause 21 (Relief Events, Compensation Events and Excusing Causes)” failure to achieve a Milestone on time attracts an automatic accrue of a Milestone Default Termination Point (MDTP).

  • Subject to City’s review and approval, Unisys shall calculate any Milestone Default Credits in accordance with Exhibit 2, Appendix G.

  • Service Provider shall pay to WG Milestone Default Credits with respect to any failure by Service Provider to fully satisfy any Critical Milestone in accordance with the applicable Work Agreement.

  • No such rescission or annulment shall affect any subsequent Milestone Default or impair any right consequent thereon.


More Definitions of Milestone Default

Milestone Default means, wherever used herein, whenever the Company shall fail to achieve any of the following as reported in its periodic filings on Forms 10-QSB, 10-KSB or other applicable filings with the Securities and Exchange Commission:
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Milestone Default means the failure to achieve the 2014 Milestone or the 2015 Milestone.
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Milestone Default means the failure to achieve the Milestone.
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Milestone Default means that the following shall occur: (1) a Milestone Failure shall have occurred and (2) the Required Lenders have declared in writing that an Event of Default has occurred as a result of such condition remaining unsatisfied as of 12:00 a.m. (NYC time) on the date immediately following the occurrence of such Milestone Failure.
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Related to Milestone Default

  • Milestone Event has the meaning set forth in Section 8.4.

  • 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.

  • Milestone Date means the date set against the relevant Milestone in the Implementation Plan;

  • Development Milestone Event has the meaning set forth in Section 7.1.

  • Milestone means an event or task described in the Implementation Plan which, if applicable, must be completed by the relevant Milestone Date;

  • Milestone Failure means a failure by the Grant Recipient fully to achieve any Milestone by the relevant Milestone Date;

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • 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)).

  • Development Milestone Payment shall have the meaning set forth in Section 9.2(a).

  • 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.

  • Project Milestone means the project milestone set forth in Schedule-J;

  • 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.

  • Milestone Events has the meaning set forth in Section 3.3 (Milestone Payments).

  • 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.

  • 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).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

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

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Milestone 1 means achievement of annual Net Sales of at least $20,000,000 during the Calendar Year ending on December 31, 2021.

  • Milestone Payment means a payment identified in the Implementation Plan to be made following the issue of a Satisfaction Certificate in respect of Achievement of the relevant Milestone;

  • Sales Milestone Payment is defined in Section 5.3.

  • Milestone Payment Date has the meaning set forth in Section 2.4(a).

  • Milestone 2 means achievement of annual Net Sales of at least $35,000,000 during any Calendar Year ending on or before December 31, 2024.

  • Company Event of Default bears the meaning ascribed thereto in Section 13.1; “Company Notice of Default” bears the meaning ascribed thereto in Section 13.2;

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