Nonpayment means, with respect to any Distribution Date, an Insured Amount is Due for Payment but has not been paid pursuant to the Agreement.
Nonpayment of premium means the failure or inability of the named insured to discharge any obligation in connection with the payment of premium on a policy of insurance subject to this section, whether the payments are payable directly to the insurer or its agent or indirectly payable under a premium finance plan or extension of credit.[PL 1985, c. 671, §2 (NEW).]
Breach of trust means a breach of any duty imposed on a trustee by this Act or by the terms of the trust;
Notice of Dishonor means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.
Default Under the Trust Indenture With respect to any MBS, any condition, occurrence or event which, if continued for any specified period of time after the giving of any requisite notice, would be an “Event of Default” under the Trust Indenture pursuant to which such MBS was issued.
Protest means a written objection by an interested party to this solicitation or to a proposed or actual award of a contract pursuant to this solicitation.
Dishonor of a letter of credit means failure timely to honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.
Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.
Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.
Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.
Event of Default Under the Trust Indenture With respect to any MBS, any “Event of Default” under the Trust Indenture pursuant to which such MBS was issued. Xxxxxx Xxx: Federal National Mortgage Association, a body corporate organized and existing under the laws of the United States, or its successor in interest or any successor appointed as herein provided. Unless the context requires otherwise, the term “Xxxxxx Mae” shall be deemed to refer to the Federal National Mortgage Association acting in its corporate capacity and not in its capacity as Trustee hereunder.
Credit Support Default provisions of Section 5(a)(iii) will apply to Party A and will not apply to Party B.
Master Servicer Event of Default wherever used herein, means any one of the following events:
Adverse Grantor Trust Event Either: (i) any impairment of the status of the Grantor Trust Pool as a Grantor Trust; or (ii) the imposition of a tax upon the Grantor Trust Pool or any of its assets or transactions.
Servicer Event of Default wherever used herein, means any one of the following events:
Issuer Event of Default means the occurrence of any of the following events:
Bankruptcy Default has the meaning assigned to such term in Section 6.01.
Servicer Termination Events (or any analogous term under the Lead Securitization Servicing Agreement) include customary market termination events with respect to failure to make advances, failure to timely remit payments to the Non-Lead Note Holders as required hereunder or under the Lead Securitization Servicing Agreement (subject to no more than one business day grace period), failure to timely deposit amounts into any REO Account or to remit to a Servicer for deposit into a related collection or custodial account, failure to deliver (or cause to be delivered) materials or information required in order for each Non-Lead Note Holder or each Non-Lead Depositor to timely comply with its obligations under the Exchange Act, the Securities Act and Form SF-3, and for rating agency downgrades or other triggers with respect to any certificates issued in connection with a Non-Lead Securitization, subject to customary grace periods (provided that, in the case of failures related to the securities laws, such grace periods will not cause a Non-Lead Depositor to fail to comply with the applicable provisions of such securities laws). Upon the occurrence of such a Servicer Termination Event with respect to the Master Servicer affecting a Non-Lead Securitization Note Holder and the Master Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Master Servicer shall be required, upon the direction of such Non-Lead Securitization Note Holder, to appoint a subservicer with respect to such Non-Lead Securitization Note. Upon the occurrence of a Servicer Termination Event with respect to the Special Servicer affecting a Non-Lead Securitization Note Holder and the Special Servicer is not otherwise terminated pursuant to the Lead Securitization Servicing Agreement, the Trustee shall, upon direction of such Non-Lead Securitization Note Holder, terminate the Special Servicer with respect to, but only with respect to, the Mortgage Loan;
Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.
Obligation Acceleration means one or more Obligations in an aggregate amount of not less than the Default Requirement have become due and payable before they would otherwise have been due and payable as a result of, or on the basis of, the occurrence of a default, event of default or other similar condition or event (however described), other than a failure to make any required payment, in respect of a Reference Entity under one or more Obligations.
Presentment means the right to require the Note Holder to demand payment of amounts due. “Notice of Dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.
Authority Default shall have the meaning set forth in Clause 23.2;
Notice of Default means a written notice of the kind specified in Section 501(4).
Master Servicer Event of Termination As defined in Section 7.01 hereof.
Indenture Event of Default means an "Event of Default" as defined in the Indenture.
Declaration Event of Default means an “Event of Default” as defined in the Declaration.