Payment Default Notice definition

Payment Default Notice means a written notice from or on behalf of the Senior Indebtedness Representative that either (i) a Payment Default with respect to such Senior Indebtedness has occurred and is continuing, or (ii) a Senior Indebtedness Acceleration with respect to such Senior Indebtedness has occurred and is continuing.

Payment Default Notice shall have the meaning given such term in Section 3.5 hereof.

Payment Default Notice means a notice given in accordance with rule 6.2.

Examples of Payment Default Notice in a sentence

• Notwithstanding the foregoing, the Parties agree that a Payment Default shall not occur and Vendor shall have no right to provide a Payment Default Notice with respect to any invoices that are the subject of a then-existing good faith dispute between Vendor and the Board.

• Upon receipt of a Payment Default Notice by the Board, the Board shall thereafter have ninety (90) days to cure each such Payment Default.

• If the Board fails to cure a Payment Default within ninety (90) days after receipt of the Payment Default Notice, Vendor shall, upon ninety (90) days prior written notice to the Board, have the right to suspend and/or terminate this Agreement (“Termination Notice”), provided that the foregoing shall in no way limit the Board’s payment obligations hereunder (including without limitation Exhibit B of this Agreement) or otherwise in connection with the Local Government Prompt Payment Act 50 ILCS 205/1 et seq.

• The Payment Default Notice shall contain a statement in substantially the following form: You are hereby notified that, pursuant to the Lease Addendum dated and the rent payment notice dated , you are required to pay the Association the sum of $ for the rent and use of 000 XX 0xx Xxxxxx, Xxxx # , Xxxx Xxxxxxxxxx, Xxxxxxx Xxxxxx, Xxxxxxx 00000, now occupied by you.

• The non-paying Indemnifying Member shall have an additional 20 calendar days following the date of the Payment Default Notice in which to pay such unpaid Third Tier Settlement Amount (together with default interest thereon).

More Definitions of Payment Default Notice

Payment Default Notice shall have the meaning set forth in the proviso in Section 2.13(a).

Payment Default Notice means a written notice from or on behalf of the Agent (or a Representative under a refinancing agreement in respect of the Credit Agreement) to each Holder (or the Designated Representative, as applicable) of the existence of a Payment Default and specifically designating such notice as a "Payment Default Notice."

Payment Default Notice shall have the meaning set forth in Section 2.3(a).

Payment Default Notice has the meaning provided in Section 10.03.

Payment Default Notice has the meaning set out in Section 14.1(a). “Payment Demand” has the meaning set out in Section 11.1(a).

Payment Default Notice has the meaning set forth in Section 13.3(a).

Payment Default Notice has the meaning given to such term in Section 9.3(a).