Permitted Grace Period definition

Permitted Grace Period means, (x) with respect to any Receivables Financing Debt or other Indebtedness related to a Permitted Receivables Financing following a reduction by Moody’s or S&P of the rating established with respect to such Receivables Financing Debt or such other Indebtedness of EDS or any of the EDS Subsidiaries, fifteen Business Days, (y) with respect to any Customer Finance Transaction (which Customer Finance Transaction constitutes Material Indebtedness), ten Business Days, or (z) with respect to any Material Indebtedness other than as provided in clause (x) or (y), three Business Days, provided that during such period neither EDS nor any EDS Subsidiary shall grant, directly or indirectly, any material consideration or any other accommodation (including shortening the maturity of, increasing the rate of interest or fees payable on or otherwise modifying, in a manner adverse to EDS or any EDS Subsidiary, the terms of such Material Indebtedness) to the holders or lenders of such Material Indebtedness in order to obtain any waiver, consent, amendment or other modification of or with respect to such Material Indebtedness from such holders or lenders.
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Permitted Grace Period means that, if any Loan Party fails to deliver or cause to be delivered any payments received under any Eligible Consumer Receivable, pledged as Collateral, to the Administrative Agent, for the benefit of itself and the Lenders, as required by Section 6.13 hereof (other than by reason of any action which Administrative Agent shall deem, in Administrative Agent’s Permitted Discretion, to be a conversion of all or any portion of the Collateral or fraudulent with respect to Administrative Agent and Lenders), such failure shall not be an Event of Default unless (a) such Loan Party has failed to promptly (and, in no event, greater than five (5) Business Days after such Loan Party knew or should have known about such failure or such later time period agreed to by the Administrative Agent in its Permitted Discretion) deliver to a Deposit Account of the Loan Parties maintained in compliance with Section 6.13, such accidentally misdirected payments, and (b) the cumulative amount of such failures pursuant to the foregoing clause (a) exceeds $25,000 in any annual twelve-month period commencing on the Closing Date.
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Examples of Permitted Grace Period in a sentence

  • EDS or any EDS Subsidiary shall default in the due and punctual payment of the principal of or the interest on any Material Indebtedness and such default shall not have been cured or waived within the Permitted Grace Period.

Related to Permitted Grace Period

  • Grace Period means the specified period of time immediately following the premium due date during which a payment can be made to renew or continue a policy in force without loss of continuity benefits such as waiting periods and coverage of preexisting diseases. Coverage is not available for the period for which no premium is received.

  • Allowable Grace Period shall have the meaning assigned to such term in Section 3(p).

  • Permitted Group means any group of investors that is deemed to be a “person” (as that term is used in Section 13(d)(3) of the Exchange Act), by virtue of the Stockholders Agreement, as the same may be amended, modified or supplemented from time to time; provided that no single Person (other than the Principals and their Related Parties) Beneficially Owns (together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by the Principals and their Related Parties in the aggregate.

  • permitted hours means the periods specified for each parking place during which waiting by vehicles of a specific class is permitted as specified on the Plans;

  • Permitted Distribution means any of the following:

  • Grace Period Business Day means a day on which commercial banks and foreign exchange markets are generally open to settle payments in the place or places and on the days specified for that purpose in the relevant Obligation and if a place or places are not so specified, in the jurisdiction of the Obligation Currency.

  • permitted client means any of the following:

  • Shelf Suspension Period See Section 3(a) hereof.

  • Permitted Deductions means the following deductions to the extent actually deducted by a Selling Entity from the gross invoiced sales price of the Product, or otherwise directly paid or incurred by the Selling Entity with respect to the applicable sale of the Product:

  • Permitted Obligations mean (i) nonspeculative Hedging Obligations of any Person and its Subsidiaries arising in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading Obligations. For the avoidance of doubt, such transactions shall be considered nonspeculative if undertaken in conformance with FE’s Corporate Risk Management Policy then in effect, as approved by FE’s Audit Committee, together with the Approved Business Unit Risk Management Policies referenced thereunder.

  • Permitted Country means any country listed on Schedule 4 to the Participation Agreement.

  • Permitted Activities The primary activities of the trust created pursuant to this Agreement which shall be:

  • Maintenance Period means the period so specified in an adoption agreement as a period of time—

  • Permitted Affiliate means with respect to any Person (a) any Person that directly or indirectly controls such Person, and (b) any Person which is controlled by or is under common control with such controlling Person. As used in this definition, the term “control” of a Person means the possession, directly or indirectly, of the power to vote eighty percent (80%) or more of any class of voting securities of such Person or to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

  • Permitted Distributions means the following Distributions:

  • Permitted Contingent Obligations means, without duplication: (a) Contingent Obligations arising in respect of the Debt under the Note Documents; (b) Contingent Obligations resulting from endorsements for collection or deposit in the Ordinary Course of Business; (c) Contingent Obligations outstanding on the date of this Agreement and set forth on Schedule 8.1 (including any refinancings, extensions, increases or amendments to the indebtedness underlying such Contingent Obligations to the extent constituting (i) Refinancing Debt or (ii) extensions of the maturity thereof without any other change in terms); (d) Contingent Obligations incurred in the Ordinary Course of Business with respect to surety and appeal bonds, performance bonds and other similar obligations not to exceed $250,000 in the aggregate at any time outstanding; (f) Contingent Obligations arising under indemnity agreements with title insurers to cause such title insurers to issue to the Purchaser mortgagee title insurance policies; (g) Contingent Obligations arising with respect to customary indemnification obligations in favor of purchasers in connection with dispositions of personal property assets permitted under Section 8.6; (h) [Reserved]; (i) so long as there exists no Event of Default both immediately before and immediately after giving effect to any such transaction, Contingent Obligations existing or arising under any Swap Contract, provided, however, that such obligations are (or were) entered into by an Obligor or an Affiliate in the Ordinary Course of Business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Person and not for purposes of speculation; and (j) other Contingent Obligations not permitted by clauses (a) through (i) above, not to exceed $250,000 in the aggregate at any time outstanding.

  • Suspension Period shall have the meaning assigned thereto in Section 2(b).

  • Permitted Restricted Payments means any of the following Restricted Payments made by:

  • Permitted Debt means any Financial Indebtedness:

  • Significant Obligor NOI Yearly Filing Deadline With respect to each calendar year and each Significant Obligor, the date that is the 90th day after the end of such calendar year.

  • Off-Peak Period means the period during which the demand on an electric utility system is not at or near its maximum. For the purpose of this section, the off-peak period includes all hours that are not in the peak period.

  • Permitted Asset Sale means any Asset Sale that is permitted under Section 6.8.

  • Permitted Contest means a contest maintained in good faith by appropriate proceedings promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made; provided that compliance with the obligation that is the subject of such contest is effectively stayed during such challenge.

  • Significant Obligor NOI Quarterly Filing Deadline With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year) and each Significant Obligor, the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following the date by which the related Mortgagor is required to deliver quarterly financial statements to the lender under the related Loan Agreement in connection with such calendar quarter (which date is set forth in Section 10.11(a) for any Significant Obligor with respect to the Trust).

  • Blackout Period shall have the meaning set forth in Section 3(n).

  • Permitted Assets means any and all properties or assets that are used or useful in a Permitted Business (including Capital Stock in a Person that is a Restricted Subsidiary and Capital Stock in a Person whose primary business is a Permitted Business that shall become a Restricted Subsidiary immediately upon the acquisition of such Capital Stock by the Issuer or by a Restricted Subsidiary, but excluding any other securities).