Examples of Security Default in a sentence
Notwithstanding the foregoing, in the event that a Financial Security Default shall have occurred and be continuing, the Trustee shall be the Controlling Party with respect to such Series until the applicable Trustee Termination Date.
If a default oc- curs under the Security Agreement which is other than a Payment Default (Security Default), section 1105(b) of the Act allows us, in our sole discre- tion, to declare such default a Security Default, and we may notify the Obligee or agent of the Obligee of such Secu- rity Default, stating that demand for payment under the Guarantees must be made no later than 60 days after the date of such notification.(d) Payment of Guarantees.
After demand for payment is made by or on behalf of the Obligees, we shall make payment under the Guaran- tees, except if we determine that a Payment Default has not occurred or that such Payment Default has been remedied prior to demand being made.(c) Security Default.
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In such event, the Capital Securities will continue to accrue and pay interest in accordance with their terms and such postponement will not constitute a Capital Security Default.