Security Default definition

Security Default means a failure such as is referred to in the definition of Demanded Security Default Sum in this Clause 1.
Security Default means a Default under, and as defined in, the Credit Agreement.
Security Default means a failure such as is referred to in the definition of Demanded Security Default Sum in this Clause 1. 2 Subject to Clause 3, below, [In consideration of the payment of £1 payable on demand by Belfast Gas to the Guarantor] if and whenever there is a Payment Default the Guarantor shall, as primary obligor and not merely as surety, within [14] days of receipt of a written demand from Belfast Gas pay [the Demanded Overdue Sum] [ ]% of the Demanded Overdue Sum] into the following bank account: [Note: this will be the PoT Account]. 3 Notwithstanding the provisions of Clause 2, if the written demand referred to in that Clause is accompanied by a certificate signed by or on behalf of Belfast Gas stating that the Demanded Overdue Sum exceeds any PS Transmission Amounts (as defined in the Code) which are overdue for payment by the Shipper at the time of such written demand, theGuarantor will make payment of the excess to such other account(s) as may be specified by Belfast Gas in such written demand. 4 [In consideration of the payment of £1 payable on demand by Belfast Gas to the Guarantor, if] [If] there is a Security Default, the Guarantor shall within [14] days of receipt of a written demand from Belfast Gas pay the Demanded Security Default Sum to such bank account of Belfast Gas as is specified in such written demand. 5 The Guarantor’s aggregate liability to Belfast Gas hereunder in respect of Demanded Overdue Sums and Demanded Security Default Sums shall not be greater than [ ]. 6 Amounts payable by the Guarantor under this Guarantee shall be paid free of any restriction, reservation or condition and, except to the extent required by law, without deduction or withholding in respect of tax or on account of any amount due or becoming due to the Guarantor whether by way of set-off, counterclaim or otherwise provided that if any such payment is subject to any such deduction or withholding, the Guarantor shall forthwith pay to Belfast Gas such further amounts as may be necessary to ensure that Belfast Gas receives an amount equal to that which would have been received had no deduction or withholding been made. 7 This Guarantee is a continuing guarantee and shall remain in effect until [ ] r until terminated by or with the consent of Belfast Gas [or until the Shipper has arranged the release of the Guarantor in accordance with the provisions of the Code (which shall apply to this Guarantee as though incorporated herein)] whichever occurs first but without prej...

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 the individual subsequent RFQ is greater than $200,000, please refer to The School Board of Miami-Dade County Bylaws & Policies, 6320 – PURCHASING, Performance and Payment Security, Default and Bonding Company Qualifications for bonding requirement.

There is a Performance Security Default relating to the Pre-COD Amount.

In the event that (i) an Underlying Security Default occurs with respect to any Underlying Security or (ii) any Underlying Security held by the Trust becomes a Disqualified Underlying Security, then the Trust shall sell such Underlying Security and, if necessary, shall sell other Trust Property to the extent necessary to pay any Swap Termination Payment.

If there is a Security Default on the Underlying Securities, then all obligations of both parties hereunder shall be reinstated subject to the other provisions of this Agreement.


More Definitions of Security Default

Security Default means a Default.
Security Default means the failure of Norton to have the Earn Out L/C issued or to pay the Secured Earn Out Amount if and when required pursuant to Section 2.02(b)(viii).