Security Default definition

Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer (or the Security Guarantor on its behalf or under the Security Guaranty) to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of any of the events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer or the Security Guarantor.
Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; (iii) the initiation by the Security Issuer of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights; or (iv) if not otherwise addressed in (iii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Security Issuer seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights and such proceeding has not been dismissed prior to such thirtieth day.
Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement, (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of certain events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer. Sale of Securities If the Trust must sell the Securities it holds, the Trust will sell the Securities through the Selling Agent in accordance with Section 9.03(b) and the following terms. The Selling Agent will solicit bids for all of the Securities held by the Trust from at least three registered broker-dealers of national reputation, one of which shall be the Selling Agent. The Selling Agent will, on behalf of the Trust, sell the Securities at the highest bid price received. If the Selling Agent did not put forward such highest bid, it may purchase the Securities at such highest bid rather than selling the Securities to the highest bidder.

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.

  • The applicants responded bringing an action against the decision before the Dutch College, which requested to the CJEU a preliminary ruling.

  • 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.


More Definitions of Security Default

Security Default has the meaning specified in Section 6.01 of the Security Agreement.
Security Default means a failure such as is referred to in the definition of Demanded Security Default Sum in this Clause 1.
Security Default has the meaning set forth in the Trust 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 writtendemand 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, the Guarantor 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...
Security Default means a Default under, and as defined in, the Credit Agreement.
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).
Security Default. (as defined in the Trust Agreement) shall occur. In this case, unless otherwise provided in the related Confirmation, only the Transaction or Transactions related to the Security (as defined in the Trust Agreement) to which such Security Default relates shall be an Affected Transaction or Affected Transactions.