Subordinate Payment Default definition

Subordinate Payment Default means that Principal of, premium or interest on any First Subordinate Bond or Second Subordinate Bond has not been paid when due.
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Subordinate Payment Default means a failure to pay when due interest or principal or Accreted Value at maturity on any First Subordinate Bonds, Second Subordinate Bonds or Additional Subordinate Bonds.
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Subordinate Payment Default means a failure to pay when due interest or principal or Accreted Value at maturity on any Subordinate Bonds. Remedies Available to the Trustee If an Event of Default occurs, the Trustee may, and upon written request of the Owners of at least 25% in Bond Obligation of the Senior Bonds Outstanding shall, in its own name by action or proceeding in accordance with State law:
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Examples of Subordinate Payment Default in a sentence

  • Notwithstanding any provision of the Agreement to the contrary, so long as any portion of the Senior Loans remain outstanding, Section 12 of the Agreement (other than Section 12(a) and Section 12(e), and Section 12(j)) shall be of no force and effect, and Lender's rights and remedies against Debtors under the Agreement shall be limited to those arising out of a Subordinate Payment Default (as defined in the Subordination Agreement) as described and limited in the Subordination Agreement.


More Definitions of Subordinate Payment Default

Subordinate Payment Default means any failure by Companies to make any payment required to be made under Section 3 of the Subordinated Note (as in effect as of the date of this Agreement).
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Related to Subordinate Payment Default

  • Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Guarantee Event of Default means a default by the Guarantor on any of its payment or other obligations under this Guarantee.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

  • Potential Event of Default means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • Mortgage Loan Event of Default means an “Event of Default” under and as defined in the Mortgage Loan Agreement.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement:

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • Debenture Event of Default means an "Event of Default" as defined in the Indenture.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Senior Default means any Default or Event of Default under the Senior Credit Agreement or any document referred to therein.

  • Senior Event of Default means an Event of Default under the Senior Loan Documents.

  • Specified Event of Default means any Event of Default pursuant to Section 9.01(a), Section 9.01(f) or Section 9.01(g).

  • Guarantor Event of Default means the occurrence of any “Event of Default” under and as defined in the Performance Guaranty.

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • Indenture Default means, with respect to any Indenture, any Event of Default (as such term is defined in such Indenture) thereunder.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Lease Event of Default shall have the meaning specified in Section 17.1 of the Lease.