Substantial Default definition

Substantial Default means a delay of 60 days following the due day for payment of the Monthly payment in section 6.4, in which case the right of lien shall be available to the Service Provider. The foregoing shall not derogate from any rights and/or relief available to the Service Provider under any law.

Examples of Substantial Default in a sentence

  • HUD adopted new interim regulations governing PHAS in mid-2011 (HUD, “Public Housing Evaluation and Oversight: Changes to the Public Housing Assessment System (PHAS) and Determining and Remedying Substantial Default; Interim Rule,” 76 Federal Register 10136 et.

  • This is consistent with the relevant objectives and policies of the NZCPS, RPS and the regional and district plans5.

  • Upon the recommendation of the Assistant Secretary for Public and In- dian Housing, the interventions pro- vided in § 902.83, and may initiate such other sanctions available to HUD, in- cluding, limited denial of participa- tion, suspension, debarment, and refer- ral to the appropriate Federal govern- ment agencies or offices for the imposi- tion of civil or criminal sanctions.(b) Referral of PHAs in Substantial De-fault to the DEC.

  • Based upon a Headquarters' finding of Substantial Default or Substantial Breach of the ACC by a PHA, sanctions may be imposed, i.e., freezing of the PHA's bank accounts and funds, seeking court appointment of a Receiver, taking 2/90 12-3 over control of PHA management, seeking a court injunction or action for specific performance, etc.

  • If a Troubled PHA does not comply with its MOA requirements, the Field Office may determine, where appropriate, that the nature and severity of the noncompliance constitutes a Substantial Breach or Substantial Default of the ACC.

  • If HUD shall acquire title to, or possession of the Project(s), HUD shall re-convey or redeliver possession of the Project(s) to the HA, or to any entity recognized by HUD: (1) Upon a determination by HUD that the Substantial Default has been cured and that the Project(s) will thereafter be operated in accordance with the terms of the CACC; or (2) after the termination of HUD’s obligation to make payments, unless there are any obligations or covenants of the HA to HUD that are then in default.

  • Id. Section 501 of the ACC states, “Upon the occurrence of a Substantial Default ...

  • In June 2016, BTMU agreed to finance the Batang coal fired power plant and the expansion of Tanjung Jati B coal fired power plant in March 2017 in Indonesia.

  • Where the Field Office has already approved the PHA's budget or executed a letter of intent, operating subsidy may still be withheld on the basis of a determination by HUD of Substantial Default under Section 506 or Substantial Breach under Section 507 of the ACC.

  • You would need to determine whether the authority granted under Section 401(E) of the ACC to HUD to direct a depositary to refuse to permit withdrawal of funds or securities from a PHA's General Fund in the event of Substantial Default of Substantial Breach, would cover investments in mutual funds.

Related to Substantial Default

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

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • 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:

  • Special Default means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii).

  • Additional Default means any provision contained in any document or instrument creating or evidencing Indebtedness of the Borrower or any of its Subsidiaries which permits the holder or holders of such Indebtedness to accelerate (with the passage of time or giving of notice or both) the maturity thereof or otherwise requires the Borrower or any of its Subsidiaries to purchase such Indebtedness prior to the stated maturity thereof and which either (i) is similar to any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement, but contains one or more percentages, amounts or formulas that is more restrictive or has a xxxxxxx xxxxx period than those set forth herein or is more beneficial to the holder or holders of such other Indebtedness (and such provision shall be deemed an Additional Default only to the extent that it is more restrictive or more beneficial) or (ii) is different from the subject matter of any Default or Event of Default contained in Article VIII of this Agreement, or related definitions in Section 1.1 of this Agreement.

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

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

  • 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.

  • 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).

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • 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.

  • 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.

  • Financial Default means the total cessation or partial suspension of operations due to insolvency, with or without the filing of a bankruptcy petition by a tour operator, Cruise line, or airline.

  • 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)).

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.

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

  • Major Default means any Event of Default occurring under Sections 4.1(a), 4.1(c), 4.1(l), or 4.1(p) of this Note.

  • Bank Default means (i) the refusal (which has not been retracted) of a Bank to make available its portion of any Borrowing or to fund its portion of any unreimbursed payment under Section 2.03(c) or (ii) a Bank having notified in writing the Borrower and/or the Agent that it does not intend to comply with its obligations under Section 1.01 or Section 2, in the case of either clause (i) or (ii) as a result of any takeover of such Bank by any regulatory authority or agency.

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

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

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

  • Event of Default has the meaning specified in Section 8.01.

  • Actionable Default means the occurrence of any of the following:

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

  • Owner Event of Default has the meaning set forth in Section 20.3.