Technical Default definition

Technical Default means a default in payment of any principal or interest on any Obligation occurring solely as the result of an administrative or operational event or condition or an act of God, which default is cured within 3 Business Days after the payment being due.
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Technical Default has the meaning set forth under Section 6.01 hereof.
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Technical Default means a default in payment of any principal of or interest on any Obligation occurring solely as the result of an administrative or operational event (provided that reasonable steps have been taken to prevent the recurrence of such event) or condition or an act of God or emergency outside the control of the Issuer (including natural disaster, nationalisation, currency restrictions, act of terrorism, act of war, breakdown or failure of transmission, communications or computer facilities of third parties, postal or other strikes or industrial action or the failure or disruption of any relevant stock exchange, Clearing System, settlement system or market), which default (i) with respect to payments of interest or principal of any ECP Notes or USCP Notes is cured within three Business Days from the time of such default, (ii) with respect to payments of interest or principal of any Medium Term Notes is cured within three Business Days from the time of such default and (iii) with respect to payments of interest or principal of any Capital Notes is cured within five Business Days from the time of such default.
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Examples of Technical Default in a sentence

  • After March 15 until March 31st of each such year, a Special Default Rate of 1% over the Interest Rate shall be applicable to the Obligations until the Technical Default is cured.

  • Any such Technical Default shall have a cure period until March 15th of such year.

  • Should Clneflix not receive a Technical Default Notice within the Review Period, the Delivery Materials will be deemed accepted by Licensee.

  • If Cineflix receives a Technical Default Notice, Cineflix shall have ten (10) business days from its receipt of the Technical Default Notice to cure alleged technical defects and return the cured Delivery Materials to Licensee.

  • Such financial statements are due on the same terms and conditions of Section 7(i) above, and any Technical Default under this Section 7(ii) shall result in the same Special Default Rate being applicable as is described in Section 7(i).

  • Should Cineflix not receive a Technical Default Notice within the Review Period, the Delivery Materials will be deemed accepted by Licensee.

  • If ▇▇▇▇▇▇▇▇ receives a Technical Default Notice, Cinefllx shall have ten (10) business days from its receipt o f the Technical Default Notice to cure alleged technical defects and return the cured Delivery Materials to Licensee.

  • If the Technical Default shall continue on April 1, the Special Default Rate shall rise to 3.5% over the Interest Rate and be applicable to the Obligations until the Technical Default is cured.

  • If Licensee should consider that the Delivery Materials are not of standard technical quality, Licensee shall advise Clneflix in writing, Indicating the technical defects alleged by Licensee (“ Technical Default Notice”).


More Definitions of Technical Default

Technical Default. – means a deficiency in the loan agreement that arises from a failure to uphold certain aspects of the loan terms other than the regularly scheduled payments, the following situations refers:
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Technical Default is irrefutably deemed to have occurred in the event that the "payment and delivery transaction in securities" (Zahlungs-/Lieferungsgeschäft) is not fulfilled despite the Parties having duly fulfilled their respective obligations as per this Agreement and the Transfer Deed (in particular, making available to the custodian bank on the Completion Date all of the MPC AG Share (Seller) and the whole Purchase Price (Purchaser) and issuing the respective instructions as per § 1.2 and § 1.3 of the Transfer Deed).
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Technical Default means a default in payment of any principal of or interest on any Obligation occurring solely as the result of an administrative or operational event (provided that reasonable steps have been taken to prevent the recurrence of such event) or condition or an act of God or emergency outside the control of the Issuer (including natural disaster, nationalisation, currency restrictions, act of terrorism, act of war, breakdown or failure of transmission, communications or computer facilities of third parties, postal or other strikes or industrial action or the failure or disruption of any relevant stock exchange, Clearing System, settlement system or market), which default
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Technical Default means a payment default resulting from an administrative or operational event or condition, force majeure, or an act of God, which default is cured, in the case of CP Notes, within three Business Days after the payment being due, and in the case of the USMTNs and EMTNs, five Business Days after the payment being due.
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Related to Technical Default

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

  • 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 ▇▇▇▇▇▇▇ ▇▇▇▇▇ 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.

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

  • 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.

  • 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).