The term “Default definition

The term “Default means: (a) The failure or refusal of Maker to make any payment hereunder when due or to comply with any provision herein and such failure or refusal continues beyond five (5) Business Days after such due date; (b) the discovery by Payee that any statement by Maker herein or in connection herewith is false or misleading; (c) Maker or any guarantor becomes insolvent, fails to pay its debts generally as they become due or becomes the subject of any proceeding under any debtor relief law; or (d) a default occurs under the Pledge Agreement (as defined below) beyond any applicable grace period. In the event of a Default, Payee may (i) declare the entire unpaid balance of this note, or any part hereof, immediately due and payable, whereupon it shall be due and payable; (ii) offset against this note any sum or sums owed by Payee to Maker; (iii) declare a default (and a default thereunder shall be deemed to have occurred) under that certain Sub-License Agreement dated as of October 1, 2013 between Maker and Payee, and thereupon, Payee may exercise its termination rights under (but subject to the notice procedures set out therein) Section 8.2 of such Sub-License Agreement and/or (iv) proceed to protect and enforce any other legal or equitable right or remedy of Payee. No delay on the part of Payee in the exercise of any power or right or single or partial exercise of any such power or right, under this note or any other instrument executed in connection herewith, shall operate as a waiver thereof.
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The term “Default means any failure to make payment in full of the principal of or interest on any of the Securities or upon the other indenture securities when and as such principal or interest becomes due and payable;
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The term “Default means any event that is, or after notice or passage of time, or both, would be, an Event of Default.
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Examples of The term “Default in a sentence

  • The term “Default Rate” as used in this Lease shall mean the lesser of (A) the rate announced from time to time by ▇▇▇▇▇ Fargo Bank or, if ▇▇▇▇▇ Fargo Bank ceases to exist or ceases to publish such rate, then the rate announced from time to time by the largest (as measured by deposits) chartered bank operating in the State, as its “prime rate” or “reference rate”, plus five percent (5%), or (B) the maximum rate of interest permitted by Law.

  • The term “Default Rate” shall have the meaning given to that term in the Fee Letter.

  • The term “Default Rate” for the Existing Receivables Loan shall mean eighteen percent (18%) per annum and for the RTO Loan shall have the meaning for such term set forth in the RTO Note.

  • The term “Default Rate” shall mean the rate of interest applicable in the event of Grantor’s default in the payment of the principal of or interest on any Loan or in the payment of any other amount becoming due under the Second Lien Credit Agreement, in accordance with Section 2.07 of the Second Lien Credit Agreement.

  • The term “Default Rate” means the greater of fifteen percent (15%) per annum or the rate per annum which is five (5) whole percentage points higher than the prime rate published in the Money Rates section of the Wall Street Journal (the “Prime Rate”).

  • The term “Default Rate” as used in this Lease shall mean the lesser of (A) the rate announced from time to time by ▇▇▇▇▇ Fargo Bank or, if ▇▇▇▇▇ Fargo Bank ceases to exist or ceases to publish such rate, then the rate announced from time to time by the largest (as measured by deposits) chartered bank operating in the District of Columbia, as its “prime rate” or “reference rate”, plus five percent (5%), or (B) the maximum rate of interest permitted by applicable law.

  • The term “Default Rate”, as used herein, means the lesser of: (a) the Maximum Rate (which shall mean the maximum nonusurious interest rate, if any, at any time, or from time to time, that may be contracted for, taken, reserved, charged or received under applicable state or federal laws); or (b) the rate per annum which shall from day-to-day be equal to two percent (2%) in excess of the then applicable rate of interest.

  • The term “Default Rate” shall have the meaning set forth in Section 2.9 hereof.

  • The term “Default Rate” shall mean five percent (5%) over the “prime rate” as such rate is announced from time to time by U.S. Bank National Association, its successors or assigns, at its principal place of business.

  • The term “Default Rate” means five (5) percentage points in excess of the rate of interest announced from time to time by BankOne, Chicago, Illinois (or its successor), as its “prime rate” or “corporate base rate,” changing as and when such rate changes, or if such rate is no longer in existence, then such other “prime rate” as may be designated by Landlord.


More Definitions of The term “Default

The term “Default means: (a) The failure or refusal of Mr. Sere to make any payment hereunder when due or to comply with any provision herein; (b) a default under any document relating to the security described in Paragraph 3; (c) the discovery by Bellwether that any statement by Mr. Sere herein or in connection herewith is false or misleading; or (d) Mr. Sere becomes insolvent, fails to pay his debts generally as they become due or becomes the subject of any proceeding under any debtor relief law. In the event of a Default, Bellwether may (i) declare the entire unpaid balance of this Note, or any part hereof, immediately due and payable, whereupon it shall be due and payable (provided that, upon the occurrence of a Default under clause (c) above, this Note shall automatically become due and payable without notice or other action of any kind), (ii) offset against this Note any sum or sums owed by Bellwether to Mr. Sere, and (iii) proceed to protect and enforce any other legal or equitable right or remedy. No delay on the part of Bellwether in the exercise of any power or right or single or partial exercise of any such power or right, under this Note or any other instrument executed in connection herewith, shall operate as a waiver thereof. Enforcement of any security for this Note shall not constitute an election of remedies so as to preclude the exercise of any other remedy.
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