Title Default definition

Title Default means, with respect to any Purchased Lease, that (i) a default shall have occurred and be continuing under such Purchased Lease or the related Obligor shall have asserted that such Purchased Lease is not enforceable against such Obligor in accordance with its terms or such Obligor shall have failed to appropriate funds with respect to obligations owing under such Purchased Lease and (ii) Buyer shall have attempted to take possession of, dispose of or otherwise exercise rights or remedies with respect to the related Equipment and shall have determined that its ability to take such action has been impaired because of (A) the failure of Seller to obtain before the related Purchase Date and maintain as of such Purchase Date a perfected, first-priority security interest in such Equipment in accordance with applicable law or (B) if the perfection or priority of a security interest in all or any portion of such Equipment is governed by a certificate of title statute, the failure of the related Lease File to contain as of such Purchase Date an original certificate of title (or an original lienholder certificate, if applicable) or an original manufacturer’s statement of origin with respect to such Equipment or the failure of the information contained in such certificate of title (or an original lienholder certificate, if applicable) or manufacturer’s statement of origin to be true and correct in all material respects as of such Purchase Date.
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Examples of Title Default in a sentence

  • If a Title Default shall have occurred and be continuing with respect to any Purchased Lease, Buyer may advise Seller of such default and request that the related title deficiency be cured.

  • Upon the proper and timely giving of any Title Default Termination Notice, the Deposit shall be returned to Purchaser and this Agreement shall terminate and neither party hereto shall have any further rights or obligations hereunder other than those which are expressly provided to survive the termination hereof.

  • If the Sale Date has occurred, Buyer may enforce this Section 5.2(b) against Federal Signal in connection with any Title Default, regardless of when such Title Default occurred or was (or should have been) discovered and regardless of whether Buyer previously sought to enforce Section 5.2(a) against Seller in connection with such Title Default.

  • FOOT LOCKER, INC., as Borrower By: Name: Title: Default or Event of Default]13 13 Include if any Default or Event of Default exists on the date hereof.

Related to Title Default

  • 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.

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

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

  • 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).

  • Actionable Default means (i) an Event of Default under and as defined by the Credit Facility Agreement or (ii) an event of default under the Public Indenture.