Wilful Default definition

Wilful Default means a deliberate act or omission which will result in (and can reasonably be expected to have been intended to result in) a breach of this Agreement and which, as soon as practicable, but in any event within 30 days after written notice (particularising the alleged breach) is given to the party alleged to be in default, is not either:

Wilful Default of Party B means the fraud, negligence or wilful default of Party B and of its officers, employees, agents and any other person where Party B is liable for the acts or omissions of such other person under the terms of any Transaction Document;

Wilful Default in relation to Party B means, subject to Part 5(11)(d)(iii) of this Schedule, any wilful failure by Party B to comply with, or wilful breach by Party B of, any of its obligations under any Transaction Document, other than a failure or breach which:

Examples of Wilful Default in a sentence

• No attorney, agent, delegate or Receiver appointed in accordance with any Transaction Document has authority to act on behalf of the Security Trustee in a way which exposes the Security Trustee to any personal liability and no act or omission of any such person will be considered fraud, negligence or Wilful Default of the Security Trustee for the purpose of paragraph (3) above.

• The Trustee must not amend the Trust Deed in any way that might reduce the scope of its entitlement to indemnity out of the Trust as specified in clause [17.2] of the Trust Deed nor the definitions of "Gross Negligence" or "Wilful Default" (as each is defined in the Trust Deed) as those provisions stand at the date of the Trust Deed (such provisions being set out in schedule 4).

• The limitation of liability in this clause 13.1 will not apply to any liability of the Trustee to the extent that the liability is not satisfied out of the property of the Trust because there is a reduction in the Trustee’s right of indemnity as a result of the Trustee committing fraud, Gross Negligence, Wilful Default, breach of trust or breach of the Trust Deed or the Unit Holders Deed.

• The Trustee must not amend the Trust Deed in any way that might reduce the scope of its entitlement to indemnity out of the Trust as specified in clause [17.2] of the Trust Deed nor the definitions of "Gross Negligence" or "Wilful Default" (as each is defined in the Trust Deed) as those provisions stand at the date of the Trust Deed (such provisions being set out in schedule 4 of the Integrated Network Deed).

• Cheques posted to a Noteholder will be deemed to have been received by that Noteholder on the relevant Payment Date and no further amount will be payable by the Issuer in respect of the relevant Note as a result of payment not being received by that Noteholder on the due date other than due to the fraud, negligence or Wilful Default of the Issuer.

More Definitions of Wilful Default

Wilful Default of the Trustee means the fraud, negligence or wilful default of the Trustee and of its officers, employees, agents and any other person where the Trustee is liable for the acts or omissions of such other person under the terms of any Transaction Document;

Wilful Default in relation to the Trustee or the Manager, means, subject to clause 1.3(k) any wilful failure by the Trustee to comply with, or wilful breach by the Trustee or the Manager (as the case may be) of any of its obligations under any Transaction Document, other than a failure or breach which:

Wilful Default means an intentional breach of the terms of this Agreement.

Wilful Default means a deliberate or conscious breach of this Agreement by any of the Parties which has a Material Adverse Effect on the other Party.

Wilful Default of a party means the fraud, negligence or wilful default of that party and of its officers, employees, agents and any other person where that party is liable for the acts or omissions of such other person under the terms of any Transaction Document;

Wilful Default in relation to a party means, subject to clause 1.3(j), any wilful failure by that party to comply with, or wilful breach by that party of, any of its obligations under any Transaction Document, other than a failure or breach which:

Wilful Default means a wilful and intentional or reckless breach by a Party of any of its obligations under this Agreement.