Agency Default definition

Agency Default shall have the meaning set forth in Clause 18.1.1;
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Agency Default is defined in Section 12.4.
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Examples of Agency Default in a sentence

  • Upon occurrence of an Agency Default, the Authority shall be entitled, without prejudice to its other rights and remedies under this Agreement including its rights of Termination hereunder, to (i) suspend all rights of the Agency under this Agreement including the Agency’s right to receive Payment for a specified period, and (ii) exercise such rights itself or authorise any other person to exercise the same on its behalf during such suspension (the “Suspension”).

  • If the termination is due to Agency Default, no Termination compensation shall be due or payable by the Authority to the Agency and the entire Performance Security would be forfeited.

  • Upon replenishment or furnishing of a fresh Performance Security, as the case may be, as aforesaid, the Agency shall be entitled to an additional Cure Period of 30 (thirty) days for remedying the Agency Default, and in the event of the Agency not curing its default within such Cure Period, the Authority shall be entitled to encash and appropriate such Performance Security as Damages/Liquidated Damages, and to terminate this Agreement in accordance with Article 18.1.

  • Upon occurrence of an Agency Default during the Term, the Authority shall, without prejudice to its other rights and remedies hereunder or in law, be entitled to encash and appropriate the relevant amounts from the Performance Security as Damages/Liquidated Damages for such Agency Default.

  • In the event of an Agency Default, Vertical Developer shall have the right to institute an action for injunctive relief, including specific performance of this Agreement.

  • Sponsor Agency Default Each of the following, after notice and an opportunity to cure, will constitute an “Event of Default” by the sponsor agency upon which the Contractor may terminate the contract: • Failure or refusal to pay an amount required to be paid to the Contractor within several days set within the contract following the due date.

  • Agency Default Agency will be in default under this Agreement if Agency fails to perform, observe, or discharge any of its covenants, agreements, or obligations under this Agreement.

  • It is clarified that all the provisions of this Agreement shall apply, mutatis mutandis, to a termination pursuant to this Clause 19.4.1 as if a Termination Notice had been issued by CGM upon occurrence of an Agency Default.

  • CGM shall, without prejudice to its other rights and remedies hereunder, in law or equity, have the unqualified right to encash and appropriate the Performance Security in part or in full, in the event of a failure or default of the Agency to comply with its obligations laid down in this Agreement, including an Agency Default, the Agency’s failure to meet any Condition Precedent, or the Agency’s failure to pay any sums (including Damages) due hereunder.

Related to Agency Default

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • 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.

  • Monetary Default shall have the meaning assigned to such term in Section 11(a).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

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

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Authority Default shall have the meaning set forth in Clause 23.2;

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • 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.

  • 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).

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

  • Servicing Default The meaning assigned in Section 6.01 of the Servicing Agreement.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Preliminary Default Notice shall have the meaning ascribed thereto in Article 13 of this Agreement;

  • Specified Default means a Default under Section 8.01(a), (f) or (g).

  • Servicer Event of Default wherever used herein, means any one of the following events:

  • 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.

  • Funding Default as defined in Section 2.21.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Senior Nonmonetary Default means the occurrence or existence and continuance of any event of default with respect to any Designated Senior Debt, other than a Senior Payment Default, permitting the holders of such Designated Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Designated Senior Debt due and payable prior to the date on which it would otherwise become due and payable. In the event that, notwithstanding the foregoing, the Company shall make any Securities Payment to the Trustee or any Holder prohibited by the foregoing provisions of this Section, and if such fact shall, at or prior to the time of such Securities Payment, have been made known to the Trustee or, as the case may be, such Holder, then and in such event such Securities Payment shall be paid over and delivered forthwith to the Company. The provisions of this Section shall not apply to any Securities Payment with respect to which Section 1203 would be applicable.

  • Potential Default means an event which but for the lapse of time or the giving of notice, or both, would constitute an Event of Default.

  • 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):

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.