Declared Default definition

Declared Default means a Major Event of Default (as defined in the Interim Facilities Agreement) which is continuing and has resulted in the giving of an Acceleration Notice by the Interim Facility Agent under paragraph (a)(ii) of clause 7.1 (Repayment) of the Interim Facilities Agreement and which has not been revoked, withdrawn or cancelled by the Interim Facility Agent or otherwise ceased to have effect.

Declared Default means a Major Event of Default (as defined in the Interim PIK Facility Agreement) which is continuing and has resulted in the giving of an Acceleration Notice by the Interim Facility Agent under paragraph (a)(ii) of clause 7.1 (Repayment) of the Interim PIK Facility Agreement and which has not been revoked, withdrawn or cancelled by the Interim Facility Agent or otherwise ceased to have effect.

Declared Default means an Event of Default which has resulted in the Facility Agent exercising (or directing the Security Agent to exercise) any of its rights under clause 25.22 (Acceleration) of the Facilities Agreement.

Examples of Declared Default in a sentence

• If a Declared Default has occurred and is continuing, all moneys received by virtue of any insurance maintained or effected in respect of the Charged Property shall be paid to the Interim Security Agent (or, if not paid by the insurers directly to the Interim Security Agent, shall be held on trust for the Interim Security Agent) and shall, at the option of the Interim Security Agent, be applied in replacing or reinstating the assets destroyed, damaged or lost or in reduction of the Secured Obligations.

• The Interim Security Agent may, at any time after a Declared Default has occurred and is continuing, redeem any prior Security on or relating to any of the Charged Property or procure the transfer of that Security to itself, and may settle and pass the accounts of any person entitled to that prior Security.

More Definitions of Declared Default

Declared Default means an Event of Default which has resulted in the Agent exercising any of its rights under Clause 24.14 (Acceleration).

Declared Default means an Event of Default in respect of which any notice has been issued or rights exercised by the Senior Agent under Clause 27.19 (Acceleration) of the Senior Facilities Agreement;

Declared Default means (i) a notice of acceleration has been given and not withdrawn in accordance with Section 8.01; or (ii) any automatic acceleration with respect to the events described in clauses (g) or (h) of Section 8.01 has occurred and is continuing.

Declared Default shall have †he meaning given †o i† in †he Facili†ies Agreemen†;

Declared Default shall have the meaning given to it in the Facilities Agreement;

Declared Default means an Event of Default in respect of which a notice of acceleration has been served pursuant to the first paragraph of Condition 11 (Events o f Default).

Declared Default means an Event of Default in respect of which an Acceleration Notice has been delivered by the Borrower Security Trustee in accordance with the Borrower STID;