Minor Default definition

Minor Default means any Event of Default that is not a Major Default.

Minor Default means any Event of Default that is not a Major Default or a Fundamental Default.

Minor Default means any Event of Default that is not a Major Default or an Unapproved Restricted Issuance Default.

Examples of Minor Default in a sentence

• If the Event of Default is a Minor Default, the operation of this Agreement shall not take effect unless or until DRLP3 has first sought to commence legal action to enforce payment or performance of the Obligations and any remedy obtained under such action has not satisfied the Obligations of NPS or any judgement obtained pursuant to such action remains unsatisfied by NPS for more than 15 Business Days after the rendering of such judgement (without the necessity of appeal from such judgement).

• If any Minor Default is curable, then the default may be cured (and no Event of Default will have occurred) if Borrower cures the default within three (3) trading days of the occurrence of the Minor Default.

• If the Acceptance Test result shows that the Equipment will cause certain failures other than the Major Default, which do not affect the substantial operation of the Sub-Ring System or Sub Sub-Ring System, PARTNER shall remedy such Minor Default within three (3) months after the issuance of BAST - I.

• In the event of a Lessee's Minor Default, Lessor shall have the right (i) to collect from Lessee by legal action all amounts owing with interest at two percent over Prime Rate (as defined in the Amended Project Services Agreement), or (ii) to seek injunctive relief.

• If the Event of Default is a Minor Default, the operation of this Agreement shall not take eff6ct unless or until DRLP3 has first sought to commence legal action to enforce payment or performance of the Obligations and any remedy obtained under such action has not satisfied the Obligations of NPS or any judgement obtained pursuant to such action remains Unsatisfied by NPS for more than 15 Business Days after the rendering of such judgement (without the necessity of appeal from such judgement).

More Definitions of Minor Default

Minor Default means any Event of Default that is not a Major Default. A15. “OID” means an original issue discount.

Minor Default shall have the meaning specified in Article 29.3.

Minor Default means any breach of an obligation under this Lease for which the remedies of breach are expressly limited to either a Delay Fee or specific performance or both.

Minor Default means the occurrence of any one or more of the following events to the extent that it is not a Major Default: the failure of NPS to pay any monetary Obligations within five Business Days of the date on which such Obligations are due or payable; the failure of NPS to perform any non-monetary Obligation or covenant under the Security Agreement or the Purchase Agreement and such failure shall continue unremedied for a period of 60 days after written notice thereof; or any breach by NPS of any representation or warranty made by NPS in the Purchase Agreement (for certainty, including without limitation a breach of Section 4.1 (a) or 4.4 of the Purchase Agreement if such breach does not result in a Material Adverse Effect;

Minor Default means any Event of Default that is not a Major Default, an Unapproved Debt Issuance Default, or an Unapproved Variable Security Issuance Default.

Minor Default means any breach of the Call-Off Contract or the Order Form which may be either a partial breach or a breach not so severe as to warrant a Material Default

Minor Default means any breach of the Framework Agreement, the Call-Off Contract or the Order Form which may be either a partial breach or a breach not so severe as to warrant a Material Default