Non-Payment Default definition

Non-Payment Default means any event (other than a Payment Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Designated Senior Indebtedness.

Non-Payment Default has the meaning specified in Section 4.03.

Non-Payment Default shall have the meaning specified in Section 12.2(b).

Examples of Non-Payment Default in a sentence

• A Default may be either a Payment Default or a Non-Payment Default.

• Accordingly, as a result of the CFLD US$530,000,000 2021 Bonds Non-Payment Default, an Event of Default has occurred pursuant to Condition 9(c) (Cross Default) of the Bonds (the “Cross Default” and together with the CFLD US$530,000,000 2021 Bonds Non Payment Default, the “Defaults”).

• The full Obligations, including all fees, accrued interest, costs, expenses and charges, shall become immediately due and payable without notice or demand and the Due Date for any then outstanding Obligations shall be deemed the date of the Default triggering such acceleration (except to the extent the default is a Non-Payment Default that is timely cured to Lender’s reasonable satisfaction as provided in Section 12 below).

• Whether any such Non-Payment Default is timely and appropriately cured will be determined by Lender in its good faith, reasonable discretion.

• Any Non- Payment Default Notice shall be deemed received by the Term Lenders upon the date of actual receipt by the Term Lenders or the Subordinated Administrative Agent or other representative of such Non-Payment Default Notice in writing.

More Definitions of Non-Payment Default

Non-Payment Default has the meaning specified in Section 15.2.

Non-Payment Default has the meaning provided in Section 10.02(b).

Non-Payment Default means any default or event of default under or in respect of any Designated Senior Indebtedness, other than a Payment Default.

Non-Payment Default means any default or event of default (other than a Payment Default) under any agreement or instrument relating to Senior Debt. For purposes of the immediately preceding sentence, an “event of default” shall exist when as a result thereof the holders of the pertinent Senior Debt are then permitted to cause such Senior Debt to become due prior to its scheduled maturity.

Non-Payment Default has the meaning specified in Section 14.03.

Non-Payment Default means an Event of Default other than a Payment Default.

Non-Payment Default means the occurrence of any event under any Senior Revolving Document evidencing Senior Indebtedness, not constituting a Payment Default, which gives the holder(s) of such Senior Indebtedness, or an agent or representative acting on behalf of such holder(s), the right to cause the maturity of such Senior Indebtedness to be accelerated immediately without any further notice (except such notice as may be required to effect such acceleration) or the expiration of any applicable grace period.