Security Default has the meaning specified in Section 6.01 of the Security Agreement.
Security Default means one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer (or the Security Guarantor on its behalf or under the Security Guaranty) to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of any of the events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer or the Security Guarantor.
Security Default means a failure such as is referred to in the definition of Demanded Security Default Sum in this Clause 1.
Examples of Security Default in a sentence
If a default oc- curs under the Security Agreement which is other than a Payment Default (Security Default), section 1105(b) of the Act allows us, in our sole discre- tion, to declare such default a Security Default, and we may notify the Obligee or agent of the Obligee of such Secu- rity Default, stating that demand for payment under the Guarantees must be made no later than 60 days after the date of such notification.(d) Payment of Guarantees.
After demand for payment is made by or on behalf of the Obligees, we shall make payment under the Guaran- tees, except if we determine that a Payment Default has not occurred or that such Payment Default has been remedied prior to demand being made.(c) Security Default.
If the individual subsequent RFQ is greater than $200,000, please refer to The School Board of Miami-Dade County Bylaws & Policies, 6320 – PURCHASING, Performance and Payment Security, Default and Bonding Company Qualifications for bonding requirement.
If a Reference Security Default Event occurs and is continuing, the Issuer may redeem the Securities (in whole but not in part) at any time at the Redemption Price, on the giving of not less than 30 and not more than 60 calendar days’ irrevocable notice of redemption to Securityholders in accordance with Condition 12.1.
The Trustee and the Agents shall not be required to take any steps to ascertain whether a Gross Up Event, Change of Control Event, Reference Security Default Event or Accounting Event has occurred and shall not be responsible or liable to the Securityholders, the Issuer or any other person for any loss arising from any failure to do so.
More Definitions of Security Default
Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer (or the Security Guarantor on its behalf or under the Security Guaranty) to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of any of the events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer or the Security Guarantor.
Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; (iii) the initiation by the Security Issuer of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights; or (iv) if not otherwise addressed in (iii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Security Issuer seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights and such proceeding has not been dismissed prior to such thirtieth day.
Security Default means one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement and failure to pay the accelerated amount on the acceleration date; (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; (iii) the initiation by the Security Issuer of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights; or (iv) if not otherwise addressed in (iii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Security Issuer seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights and such proceeding has not been dismissed prior to such thirtieth day.
Security Default. The definition of Security Default in the Standard Terms shall not apply. A "Security Default" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement, (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of certain events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer. Sale of Securities If the Trust must sell the Securities it holds, the Trust will sell the Securities through the Selling Agent in accordance with Section 9.03(b) and the following terms. The Selling Agent will solicit bids for all of the Securities held by the Trust from at least three registered broker-dealers of national reputation, one of which shall be the Selling Agent. The Selling Agent will, on behalf of the Trust, sell the Securities at the highest bid price received. If the Selling Agent did not put forward such highest bid, it may purchase the Securities at such highest bid rather than selling the Securities to the highest bidder.
Security Default has the meaning set forth in the Trust Agreement.
Security Default has the meaning specified in Section 5.01(b) of this Mortgage.
Security Default. Unless otherwise specified in the Terms Schedule, (i) the acceleration of the maturity of the Securities under the Securities and/or the Security Agreement, as applicable, whether by declaration of the Holders thereof, the Security Trustee or otherwise, (ii) the failure to pay an installment of principal of, or any amount of interest due on, the Securities after the due date, and after the expiration of any applicable grace period or cure period, (iii) the occurrence of any event of default relating to bankruptcy or insolvency of the Security Issuer under the Securities and/or the Security Agreement, as applicable or (iv) the occurrence of a waiver, deferral, restructuring, rescheduling, exchange or other adjustment with respect to the Security such that the Swap Counterparty reasonably determines that the economic terms of the Security are materially different or the Security represents materially greater credit or other risks. A Security Default will be deemed to have occurred for all purposes of the Trust Agreement notwithstanding any rescission or annulment of any such acceleration or any subsequent payment (after the default and after any applicable grace period) of such overdue principal or interest.