Declaration of Default definition

Declaration of Default is defined in Section 8.5.
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Declaration of Default is defined in Section 6.3.
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Declaration of Default means the declaration of the termination of the obligations of the Noteholder to extend or maintain the Advances by reason of one or more Events of Default pursuant to Section 10.2.
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Examples of Declaration of Default in a sentence

  • Once the City determines that sufficient cause exists to justify the action, the City may terminate the Contract without prejudice to any other right or remedy the City may have, after giving the Contractor and its Surety seven (7) days notice by issuing a written Declaration of Default.

  • Each Mortgagee shall have the right during the same period available to Land Owner to cure or remedy, or to commence to cure or remedy, the event of Default claimed in the Notice of Default or Declaration of Default.

  • Any legal action by a Party alleging a Default must be filed within ninety (90) days from date of Declaration of Default after following the procedures in Sections 6.3, 6.4, and 6.5, as applicable.

  • If the City Council determines, at the conclusion of the annual review undertaken as required by Article V, that Land Owner has not complied in good faith with the terms of this Agreement, then the determination constitutes a Declaration of Default, and City may proceed to pursue any remedies under this Article VI in addition to those remedies available under Article V.

  • Until a default is declared under this Agreement, a revocable license is granted to Borrower to collect and retain such Rents, charges, fees, carrying charges, Project accounts, security deposits, and other revenues and receipts, but upon a Declaration of Default under this Agreement or under the Borrower’s Security Instrument, this revocable license is automatically terminated.

  • If the Parties cannot mutually agree on a schedule for cure of the Default, at the conclusion of the initial thirty (30)-day period, the Complaining Party may issue a Declaration of Default and proceed to pursue its remedies under this Article VI.

  • As a material obligation of this Agreement, Design-Builder shall cure any safety-related breach of performance immediately and any and all other conditions of default within ten days after the ADR requests correction, rejects defective performance or Defective Work, objects to Design-Builder’s untimely performance, or gives Notice of Pending Declaration of Default or gives notice to Design- Builder (by e-mail or otherwise) that one or more conditions of default exist.

  • Operational assets shall be returned to Metro West Ambulance upon commencement of services by a substitute provider as set forth in item D, Declaration of Default, in this section.

  • If the Recipient is not satisfied that the measures proposed will be adequate to remedy the situation, then this will constitute an Event of Default under Section 8.1 (Events of Default) and a default may be declared pursuant to Section 8.2 (Declaration of Default).

  • Each of the Pledgors acknowledges that, if a Declaration of Default shall have occurred, the Pledged Shares shall be subject to sale and each of the other remedies of the Security Trustee in accordance with this Agreement, whether or not the Pledgors has itself defaulted or otherwise failed to perform in any respect.


More Definitions of Declaration of Default

Declaration of Default. See Section 7.3.
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Declaration of Default means a notice issued by the NSE and/or the clearing house informing a trading member, non-executing member or a clearing member of the occurrence of an Event of Default in accordance with rule 9.1 of these Derivatives Rules.
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Declaration of Default has the meaning given in Section 6.1 of this Agreement.
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Related to Declaration of Default

  • Declaration Event of Default means an “Event of Default” as defined in the Declaration.

  • PTC Event of Default Means any failure to pay within 10 Business Days of the due date thereof: (i) the outstanding Pool Balance on the Final Legal Distribution Date or (ii) interest due on the Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or Drawings (as defined in the Intercreditor Agreement), or a withdrawal or withdrawals pursuant to Section 3.6(f) of the Intercreditor Agreement, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee).

  • Notice of Default means a written notice of the kind specified in Section 501(4).

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body.

  • Material Event of Default means any Event of Default arising under Section 10.01(a), 10.01(b) (solely with respect to a default related to Section 8.01, 8.20 or 9.13), 10.01(f), 10.01(i), 10.01(j), 10.01(n) or 10.01(o).