Common use of Administrative penalties Clause in Contracts

Administrative penalties. ▇▇▇▇▇▇ Financial agrees to pay to the Commissioner 28 administrative penalties totaling, TWENTY-SEVEN THOUSAND SIX HUNDRED DOLLARS 1 ($27,600) (the “Penalties”). ▇▇▇▇▇▇ Financial shall pay the Penalties by way of three (3) equal 2 installment payments of NINE THOUSAND TWO HUNDRED DOLLARS ($9,200) on or before 3 the 8th of each of the following month and year: February 2013, April 2013 and June 2013. In the 4 event the payment due date falls on a weekend or holiday, the payment shall be due the next 5 business day. ▇▇▇▇▇▇ Financial shall make the checks for the payments payable to the California 6 Department of Corporations and mail the checks to the attention and address of the Department 7 of Corporations person listed in paragraph 19, Notices. ▇▇▇▇▇▇ Financial acknowledges that State of California - Department of Corporations 8 failure to make any payment installment under this Agreement or to timely pay any payment 9 installment under this Agreement shall be a breach of this Agreement and shall be cause for the 10 Commissioner to immediately revoke any licenses held by, and/or deny any pending application(s) 11 of ▇▇▇▇▇▇ Financial, its successors and assigns, by whatever names they might be known. ▇▇▇▇▇▇ 12 Financial hereby waives any notice and hearing rights to contest such revocations and/or denial(s) 13 which may be afforded under the Corporate Securities Law of 1968, the California Administrative