Correction of Violation Sample Clauses

Correction of Violation. To the extent that any term or provision of the Agreement is determined by either the Executive or the Company to violate the requirements of Section 409A of the Code, the Executive and the Company agree to use commercially reasonable efforts to correct such violation without changing the substantive terms of the Agreement. For the avoidance of doubt, a “violation” for this purpose means a term or provision that is permissible under Section 409A of the Code only with payment of penalty; “violation” does not mean a term or provision that merely requires a payment, a method of payment, or a delay in payment that adversely affects the Executive.
Sample 1
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Correction of Violation. If the sum of the HDP and the HCP exceed the limit specified in subsection (b), the employer will reduce the contribution percentages or deferral percentages of participants in the higher paid group, in its sole discretion, in accordance with Section 6.8(d) and Section 5.9, to the extent necessary to meet subsection (b). Subject to the multiple use rules of Section 6.8(e), the employer may limit the participants affected by such reductions to those participants who are subject to both the 401(k) limits and the 401(m) limits. If any other plan maintained by the employer is also taken into account in applying the limits specified in this section, the employer may designate the plan which will be involved in correcting any violation of the limits.
Sample 1
Correction of Violation. If the sum of the HCE- ADP and the HCE-ACP exceeds the combined limit, the Plan Administrator will first reduce the After-Tax Savings Contribution percentages of the Participant (or Participants) in the Higher Paid Group in accordance with Section 5.4(b) to the extent necessary to meet the combined limit and will then if necessary reduce the Company Matching Contribution percentages of the Participant (or Participants) in the Higher Paid Group to the extent necessary.
Sample 1
Correction of Violation. Upon the Property Owners’ and Occupant’s completion to Burien’s reasonable satisfaction of the required action items stated in Section 3 of this Agreement, Burien will consider the nuisance violations resolved or abated.
Sample 1

Related to Correction of Violation

  • Notice of Violation On or about August 8, 2020, October 30, 2020, April 29, 2021 and July 21, 2022, Xxxxxxx served Xxxxxx.xxx, Inc. and certain requisite public enforcement agencies with 60- Day Notices of Violation (notice), alleging that Xxxxxx.xxx, Inc. violated Proposition 65 when it failed to warn customers or consumers in California that the Products expose users to lead. To the best of the Parties’ knowledge, no public enforcer has commenced and is diligently prosecuting the allegations set forth in the notice.

  • Absence of Violation Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby will constitute a violation of, or default under, or conflict with, or require any consent under any term or provision of the certificate of incorporation or by-laws of such Stockholder or any contract, commitment, indenture, lease or other agreement to which such Stockholder is a party or by which such Stockholder or any of its assets is bound.

  • Notice of Violations Manager shall forward to Owner promptly upon receipt all notices of violation or other notices from any governmental authority, and board of fire underwriters or any insurance company, and shall make such recommendations regarding compliance with such notice as shall be appropriate.

  • Non-Violation Section 1. It shall not be a violation of this Agreement, if an Employee or Employees cease work because of:

  • No Conflict, Breach, Violation or Default The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Securities will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) the Company’s Articles of Incorporation or the Company’s Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Investor through the XXXXX system), or (ii)(a) any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (b) any agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or a Subsidiary is bound or to which any of their respective assets or properties is subject.

  • Investigation of Breach If the Seller (i) has knowledge of a breach of a representation or warranty made in Section 3.4, (ii) receives notice from the Depositor, the Trust, the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty made in Section 3.4, (iii) receives a written request to repurchase a Receivable due to an alleged breach of a representation and warranty in Section 3.4 from the Owner Trustee, the Indenture Trustee, any Verified Note Owner or any Noteholder (which repurchase request shall provide sufficient detail so as to allow the Seller to reasonably investigate the alleged breach of the representations and warranties in Section 3.4; provided, that with respect to a repurchase request from a Noteholder or a Verified Note Owner, such repurchase request shall initially be provided to the Indenture Trustee) for a Receivable (each, a “Repurchase Request”) or (iv) receives a final report from the Asset Representations Reviewer that indicates that the Asset Representations Reviewer has determined that a test procedure under the Asset Representations Review Agreement has not been satisfied with respect to a representation or warranty set forth in Section 3.4 for a Receivable, then, in each case, the Seller will investigate the Receivable to confirm the breach and determine if the breach materially and adversely affects the interests of the Purchaser, the Issuer or the Noteholders in any Receivable. None of the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer or the Administrator will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Receivable is required to be repurchased under this Section 3.5.

  • No Violation of Environmental Laws There is no pending action or proceeding directly involving the Mortgaged Property in which compliance with any environmental law, rule or regulation is an issue; there is no violation of any environmental law, rule or regulation with respect to the Mortgaged Property; and nothing further remains to be done to satisfy in full all requirements of each such law, rule or regulation constituting a prerequisite to use and enjoyment of said property;

  • No Violation of Orders No preliminary or permanent injunction or other order issued by any court or governmental or regulatory authority, domestic or foreign, nor any statute, rule, regulation, decree or executive order promulgated or enacted by any government or governmental or regulatory authority, which declares this Agreement invalid in any respect or prevents the consummation of the transactions contemplated hereby, or which materially and adversely affects the assets, properties, operations, prospects, net income or financial condition of MYHI shall be in effect; and no action or proceeding before any court or governmental or regulatory authority, domestic or foreign, shall have been instituted or threatened by any government or governmental or regulatory authority, domestic or foreign, or by any other person or entity, which seeks to prevent or delay the consummation of the transactions contemplated by this Agreement or which challenges the validity or enforceability of this Agreement.

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