Common use of D efault Clause in Contracts

D efault. The occurrence of any of the following shall constitute an event of default of Escrow Agent hereunder: (1) a breach, by Escrow Agent, of any term or provision of this Escrow Agreement, whether or not material; (2) any false or misleading representation or warranty made by Escrow Agent; (3) any affirmative act of insolvency by ▇▇▇▇▇▇ Agent, or the filing by Escrow Agent of any petition or action under any bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or moratorium law, or other similar proceedings instituted by or against Escrow Agent or against all or any part of its property under the Federal Bankruptcy Code or other law of the United States or of any other competent jurisdiction; (4) the filing of any involuntary petition under any bankruptcy statute against Escrow Agent, or the appointment of any receiver or trustee to take possession of the properties of Escrow Agent, unless such petition or appointment is set aside or withdrawn or ceases to be in effect within thirty (30) days from the date of said filing or appointment; or (5) the subjection of any of Escrow Agent’s property to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency. In the event of Escrow Agent’s default, at Registrant’s election, Registrant may continue with this Escrow Agreement, cancel or terminate this Escrow Agreement and/or have recourse to any other right or remedy available at law or in equity. Upon Registrant’s election to cancel or terminate this Escrow Agreement, Registrant and Depositor shall enter into a new escrow agreement with a mutually agreed-upon third party escrow agent. Any and all terms and conditions stated herein shall, without modification, be incorporated into the new escrow agreement; provided, however, that Depositor agrees to negotiate in good faith with such escrow agent in the event such escrow agent or Registrant requests modification of any terms and conditions contained herein.

D efault. The occurrence of any of the following shall constitute an event of default of Escrow Agent hereunder: (1) a breach, by Escrow Agent, of any term or provision of this Escrow Agreement, whether or not material; (2) any false or misleading representation or warranty made by Escrow Agent; (3) any affirmative act of insolvency by ▇▇▇▇▇▇ Escrow Agent, or the filing by Escrow Agent of any petition or action under any bankruptcy, receivership, insolvency, reorganization, dissolution, liquidation or moratorium law, or other similar proceedings instituted by or against Escrow Agent or against all or any part of its property under the Federal Bankruptcy Code or other law of the United States or of any other competent jurisdiction; (4) the filing of any involuntary petition under any bankruptcy statute against Escrow Agent, or the appointment of any receiver or trustee to take possession of the properties of Escrow Agent, unless such petition or appointment is set aside or withdrawn or ceases to be in effect within thirty (30) days from the date of said filing or appointment; or (5) the subjection of any of Escrow Agent’s property to any levy, seizure, assignment, application or sale for or by any creditor or governmental agency. In the event of Escrow Agent’s default, at Registrant’s election, Registrant may continue with this Escrow Agreement, cancel or terminate this Escrow Agreement and/or have recourse to any other right or remedy available at law or in equity. Upon Registrant’s election to cancel or terminate this Escrow Agreement, Registrant and Depositor shall enter into a new escrow agreement with a mutually agreed-upon third party escrow agent. Any and all terms and conditions stated herein shall, without modification, be incorporated into the new escrow agreement; provided, however, that Depositor agrees to negotiate in good faith with such escrow agent in the event such escrow agent or Registrant requests modification of any terms and conditions contained herein.