Failure to Record Clause Samples
The "Failure to Record" clause defines the consequences and responsibilities if a party does not properly record a legal document, such as a deed or mortgage, with the appropriate government office. In practice, this clause typically states that the party who fails to record the document may lose certain legal protections or priority over third parties, and may be liable for any resulting damages. Its core function is to encourage timely and accurate recording of documents to ensure clear public notice of interests in property and to prevent disputes over ownership or priority.
Failure to Record. The provisions of Section 6.3 shall apply notwithstanding that either Party may fail to record the new Currency Obligation in its books.
Failure to Record. The provisions of Section 6.3 shall apply notwithstanding that either Party may fail to record the new Currency Obligation in its books. Cut-off Date and Time. The provisions of Section 6.3 are subject to any cut-off date and cut-off time agreed between the applicable Novation Netting Offices and Matched Pair Novation Netting Offices of the Parties.
Failure to Record. The provisions of Parts XV(a) and (b) shall apply notwithstanding that either Party may fail to record the new Currency Obligation in its books.
Failure to Record. The provisions of Parts XV(a) and (b) shall apply notwithstanding that either Party may fail to record the new Currency Obligation in its books.