Monetary and Performance Defaults Sample Clauses
The "Monetary and Performance Defaults" clause defines the types of breaches that can occur under a contract, specifically distinguishing between failures to make required payments (monetary defaults) and failures to fulfill other contractual obligations (performance defaults). In practice, this clause outlines what constitutes each type of default, such as missing a payment deadline or not delivering goods or services as agreed, and may specify different notice and cure periods for each. Its core function is to clearly categorize and address different forms of non-compliance, ensuring both parties understand the consequences and remedies associated with each type of default, thereby reducing ambiguity and facilitating effective enforcement of the contract.
Monetary and Performance Defaults. (i) Failure to make (A) any scheduled Monthly Payment due under the Portfolio Note (other than the final payment and Prepayment Fee) on or before the fifth (5th) Business Day after such payment is due, (B) the final payment and Prepayment Fee under the Portfolio Note when due, whether at maturity, by reason of acceleration, as part of a prepayment or otherwise, or (C) any scheduled escrow payment due under any Loan Document within five (5) Business Days after such payment is due; or
(ii) Breach or default in the performance of any of the other monetary or non-monetary covenants or agreements of Borrowers contained herein or in any of the Loan Documents (“Performance Default”), if such Performance Default shall continue for thirty (30) days or more after written notice to a Borrower from Lender specifying the nature of the Performance Default; provided, however, that if such Performance Default is of a nature that it cannot be cured within the thirty (30) day period, then Borrower shall not be in default so long as Borrower have commenced and thereafter diligently pursue such cure to completion and provided further that such cure occurs within a reasonable period of time but in no event greater one hundred twenty (120) days after the date of the original written notice of the Performance Default. Notwithstanding the foregoing, if the breach or default is one that is defined as an Event of Default elsewhere in any of the Loan Documents, then Borrower shall not be entitled to any notice or cure period upon the occurrence of such breach or default except for such notice and cure periods, if any, as may be expressly granted in such other defined Event of Default; or
(iii) any Borrower changes its name, its organizational identification number, if it has one, its type of organization, or its jurisdiction of organization without giving Lender thirty (30) days’ prior notice.
Monetary and Performance Defaults. Failure to make any payment of principal, interest or Prepayment Premium on the Note or any Future Advance or to make any payment due under this Security Deed, within ten (10) days after the date when due and payable whether at maturity or by acceleration or as part of any prepayment or otherwise ("Monetary Default"); or default in the performance of, or breach of, any of the covenants or agreements of BORROWER contained herein, in the Note, in any note evidencing a Future Advance or in any Related Agreement ("Performance Default"), if such default or breach shall continue for fifteen (15) days or more after written notification specifying the nature of the default has been received from LENDER to cure the default; provided, however, that if such Performance Default is of a nature that it cannot be cured within such 15 day period, then BORROWER shall not be in default if it commences good faith efforts to cure such default within said 15 day period, demonstrates continuous diligent efforts to cure such Performance Default in a manner satisfactory to LENDER and, within a reasonable period, not to exceed 180 days after the date notification of default was received by ▇▇▇▇▇▇▇▇, completes the cure of such default.
Monetary and Performance Defaults. A. Failure to make any payment due under the Note or any note evidencing a Future Advance, other than the final payment and Prepayment Premium, or to make any payment due under this Deed of Trust to Beneficiary or any other party, including without limitation, payment of escrow deposits, real estate taxes, insurance premiums and ground rents, if any, on or before the fifth day of the month in which such payment is due; or
Monetary and Performance Defaults. A. Failure to make any payment due under the Note or any note evidencing a Future Advance, other than the final payment and Prepayment Premium, or to make any payment due under this Deed of Trust to Beneficiary or any other party, including without limitation, payment of escrow deposits, real estate taxes, insurance premiums and ground rents, if any, on or before the fifth day of the month in which such payment is due; or
B. Failure to make the final payment or the Prepayment Premium due under the Note or any note evidencing a Future Advance when such payment is due whether at maturity, by reason of acceleration, as part of a prepayment or otherwise (the defaults in A. and B. hereinafter “Monetary Default”); or
C. Breach or default in the performance of any of the covenants or agreements of Trustor contained herein or in any Related Agreement (“Performance Default”), if such Performance Default shall continue for fifteen (15) days or more after written notice to Trustor from Beneficiary specifying the nature of the Performance Default; provided, however, that if such Performance Default is of a nature that it cannot be cured within the 15 day period, then Trustor shall not be in default if it commences good faith efforts to cure the Performance Default within the 15 day period, demonstrates continuous diligent efforts to cure the Performance Default in a manner satisfactory to Beneficiary and, within a reasonable period, not to exceed 180 days after the date of the original written notice of the Performance Default, completes the cure of such Performance Default.
Monetary and Performance Defaults. (A) Failure to make any payment due under any one or more of the ▇▇▇▇ Note or the AIC Note or any note evidencing a Future Advance, other than the final payment and Prepayment Premium, or to make any payment due under this Mortgage to Mortgagee or any other party, including without limitation, payment of escrow deposits, real estate taxes, insurance premiums and ground rents, if any, on or before the fourth (4th) day after such payment is due; or
(B) Failure to make the final payment or the Prepayment Premium due under any one or more of the ▇▇▇▇ Note or the AIC Note or any note evidencing a Future Advance when such payment is due whether at maturity, by reason of acceleration, as part of a prepayment or otherwise (the defaults in (A) and (B) hereinafter "Monetary Default"); or
(C) Breach or default in the performance of any of the covenants or agreements of Mortgagor contained herein, in any one or more of the ▇▇▇▇ Note or the AIC Note or in any Related Agreement ("Performance Default"), if such Performance Default shall continue for thirty (30) days or more after written notice to Mortgagor from Mortgagee specifying the nature of the Performance Default; provided, however, that if such Performance Default is of a nature that it cannot be cured within the thirty (30) day period, then Mortgagor shall not be in default if it commences good faith efforts to cure the Performance Default within the thirty (30) day period, demonstrates continuous diligent efforts to cure the Performance Default in a manner reasonably satisfactory to Mortgagee and, within a reasonable period, not to exceed one hundred eighty (180) days after the date of the original written notice of the Performance Default, completes the cure of such Performance Default. Notwithstanding the foregoing, if the breach or default is one which is defined as an Event of Default elsewhere in this Article II or in the default definition of any Related Agreement, then Mortgagor shall not be entitled to any notice or cure period upon the occurrence of such breach or default except for such notice and cure periods, if any, as may be expressly granted in such other defined Event of Default.