Override During Tenant Default Period Sample Clauses

Override During Tenant Default Period. Notwithstanding anything to the contrary set forth in this Agreement, during a Tenant Default Period, as defined below, all rights of M/I to consent to or approve of any action except those identified in the next sentence shall be suspended, and the provisions providing for such suspended consent or approval rights shall be deemed to apply only to the Members other than M/I or the successor to M/I's Percentage Interest. The following rights of M/I shall not be suspended during a Tenant Default Period: (i) the right to consent to the admission of Substitute Members pursuant to Section 7.5(b), (ii) the right to consent to the continuation of the Company's business and reformation of the Company following the Retirement of a Member pursuant to Section 7.8 and (iii) the right to receive notice of any action requiring the consent or approval of all Members hereunder. A "Tenant Default Period" shall mean any period or periods of time commencing upon the occurrence of a Lease Default, as defined in the following sentence, and ending upon the cure of such Lease Default. As used in the foregoing sentence only, a "Lease Default" shall mean either: (A) M/I's failure pursuant to the Lease to pay rent and/or real estate taxes and assessments on the Property as the same become due and payable (after the expiration of all notice and cure periods as provided in the Lease) (a "Monetary Default"); or (B) as to any default other than a Monetary Default (a "Nonmonetary Default"), agreement between the Company and M/I that a Nonmonetary Default has occurred or, absent such agreement, then a final, unappealable determination by a court of competent jurisdiction that a Nonmonetary Default has occurred; provided, however, that notwithstanding the foregoing provisions to the contrary, M/I shall have no right, from and after the occurrence of an alleged Nonmonetary Default, to consent or approve any action whereby the Company, in its reasonable discretion, expends funds or takes actions to preserve, repair or maintain the Company's assets or their value (including, without limitation, payments for taxes, assessments, insurance and utilities), to avoid the imposition of liens, to preserve tax abatement status for the Property, to comply with lender requirements, to comply with laws or to cure a default under the Lease by the Company.
Sample 1
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Related to Override During Tenant Default Period

  • Allocations During the Revolving Period During the Revolving Period, the Servicer shall, prior to the close of business on the day any Collections are deposited in the Collection Account, allocate to the Investor Certificateholders or the Holder of the Seller Interest and pay or deposit from the Collection Account the following amounts as set forth below:

  • Drawings Submitted During the Contract Term Where required to develop, maintain and deliver diagrams or other technical schematics regarding the scope of work, Contractor shall do so on an ongoing basis at no additional charge, and must, as a condition of payment, update drawings and plans during the Contract term to reflect additions, alterations, and deletions. Such drawings and diagrams shall be delivered to the Authorized User’s representative.

  • Refund During Cooling-Off Period The PEI will provide the Student with a cooling-off period of seven (7) working days after the date that the Contract has been signed by both parties. The Student will be refunded the highest percentage (stated in Schedule D) of the fees already paid if the Student submits a written notice of withdrawal to the PEI within the cooling-off period, regardless of whether the Student has started the course or not.

  • Allocations During the Early Amortization Period During the Early Amortization Period, an amount equal to the product of (A) the Principal Allocation Percentage and (B) the Series 1997-1 Allocation Percentage and (C) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 1997-1 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that after the date on which an amount of such Collections equal to the Adjusted Invested Amount has been deposited into the Collection Account and allocated to the Series 1997-1 Certificateholders, such amount shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Time Off During Notice Period During the period of notice of termination given by the employer, an employee shall be allowed up to one day's time off without loss of pay for the purpose of seeking other employment. This time off shall be taken at times that are convenient to the employee after consultation with the employer.

  • Allocations During the Controlled Accumulation Period During the Controlled Accumulation Period (A) an amount equal to the product of (I) the sum of the Class B Principal Percentage and the Collateral Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-7 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date, shall be allocated to the Series 2017-7 Certificateholders and retained in the Collection Account until applied as provided herein and (B) an amount equal to the product of (I) the Class A Principal Percentage and (II) the Principal Allocation Percentage and (III) the Series 2017-7 Allocation Percentage and (IV) the aggregate amount of Collections of Principal Receivables deposited in the Collection Account on such Deposit Date (the product specified in this clause (B) for any such date is hereinafter referred to as a “Percentage Allocation”) shall be allocated to the Series 2017-7 Certificateholders and retained in the Collection Account until applied as provided herein; provided, however, that if the sum of such Percentage Allocation and all preceding Percentage Allocations with respect to the same Monthly Period exceeds the Controlled Deposit Amount during the Controlled Accumulation Period for the related Distribution Date, then such excess shall not be treated as a Percentage Allocation and shall be first, if any other Principal Sharing Series is outstanding and in its amortization period or accumulation period, retained in the Collection Account for application, to the extent necessary, as Shared Principal Collections on the related Distribution Date, and second paid to the Holders of the Transferor Certificates only if the Transferor Amount on such Deposit Date is greater than the Required Transferor Amount (after giving effect to all Principal Receivables transferred to the Trust on such day) and otherwise shall be deposited in the Special Funding Account.

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

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  • Benefits Not Paid During Certain Periods Benefits will not be paid when an employee is:

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