reasonable notification Sample Clauses
A reasonable notification clause requires one party to provide the other with advance notice before taking certain actions or making changes under the agreement. In practice, this means that if a party intends to terminate the contract, modify terms, or exercise specific rights, they must inform the other party within a timeframe that is considered fair and sufficient for the circumstances. This clause ensures that both parties have adequate time to prepare for or respond to significant developments, thereby promoting fairness and reducing the risk of disputes arising from sudden or unexpected actions.
POPULAR SAMPLE Copied 5 times
reasonable notification. Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed there for, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Subsidiary Guarantor hereby waives any claims against Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if Agent accepts the first offer received and does not offer such Collateral to more than one offeree, provided Agent acted in a commercially reasonable manner. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, Subsidiary Guarantor shall be liable to the maximum extent permitted by applicable law for the deficiency and the fees of any attorneys employed by Agent to collect such deficiency.
reasonable notification. If any notification of intended sale or other disposition of the Collateral or any part thereof is required under the UCC or other applicable Law, such notification, if mailed, shall be deemed reasonably and properly given if mailed to Borrower not later than (a) the date that is at least ten (10) days before such sale or disposition, or (b) if earlier, the date determined by applicable Law.
reasonable notification. “The purpose of the notice requirement is ‘to give the debtor an opportunity to protect his interest in the collateral by exercising any right of redemption or by bidding at the sale, to challenge any aspect of the disposition before it is made, or to interest potential purchasers in the sale, all to the end that the merchandise not be sacrificed by a sale at less than the true value.’” Long Island Trust Co. ▇. ▇▇▇▇▇▇▇▇, 507 N.Y.S.2d 993 (N.Y. Civ. Ct. 1986) (quoting First Bank & Trust Co. of Ithaca ▇. ▇▇▇▇▇▇▇▇, 473 N.Y.S.2d 697 (N.Y. Sup. Ct. 1984)), aff’d, 539 N.Y.S.2d 612 (N.Y. App. Div. 1988). “The notification must be reasonable as to the manner in which it is sent, its timeliness (i.e., a reasonable time before the disposition is to take place), and its content.” UCC § 9-611 cmt. 2. The notification must be “authenticated”, as that term is defined, see UCC § 9-102(a)(7), a requirement not in issue here. “[W]hether a notification is sent within a reasonable time is a question of fact.” UCC § 9-612(a). “A notification that is sent so near to the disposition date that a notified person could not be expected to act on or take account of the notification would be unreasonable.” UCC § 9- 612 cmt. 2. For secured transactions other than consumer transactions, “a notification ... sent ... 10 days or more before the earliest time of disposition ... is sent within a reasonable time before the disposition.” Id. § 9-612(b). The 10-day period for non-consumer transactions “is intended to be a ‘safe-harbor’ and not a minimum requirement.” UCC § 9-612 cmt. 3. The terms “consumer goods”, “consumer goods transactions” and “consumer transaction” are defined. See UCC § 9-102(23), (24), (26). The contents and form of the notification are prescribed generally for all transactions, see UCC § 9-613(1), and for consumer-goods transactions, see UCC § 9-614(1). A notification in a non-consumer transaction that does not include all of the prescribed information may still be found sufficient as a matter of fact. See UCC § 9-613 (2). But in a consumer transaction, “(a) notification that lacks any of the (prescribed) information ... is insufficient as a matter of law.” UCC § 9-614 cmt. 2. Here, Clover Commercial mailed two letters to ▇▇▇▇▇ ▇▇▇▇▇▇ on February 20, 2003: one advised primarily as to the time after which the sale would be made, i.e., “12 noon on 3/03/03”; the other advised primarily as to ▇▇. ▇▇▇▇▇▇’▇ right to redeem the automobile. Although each of these letters shows...
reasonable notification. If any notification of intended sale or other disposition of the Collateral or any part thereof is required under the Uniform Commercial Code or other law, such notification, if mailed, shall be deemed reasonably and properly given if mailed to Borrower at least ten (10) days before such sale or disposition.
reasonable notification. If any notification of intended sale or other disposition of the Collateral or any part thereof is required under the Uniform Commercial Code of the Commonwealth of Kentucky or other applicable Law, such notification, if mailed, shall be deemed reasonably and properly given if mailed to Borrower not later than (a) the date that is at least ten (10) days before such sale or disposition, or (b) if earlier, the date determined by applicable Law.
reasonable notification. The Administrative Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefore, and such sale may, without further notice, be made at the time and place to which it was so adjourned.