Senior Loan Default. The occurrence of an “Event of Default” under a Senior Loan.
Senior Loan Default. A “Default” shall occur under the Mortgage, the Senior Note or any other Senior Loan Document.
Senior Loan Default. Prior to Senior Lender commencing any Enforcement Action under the Senior Loan Documents, Senior Lender shall provide written notice of the default triggering the Enforcement Action to each Junior Lender and any Loan Pledgee entitled to notice thereof pursuant to Section 16 of this Agreement, whether or not Senior Lender is obligated to give notice thereof to Senior Borrower (each, a “Senior Loan Default Notice”). In the event Senior Lender has delivered a Senior Loan Default Notice pursuant to Sections 12(a)(i) or (ii) below regarding an Event of Default which has not been cured by a Junior Lender, Senior Lender shall provide the Junior Lenders with copies of any and all material notices relating to the Event of Default(s) cited in the Senior Loan Default Notice, including pleadings, agreements, motions and briefs served upon, delivered to or with any party to any Enforcement Action, and otherwise keep the Junior Lenders reasonably apprised as to the current status of any Enforcement Action. Prior to or concurrently with undertaking any curative action with respect to the Senior Loan, a Junior Lender shall provide the other Junior Lenders with written notice thereof. Senior Lender shall permit the Junior Lenders and any Loan Pledgee an opportunity to cure such default in accordance with the following terms:
Senior Loan Default. Prior to Senior Lender commencing any Enforcement Action under the Senior Loan Documents, Senior Lender shall provide written notice of such default to each Junior Lender and any Loan Pledgee entitled to notice thereof pursuant to Section 16 of this Agreement, whether or not Senior Lender is obligated to give notice thereof to Senior Borrower (each, a "Senior Loan Default Notice"). In the event Senior Lender has delivered a Senior Loan Default Notice pursuant to Sections 12(a)(i) or (ii) below which has not been cured by a Junior Lender, Senior Lender shall provide the Junior Lenders with copies of any and all material notices relating to such Event of Default, pleadings, agreements, motions and briefs served upon, delivered to or with any party to any Enforcement Action and otherwise keep the Junior Lenders reasonably apprised as to the current status of any Enforcement Action. Prior to or concurrently with undertaking any curative action with respect to the Senior Loan, a Junior Lender shall provide the other Junior Lenders with written notice thereof. Senior Lender shall permit the Junior Lenders an opportunity to cure such default in accordance with the following terms:
Senior Loan Default. A request for notice of default or sale under any Senior Lender Deed of Trust shall be recorded by the City in the Office of the Recorder of Santa Xxxxx County for the benefit of the City. The City may declare a Default under this Agreement upon receipt of any notice given to the City pursuant to Civil Code Section 2924b, and the City may exercise its rights as provided in Sections 14 and 15. Owner shall provide to the City in the manner set forth in Section 22, notice of any default of Owner under a Senior Xxxxxx Xxxx of Trust or Other Deed of Trust. Notice shall be delivered to the City by the Owner within three (3) days of Owner’s receipt of notice of the default from the Senior Lender or holder of the Other Deed of Trust. In the event of default and foreclosure, the City shall have the same right as the Owner to cure defaults and redeem the Home prior to the foreclosure sale. Nothing herein shall be construed as creating any obligation of the City to cure any such default, nor shall this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage. If the City fails to file the request for notice of default, the City's right to purchase the Home shall commence from the date the notice of default is given by the City to Owner.
Senior Loan Default. A “Default” occurs under the Senior Loan, as defined in the Senior Loan Agreement. A Default shall be deemed “continuing” until cured or waived in writing in accordance with Section 13.12.
Senior Loan Default. Borrowers shall promptly give notice to City if any default occurs under the Senior Loan.
Senior Loan Default. An event of default has occurred under the Senior Loan Documents or the Intercreditor Agreement, which default shall not have been cured or waived within any applicable grace period, or the aggregate balance of Advances (as defined in the Senior Loan Agreement) outstanding at any time is in excess of the maximum amount of Advances at any time permitted under the Senior Loan Agreement;
Senior Loan Default. An Event of Default (as defined in the Senior Loan Agreement) occurs and such Event of Default is not cured by Borrower prior to any cure thereof by Lender (it being agreed that Lender shall be under no obligation to undertake such cure).
Senior Loan Default. Any Event of Default (as defined in the Senior Credit Agreement) occurs under the Senior Credit Agreement.
