Maturity Event definition
Maturity Event means with respect to a Mortgage Loan, the earliest to occur of: (a) the Mortgaged Property is sold or transferred; (b) the death of the last remaining Mortgagor; (c) the Mortgaged Property ceases to be the principal residence of a Mortgagor for reasons other than death and the Mortgaged Property is not the principal residence of at least one other Mortgagor, together with the required FHA approval; (d) for a period of longer than twelve (12) consecutive months, a Mortgagor fails to occupy the Mortgaged Property because of physical or mental illness and the Mortgaged Property is not the principal residence of at least one other Mortgagor, together with the required FHA approval; or (e) Mortgagor violates any other covenant of the Mortgage or Mortgage Note and is unable (or refuses) to correct the violation, together with the required FHA approval.
Maturity Event means (i) the Maturity Date; (ii) an acceleration, Acceleration Event or breach under the Agreement; (iii) a Change of Control transaction or sale of the Company or any of its Affiliates; (iv) a sale or transfer of substantially all the assets or intellectual property of the Company or that of its Affiliates other than to the Company; or (v) at Lender’s sole option, the termination of Lender’s employment with the Company or his ceasing to be the Company’s Chief Executive Officer based on any reason, whether without cause or for cause, whether voluntary or involuntary, and including based on death or incapacitation of Lender.
Maturity Event means the failure of the Owner Trustee to pay the entire Outstanding Principal Balance of all of the Class A Notes on or prior to the date which is three (3) months after the Class A-4 Final Scheduled Payment Date.
Examples of Maturity Event in a sentence
The entire outstanding balance of the Note shall become due and payable upon the occurrence of a Maturity Event or upon the occurrence of certain other events, all as more specifically provided for in the Note.
Except as otherwise provided herein, the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of, the respective representatives, successors and assigns of the parties; provided, however, that the Company may not assign this Agreement without the consent of the Lender except in connection with an assignment by operation of law pursuant to a merger that constitutes a Maturity Event.
This Agreement, together with all of its provisions, stipulations and representations (a) shall be effective, with respect to each Party, as of the date it is executed and delivered by each Party, (b) shall only apply to the Maturity Event and (c) shall not apply to any other Default or Event of Default that currently exists or that may hereinafter exist.
Each Borrower Party acknowledges and agrees that the provisions of this Agreement shall be effective solely for the purposes set forth herein, shall be limited precisely as written and shall not be deemed to waive any Default or Event of Default (including the Maturity Event) or otherwise prejudice any right or remedy which Lender may now have or has in the future under or in connection with any Loan Document.
Lender will forbear from taking any Enforcement Action in connection with the Maturity Event from the date hereof until the Forbearance Termination Time (the “Forbearance Period”).
More Definitions of Maturity Event
Maturity Event means with respect to a Loan, the earliest to occur of: (a) Borrower conveys all of his or her title to the Mortgage Property and no other Borrower retains title to the Mortgage Property in fee simple or on a leasehold interest as permitted by FHA Regulations; (b) the death of the last remaining Borrower; (c) the Mortgaged Property ceases to be the principal residence of a Borrower for reasons other than death and the Mortgaged Property is not the principal residence of at least one other Borrower, together with the required FHA approval; (d) for a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the Mortgaged Property because of physical or mental illness and the Mortgaged Property is not the principal residence of at least one other Borrower, together with the required FHA approval; (e) Borrower or Mortgagor violates any other covenant of the Mortgage or Mortgage Note and is unable (or refuses) to correct the violation, together with the required FHA approval; or (f) any additional occurrence which may be determined to constitute a maturity event by FHA regulations, as may be amended from time to time, which does not violate, change or conflict with the terms of the Mortgage Instrument or Mortgage Note.
Maturity Event means with respect to each Mortgage Loan, an event set forth in the related Mortgage Note, the occurrence of which will cause the Principal Balance of such Mortgage Loan to become immediately due and payable. Such an event, in the case of a Mortgage Loan, generally occurs (i) when Mortgagor dies and the related Mortgaged Property is not the principal residence of at least one surviving Mortgagor, (ii) when a Mortgagor sells or conveys title to the Mortgaged Property and no other Mortgagor retains title to such Mortgaged Property, (iii) when the Mortgaged Property ceases to be the principal residence of the Mortgagor for reasons other than death and such Mortgaged Property is not the principal residence of at least one surviving Mortgagor, (iv) if a Mortgagor fails to occupy the Mortgaged Property for a period longer than [*] because of physical or mental illness and such Mortgaged Property is not the principal residence of at least one other Mortgagor, or (v) if a Mortgagor fails to perform any of its obligations under the Mortgage Loan. “Maximum Aggregate Purchase Price” shall have the meaning set forth in the Pricing Letter. “Maximum Claim Amount” shall mean with respect to each HECM Loan, the lesser of the Appraised Value of the related Mortgaged Property and the maximum mortgage limit established by the Secretary of Housing and Urban Development for a one family residence under section 203(b)(2) of the National Housing Act (as adjusted where applicable under Section 214 of the National Housing Act). Both the Appraised Value and the maximum dollar amount for the area shall be determined as of the date the conditional commitment for such Mortgage Loan is issued or as otherwise specified by the Secretary of Housing and Urban Development. “MERS” shall mean Mortgage Electronic Registration Systems, Inc., a corporation organized and existing under the laws of the State of Delaware, or any successor thereto. “MERS System” shall mean the system of recording transfers of mortgages electronically maintained by MERS.
Maturity Event means the earlier to occur of the following: (i) February 13, 2013 (provided however, that if there is no Event of Default, such date may be extended by six months to August 13, 2013 by the Company providing the Lender with 60 days advance written notice), or (ii) 30 days after written notice from any Lender to the Company, if prior to the giving of such notice, the Company has consummated an IPO in which it receives gross proceeds in the amount of $15,000,000 or more.
Maturity Event means the earlier of (i) eighteen (18) months anniversary of the final close of the offer and sale of this and all of Series 2022 Crowd SAFEs by the Company through the Intermediary’s platform pursuant to a Form C, as amended, filed with the Securities and Exchange Commission or (ii) the Company’s election to accelerate and declare a Maturity Date before such time as clause (i) of this definition occurs.
Maturity Event means (a) the maturity of any of the Bank Loans or the Private Notes by acceleration; (b) the Company shall (1) petition or apply to any tribunal for the appointment of a trustee, custodian, receiver or liquidator for all or any substantial part of its business, estate or assets, or (2) commence any proceeding under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect; or (c) any such petition or application shall be filed or any such proceeding shall be commenced against the Company and (1) the Company shall indicate approval thereof, consent thereto or acquiescence therein, or (2) an order shall be entered appointing a trustee, custodian, receiver or liquidator of all or any substantial part of the assets of the Company or granting relief to the Company or approving the petition in any such proceeding, and such order shall remain in effect for more than sixty (60) days.
Maturity Event has the meaning set forth in the related Mortgage Note. “Maximum Claim Amount” has the meaning set forth in the related Mortgage Documents for such Mortgage Loan. “Merrill Delivery Instructions” has the meaning set forth in Section 3.10. “▇▇▇▇▇▇▇ ▇▇▇▇▇” means ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated. “Mid-Month Report” means the mid-month pooling report delivered pursuant to Exhibit B and setting forth the information on Exhibit D-2. “MIP” means mortgage insurance premiums, which are payable to HUD, as set forth in the Mortgage Documents. “Monthly Operational Reports” means the monthly operational reports identified on Exhibit C-2. “Monthly Reports” means the Monthly Subservicing Reports and Monthly Operational Reports. “Monthly Subservicing Reporting Date” means for each of the Monthly Subservicing Reports and Monthly Operational Reports, the date specified in Exhibit C-1 and Exhibit C-2, respectively. “Monthly Subservicing Reporting Period” means with respect to the Group 1 Mortgage Loans and the related Monthly Reports, for any Monthly Subservicing Reporting Date, the prior calendar month. “Monthly Subservicing Reports” means with respect to the Group 1 Mortgage Loans, the ▇▇▇▇▇▇ Mae reports identified on Exhibit C-1. “Mortgage Documents” means the Mortgage Note, Mortgage Instrument, credit and closing packages, custodial documents, servicing documents, escrow documents, and all other documents, records, data, and tapes necessary to document and service the Mortgage Loans in accordance with Applicable Requirements, which for HECM loans are the applicable HUD regulations and guidelines and for non-HECM loans are Applicable Requirements of an Investor or Servicer, whether on hard copy, microfiche or its equivalent or in electronic format. “Mortgage Instrument” means the deeds of trust, security deeds, mortgages, or any other instruments which constitute the first and/or the subordinate lien on real estate securing payment by a Mortgagor of a Mortgage Note. “Mortgage Loans” has the meaning set forth in the Recitals.
Maturity Event. The Note shall immediately become due and payable, without notice or demand, upon the occurrence of any "Maturity Event" as defined in the Note.