Reporting Failure definition
Examples of Reporting Failure in a sentence
In the event Borrower fails to deliver to Lender any of the Required Financial Items within the time frame specified herein and such failure is not cured within ten (10) business days after notice from Lender (each such event, a "Reporting Failure"), without limiting Lender's other rights and remedies with respect to the occurrence of such an Event of Default, Borrower shall pay to Lender the sum of $1,000.00 per occurrence for each Reporting Failure.
In addition, Borrower shall promptly pay to Lender an additional late charge of Five Hundred and No/100 Dollars ($500.00) per Required Financial Item for each full month during which such Reporting Failure continues following written notice from Lender.
Borrower acknowledges that Lender will incur additional expenses as a result of any such Reporting Failure, which expenses would be impracticable to quantify, and that Borrower’s payments under this Section 4.12 are a reasonable estimate of such expenses.
In connection with the occurrence of an SEC Reporting Failure, to the extent permitted by applicable law, the Trustee or the Trustor shall notify the Warrantholders promptly after consultation with the Commission as described above.
In the event Borrower fails to deliver to Lender any of the Required Financial Items within the time frame specified herein (each such event, a “Reporting Failure”), then Borrower shall pay to Lender the sum of $1,000.00 per occurrence for each Reporting Failure.