Lender Notification of Default Sample Clauses

Lender Notification of Default. Lender shall, concurrently with providing any notice of default to Owner under the Loan Documents, provide to Lessee a copy of such notice of default. As used herein, a “Notice of Default” shall mean any notice of default provided by Lender to Landlord, including, without limitation, a statutorily prescribed notice (a “Statutory Notice of Default”) which must be recorded by Lender in the Official Records of Summit County, Utah in order to sell the Property in a private sale as provided in Utah Code Xxx. Section 57-1-24 or a complaint filed with the District Courts of the State of Utah to commence a mortgage foreclosure action pursuant to Utah Code Xxx. Section 78B-6-901 et. Seq. and Rule 69 of the Utah Rules of Civil Procedure. Concurrently with Lender’s recording of any Notice of Default, Lender shall provide to Lessee (i) a copy of such Notice of Default; and (ii) a written summary of the total outstanding principal indebtedness then owing under the Loan, all outstanding and accrued interest then owing under the Loan (as calculated in accordance with the Loan Documents including any penalty or default rate payable pursuant to the terms of the Loan Documents) together with a daily per diem, any prepayment penalty or “Make-Whole Amount” provided in the Loan Documents, and all other costs and expenses payable to Lender pursuant to the Loan Documents or applicable statutes. Lender shall not accept a deed in lieu of foreclosure or similar document transferring title to the Property from Owner to Lender without providing to Lessee a written notice that Lender intends to accept a deed in lieu of foreclosure or similar document relating to the Property and providing Lessee the rights specified in Section 6.2 below. Owner acknowledges and agrees that Lessee would not enter into this Agreement without the benefit of the provisions of this Section 6 and accordingly hereby consents to the provision by Lender to Lessee of copies of any notice of default as required by this Section 6.1.
Sample 1
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Related to Lender Notification of Default

  • Notification of default (a) Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Notice of Event of Default If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay Rent, the Mortgagee shall give prompt written notice thereof to the Owner Trustee, the Owner Participant, Lessee, and each Note Holder. Subject to the terms of Sections 2.13, 4.03, 4.04, 4.08, 5.02 and 5.03 hereof, the Mortgagee shall take such action, or refrain from taking such action, with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of Section 5.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to the preceding provisions of this Section 5.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine advisable in the best interests of the Note Holders; PROVIDED, HOWEVER, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture, in the absence of Actual Knowledge on the part of the Mortgagee, the Owner Trustee or the Owner Participant, the Mortgagee, the Owner Trustee or the Owner Participant, as the case may be, shall not be deemed to have knowledge of a Default or an Event of Default (except, in the case of the Mortgagee, the failure of Lessee to pay any installment of Basic Rent within one Business Day after the same shall become due, if any portion of such installment was then required to be paid to the Mortgagee, which failure shall constitute knowledge of a Default) unless notified in writing by Lessee, the Owner Trustee, the Owner Participant or one or more Note Holders.

  • Event of Default Defined; Acceleration of Maturity; Waiver of Default Event of Default" with respect to Securities of any series wherever used herein, means each one of the following events which shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  • Event of Default; Waiver The Holders of a Majority in Liquidation Amount of the Preferred Securities may, on behalf of the Holders, waive any past Event of Default and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent therefrom.

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Definition of Default The BUYER shall be deemed to be in default under this CONTRACT in the following cases:

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Notice of Defaults and Events of Default As soon as possible and in any event within ten (10) days after the occurrence of each Default or Event of Default, a written notice setting forth the details of such Default or Event of Default and the action which is proposed to be taken by the Borrower with respect thereto;

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