Default of Purchase Agreement Sample Clauses

Default of Purchase Agreement. Upon written notice from the Developer that a Purchaser has defaulted in any obligations under a Purchase Agreement after the agreement becomes binding, and has remained in default for a period of ten (10) days after written notice of such default from the Developer. If, however, the Purchaser files a written objection to the Notice of Default with Escrow Agent claiming an interest in the sums held pursuant to the Purchase Agreement, the Escrow Agent shall hold the funds as provided for in Paragraph 12(E) hereof. In the event the Purchaser shall not file a written objection to the Notice of Default within thirty (30) days of notification by the Developer, the Escrow Agent shall release to the Developer all sums held in escrow pursuant to such Purchase Agreement (and, if applicable, a prior Preliminary Reservation Agreement) not to exceed ten (10%) percent of the site purchase price. Sums in excess of ten (10%) percent of such purchase price (including additions thereto) shall be made payable by bank draft to the Purchaser.
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Related to Default of Purchase Agreement

  • Purchase Agreement See the introductory paragraphs hereof.

  • 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.

  • Item Agreement As negotiated items are agreed upon, they shall be reduced to writing and initialed by the chief negotiator of each party. Such initialing shall be construed as tentative agreement by both parties on that item or issue, subject to finalization by ratification by the membership of the Association and adoption by the Board.

  • Agreement of Purchase and Sale Subject to the terms and conditions hereinafter set forth, Seller agrees to sell and convey and Purchaser agrees to purchase the following:

  • EVENTS CONSTITUTING MATERIAL BREACH OF AGREEMENT The Applicant shall be in Material Breach of this Agreement if it commits one or more of the following acts or omissions (each a “Material Breach”):

  • 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.

  • Payment of Purchase Price The Purchase Price shall be paid as follows:

  • BREACH AND DEFAULT PROVISIONS Xxxxxx is expected to fully and timely comply with all of its CIA obligations.

  • Events of Default Defined The following shall each constitute an "Event of Default" hereunder:

  • Events of Default by Seller In addition to the Events of Default described in Section 9.1, each of the following shall constitute an Event of Default by Seller hereunder:

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