Common use of Immediate Covenant Default Clause in Contracts

Immediate Covenant Default. The failure of a Seller Party or Pledgor to perform, comply with or observe any representation, warranty, term, covenant or agreement applicable to a Seller Party or Pledgor contained in: (i) any of Sections 12(a) (Organization, Etc.) (solely as to maintaining existence); (h) (Solvency); 13(a)(i) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (e) (True and Correct Information); (f) (ERISA Events); (j) (Illegal Activities.); (k) (Material Change in Business); (l) (Limitation on Dividends and Distributions); (n) (Disposition of Assets; Liens); (o) (Transactions with Affiliates); (q) (No Pledge); (t) (Seller Separateness); or (v) (Amendments); (ii) any of Sections 7(a) (Organization, Etc.) (solely as to existence); (k) (Solvency); 8 (a) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (c) (True and Correct Information); (d) (ERISA Events); (f) (Illegal Activities.); (g) (Limitation on Dividends and Distributions); (i) (Financial Condition Covenants) of the Guaranty; or (iii) any of Sections 6(a) (Organization, Etc.), (j) (Solvency), (r) (Uncertificated Interests), 7(a) (Preservation of Existence; Compliance with Law), (b) (Organization), (e) (True and Correct Information), (f) (ERISA Events), (h) (Illegal Activities), (i) (Limitation on Dividends and Distributions); and (j) (Disposition of Assets; Liens) of the Pledge Agreement.

Immediate Covenant Default. The failure of a Seller Party or Pledgor of: (1) any Borrower to perform, comply with or observe any representation, warranty, term, covenant or agreement applicable to a Seller Party or Pledgor contained in: (i) in any of Sections 12(a13(a)(i), (ii) or (iv) (Organization, Etc.) (solely as to maintaining existence); (h) (Solvency); 13(a)(i) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (e) (True and Correct Information); (f) (ERISA Events); (j) (Illegal Activities.Financial Condition Covenants); (k) (No Adverse Selection); (n) (Illegal Activities); (p) (Material Change in Business); (lq) (Limitation on Dividends and Distributions); (nr) (Disposition of Assets; Liens); (os) (Transactions with Affiliates); (qt) (No PledgeERISA Matters); (tu) (Seller SeparatenessConsolidations, Mergers and Sales of Assets); (w) (Special Purpose Entity); (x) (Actions of Borrower Relating to Liens); (cc) Interest Reserve Amount; (dd) Property Management, (ff) Additional Series or (vgg) Insolvency Event, in each case, of this Agreement; (Amendments); (ii2) any Pledgor to perform, comply with or observe any term, covenant or agreement contained in any of Sections 7(a4(a)(i) or (Organizationii), Etc.(g), (h), (i) or (solely as to existencek), in the case, of any Pledge and Security Agreement; (k3) of Guarantor to perform, comply with or observe any term, covenant or agreement contained in any of Sections 11(a)(i) or (Solvency); 8 (aii) (Preservation of Existence; Compliance with Law) (solely as to existence); (be) (Organization); (c) (True and Correct Information); (d) (ERISA EventsIllegal Activities); (f) (Illegal Activities.Material Change in Business); (g) (Limitation on Dividends and Distributions); or (i) (Financial Condition Covenants) ; Officer’s Compliance Certificate), in the case, of the GuarantyGuaranty or (4) REIT Manager to perform, comply with or observe its obligation not to undertake any obligations of the Property Manager with respect to the Financed Rental Properties; or (iii) any of Sections 6(a) (Organization, Etc.), (j) (Solvency), (r) (Uncertificated Interests), 7(a) (Preservation of Existence; Compliance with Law), (b) (Organization), (e) (True and Correct Information), (f) (ERISA Events), (h) (Illegal Activities), (i) (Limitation on Dividends and Distributions); and (j) (Disposition of Assets; Liens) of the Pledge Agreement.

Immediate Covenant Default. The failure of a Seller Party or Pledgor to perform, comply with or observe any representation, warranty, term, covenant or agreement applicable to a Seller Party or Pledgor contained in: (i1) any of Sections 12(a) (Organization, Etc.) (solely as to maintaining existence); (h) (Solvency); 13(a)(i) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (e) (True and Correct Information); (f) (ERISA Events); (j) (Illegal Activities.); (k) (Material Change in Business); (l) (Limitation on Dividends and Distributions); (n) (Disposition of Assets; Liens); (o) (Transactions with Affiliates); (q) (No Pledge); (t) (Seller Separateness); or (v) (Amendments); (ii2) any of Sections 7(a) (Organization, Etc.) (solely as to existence); (k) (Solvency); 8 (a) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (c) (True and Correct Information); (d) (ERISA Events); (f) (Illegal Activities.); (g) (Limitation on Dividends and Distributions); (i) (Financial Condition Covenants) of the Guaranty; or (iii3) any of Sections 6(a) (Organization, Etc.), (j) (Solvency), (r) (Uncertificated Interests), 7(a) (Preservation of Existence; Compliance with Law), (b) (Organization), (e) (True and Correct Information), (f) (ERISA Events), (h) (Illegal Activities), (i) (Limitation on Dividends and Distributions); and (j) (Disposition of Assets; Liens) of the Pledge Agreement.

Immediate Covenant Default. The failure of a Seller Party or Pledgor of: (1) any Borrower to perform, comply with or observe any representation, warranty, term, covenant or agreement applicable to a Seller Party or Pledgor contained in: (i) in any of Sections 12(a13(a)(i), (ii) or (iv) (Organization, Etc.) (solely as to maintaining existence); (h) (Solvency); 13(a)(i) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (e) (True and Correct Information); (f) (ERISA Events); (j) (Illegal Activities.Financial Condition Covenants); (k) (No Adverse Selection); (n) (Illegal Activities); (p) (Material Change in Business); (lq) (Limitation on Dividends and Distributions); (nr) (Disposition of Assets; Liens); (os) (Transactions with Affiliates); (qt) (No PledgeERISA Matters); (tu) (Seller SeparatenessConsolidations, Mergers and Sales of Assets); (w) (Special Purpose Entity); (x) (Actions of Borrower Relating to Liens); (z) Mortgage Documents; (dd) Property Management, (ff) Additional Series or (vgg) Insolvency Event, in each case, of this Agreement; (Amendments); (ii2) any Pledgor to perform, comply with or observe any term, covenant or agreement contained in any of Sections 7(a4(a)(i) or (Organizationii), Etc.(g), (h), (i) or (solely as to existencek), in the case, of any Pledge and Security Agreement; (k3) of Guarantor to perform, comply with or observe any term, covenant or agreement contained in any of Sections 11(a)(i) or (Solvency); 8 (aii) (Preservation of Existence; Compliance with Law) (solely as to existence); (be) (Organization); (c) (True and Correct Information); (d) (ERISA EventsIllegal Activities); (f) (Illegal Activities.Material Change in Business); (g) (Limitation on Dividends and Distributions); or (i) (Financial Condition Covenants) of the Guaranty; or (iii) any of Sections 6(a) (Organization, Etc.), (j) (Solvency), (r) (Uncertificated Interests), 7(a) (Preservation of Existence; Compliance with Law), (b) (Organization), (e) (True and Correct Information), (f) (ERISA Events), (h) (Illegal Activities), (i) (Limitation on Dividends and Distributions); and (j) (Disposition of Assets; Liens) of the Pledge Agreement.

Immediate Covenant Default. The failure of a (i) any Seller Party or Pledgor to perform, comply with or observe any representation, warranty, term, covenant or agreement applicable to a such Seller Party or Pledgor contained in: (i) in any of Sections 12(a) (Organization, Etc.) (solely as to maintaining existence); (h) (Solvency); 13(a)(i13(a) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (eh) (True and Correct Information); (fj) (ERISA EventsFinancial Condition Covenants); (jl) (No Adverse Selection); (o) (Illegal Activities.); (kp) (Material Change in Business); (lq) (Limitation on Dividends and Distributions); (nr) (Disposition of Assets; Liens); (s) (Transactions with Affiliates); (t) (ERISA Matters); (u) (Consolidations, Mergers and Sales of Assets); (v) (Mortgage Loan Reports); (y) (Anti-Money Laundering Laws); (aa) (No Prohibited Persons); (bb) (Foreign Corrupt Practices Act); (dd) (Investment Company Act); (ee) (Special Purpose Entity); (ff) (Trust Interests); or (hh) (No Division/Series Transactions) in each case of this Agreement or (ii) Guarantor to perform, comply with or observe any term, covenant or agreement applicable to Guarantor contained in any of Sections 6(a) (Preservation of Existence; Compliance with Law); (g) (True and Correct Information); (i) (Financial Condition Covenants); (l) (Illegal Activities); (m) (Material Change in Business); (n) (Limitation on Dividends and Distributions); (o) (Disposition of Assets; Liens); (p) (Transactions with Affiliates); (q) (No PledgeERISA Matters); (tr) (Seller SeparatenessConsolidations, Mergers and Sales of Assets); (u) (Anti-Money Laundering Laws); (v) (No Prohibited Persons); (w) (Foreign Corrupt Practices Act); or (vx) (Amendments); (ii) any of Sections 7(a) (Organization, Etc.) (solely as to existence); (k) (Solvency); 8 (a) (Preservation of Existence; Compliance with Law) (solely as to existence); (b) (Organization); (c) (True and Correct Information); (d) (ERISA Events); (f) (Illegal Activities.); (g) (Limitation on Dividends and Distributions); (i) (Financial Condition CovenantsInvestment Company Act) of the Guaranty; or (iii) any of Sections 6(a) (Organization, Etc.), (j) (Solvency), (r) (Uncertificated Interests), 7(a) (Preservation of Existence; Compliance with Law), (b) (Organization), (e) (True and Correct Information), (f) (ERISA Events), (h) (Illegal Activities), (i) (Limitation on Dividends and Distributions); and (j) (Disposition of Assets; Liens) of the Pledge Agreement.