Immediate Default. Notwithstanding the provisions of paragraph (C)(1) of this Article, HUD in its sole discretion may place the Grantee into immediate default for not being in compliance with its Program Schedule or for non-compliance with Choice Neighborhoods requirements once written notification of default has been provided to the Grantee. At that time, HUD may immediately begin imposing consequences of default, including specifically the suspension of draws of the Choice Neighborhoods grant.
Immediate Default. An event of default by the Issuer occurs if Xxxxxx Xxx, in its sole discretion, determines that any of the following acts or conditions have occurred or exist:
(1) Any failure by the Issuer to deposit in the Central P&I Custodial Account the amount necessary to enable the CPTA to remit to the Security Holders any payment required to be made under the terms and conditions of this Agreement, the Guide or the Securities issued and outstanding under this Agreement, as of the due date of such payment;
(2) Any notice by the Issuer to Xxxxxx Mae for an advance of funds in order to make a deposit necessary to enable the CPTA to make Security Holder payments, or the subsequent making of any part or all of such advance by Xxxxxx Xxx;
(3) Any other act or omission by an Issuer that causes the required payment to the Security Holders not to be made timely;
(4) Any notification to Xxxxxx Mae by the Issuer that it will not meet, or is unlikely to meet, its payment obligations in a timely manner;
(5) Any impending or actual insolvency of the Issuer;
(6) Any change with respect to the business status of the Issuer, whether or not subject to the reporting requirements of section 7.02, which materially adversely affects Xxxxxx Xxx under this Agreement, or which materially adversely affects the ability of the Issuer to carry out its obligations hereunder;
(7) Any unauthorized use of Custodial Funds;
(8) Any withdrawal or suspension of the Issuer’s Federal Housing Administration approved status or of Federal National Mortgage Association or Federal Home Loan Mortgage Corporation approved seller/servicer status; and
(9) Any submission of false reports, statements or data or any act of dishonesty or breach of fiduciary duty to Xxxxxx Mae related to the MBS program.
Immediate Default. If, with or without the Borrower's consent, a custodian, trustee or receiver is appointed for any of the Borrower's properties, or the Borrower makes an assignment for the benefit of its creditors, or if a petition is filed by or against the Borrower under the United States Bankruptcy Code, or the Borrower is dissolved, liquidated, or winds up its business, then the Line shall immediately terminate without notice, and the unpaid principal, accrued interest, and all other amounts payable under the Revolving Note and the Documents shall become immediately due and payable without notice or demand.
Immediate Default. If, with or without the Borrower's consent, a custodian, trustee or receiver is appointed for any of the Borrower's properties, or if a petition is filed by or against the Borrower under the United States Bankruptcy Code, then the Line shall immediately terminate and the unpaid principal, accrued interest and all other amounts payable under the Revolving Note and the Documents will become immediately due and payable without notice or demand.
Immediate Default. CRIBSFORKIDS may immediately terminate this Agreement by written notice to Licensee if:
(a) Licensee takes any action or omits to take any action which may cause the loss of any intellectual property rights of CRIBSFORKIDS with respect to the Licensed Trademark; or
(b) Licensee distributes or intends to distribute any merchandise through the Licensed Services which are, in the reasonable opinion of CRIBSFORKIDS, likely to cause a risk of personal injury; or
(c) Licensee engages in any other conduct or omission which is likely to cause material injury to the reputation of CRIBSFORKIDS or the value of the Licensed Trademark.
Immediate Default. Notwithstanding the provisions of paragraph (b)(i) of this Section, HUD in its sole discretion may place the Owner into immediate Default for not being in compliance with GRRP Requirements once written notification of Default has been provided to the Owner. At that time, HUD may immediately begin imposing consequences of Default, including specifically the suspension of draws of the GRRP Grant as described below.
Immediate Default. (a) On the Line Expiration Date, the Line shall immediately terminate and the unpaid principal, accrued interest and all other amounts under the Revolving Note and the Documents will become immediately due and payable without notice or demand.
(b) If, with or without the Borrower's consent, a custodian, trustee or receiver is appointed for any of the Borrower's properties, or if a petition is filed by or against the Borrower under the United States Bankruptcy Code, then the Line shall immediately terminate and the unpaid principal, accrued interest and all other amounts payable under the Revolving Note and the Documents will become immediately due and payable without notice or demand.
Immediate Default. Any Loan Party shall fail or neglect to perform, keep or observe any of the provisions of Section 7.13, 7.17, 7.26 or 7.27 or Article 8 or to maintain insurance as listed on Schedule 7.7.
Immediate Default. The following shall be breaches of this Agreement that Orphan may not cure: any voluntary or involuntary dissolution, bankruptcy, insolvency of Orphan or assignment of Orphan's assets for the benefit of creditors (collectively, a "Financial Default"). Financial Defaults shall constitute immediate breaches of this Agreement and, upon the occurrence of a Financial Default, this Agreement shall immediately terminate. On or before the date 30 days before the occurrence of a Financial Default or the filing of a bankruptcy petition concerning Orphan, Orphan shall notify RCT in writing of Orphan's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable breach of this Agreement.
Immediate Default. Financial Default" means any voluntary or involuntary dissolution, bankruptcy, insolvency of Licensee or assignment of Licensee's assets for the benefit of creditors. "Procedural Default" means a lawsuit, reexamination or protest proceeding (or the equivalent) filed by Licensee against RCT seeking a declaratory judgment or determination, as the case may be, that any of the PATENT CLAIMS are invalid or unenforceable or otherwise not patentable or reduced in scope. A Financial Default or a Procedural Default shall constitute an immediate default under, and breach of, this Agreement and, upon the occurrence of a Financial Default or Procedural Default, this Agreement shall immediately terminate. On or before the date 30 days before the occurrence of a Financial Default or a Procedural Default or the filing of a bankruptcy petition concerning Licensee, Licensee shall notify RCT in writing of Licensee's intention to file the petition or of another's intention to file an involuntary petition in bankruptcy or the impending Financial Default. Failure to provide such written notice shall be deemed to be an immediate, pre-petition, incurable breach of this Agreement. The laws of the country of the patent in question shall govern the interpretation and enforcement of this Subsection 6.3.3.
