Common use of Immediate Default Clause in Contracts

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. 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 remit to the Security Holders of certificated Securities, or to deposit in the Central P&I Custodial Account the amount necessary with respect to enable the CPTA all book-entry Securities funds sufficient to remit to the Security Holders make, 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 (or to make available in the Central P&I Custodial Account) 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. An event of default by the Issuer occurs if Xxxxxx XxxMae, in its sole discretion, determines that any of the following acts or conditions have occurred or exist: (1) Any failure by the Issuer to remit to the Security Holders of certificated Securities, or to deposit in the Central P&I Custodial Account the amount necessary with respect to enable the CPTA all book-entry Securities funds sufficient to remit to the Security Holders make, 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 Xxx for an advance of funds in order to make a deposit necessary to enable the CPTA (or to make available in the Central P&I Custodial Account) Security Holder payments, or the subsequent making of any part or all of such advance by Xxxxxx XxxMae; (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 Xxx 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 Mae 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 FHA 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 Xxx related to the MBS program.

Immediate Default. An event of default by the Issuer occurs if Xxxxxx XxxMae, 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 Xxx 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 XxxMae; (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 Xxx 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 Mae 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 Xxx related to the MBS program; (10) Any failure by the Issuer to make future advances to any mortgagors in accordance with the terms and conditions of the Mortgages; (11) Any failure by the Issuer to perform any covenant or obligation to maintain FHA insurance on any Mortgage; (12) Any demand by FHA that the Issuer reimburse FHA for its payments to a mortgagor or assign a Mortgage to FHA; and (13) Any failure by the Issuer to purchase any Xxxxxx Participations related to a Mortgage in connection with a Mandatory purchase event as described in section 4.02 of this Agreement.

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 remit to the Security Holders of certificated Securities, or to deposit in the Central P&I Custodial Account the amount necessary with respect to enable the CPTA all book-entry Securities funds sufficient to remit to the Security Holders make, 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 Xxx for an advance of funds in order to make a deposit necessary to enable the CPTA (or to make available in the Central P&I Custodial Account) 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 Xxx 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 Xxx related to the MBS program.

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; (10) Any failure by the Issuer to make future advances to any mortgagors in accordance with the terms and conditions of the Mortgages; (11) Any failure by the Issuer to perform any covenant or obligation to maintain FHA insurance on any Mortgage; (12) Any demand by FHA that the Issuer reimburse FHA for its payments to a mortgagor or assign a Mortgage to FHA; and (13) Any failure by the Issuer to purchase any Xxxxxx Participations related to a Mortgage in connection with a Mandatory purchase event as described in section 4.02 of this Agreement.