Succession upon Default Sample Clauses
The 'Succession upon Default' clause defines what happens to a party's rights and obligations under a contract if they default. Typically, this clause allows another party, such as a lender or a designated successor, to step in and assume the defaulting party's position, ensuring continuity of the agreement. For example, if a borrower defaults on a loan, the lender may have the right to appoint a new borrower or take over the borrower's interests. The core function of this clause is to provide a clear mechanism for maintaining contractual performance and protecting the interests of non-defaulting parties in the event of a default.
Succession upon Default. With respect to the Trust Fund, each of the following events shall constitute an Event of Default by ▇▇▇▇▇▇ ▇▇▇:
(i) any failure by ▇▇▇▇▇▇ Mae to distribute to Holders of Certificates of any Class any payment required to be made under the terms hereof which continues for a period of fifteen days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to ▇▇▇▇▇▇ ▇▇▇ by the Holders of Certificates of such Class representing Certificate Balances aggregating not less than 5% of the related Class Balance; or
(ii) failure on the part of ▇▇▇▇▇▇ Mae duly to observe or perform in any material respect any other of the covenants or agreements on the part of ▇▇▇▇▇▇ ▇▇▇ in the Certificates or in this Trust Agreement which continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to ▇▇▇▇▇▇ Mae by the Holders of Certificates of any Class representing Certificate Balances aggregating not less than 25% of the aggregate of the Class Balances; or
(iii) a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against ▇▇▇▇▇▇ ▇▇▇ and such decree or order shall have remained in force undischarged or unstayed for a period of 60 days; or
(iv) ▇▇▇▇▇▇ Mae shall consent to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings relating to ▇▇▇▇▇▇ ▇▇▇ or to all or substantially all of its property; or
(v) ▇▇▇▇▇▇ Mae shall admit in writing its inability to pay its debts generally as they become due, file a petition to invoke any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations. Upon the occurrence of an Event of Default, and so long as such Event of Default shall not have been remedied, the Holders of Certificates of any Class representing Certificate Balances aggregating not less than 25% of the related Class Balance may (a) terminate all obligations and duties of ▇▇▇▇▇▇ ▇▇▇ hereunder in its corporate capacity (other than its continuing guaranty obl...
Succession upon Default. Each of the following events shall constitute an event of default (each an “Event of Default”) hereunder:
(a) any failure by the Trustee to distribute to Holders of Certificates of any Class any distribution required to be made under the terms of such Certificates and this Trust Agreement which continues unremedied for a period of fifteen (15) days after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to the Trustee by