Action Upon Sample Clauses

The "Action Upon" clause defines the specific steps or procedures that must be taken when a particular event or condition occurs under the agreement. Typically, this clause outlines who is responsible for initiating action, what actions are required, and any relevant timelines or methods for carrying out those actions. For example, it may specify that upon delivery of goods, the recipient must inspect and notify the sender of any defects within a set period. The core function of this clause is to ensure that all parties understand their obligations and the sequence of actions required, thereby reducing confusion and disputes about what should happen when certain events arise.
Action Upon. Certain Failures of the Master Servicer and upon Master Servicer Event of Termination ................. Section 7.05 Trustee to Act; Appointment of Successor ...................... Section 7.06
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Action Upon. Certain Failures of the Master Servicer and Upon Event of Default. Section 6.20. Preparation of Tax Returns and Other Reports.
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Action Upon a Trigger Event --------------------------- Upon the occurrence of any Trigger Event described in sections 7.1(c), (d), (e), (f), (j), (k) and (m) the Concurrent Lessee or its authorized agent may, by notice to the Lessor, declare the Lease Termination Date to have occurred on the date specified in such notice, which date shall be not less than two Business Days subsequent to the date such notice is given to the Lessor. If a Portfolio Report discloses that any Trigger Event described in sections 7.1(n) through (p), inclusive, has occurred or if the Lessor gives notice to the Concurrent Lessee that any such Trigger Event has occurred, or if the Concurrent Lessee gives notice to the Lessor that the Concurrent Lessee has determined that any such Trigger Event has occurred, the Lease Termination Date shall occur automatically upon the delivery of such Portfolio Report or the giving of such notice by the Lessor to the Concurrent Lessee or by the Concurrent Lessee to the Lessor, as the case may be, without the necessity of any further notice. Upon the occurrence of any other Trigger Event described in section 7.1, the Lease Termination Date will occur automatically, without the necessity of any notice. Upon any such declaration or automatic occurrence, the Concurrent Lessee will have, in addition to its rights and remedies hereunder and under any documents related hereto, all other rights and remedies under applicable laws and otherwise, which rights and remedies will be cumulative; provided that, notwithstanding the foregoing, the Concurrent Lessee shall not have the right to sell, transfer, lease, encumber or otherwise dispose of all or any of its rights under the Concurrent Leases other than to the Credit Enhancer in accordance with the Credit Enhancement Agreement, it being the intention of the Lessor and the Concurrent Lessee that the Designated Eligible Leases will continue to be administered and serviced in accordance with the provisions of Article 6 hereof and that the Concurrent Leases will be liquidated in accordance with section 2.5. Notwithstanding the above, the Concurrent Lessee, with the consent of the Rating Agency and the Credit Enhancer, may waive any Trigger Event in its sole discretion.
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Action Upon. Certain Failures of the Master Servicer and Upon Master Servicer Event of Default............151 ARTICLE IX TERMINATION 151 Section 9.01. Termination............................................151 Section 9.02. Termination Prior to Maturity Date; Optional Redemption...........................................151 Section 9.03. Certain Notices upon Final Payment.....................152 ARTICLE X MISCELLANEOUS PROVISIONS 153
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Action Upon. Certain Failures of the Master Servicer and Upon Event of Default...
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Related to Action Upon

  • Termination Upon Sale Notwithstanding anything to the contrary contained herein, a Party may terminate its obligations under this Agreement as to a specific operating area or portion thereof if such Party sells or otherwise transfers the area or portion thereof to a non-Affiliate in compliance with the terms and conditions of this Agreement. The selling or transferring Party shall provide the other Party with at least sixty (60) Days prior written notice of such termination, which shall be effective on the date specified in the notice. Notwithstanding termination of this Agreement as to a specific operating area, this Agreement shall remain in full force and effect in the remaining operating areas.

  • Without limitation upon the provisions of Section 3.01 of this Agreement, and except as the Recipient and the Association shall otherwise agree, the Recipient shall ensure that the Project is carried out in accordance with the provisions of Schedule 2 to this Agreement.

  • Action Upon Termination From and after the effective date of termination of this Agreement, pursuant to Sections 13 or 15 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to Section 13(a) or Section 15(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: (i) after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled, pay over to the Company or a Subsidiary all money collected and held for the account of the Company or a Subsidiary pursuant to this Agreement; (ii) deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company or a Subsidiary; and (iii) deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager.

  • Termination Upon Notice Following thirty (30) days’ written notice, the State Entity may terminate the Contract in whole or in part without the payment of any penalty or incurring any further obligation to the Contractor. Following termination upon notice, the Contractor shall be entitled to compensation, upon submission of invoices and proper proof of claim, for goods and services provided under the Contract to the State Entity up to and including the date of termination.

  • Action Upon Default Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If a Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral.