Common use of Default by the Lender Clause in Contracts

Default by the Lender. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by the Lender under this Enhancement Agreement, unless a written waiver of the default is signed by Development: (a) Any representation or warranty made by the Lender under this Enhancement Agreement or any of the Loan Documents is incorrect in any material respect; (b) Any material breach by the Lender of any duty or obligation of the Lender, including but not limited to the failure to file required reports, under this Enhancement Agreement which is not cured by the Lender to the satisfaction of Development within thirty(30) calendar days after written notice thereof by Development to the Lender; (c) The appointment of a receiver or custodian over a material portion of the Lender’s assets, which receiver or custodian is not discharged within sixty (60) calendar days of such appointment; or (d) Any voluntary bankruptcy or insolvency proceedings are commenced by the Lender; or any involuntary bankruptcy or insolvency proceedings are commenced against the Lender, which proceedings are not set aside within sixty (60) calendar days from the date of institution thereof.

Default by the Lender. The occurrence of any one or more of the following events or conditions shall constitute an Event of Default by the Lender under this Enhancement Agreement, unless a written waiver of the default is signed by Development: (a) : Any representation or warranty made by the Lender under this Enhancement Agreement or any of the Loan Documents is incorrect in any material respect; (b) ; Any material breach by the Lender of any duty or obligation of the Lender, including but not limited to the failure to file required reports, under this Enhancement Agreement which is not cured by the Lender to the satisfaction of Development within thirty(30) calendar days after written notice thereof by Development to the Lender; (c) ; The appointment of a receiver or custodian over a material portion of the Lender’s assets, which receiver or custodian is not discharged within sixty (60) calendar days of such appointment; or (d) or Any voluntary bankruptcy or insolvency proceedings are commenced by the Lender; or any involuntary bankruptcy or insolvency proceedings are commenced against the Lender, which proceedings are not set aside within sixty (60) calendar days from the date of institution thereof.