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 Agreement (which defaults may be determined by GHFA EDFI or the State, acting in their sole discretion): (a) any representation, warranty, certification, assurance or any other statement of fact contained in this Agreement, or any representation or warranty set forth in any document, report, certificate, financial statement or instrument now or hereafter delivered to GHFA EDFI or the State in connection with this Agreement, is found to be inaccurate, false, incomplete or misleading when made, in any material respect; (b) any breach by Lender whereby the Lender materially fails to observe, comply with, meet or perform any term, covenant, agreement or other provision contained in this Agreement including, but not limited to, the failure to submit required reports. (c) any other material breach by the Lender of any duty or obligation of the Lender under this Agreement, including, without limitation, the failure to reasonably pursue collections as specified in Section 5.11 hereof; (d) 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) days following its appointment; (e) any voluntary bankruptcy or insolvency proceedings are commenced by the Lender; (f) 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; or (g) any audit finding that the Lender intentionally made misstatements in any report issued to GHFA EDFI or the State shall find the Lender to be in default.

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 Agreement (which defaults may be determined by GHFA EDFI or the State, acting in their its sole discretion): (a) ): any representation, warranty, certification, assurance or any other statement of fact contained in this Agreement, or any representation or warranty set forth in any document, report, certificate, financial statement or instrument now or hereafter delivered to GHFA EDFI or the State in connection with this Agreement, is found to be knowingly inaccurate, false, incomplete or misleading when made, in any material respect; (b) ; any breach by Lender whereby the Lender materially fails to observe, comply with, meet or perform any term, covenant, agreement or other provision contained in this Agreement including, but not limited to, the failure to submit required complete and timely reports. (c) , or the Lender ceases to use the SSBCI Funds to undertake the activities authorized in this Agreement, or the Lender fails an annual performance and compliance review performed by GHFA EDFI; any other material breach by the Lender of any duty or obligation of the Lender under this Agreement, including, without limitation, the failure to reasonably pursue collections as specified all legal action against a Borrower related to a loan in Section 5.11 hereof; (d) the Loan Participation Program; 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) days following its appointment; (e) ; any voluntary bankruptcy or insolvency proceedings are commenced by the Lender; (f) ; 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; or (g) any audit finding that the Lender intentionally made misstatements in any report issued to GHFA EDFI or the State shall find the Lender to be in default.