notice of default


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notice of default

A written notice sometimes required by state law or sometimes required within particular leases,promissory notes,or other contracts,advising the defaulting party of the existence of the default and a time period within which to cure it.Most documents require no notice of monetary default, although the better practice is to require it just in case checks are lost or misplaced. Notices of nonmonetary default would include matters such as failure to maintain insurance, subleasing space without the landlord's approval, or any number of other things prohibited under the parties'agreements.

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Approval by noteholders of the Proposed Amendment and Waiver pursuant to the terms of the Consent Solicitation will result in the Notice of Default becoming null and void and deemed to have been withdrawn.
If the borrower has completed an application for a loan modification, the servicer cannot record a notice of default or sale, or conduct a trustee's sale while the application is pending.
Re: Notice of Defaults under Indenture dated as of December 4, 2003, between IMAX Corporation, as Issuer, and U.
As a result of the factors noted in the Notice of Default, the Company has been unable to complete the Annual Financial Statements and related annual filings and plans to file the Annual Financial Statements and related annual filings prior to June 30, 2007.
KB Home has notified the senders of this letter, and the trustee under the Indenture, that the letter does not satisfy the indenture requirements for a notice of default, in part because the letter fails to take into account the 15 day period following the Securities and Exchange Commission filing date as specified in the reporting covenant at issue.
As a result of the factors noted in the Notice of Default, the Company has been unable to complete the Annual Financial Statements and related annual filings by the previously anticipated target date of October 20, 2006 indicated in the First Default Status Report, and now plans to file the Annual Financial Statements and related annual filings on October 27, 2006.
Late yesterday, the Company was informed that the plaintiffs had voluntarily dismissed their lawsuit and that some (but not all) of the same noteholders that had filed the lawsuit had issued a purported notice of default asserting that the spin-off of Tim Hortons Inc.
There have been no other material changes to the information contained in the Notice of Default nor is there any material information concerning the affairs of the Company that has not been generally disclosed.
SafeNet previously received a purported notice of default from the Trustee as a result of the failure to file the Form 10-Q, and the expected notice of acceleration will likely relate to the failure to cure the purported default within 60 days from the receipt of the notice of default.
The filing deadlines for these two reports had become accelerated to August 18, 2006, following the receipt of an effective notice of default on July 21, 2006, in connection with the Company's Senior Notes due 2015.
Fitch originally placed the ratings of CVC and CSC on Rating Watch Negative on September 11, 2006 following CSC's disclosure that it has received a notice of default from the bank acting as administrative agent under CSC's credit agreement in connection with violation of the financial information covenant contained within the credit facility.
Novelis previously reported that it had received a notice of default on July 21 from the trustee for its 7-1/4% Senior Notes due 2015.

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