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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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.
The Company advises that there is no material change in the information contained in the Notice of Default.
EMRISE also announced that on November 13, 2006 it received a notice of default and demand for payoff from Wells Fargo Bank relating to EMRISE's current $1.
LOS ANGELES -- KB Home (NYSE:KBH), announced today that on October 26, 2006, it received a letter stating it serves as a notice of default under the indenture related to its 7-1/4% Senior Notes due 2018 (the "7-1/4% Senior Notes") from an entity claiming to manage funds that beneficially own more than 25% of the 7-1/4% Senior Notes.
CNET Networks received a Notice of Acceleration because of a failure to file its second quarter 2006 Form 10-Q with the Trustee within 60 days after its receipt of a Notice of Default on August 25, 2006.
LOS ANGELES -- KB Home (NYSE:KBH), announced today that on October 18, 2006, it received a letter purporting to be a notice of default under the indenture related to its 6-1/4% Senior Notes due 2015.
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.
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.
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.
Furthermore, Fitch recognizes the potential for a liquidity crunch should the trustee or 25% of the bondholders provide a written notice of default and accelerate repayment of the notes should the default remain uncured after 60 days.
Fitch's action follows 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.

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