notice of default


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notice of default

n. a notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, is not paid within a certain time, foreclosure proceedings may be commenced. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default. (See: notice)

References in periodicals archive ?
Pursuant to the terms of the Company's bank credit agreement, the Notice of Default constitutes an event of default without regard to any otherwise applicable notice or cure or grace period; provided, however, that receipt of such Notice of Default shall not constitute an event of default under the bank credit agreement if it is withdrawn (and not reinstated) within 30 days after its receipt.
At least 30 days before recording a notice of default, the servicer must have made initial contact with the borrower to assess his or her financial situation and explore foreclosure-avoidance options.
The Company does not anticipate being in default of a financial statement filing requirement for any period subsequent to that disclosed in the Notice of Default.
According to Azimut, the extensive documentation and data provided by NWT in its Curative Notice has adequately resolved the issues raised by the Notice of Default.
Factors that could cause or contribute to such differences include, but are not limited to, EMRISE's ability to negotiate a forbearance of Wells Fargo Bank's notice of default and demand for payoff; EMRISE's ability to successfully negotiate a replacement credit facility with Wells Fargo Business Credit or any other financial institution, the ability of the proposed credit facility together with EMRISE's foreign credit facilities to support future domestic acquisitions, general market and economic conditions, changes in technology and governmental regulations and policies, competitive products and services, unforeseen technical issues and those factors contained in the "Risk Factors" Section of EMRISE's Form 10-K for the year ended December 31, 2005.
This Default Status Report is being filed to update the Company's Notice of Default dated May 1, 2007 (the "Notice of Default"), the Company's subsequent Default Status Report dated May 15, 2007 (the "First Default Status Report") and the Company's subsequent Default Status Report dated May 29, 2007 (the "Second Default Status Report"), as required by 57-301.
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.
This Default Status Report is being filed to update the Company's Notice of Default dated May 1, 2007 (the "Notice of Default") and the Company's subsequent Default Status Report dated May 15, 2007 (the "First Default Status Report"), as required by 57-301.
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.
This Default Status Report is being filed to update the Company's Notice of Default dated September 29, 2006 (the "Notice of Default") and the Company's subsequent Default Status Report dated October 12, 2006 (the "First Default Status Report"), as required by 57-301.

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