After an Event of Default Sample Clauses
The "After an Event of Default" clause outlines the rights and actions that a party, typically a lender or non-defaulting party, may take once a default has occurred under the agreement. In practice, this clause often allows the non-defaulting party to accelerate obligations, demand immediate repayment, or exercise remedies such as seizing collateral or terminating the contract. Its core function is to provide a clear framework for responding to breaches, ensuring that the non-defaulting party can protect its interests and mitigate losses when the other party fails to meet its obligations.
After an Event of Default. If an Event of Default exists and remains uncured, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, Buyer or a Person designated by Buyer pursuant to the related Controlled Account Agreement on the second Business Day following the date on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from any Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourth, to pay to Buyer an amount equal to the aggregate Repurchase Price of all Purchased Assets (to be applied in such order and in such amounts as determined by Buyer, until the aggregate Repurchase Price of all Purchased Assets has been reduced to zero); fifth, to pay to Interim Servicer, amounts due and payable under the Servicing Agreement; sixth, to pay to Buyer all other Repurchase Obligations due to Buyer; and seventh, if all of the Repurchase Obligations have been fully repaid, to pay to the applicable Seller any remainder for its own account, subject, however, to the covenants and other requirements of the Repurchase Documents.
After an Event of Default. (a) Change the address for delivery of mail to Purchaser and to receive and open mail addressed to Seller;
(b) Extend the time of payment of, compromise or settle for cash, credit, return of merchandise, and upon any terms or conditions, any and all Accounts and discharge or release any Account Debtor or other obligor (including filing of any public record releasing any lien granted to Seller by such Account Debtor), without affecting any of the Obligations;
After an Event of Default the Lessor may sell its interest in the Project upon any terms that the Lessor deems satisfactory, free of any rights of the Lessee or any Person claiming through or under the Lessee (including, without limitation, any rights hereunder or under the Agreement for Lease). In the event of any such sale, the Lessor shall be entitled to recover from the Lessee, as liquidated damages and not as a penalty, and subject to the second succeeding sentence, an amount equal to the Adjusted Acquisition Cost. Proceeds of sale received by the Lessor in excess of the Adjusted Acquisition Cost shall be credited against the amounts the Lessee is required to pay under this Section 19 and any other provision hereof. If such proceeds plus the Adjusted Acquisition Cost, exceed the sum of (i) the Adjusted Acquisition Cost and (ii) any Unrecovered Liabilities and Judgments, and if the Lessee has indefeasibly paid the Adjusted Acquisition Cost, plus all Unrecovered Liabilities and Judgments and all other amounts required to be paid under this Section 19 and any other provision hereof, such excess shall be paid by the Lessor to the Lessee; provided, however, that the Lessee shall remain liable for any Unrecovered Liabilities and Judgments that arise after the payment of such excess proceeds to the extent such Unrecovered Liabilities and Judgments arise from or relate to acts or omissions occurring, or circumstances or conditions created or existing at any time as of or prior to the expiration or termination of this Lease. As an alternative to any such sale, the Lessor may require the Lessee to pay to the Lessor, and the Lessee shall pay to the Lessor, as liquidated damages and not as a penalty, an amount equal to the Adjusted Acquisition Cost. If the Lessor subsequently sells its interest in the Project, the proceeds of any such sale shall be distributed as provided in the third and fourth sentences of this paragraph. If the Lessee converts the Project or any part thereof after an Event of Default, or if the Project suffers an Event of Loss or is otherwise lost or destroyed at the time of the Event of Default the Lessor may require the Lessee to pay to the Lessor, and the Lessee shall pay to the Lessor, as liquidated damages and not as a penalty, an amount equal to the Adjusted Acquisition Cost. In the event the Lessor receives indefeasible payment from the Lessee of the Adjusted Acquisition Cost of the Project and all Unrecovered Liabilities and Judgments, the Lessor shall transfer...
After an Event of Default all rights of Borrower to exercise the voting and other contractual rights which it would otherwise be entitled to exercise pursuant to this Section 5 and to receive and retain cash proceeds from the Collateral which it would otherwise be authorized to receive and retain under this Section 5 will cease.
After an Event of Default. Mortgagee may declare the entire unpaid balance of the Note immediately due and payable without notice.
After an Event of Default. After the occurrence of an Event of Default which is continuing, unremedied and unwaived, the Collateral Agent may, having given notice thereof to the Chargors, (in the name of a Chargor or otherwise and without any further consent or authority from that Chargor):
(a) exercise (or refrain from exercising) any voting rights in respect of the Shares and the Investments;
(b) apply thereafter all dividends, interest and other monies arising from the Shares and the Investments in accordance with the Indenture;
(c) transfer the Shares and the Investments into the name of such nominee(s) of the Collateral Agent as it shall require; and
(d) subject to any requirement to give notice specified in Clause 13 upon any sale thereof, the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement, exercise (or refrain from exercising) all or any of the powers and rights conferred on or exercisable by the legal or beneficial owner of the Shares and the Investments, including the right, in relation to any company whose shares or other securities are included in the Charged Property, to concur or participate in:
(i) the reconstruction, amalgamation, sale or other disposal of such company or any of its assets or undertaking (including the exchange, conversion or reissue of any shares or securities as a consequence thereof),
(ii) the release, modification or variation of any rights or liabilities attaching to such shares or securities, and
(iii) the exercise, renunciation or assignment of any right to subscribe for any shares or securities in each case in such manner and on such terms as the Collateral Agent may reasonably think fit, and the proceeds of any such action shall form part of the Charged Property. Prior to such notice, each Chargor shall have the exclusive right to exercise all rights, powers and remedies in relation to the Shares and the Investments it owns provided that each Chargor shall not exercise any voting rights in any manner which, in the reasonable opinion of the Collateral Agent, may materially prejudice the value of, or the ability of the Collateral Agent to realise, the security over the Shares and the Investments created pursuant to this Debenture.
After an Event of Default. 7.3.2.1. Take or bring, in the name of Lender or Borrower, all steps, actions, suits or proceedings deemed by Lender necessary or desirable to effect collection of or other realization upon any Collateral;
7.3.2.2. Change the address for delivery of Borrower’s mail to Lender and to receive and open mail addressed to Borrower;
7.3.2.3. Extend the time of payment of, compromise, or settle for cash, credit, return of merchandise, any and all Monetary Collateral and discharge or release any Obligated Party without affecting any of the Obligations;
After an Event of Default. (a) Change the address for delivery of mail to Purchaser and to receive and open mail addressed to any Seller;
(b) Extend the time of payment of, compromise or settle for cash, credit, return of merchandise, and upon any terms or conditions, any and all Accounts and discharge or release any Account Debtor or other obligor (including filing of any public record releasing any lien granted to any Seller by such Account Debtor), without affecting any of the Obligations;
After an Event of Default. (a) Change the address for delivery of mail to Meridian and to receive and open mail addressed to Client, provided that Meridian shall mail to Client, at Client's expense, all original documents and correspondence, other than payments, that Meridian receives as a result of such change of address;
(b) Extend the time of payment of, compromise or settle for cash, credit, return of merchandise, and upon any terms or conditions, any and all Accounts or other Collateral that includes a monetary obligation and discharge or release any Account Debtor or other obligor (including filing of any public record releasing any lien granted to Client by such account debtor), without affecting any of the Obligations;
After an Event of Default. If either an Event of Default has occurred and is continuing, or if Buyer is required to do so pursuant to priority seventh in Section 5.02, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date;