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 Lender and to receive and open mail addressed to Borrower; (b) Extend the time of payment of, compromise or settle for cash, credit, return 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 Borrower by such Account Debtor), without affecting any of the Obligations;
After an Event of Default. Owner may sell its interest in any Unit Premises, Unit Improvements, Unit FF&E, and Unit upon any terms that Owner deems satisfactory, free of any rights of Agent or any Person claiming through or under Agent. In the event of any such sale, in addition to the Accrued Default Obligations, Owner shall be entitled to recover from Agent, as liquidated damages, and not as a penalty, an amount equal to the Unit Acquisition Cost of any Unit Premises, Unit Improvements, Unit FF&E or Unit so sold, minus the proceeds of such sale received by Owner. Proceeds of sale received by Owner in excess of the Unit Acquisition Cost of such Unit Premises, Unit Improvements, Unit FF&E or Unit sold shall be credited against the Accrued Default Obligations Agent is required to pay under this subsection 11.2. If such proceeds exceed the Accrued Default Obligations, or, if Agent has paid all amounts required to be paid under this subsection 11.2, such excess shall be paid by Owner to Agent. As an alternative to any such sale, or if Agent converts any Unit Premises, Unit Improvements, Unit FF&E THIS AGREEMENT FOR LEASE IS CONFIDENTIAL AND PROPRIETARY or Unit after an Event of Default, or if such Unit Premises, Unit Improvements, Unit FF&E or Unit is lost or destroyed, in addition to the Accrued Default Obligations, Owner may cause Agent to pay to Owner, and Agent shall pay to Owner, as liquidated damages and not as a penalty, an amount equal to the Unit Acquisition Cost of such Unit Premises, Unit Improvements, Unit FF&E or Unit. In the event Owner receives payment pursuant to the previous sentence of this paragraph, Owner shall transfer all of Owner's right, title and interest in and to the Unit Premises, Unit Improvements, Unit FF&E and Unit to Agent. In the event of a sale pursuant to this subsection 11.2, upon receipt by Owner of the amounts payable hereunder, Owner shall transfer all of Owner's right, title and interest in and to the Unit Premises, Unit Improvements, Unit FF&E and Unit to Agent or a purchaser other than Agent, as the case may be. No remedy referred to in this subsection 11.2 is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to above or otherwise available to Owner at law or in equity, and the exercise in whole or in part by Owner of any one or more of such remedies shall not preclude the simultaneous or later exercise by Owner of any or all such other remedies. No waiver by Owner of any Event of Default hereun...
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. If an Event of Default has occurred and is continuing, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit 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; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents;
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 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 the Borrower hereby authorizes each Lender Party, if and to the extent payment owed to such Lender Party is not made when due hereunder to charge from time to time against any or all of the Borrower's accounts with such Lender Party any amount so due.