ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT Clause Samples

The "Assignee's Rights in Event of Default" clause defines the rights and remedies available to the assignee if the assignor fails to meet their contractual obligations. Typically, this clause outlines specific actions the assignee can take, such as demanding immediate payment, taking possession of collateral, or pursuing legal remedies, should a default occur. Its core function is to protect the assignee's interests by providing clear recourse in the event of non-performance, thereby allocating risk and ensuring enforceability of the agreement.
ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. 2.1 Immediately upon the occurrence of any event of default under the Obligations, the revocable license described in paragraph 1 above shall cease and terminate upon demand and notice made by Assignee, and, in such event, Assignee is hereby expressly and irrevocably authorized to enter and take possession of the Rents, or by written notice served personally upon or sent by registered mail to Assignor as Assignee may elect, without further authorization, notice or demand and without the commencement of any action to foreclose the Mortgage or to exercise its power of sale thereunder. 2.2 Assignor does hereby constitute and appoint Assignee, irrevocably, with full power of substitution and revocation, its true and lawful attorney, coupled with an interest, for it and in its name, place and stead, to do and perform any or all of the following actions, as fully for all intents and purposes, as it could do if personally present, hereby ratifying and confirming all that its said attorney or its substitution shall lawfully do or cause to be done by virtue hereof: (a) manage and operate the Property or any part thereof; (b) lease any part or parts thereof for such periods of time, and upon such terms and conditions as Assignee may, in its sole discretion, deem proper; (c) enforce, cancel or modify any of the Leases; (d) demand, collect, sue for, ▇▇▇▇▇▇, ▇▇▇▇, recover, receive, compromise and adjust, and make, execute and deliver receipts and releases for all rents, issues, profits and other amounts that may then be or may thereafter become due, owing or payable with respect to the Property or any part thereof from any present or future lessees, tenants, subtenants or occupants thereof; (e) institute, prosecute to completion or compromise and settle, all summary proceedings, actions for rent or for removing any and all lessees, tenants, subtenants or occupants of the Property or any part or parts thereof; (f) enforce or enjoin or restrain the violation of any of the terms, provisions and conditions of any Lease or Leases, now or hereafter affecting the Property or any part thereof; (g) make such repairs and alterations to the Property as Assignee may, in its reasonable discretion, deem proper; (h) pay, from and out of rents, issues and profits collected in respect of the Property or any part thereof, or from or out of any other funds, the rent and all other charges required to be paid under any ground leases on which the Mortgage may constitute a lien, any taxes, a...
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ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT. Immediately upon the occurrence of any Event of Default and, at the option of Lender, which option may be exercised by giving written notice thereof to Assignee, the license mentioned in the foregoing Paragraph 1 hereof shall cease and terminate, and in such event Assignee is hereby expressly and irrevocably authorized to enter and take possession of the Property by actual physical possession, or by written notice to Assignor served in accordance with Paragraph 10 hereof, without further authorization, notice or demand (except as otherwise specifically provided in the Loan Agreement or any other Loan Documents) and without the commencement of any action to foreclose the Mortgage or to exercise its power of sale thereunder.
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Related to ASSIGNEE'S RIGHTS IN EVENT OF DEFAULT

  • Rights Upon Event of Default (a) If an Event of Default shall have occurred and be continuing, the Trustee may, or if so requested in writing by Holders of Notes representing at least a majority of the Outstanding Amount of the Notes of the Controlling Class, upon prior written notice to each Rating Agency, shall declare by written notice to the Issuer that the Notes become, whereupon they shall become, immediately due and payable at par, together with accrued interest thereon and all other amounts due hereunder. Notwithstanding anything to the contrary in this paragraph, if an Event of Default specified in Section 5.01(iv) or (v) shall occur and be continuing the Notes shall become immediately due and payable at par, together with accrued interest thereon and all other amounts payable hereunder, without any declaration or other act on the part of the Trustee or any Holder of the Notes. Payments on the Notes upon a declaration of acceleration of maturity pursuant to this Section shall be made in accordance with Section 2.07(c). (b) At any time after a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Trustee as hereinafter provided in this Article, the Holders of Notes representing a majority of the Outstanding Amount of the Notes of the Controlling Class, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay: (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and (B) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel and other amounts due and owing to the Trustee pursuant to Section 6.07; and (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 5.13. No such rescission shall affect any subsequent default or impair any right consequent thereto.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (b) through (d) of Section 8.1.5 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare all of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.