Consequence of an Event of Default Sample Clauses
Consequence of an Event of Default. If an Event of Default occurs, the Landlord shall have the right to resiliate the Lease upon sending a written notice to the Tenant to that effect (the “Resiliation Notice”), the whole without prejudice to its other rights and recourses in the circumstances, without payment or reimbursement to the Tenant of any kind or for any reason whatsoever, and without any right or remedy of the Tenant against the Landlord in connection with the Landlord’s exercise of such right; the Tenant waiving any rights and remedies it may have against the Landlord in this regard. The resiliation of the Lease shall take effect on the resiliation date indicate in the Resiliation Notice (the “Resiliation Date”), without the need for any further notice or legal proceedings, unless the Tenant has cured the Event of Default prior to the Resiliation Date.
Consequence of an Event of Default. If an Event of Default shall occur and be continuing or shall exist, CIT may, unless specifically prohibited by the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order, by notice to the Borrower, exercise one or more of the following remedies
(a) declare the Revolving Credit Commitment terminated, whereupon the Commitment will terminate immediately and any fees hereunder shall be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue;
(b) declare the unpaid principal amount of the Note, interest accrued thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement and all other amounts owing by the Borrower hereunder or under the Note to be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue;
(c) give notice to the Borrower of the occurrence and continuance of an Event of Default;
(d) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit;
(e) apply all funds deposited in the Cash Concentration Account and in the Letter of Credit Cash Collateral Account to the payment, in whole or in part, of the Obligations;
(f) set-off amounts in the Cash Concentration Account, the Letter of Credit Collateral Account and apply such amounts to the Obligations of the Borrower hereunder and in the Related Documents;
(g) notify all account debtors to make payment of the Accounts directly to CIT, and/or
(h) foreclose on the Collateral or portions thereof.
Consequence of an Event of Default. 8.1 On and at any time after the occurrence of an Event of Default, IHFL may, with or without any notice to any of the Borrower(s)and with or without the intervention of the court/arbitrator, (i) cancel/recall the Loan whereupon the Borrower's Dues shall become immediately repayable/payable by the Borrower; and/or (ii) initiate/exercise any or all of its rights, actions, remedies and powers under the Loan Documents and/or applicable laws; and/or (iii) enforce, allot, sell, invoke, deliver, deal with, take possession, convey, transfer, assign, lease, sub-lease, encumber and/or dispose off in any manner (including by private treaty and/or auction), on such terms and conditions including the sale/transfer price of the Security or any part/unit thereof as deemed fit by IHFL, any/ all/part of the Security including the guarantees and/or the demand promissory notes, and/or do such other things in relation to and/or with respect to the Security (any part thereof) which may be permitted under law. If the net sum realized through the enforcement/sale/ transfer of Security is insufficient to cover the Borrower's Dues, then without prejudice to the other rights and remedies of IHFL under the Loan Documents and/or in law, the Borrower agree(s) and undertake(s) to pay to IHFL forthwith at IHFL's demand such amount as will make up the shortfall. The decision made by IHFL with respect to any matter under the Loan Documents shall be final and binding on the Borrower.
8.2 If any Event of Default or any event which, after the notice or lapse of time or both would constitute an Event of Default shall have happened, the Borrower shall forthwith give IHFL notice thereof in writing specifying such Event of Default, or such other event constituting to an Event of Default. The Borrower shall also promptly inform IHFL if and when any statutory notice of winding-up under the provisions of the applicable laws or of any suit or legal process intended to be filed / initiated against the Borrower is received by the Borrower. On the question whether any of the above events/circumstances has occurred/ happened, the decision of IHFL shall be final, conclusive and binding on the Borrower. However, IHFL will act in a reasonable manner while exercising any such discretion given to IHFL under this Agreement. The rights, powers and remedies given to IHFL by this Agreement shall be in addition to all rights, powers and remedies given to IHFL by virtue of any other security, statute or rule of l...
Consequence of an Event of Default. On and at any time after the occurrence of an Event of Default, Claimstant may, by notice to the Customer:
Consequence of an Event of Default. On and at any time after the occurrence of an Event of Default, Claimstant (CAS Technologies Pvt. Ltd) may, by notice to the Garage/Co-Garage(s):
Consequence of an Event of Default. On and at any time after the occurrence of an Event of Default, Claimstant (CAS Technologies Pvt. Ltd) may, by notice to the Garage/Co-Garage(s): cancel/recall the agreements whereupon the outstanding Service along with service charge, interest, additional interest, delayed interest, costs, charges and expenses shall become immediately repayable/payable by the Garage; and/or exercise any or all of its rights, remedies and powers under this Agreement; and/or enforce, sell, invoke, deliver, deal with, take possession, convey, transfer, assign, lease, encumber and/ or dispose off in any manner, any or all of the /security, guarantee(s).
Consequence of an Event of Default. In the event of occurrence of any one of the Events of Default described in the preceding section, the Bank may, by operation of law, declare this Agreement terminated, in accordance with the provisions of the Civil Code, Section 1430, by means of a written notarized letter submitted to the Borrower, and/or accelerate this Loan, attaching thereto the settlement of the debit balance as referred to in the General Law, Section 132, subsection 7, without any further notice or formality whatsoever, and to this end the periods shall be deemed to be expired and the immediate payment of any due amounts shall be required; in which case the Bank shall be entitled to execute and/or ▇▇▇ in court for payment of the total due amounts, including the Promissory Note and the Guarantee. Any delay on the part of the Bank in exercising this right shall not operate, in any case, as a waiver thereof. In case of occurrence of the event as specified in the first paragraph of this section and provided the Bank does not collect the total amounts owed by the Borrower, including the payment of penalties, fees, expenses, professional fees, court costs and attorney’s fees, collection costs, accrued or to be accrued, any compensatory and default interest shall be applicable to the aforementioned debt at the rates as established herein. Additionally, upon the occurrence of any Event of Default and until it is cured or the Agreement is terminated, the Bank shall apply the Interest for Events of Default, if applicable, as provided for in Section 2.07. The termination of this Agreement in no way affects the Guarantees granted in favor of the Bank, which shall remain in full force and effect until the full payment of the obligations owed by the Borrower.
Consequence of an Event of Default. Upon or after the occurrence of an Event of Default, which Default is not cured within five calendar days following the Debtor's receipt of written notice from the senior Creditor specifying the nature of such event of Default, the Senior Creditor shall have the option to cease making all advances under the Postpetition Loan, to declare the Postpetition Loan to be immediately due and payable and to terminate this Agreement. The Senior Creditor shall notify Debtor, the Sub-Debtors and the Non-Debtor Subsidiaries of its election to do so by delivering written notice to the Debtor specifying that an Event of Default has occurred and stating that the Senior Creditor shall not make additional advances.
Consequence of an Event of Default. If an Event of Default occurs in relation to a Shareholder (Defaulter), at the election of non- defaulting Shareholder (Non-Defaulter) by giving written notice to all parties (Default Notice):
(a) the rights attaching to the Defaulter's Equity Securities are suspended, including the right to participate in any Shareholders Unanimous Decision (for the avoidance of doubt, the Non-Defaulter may pass any Shareholders Unanimous Decision without reference to the Defaulter) and the right of appointment of Directors (for the avoidance of doubt, the Non- Defaulter may remove the Defaulter's Directors from the Board) until:
(i) the default is remedied (or, if the default is not capable of remedy, such rights will be suspended indefinitely); or
(ii) the Equity Securities are transferred to the Non-Defaulter under clause 20.3; and
(b) the Non-Defaulter may exercise one or more rights set out in clauses 20.3 to 20.5 below, without prejudice to any other rights the Non-Defaulter may have at law.