Consequences of a Default Sample Clauses

Consequences of a Default. (1) If a Default occurs, the Authority may, but is not obligated to, give to the Contractor a notice of Default and, in the Authority’s sole discretion, may provide an opportunity to cure. If a cure is allowed, and if the Contractor has not cured or made reasonable progress to cure the Default within fifteen (15) days from the Contractor’s receipt of the notice, the Authority may immediately terminate the Contract by written notice to the Contractor. The Contractor agrees that the Authority may also cure any Default in the Contractor’s performance and charge the Contractor for the cost of the cure plus a ten percent (10%) administration fee. Upon the Contractor’s receipt of a written notice of termination, the Contractor shall immediately take the following actions: quit the Premises and return them to the Authority’s control; return the Operating Equipment to the Authority; deliver all Operating Receipts to the Authority’s Authorized Banking Account designated at Exhibit K; deliver all accounts, invoices, and other books and records to the Authority; and take all other actions desirable or directed by the Authority to provide for a smooth transition of operations to the Authority directly or to its designee without loss or delay. Upon any termination, every obligation contained in this Contract to be performed by the Authority shall cease; the Supplemental Lease Agreement shall terminate; and the Contractor shall have no further authority to take any action on behalf of the Authority. (2) When this Contract is terminated, the Contractor shall immediately vacate the Premises and Facilities and the Authority or its agents or employees may immediately or at any time thereafter, re-enter the Premises and Facilities and remove the Contractor, its agents, subcontractors, invitees, and property. Re-entry and removal may be effected by summary dispossess proceedings, by any suitable action or proceeding at law, by force, or otherwise. The Authority shall be entitled to the benefits of all provisions of law respecting speedy recovery of the Premises and Facilities held over by the Contractor. Any other notice to quit or re-enter the Premises and Facilities is hereby expressly waived by the Contractor. The Authority shall not be liable in any way in connection with any action it takes pursuant to this Section. The Contractor's liability shall survive the Authority's re-entry, the institution of summary proceedings, and the issuance of any warrants with respect ther...

Consequences of a Default. On or after the occurrence of any Event of Default that has not been either cured or waived, at the option of the Secured Party, (a) any or all of the Obligations not yet payable will become immediately payable, without presentment, protest, notice of protest or notice of dishonour, all of which are expressly waived; (b) the obligation, if any, of the Secured Party to extend further credit to the Debtor will cease; and (c) the security granted hereby will become immediately enforceable.

Consequences of a Default. If a Default occurs we can, if we wish, and subject to applicable law, do any one or more of the following, in any order that we want: Demand Payment – demand that you immediately pay the Outstanding Amount. ▇▇▇ You – with court permission, take action in court to make you pay the Outstanding Amount or make you keep your Promises.

Consequences of a Default. (1) On or after the occurrence of any Event of Default that is continuing, at the option of the Collateral Agent, (a) any or all of the Obligations not yet payable will become immediately payable, without presentment, protest, notice of protest or notice of dishonour, all of which are expressly waived and (b) the security granted hereby will become immediately enforceable.

Consequences of a Default a. If a default occurs, all the mortgage money then owing to the mortgagee will be, if the mortgagee chooses, due and payable, including without limitation all of the mortgagee’s fees, costs and expenses. b. If a cheque is returned by the mortgagor’s bank on which a payment to be applied to his mortgage is drawn, the mortgagee has the right to collect from the mortgagor all fees, expenses and costs incurred to compensate the mortgagee for the returned cheque. c. If a default occurs, the mortgagee will have quiet possession of the land. d. If a default occurs, the mortgagee may, in any order that the mortgagee chooses, do any one or more of the following: 1) demand payment of all the mortgage money; 2) sue the mortgagor for the amount of money due; 3) take proceedings and any other legal steps to compel the mortgagor to keep the mortgagor’s promises and agreements contained in this mortgage; 4) enter upon and take possession of the land; 5) apply to the court for an order for foreclosure and sale of the land on terms approved by the court; 6) apply to the court to foreclose the mortgagor’s interest in the land so that when the court makes its final order of foreclosure, the mortgagor’s interest in the land will be absolutely vested in and belong to the mortgagee; 7) appoint a receiver of the land; 8) enter upon and take possession of the land without the permission of anyone and make any arrangements the mortgagee considers necessary to: a) inspect, lease, collect rents or manage the land, b) complete the construction of any building on the land, or c) repair any building on the land; 9) take whatever action is necessary to take, recover and keep possession of the land. e. Nothing in Section 10, Subsection d. affects the jurisdiction of the court. f. If the land is sold pursuant to an order for foreclosure and sale, the mortgagee will use the amount received from the sale to pay: 1) any real estate agent’s commission; 2) all adjustments usually made on the sale of land; 3) all of the mortgagee’s fees, expenses and costs described in Section 10, Subsection h., and 4) the mortgage money; and will pay any surplus according to the terms of the order for foreclosure and sale. g. If the money available to pay the mortgage money after payment of the commission, adjustments and expenses referred to in Subsection f. 1) to 3) is not sufficient to pay all the mortgage money, the mort- gagor will pay to the mortgagee on demand the amount of the deficiency. h. The mortg...

Consequences of a Default. If an Event of Default occurs, the Bank at its option (i) may declare its obligations hereunder to be terminated, whereupon the same shall forthwith terminate; and (ii) by notice to Borrower, may declare all Obligations (including the prepayment indemnity stipulated in § 3.3.2) to be forthwith due and payable, whereupon they shall so become forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower; provided, however, that upon the occurrence of any event specified in § 11.1.7, all Obligations shall automatically become due and payable without any declaration, notice or demand by the Bank.

Consequences of a Default. If an Event of Default occurs OEG at its option may: (a) Enforce performance: by proceeding by appropriate court action, either at law or in equity, enforce performance by the Customer of the applicable terms and provisions of this Agreement or recover damages for the breach concerned; or (b) Termination: terminate this Agreement and the Customer's right to possession of the Equipment by notice in writing to the Customer. Upon service of such notice all rights of the Customer to or in the use of the Equipment will terminate and OEG may, directly or by its agent, take possession of the Equipment. Any damages reasonably occasioned by OEG taking possession are expressly waived by the Customer. OEG will, upon taking possession of the Equipment hold, possess and enjoy the Equipment free from any right of the Customer or its successors or assigns to use the Equipment for any purpose.

Consequences of a Default. (a) Upon the occurrence and continuation of an Event of Default specified in subsection (h) or (i) of Section 8.1 herein, all of the Obligations shall, without demand, notice, or legal process of any kind, be declared, and immediately shall become, due and payable, and the Aggregate Revolving Commitment shall terminate immediately. (b) If any Event of Default specified in any of subsections (a) through (g) and (j) through (q) hereof shall occur and be continuing, the Agent upon the joint direction of the Lenders shall: (i) by notice to the Borrowers, declare the Revolving Credit Commitment of each Lender terminated, and any Obligations payable hereunder or under any other Loan Document shall become due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue; and/or (ii) by notice to the Borrowers, declare the unpaid principal amount of any Note, interest accrued thereon and all other Obligations owing by any of the Borrowers hereunder or under any other Loan Document to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.

Consequences of a Default. If a Default specified in Section 7.01 hereof shall occur and be continuing, the Required Lenders may (a) declare all Obligations due under this Agreement and all interest accrued thereon to be immediately due and payable (provided that, if a Default specified in Section 7.01(f) or (g) of this Agreement shall occur, the Obligations, and all interest accrued thereon shall become and be immediately due and payable, without presentment, protest or other notice of any kind, all of which are hereby waived by the Company, or any consent or direction of the Required Lenders); (b) notify the Trustee in writing that a Default has occurred and is continuing and instruct the Trustee to accelerate the Bonds; pursue all remedies available to them by contract, at law or in equity, and (d) proceed under this Agreement, and under any of the Related Documents and, to the extent therein provided, direct the Trustee to take action under the Indenture, in such order as the Required Lenders may elect, and the Lender shall not have any obligation to proceed against any Person or exhaust any other remedy or remedies which it may have and without resorting to any other security, whether held by or available to the Lender.