Consequences of an Event of Default Sample Clauses

Consequences of an Event of Default. The Borrower agrees and acknowledges that the decision of the Lender shall be final and binding on any questions or issues on point in respect of happening/non-happening of the Event of Default. Following are the consequences of an Event of Default: a) Notwithstanding anything contrary contained in the Financing Documents, upon happening of any Event of Defaults, Growth Source, by a written notice to the Borrower may declare the Outstanding Obligations and/or any other amounts including Interest and Default Interest which may be payable by the Borrower under or in terms of the Financing Documents and/or any other agreements, documents subsisting between the Borrower and the Growth Source, to be due and upon such declaration the same shall become due and payable forthwith and the Securities and the securities in relation to any other Facility shall become enforceable. Further, the Default Interest to be borne by the Borrower shall be computed from the respective Due Dates and shall be compounded on monthly basis. b) All costs incurred by Growth Source after an Event of Default has occurred in connection with preservation of the Property and or in collection of all amounts due under the Financing Documents may be charged to the Borrower and reimbursed, in the manner as the Lender deem fit. c) On the occurrence of an Event of Default, Growth Source shall be entitled to communicate, in any manner it may deem fit, to or with any Person or Persons with a view to receiving assistance of such Person or Persons in recovering the defaulted amounts including but not limited to visiting the office of the Borrower and/or any place of work of the Borrower. d) Upon happening of any Event of Default, Growth Source shall have the right to modify the Repayment Schedule in the manner as it deems fit. e) Upon happening of any Event of Default, in addition to the rights specified in this Terms, Growth Source shall be entitled to take all or any action with or without intervention of the courts to recover all the dues and payable by the Borrower under this Terms. f) Notwithstanding any other rights available to the Lender under this Terms or the Financing Documents, Growth Source shall be entitled to initiate criminal proceeding or any other appropriate actions against the Obligors if at any time Growth Source at its sole discretion has sufficient grounds to believe that an Obligor has made any misrepresentations and /or submitted any forged documents or fabricated data to the ...

Consequences of an Event of Default. 11.1 If an Event of Default occurs in relation to either Party then paragraphs 11.2 to 11.7 below shall apply. 11.2 The Parties’ delivery and payment obligations (and any other obligations they have under this Agreement) shall be accelerated so as to require performance thereof at the time such Event of Default occurs (the date of which shall be the Termination Date) so that performance of such delivery and payment obligations shall be effected only in accordance with the following provisions. (a) The Default Market Value of the Equivalent Securities and Equivalent Non- Cash Collateral to be delivered and the amount of any Cash Collateral (including sums accrued) to be repaid and any other cash (including interest accrued) to be paid by each Party shall be established by the Non-Defaulting Party in accordance with paragraph 11.4 and deemed as at the Termination Date. (b) On the basis of the sums so established, an account shall be taken (as at the Termination Date) of what is due from each Party to the other under this Agreement (on the basis that each Party’s claim against the other in respect of delivery of Equivalent Securities or Equivalent Non-Cash Collateral equal to the Default Market Value thereof) and the sums due from one Party shall be set off against the sums due from the other and only the balance of the account shall be payable (by the Party having the claim valued at the lower amount pursuant to the foregoing) and such balance shall be payable on the next following Business Day after such account has been taken and such sums have been set off in accordance with this paragraph. For the purposes of this calculation, any sum not denominated in the Base Currency shall be converted into the Base Currency at the Spot Rate prevailing at such dates and times determined by the Non-Defaulting Party acting reasonably. (c) If the balance under sub-paragraph (b) above is payable by the Non-Defaulting Party and the Non-Defaulting Party had delivered to the Defaulting Party a Letter of Credit, the Defaulting Party shall draw on the Letter of Credit to the extent of the balance due and shall subsequently deliver for cancellation the Letter of Credit so provided. (d) If the balance under sub-paragraph (b) above is payable by the Defaulting Party and the Defaulting Party had delivered to the Non-Defaulting Party a Letter of Credit, the Non-Defaulting Party shall draw on the Letter of Credit to the extent of the balance due and shall subsequently deliver for c...

Consequences of an Event of Default. If an Event of Default specified in Section 11.01 hereof has occurred and is continuing, the Administrative Agent may: (a) by notice to the Borrower declare all Loan Obligations to be due and payable forthwith, whereupon the same immediately shall become due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived; provided that, if a Default described in Section 11.01(e) or (f) has occurred, the Loan Obligations will be automatically accelerated on the date of the occurrence of such Default without presentment, demand, protest, notice of intention to accelerate, notice of acceleration or other notice of any kind to the Borrower or any other Person, all of which are hereby expressly waived; (b) either personally or by attorney or agent without bringing any action or proceeding, or by a receiver to be appointed by a court in any appropriate action or proceeding, take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under the Loan Documents or to enforce performance or observance of any obligation, agreement or covenant of the Borrower under the Loan Documents, whether for specific performance of any agreement or covenant of the Borrower or in aid of the execution of any power granted to the Lenders or the Administrative Agent in the Loan Documents; (c) exercise any and all remedies any Lender may have under the Loan Documents; (d) [Intentionally Omitted]; (e) employ sales agents and negotiate and execute Residency Documents in connection with all or any part of the Mortgaged Properties or require the Borrower to retain a new Management Company for any or all of the Mortgaged Properties; (f) exercise the “lock-box” provisions of Section 6.25; (g) apply all amounts then on deposit in the Borrower’s Fund under the Funds Pledge Agreement to pay Loan Obligations; (h) exercise all other remedies available to any of the Secured Lenders at law or equity; and (i) if not in place, obtain insurance coverages as are required hereunder, and all expenses incurred by the Administrative Agent in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by the Borrower promptly after demand.

Consequences of an Event of Default. Notwithstanding anything to the contrary in this Agreement or any other agreement/s or documents, upon the occurrence of an Event of Default, unless such Event of Default at the request of the Borrower/s is expressly waived by the Lender, upon declaration of an Event of Default by the Lender, the Lender may, by a written notice to the Borrower/s: a. declare the Outstanding Amounts, to be due forthwith and immediately, and upon such declaration the same shall become due and payable forthwith and immediately. b. be entitled to communicate, in any manner as it may deem fit, to or with any Person(s) with a view to receive assistance of such Person(s) in recovering the defaulted amounts, including but not limited to visiting the place of work of the Borrower/s. c. cancel all undrawn portions of the Loan, charge higher Interest Rate and / or demand payment of higher Monthly Installments than the original Monthly Installments or all Outstanding Amounts. Upon the receipt of such notice by the Borrower/s, such higher Monthly Installments or all Outstanding Amounts shall become due and payable by the Borrower/s on the relevant Due Dates. d. take all such measures, in accordance with the provisions of the applicable Laws, as the Lender may in its sole discretion deem fit and proper to recover the dues from the Borrower/s.

Consequences of an Event of Default. If an Event of Default specified in Section 10.01 hereof shall occur and be continuing, then, and in every such event (other than an event with respect to the Borrowers described in clause (g) or (h) of Section 10.01) upon notice from the Lender to the Borrowers, the Facility provided by this Agreement shall immediately terminate, and the Outstanding Loans, together with accrued and unpaid interest thereon, and all other Obligations, shall immediately become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect to the Borrowers described in clause (g) or (h) of Section 10.01, the Facility provided by this Agreement shall automatically and immediately terminate, and the Outstanding Loans, together with accrued and unpaid interest thereon, and all other Obligations, shall immediately become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers. Further, if an Event of Default specified in Section 10.01 hereof shall occur and be continuing, then, and in every such event the Lender shall have the right to collect, receive, appropriate or realize upon the Collateral or otherwise foreclose or enforce Lender’s security interests in any or all Collateral in any manner permitted by the Security Agreement.

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (c) through (m) of Section 7.01 of this Agreement occurs, the Issuing Banks and the Banks will be under no further obligation to make Loans or issue Letters of Credit and may at the option of the Majority Banks (i) demand the unpaid principal amount of the Notes, interest accrued on the unpaid principal amount thereof and all other amounts owing by the Borrower under this Agreement, the Notes and the other Loan Documents to be immediately due and payable without presentment, protest or further demand or notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately; and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to one hundred five percent (105%) of the Letter of Credit Reserve, and the Borrower hereby pledges to the Agent and the Banks, and grants to the Agent for the benefit of the Banks a security interest in such account and all such cash as security for such obligations of the Borrower. (b) If an Event of Default specified in subsections (a), (b), (n) or (o) of Section 7.01 of this Agreement occurs and continues or exists, the Issuing Banks and the Banks will be under no further obligation to make Loans or issue Letters of Credit and the unpaid principal amount of the Notes, interest accrued thereon and all other amounts owing by the Borrower under this Agreement, the Notes and the other Loan Documents shall automatically become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are expressly waived, and an action for any amounts due shall accrue immediately.

Consequences of an Event of Default. (a) If an Event of Default, other than a bankruptcy default described in Sections 6.01(7) or (8) with respect to the Company, Parent, any Significant Restricted Subsidiary or group of Restricted Subsidiaries that taken together would constitute a Significant Restricted Subsidiary, occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if the notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of premium, if any, and accrued interest on the Notes to be immediately due and payable. Upon a declaration of acceleration, such principal of, premium, if any, and interest will become immediately due and payable. If a bankruptcy default described in Sections 6.01(7) or (8) occurs with respect to the Company, Parent, any Significant Restricted Subsidiary or any group of Restricted Subsidiaries that taken together would constitute a Significant Restricted Subsidiary, the principal premium, if any, of and accrued interest on the Notes then outstanding will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. (b) The Holders of a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may waive all existing and past Defaults and Events of Default and rescind and annul a declaration of acceleration and its consequences if (1) all existing Defaults and Events of Default, other than the nonpayment of the principal of, premium, if any, and interest on the Notes other than any such Defaults or Events of Default that have become due solely by the declaration of acceleration, have been cured or waived, and (2) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.

Consequences of an Event of Default. If any Event of Default shall occur and be continuing or shall exist, Lender shall be under no further obligation to make Advances hereunder, any remaining commitment hereunder shall immediately terminate, with no further notice, and Lender may, by notice to Borrower, declare the unpaid principal amount of each Note, interest accrued thereon and all other amounts owing by Borrower hereunder or under each Note 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. Such consequences shall occur automatically upon the occurrence of an Event of Default under SECTION 9.01 (h), (i), (j) OR (k), without any notice or demand. Upon the occurrence of an Event of Default, Lender may, in its sole discretion, exercise any and all remedies available to it under this ARTICLE 9 or under any of the Loan Documents or under applicable law without further notice or period of grace or opportunity to cure.

Consequences of an Event of Default. If an Event of Default specified in Section 6.01 shall occur and continue after the expiration of applicable notice and grace periods, if any, set forth therein, Creditor may, by notice to Borrower, declare the unpaid principal amount of the Note and all other amounts owing by Borrower hereunder or under the Note or the other Loan Documents 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.