Defaults and Recourses Clause Samples

Defaults and Recourses. 7.1 The Grantor will be in default under this Agreement immediately upon the occurrence of any of the following events (each an "EVENT OF DEFAULT"): 7.1.1 if the Grantor is in default under this Agreement; or 7.1.2 if an "Event of Default" (as defined in each of the Exim Loan Agreement and the Non-Exim Loan Agreement) has occurred. 7.2 If an Event of Default shall have occurred which is continuing, the Holder may exercise any and all of the rights and recourses it may have hereunder or by law and it may enforce and realize its hypothec, including the exercise of the hypothecary rights in virtue of the Civil Code of Quebec. The Holder may exercise its hypothecary rights against all or any part of the Hypothecated Property and shall not be bound to exercise the same hypothecary right against all the Hypothecated Property. If the Holder gives the Grantor a prior notice of its intention to exercise a hypothecary right the Grantor shall, and shall cause any other Person in possession of Hypothecated Property to, immediately voluntarily surrender it to the Holder. 7.3 If an Event of Default shall have occurred which is continuing, whichever hypothecary right or rights or other recourses the Holder may decide to exercise, the following provisions shall apply: 7.3.1 if the Hypothecated Property has been surrendered to the Holder or its agent or if the Holder or its agent has possession of the Hypothecated Property, neither the Holder nor its agent shall have any obligation to continue to carry on the Grantor's enterprise or the use, operation or exploitation of the Hypothecated Property or to continue the use for which it is ordinarily destined or to exercise the rights pertaining to the Hypothecated Property or to make it productive; and the Grantor agrees that the Holder or its agent may do such acts and things, or refrain from doing such acts and things, as the Holder or its agent, in its sole discretion, deems appropriate for the exercise of its rights and the realization and enforcement of its hypothec and security; 7.3.2 in order to protect or to realize the value of the Hypothecated Property, the Holder, at the Grantor's expense, may, but shall not be obliged to: 7.3.2.1 continue and complete the processing, manufacture and transformation of the Hypothecated Property or any work in process or unfinished goods comprised in the Hypothecated Property as well as take any other action necessary or useful in order to prepare such property for sale; 7.3.2.2 aliena...
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Defaults and Recourses. 7.1 The Grantor will be in default under this Agreement immediately upon the occurrence of any of the following events (each an "EVENT OF DEFAULT"): 7.1.1 if any of the Secured Obligations, including any payment pursuant to the Guaranty, is not paid when due; or 7.1.2 if an "Event of Default" (as defined in each of the Exim Loan Agreement and the Non-Exim Loan Agreement) has occurred; or 7.1.3 if any of the representations made in Section 3 or in any other declaration or certificate by the Grantor delivered to the Holder is untrue or incorrect in a material respect; or 7.1.4 if the Grantor does not perform or observe any of its covenants or undertakings contained in this Agreement or any obligation of the Grantor required by law which is not cured or discharged within five (5) Business Days; or 7.1.5 the dissolution, termination of existence or insolvency of Grantor; or appointment of a receiver, trustee, sequestrator or custodian, for all or any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding by Grantor under any reorganization, bankruptcy, insolvency, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, now or in the future in effect; or 7.1.6 the commencement of any proceeding against Grantor under any reorganization, bankruptcy, insolvency, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, now or in the future in effect, including under the Bankruptcy and Insolvency Act (Canada), which is not cured by dismissal thereof within sixty (60) days after the date commenced, or 7.1.7 any default or event of default occurs under any obligation secured by a Permitted Lien, which is not cured within any applicable cure period or waived in writing by the holder of the Permitted Lien; or 7.1.8 Grantor breaches any material contract or obligation, which has or may reasonably be expected to have a material adverse effect on Grantor's business or financial condition; or 7.1.9 revocation or termination of, or limitation or denial of liability upon, the Guaranty or any attempt to do any of the foregoing; or 7.1.10 Grantor shall generally not pay its debts as they become due, or Grantor shall conceal, remove or transfer any part of its property, with intent to hinder, delay or defraud its creditors, or make or suffer any transfer of any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or...
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Defaults and Recourses. 7.1 The Customer will be in default under this Agreement in each of the following cases: (a) if any of the Secured Obligations is not paid when due; or (b) if any of the representations made in Section 3 or in any other declaration or certificate by the Customer delivered to the Bank is untrue or incorrect in a material respect; or (c) if the Customer does not perform or observe any of its covenants or undertakings contained in this Agreement or any obligation of the Customer required by law; or (d) if the Customer is in default under any other agreement, undertaking or evidence of indebtedness in favour of the Bank, including any agreement, undertaking or evidence of indebtedness referred to in Section 1 or Section 9.1, or under any other hypothec or security interest affecting the Hypothecated Property; or (e) if the Customer ceases to carry on its enterprise, or gives a notice of intention to make a proposal to or makes a proposal to its creditors or makes an assignment for the benefit of its creditors, or becomes insolvent or bankrupt or if any action is commenced or notice given with a view to rendering or declaring the Customer insolvent or bankrupt; or (f) if any action is taken or notice given by or against the Customer with a view to the winding up, liquidation, reorganization or relief or protection from creditors of the Customer including under the Bankruptcy and Insolvency Act (Canada) or the Companies' Creditors Arrangement Act (Canada); or the Customer amalgamates with any other person; or (g) if any creditor of the Customer commences any action or gives any notice with a view to exercising any rights or remedies on or with respect to the Hypothecated Property, including by way of seizure, prior notice, notice of crystallization, taking possession or otherwise, or if a sequestrator is appointed; or (h) if any guarantor of the Secured Obligations, or any part thereof, dies or gives notice to the Bank of termination of a guarantee, or if a default occurs under any other hypothec in favour of the Bank securing all or any part of the Secured Obligations. 7.2 Without limiting the Bank's right to demand payment or to exercise any other right it may have under any other agreement or instrument, if the Customer is in default, any obligation the Bank may have to grant further credit or make further advances to the Customer shall terminate and/or all the obligations of the Customer to the Bank which are not then due shall thereupon be and become forthw...
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Defaults and Recourses. 1. The Grantor shall be in default in each and every one of the following events: (a) If any or all of the obligations secured under this deed are not paid when due; (b) If any of the declarations made in article III is erroneous; (c) If the Grantor does not fulfill any one of its obligations herein; (d) If the Grantor is in default under any other contract or agreement with the Bank or any other creditor, or under any other hypothec or security agreement affecting the hypothecated property; (e) If the Grantor ceases to carry on its business, becomes insolvent or bankrupt; or (f) If any or all of the hypothecated property is seized or is subject to a legal procedure or a taking of possession by a creditor, a receiver or any other person performing similar functions. 2. If the Grantor is in default, the Bank may terminate any obligation it may have to grant credit or make advances to the Grantor and it may also declare due all obligations of the Grantor which are not yet due. If the Grantor is in default, the Bank may also exercise all recourses conferred on it by law and may realize its hypothec and security interest, notably by exercising the hypothecary rights provided in the Civil Code of Quebec. 3. In order to realize its hypothec and security interest, the Bank may use, at the expense of the Grantor, the premises where the hypothecated property is situated, as well as any other property of the Grantor. Where the hypothecated property includes debts, claims or rights of action, the Bank may compromise or transact with the debtors of these debts or rights of action and may grant releases and discharges thereto. Where the hypothecated property includes inventory, the Bank may complete the manufacture of such inventory and do all things necessary or useful to its sale.
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Defaults and Recourses 
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Related to Defaults and Recourses

  • EVENTS OF DEFAULTS AND CONSEQUENCES Subject to the Force Majeure clause, the Promoter shall be considered under a condition of Default, in the following events: (i) Promoter fails to provide ready to move in possession of the [Apartment/Plot] to the Allottee within the time period specified. For the purpose of this clause, 'ready to move in possession' shall mean that the apartment shall be in a habitable condition which is complete in all respects; (ii) Discontinuance of the Promoter's business as a developer on account of suspension or revocation of his registration under the provisions of the Act or the rules or regulations made thereunder. In case of Default by Promoter under the conditions listed above, Allottee is entitled to the following: (i) Stop making further payments to Promoter as demanded by the Promoter. If the Allottee stops making payments, the Promoter shall correct the situation by completing the construction milestones and only thereafter the Allottee be required to make the next payment without any penal interest; or (ii) The Allottee shall have the option of terminating the Agreement in which case the Promoter shall be liable to refund the entire money paid by the Allottee under any head whatsoever towards the purchase of the apartment, along with interest at the rate specified in the Rules within forty-five days of receiving the termination notice: Provided that where an Allottee does not intend to withdraw from the project or terminate the Agreement, he shall be paid, by the promoter, interest at the rate specified in the Rules, for every month of delay till the handing over of the possession of the [Apartment/Plot]. The Allottee shall be considered under a condition of Default, on the occurrence of the following events: (i) In case the Allottee fails to make payments for consecutive demands made by the Promoter as per the Payment Plan annexed hereto, despite having been issued notice in that regard the allottee shall be liable to pay interest to the promoter on the unpaid amount at the rate specified in the Rules. (ii) In case of Default by Allottee under the condition listed above continues for a period beyond consecutive months after notice from the Promoter in this regard, the Promoter shall cancel the allotment of the [Apartment/ Plot] in favour of the Allottee and refund the amount money paid to him by the allottee by deducting the booking amount and the interest liabilities and this Agreement shall thereupon stand terminated.

  • Defaults and Remedies Section 6.01.

  • Waiver of Defaults and Events of Default (a) The Noteholders of at least a majority of the Note Balance of the Controlling Class may waive any Default or Event of Default and its consequences except an Event of Default (i) in the payment of principal of or interest on any of the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) in respect of a covenant or provision of this Indenture that cannot be amended, supplemented or modified without the consent of all Noteholders. (b) Upon any such waiver, such Default or Event of Default will be deemed not to have occurred for every purpose of this Indenture. No such waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

  • Notification of Defaults and Events of Default Each Lender hereby agrees that, upon learning of the existence of a Default or an Event of Default, it shall promptly notify the Administrative Agent thereof. The Administrative Agent hereby agrees that upon receipt of any notice under this §14.10 it shall promptly notify the other Lenders of the existence of such Default or Event of Default.

  • Defaults Remedies If Tenant fails to pay the Rent, or any installment thereof, within five (5) days after the same becomes due and payable, or if Tenant violates or fails or neglects to keep and perform any of the covenants, conditions, and agreements herein contained on the part of Tenant to be kept and performed within thirty (30) days after receipt of written notice of such failure or neglect, or if the Premises becomes vacant or deserted, then, and in each and every such event, at the option of Landlord, Tenant's right of possession will thereupon cease and terminate, and to the extent permitted by law Landlord will be entitled to the possession of the Premises and to re-enter the same without demand of Rent or demand of possession and may forthwith proceed to recover possession of the Premises by process of law, ANY NOTICE TO QUIT OR OF INTENTION TO RE-ENTER THE SAME BEING HEREBY EXPRESSLY WAIVED BY TENANT. In the event of such re-entry by process of law or otherwise, Tenant nevertheless agrees to remain answerable for any and all damage, deficiency or loss of Rent which Landlord may sustain by such re-entry, including reasonable attorneys' fees and court costs; and in such case, Landlord reserves full power, which is hereby acceded to by Tenant, to relet the Premises for the benefit of Tenant, in liquidation and discharge, in whole or in part, as the case may be, of the liability of Tenant under the terms and provision of this Lease. In addition to the foregoing remedies, Landlord will also have the following remedies to the extent permitted by law and all other remedies afforded to it at law or in equity, all of which shall be cumulative: to terminate this Lease; to declare due and payable all Rent for the unexpired Term as and when the same becomes due and payable or to defer any suit until after the Term without thereby prejudicing its rights; to accelerate the Rent for the remainder of the Term and declare it all immediately due and payable [with a present value discount two (2) whole percentage points below the prime rate published in The Wall Street Journal on the date Landlord elects said remedy]; and to bring an action for specific performance, injunction, or other equitable relief to prevent any threatened or impending default or to end any existing default. In addition, Landlord may perform any obligation which Tenant has failed to perform after the expiration of any applicable notice and/or cure period (except in an emergency, when no notice or cure period will be necessary or afforded), all at the cost of Tenant as Additional Rent payable upon demand. Tenant shall also pay all expenses (including, without limitation, reasonable attorneys' fees) incurred by Landlord following a default, whether or not suit is instituted; the same shall be Additional Rent payable upon demand. In determining the Rent due for the balance of the Term, all Additional Rent shall be determined by projecting into the future the Additional Rent payable on the date of default increasing by a compounding five percent (5%) per Lease Year. No waiver of any breach of any covenant, condition, or agreement herein contained shall operate as a waiver of the covenant, condition or agreement itself, or of any subsequent breach thereof. No provision of this Lease shall be deemed to have been waived by Landlord unless such waiver shall be in writing signed by Landlord. No payment by Tenant or receipt by Landlord of a lesser amount than the Rent herein stipulated shall be deemed to be other than on account of the earliest stipulated Rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as Rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such Rent or pursue any other remedy provided in this Lease. Landlord shall have a lien for the payment of the Rent upon all of the goods, wares, chattels, fixtures, furniture and other personal property of Tenant which may be in or upon the Premises, Tenant hereby specifically waiving any and all exemptions allowed by law; such lien may be enforced on the nonpayment of any installment of Rent by the taking and selling of such property in the same manner as in the case of chattel mortgages on default thereunder; said sale is to made upon ten (10) days notice served upon Tenant by posting upon the Premises or such lien may be enforced in any other lawful manner at the option of Landlord.