Events of Default Rights and Remedies Clause Samples
The "Events of Default; Rights and Remedies" clause defines specific situations or actions that constitute a breach of contract, known as events of default, and outlines the rights and actions available to the non-breaching party in response. Typically, this clause lists triggers such as failure to pay, insolvency, or violation of key obligations, and then details remedies like acceleration of payments, termination of the agreement, or pursuit of damages. Its core function is to provide a clear framework for addressing serious breaches, ensuring both parties understand the consequences and available recourse if the contract is not properly fulfilled.
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Events of Default Rights and Remedies. 83 10.1 Events of Default................................................. 83 10.2 Remedies Upon Event of Default.................................... 85
Events of Default Rights and Remedies. Section 7.1 Events of Default Section 7.2 Rights and Remedies Section 7.3 Certain Notices
Events of Default Rights and Remedies. Section 8.1 Events of Default. "Event of Default", wherever used herein, means any one of the following events:
Events of Default Rights and Remedies. Section 7.1 Events of Default.
Events of Default Rights and Remedies. Events of Default
Events of Default Rights and Remedies. 8.1 Events of Default The occurrence of any one or more of the following events (regardless of the reason therefor) shall constitute an “Event of Default” hereunder:
(a) Any Borrower (i) fails to make any payment of principal of; or interest on, or Fees owing in respect of, the Loans or any of the other Obligations when due and payable, or fails to provide cash collateral as and when required, or (ii) fails to pay or reimburse Agent or Lenders for any expense reimbursable hereunder or under any other Loan Document within ten (10) days following Agent’s demand for such reimbursement or payment of expenses.
(b) Any Credit Party fails or neglects to perform, keep or observe any of the provisions of Sections 1.4, 1.8, 5.4(a) or 6 applicable to it, or any of the provisions set forth in Annexes C, E or G, respectively applicable to it.
(c) Any Credit Party fails or neglects to perform, keep or observe any of the provisions of Section 4 or any provisions set forth in Annex F, applicable to it and the same shall remain unremedied for ten (10) days or more.
(d) Any Credit Party fails or neglects to perform, keep or observe any other provision of this Agreement or of any of the other Loan Documents applicable to it, (other than any provision embodied in or covered by any other clause of this Section 8.1) and the same shall remain unremedied for thirty (30) days or more.
(e) A default or breach occurs under any other agreement, document or instrument to which any Credit Party is a party that is not cured within any applicable grace period therefor, and such default or breach (i) involves the failure to make any payment when due in respect of any Indebtedness or Guaranteed Indebtedness (other than the Obligations) of any Credit Party, including the Senior Debt and the Indebtedness under the Senior Subordinated Note Indenture, in excess of $2,000,000 in the aggregate (including (x) undrawn committed or available amounts and (y) amounts owing to all creditors under any combined or syndicated credit arrangements), or in respect of any lease under which any Credit Party is lessee under which the aggregate cost of the leased property exceeds $2,000,000, or (ii) causes, or permits any holder of such Indebtedness or Guaranteed Indebtedness or a trustee to cause, Indebtedness or Guaranteed Indebtedness or a portion thereof, including the Senior Debt, in excess of $2,000,000 in the aggregate, or rent in excess of $2,000,000 in the aggregate, to become due prior to its stated m...
Events of Default Rights and Remedies. (a) The occurrence of any of the following shall constitute a default by Agrinatural in all indebtedness outstanding to Heron Lake. A default under any Note or obligation shall constitute a default under all other Notes and obligations due and owing from Agrinatural to Heron Lake. Conditions or events of default shall mean any one of the following events (such being in addition to those conditions or events of default contained in Note(s) and other documents related to this Agreement):
(i) If Agrinatural fails to make any payment of indebtedness when and as due under its Notes.
(ii) Any representation or warranty made by Agrinatural in this Agreement, or made by Agrinatural in any certificate, instrument or statement contemplated by or made or delivered to Heron Lake shall prove to have been incorrect in any material respect when made.
(iii) Default in the performance, or breach, of any covenant or agreement of Agrinatural in this Agreement and/or in Note(s) and/or other documents related to this Agreement.
(iv) Default by Agrinatural in the performance, or breach, of any covenant or agreement with any other creditor.
(v) Agrinatural has been adjudicated a bankrupt or insolvent or admits, in writing, its inability to pay its debts as they mature and makes an assignment for the benefit of creditors; Agrinatural shall apply for and consent to the appointment of any receiver, trustee or other similar officer for all or any substantial part of its property; or such receiver, trustee or other similar officer shall be appointed without the application or consent of Agrinatural, and such appointment shall continue undischarged for a period of thirty (30) days; Agrinatural shall institute any bankruptcy, whether voluntary or involuntary; or any judgment, writ, warrant of attachment or execution or similar process shall be issued or levied against a substantial part of the property of Agrinatural, and such judgment, writ or other similar process shall not be released, vacated or fully bonded within thirty (30) days after issuance or levy.
(vi) A mechanic’s lien is recorded in the real estate records in any of the counties where the Real Estate and/or pipelines are located, and Agrinatural fails to obtain a discharge or release of the mechanic’s lien within thirty (30) days of its recording or fails to deposit with Heron Lake, within said thirty (30) days, sufficient monies to act as a reserve to pay the mechanic’s lien in full should the lien be determined to be va...
Events of Default Rights and Remedies. The following events shall constitute Events of Default hereunder and under the Loans, individually and collectively, and under all other Loan Documents:
Events of Default Rights and Remedies. 10.1. Events of Default 10.2. Rights and Remedies
Events of Default Rights and Remedies. 48 Section 7.1. Events of Default...............................................................................48 Section 7.2. Rights and Remedies.............................................................................50 ARTICLE VIII AGREEMENT AMONG BANKS AND AGENT.....................................................................51