FORECLOSURE AND COLLECTION Clause Samples

FORECLOSURE AND COLLECTION. SECTION 6.01. Subject to the terms of the Intercreditor Agreement, without prejudice to the foregoing provisions, upon sending a notice to the Pledgor of the occurrence of an Enforcement Event, the Pledgees (as the case may be and to the extent permitted by the Secured Documents) are hereby irrevocably authorized (i) to verify under reasonable procedures the quantity, value, condition and status of, or any other matter relating to, the Pledged Bank Accounts, (ii) to send a notice to all Banks, with a copy to the Pledgor, related to the Pledged Bank Accounts being enforced, substantially in the form of Exhibit 5 hereto (the “Enforcement Notice”), (a) informing its decision to enforce this Pledge Agreement and identifying the Bank Accounts being enforced under this instrument and (b) instructing the relevant Bank to conduct any transfer order related to the Bank Accounts only pursuant to the instructions received from the Pledgees; and (iii) to enforce and collect all amounts deposited in the Pledged Bank Accounts pursuant to the applicable Brazilian laws, as well as exercise all rights and powers related to such Pledged Bank Accounts as conferred by such laws. SECTION 6.02. Subject to the terms of the Intercreditor Agreement, the rights of the Pledgees or any designee thereof under Section 6.01 shall include, to the extent permitted by the applicable laws, all of the following: (i) the right to use the amounts deposited in the Pledged Bank Accounts for payment of the Secured Obligations; and (ii) the right to retain all such amounts as a guaranty for the Secured Obligations becoming due; and apply such amounts to reduce the Secured Obligations when due, in each case, to the extent permitted under the Secured Documents. SECTION 6.03. Subject to the terms of the Intercreditor Agreement, if the proceeds deposited in the Pledged Bank Accounts as set forth in this Article VI are sufficient to pay and discharge in full all Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted) and all other payments due under the Secured Documents, any proceeds in excess of the then outstanding amount of the Secured Obligations shall be delivered to the Pledgor. SECTION 6.04. If the proceeds deposited in the Pledged Bank Accounts are not sufficient to pay and discharge in full all Secured Obligations (other than contingent indemnification obligations as to which no claim has been asserted) and any other payment due under the...
View SourceView Similar (5)
FORECLOSURE AND COLLECTION. (a) Without prejudice of previous provisions, upon the occurrence and during the continuance of an Enforcement Event, the Administrative Agent is hereby irrevocably and irretrievably, authorized and qualified to sell, collect, receive, appropriate and/or foreclose, in whole or in part, on this security interest (in whole or in part), and it may immediately sell or assign, grant call option or options or otherwise dispose of and deliver the Pledged Quotas, for the market price, terms and conditions it may deem appropriate, subject to applicable law, irrespective of any prior or subsequent notice to the Companies or the Grantor, in accordance with the provisions of Article 1,433, item IV, of the Brazilian Civil Code, and use the proceeds therefrom to pay the Secured Obligations, which at that time have become due and payable, as provided for in the Loan Documents. Upon the occurrence and during the continuance of an Enforcement Event, the Administrative Agent may exercise, in addition to all other rights and remedies granted in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Secured Obligations, any and all rights and remedies at law, including, without limitation, all rights and remedies of a secured party under the Brazilian Civil Code. (b) Upon the occurrence of an Enforcement Event, the Administrative Agent may, upon notice to the Grantor, (i) notify the Companies to pay all dividends on the Pledged Quotas to the Administrative Agent, receive and collect all such dividends and make application thereof to the satisfaction of the Secured Obligations in such order as the Administrative Agent may determine, and (ii) deposit and deliver any and all of the Pledged Quotas with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property actually received by it, but the Administrative Agent shall have no duty to Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. (c) In accordance with the provisions of Articles 684 and 1,433 of the Brazilian Civil Code and as a means to perform the obligations herein agreed upon, the Grantor and the Companies irrevocably and irretrievably appoint the Administrative Agent as their attorney-in-fact, solely for the purpose of enabling the Administrative Agent to exercise rights and r...
View SourceView Similar (4)
FORECLOSURE AND COLLECTION. Without prejudice of previous provisions, upon the occurrence and during the continuance (subject to the applicable cure periods set forth in the Credit Agreement, if any) of an Event of Default under Section 9.1(a) of the Credit Agreement, or to the extent that an automatic acceleration event occurs under the Section 9.1(e), (f) or (g) of the Credit Agreement or upon the occurrence of any other Event of Default to the extent that the Administrative Agent (upon request of the Majority Lenders) declares the acceleration of all amounts due thereunder, which shall be evidenced by means of a written notice sent to the Collateral Agent (together with copy of the notice sent by the Administrative Agent, as required pursuant to Section 9.1 of the Credit Agreement), the Collateral Agent is hereby irrevocably and irretrievably, authorized and qualified to, in name and to the exclusive benefit of the Lenders, sell, collect and/or receive, and it may immediately dispose of the Pledged Credit Rights (in whole or in part), for the prices, terms and conditions it may understand appropriate in accordance with applicable law and the provisions of article 1,433, item IV, of the Brazilian Civil Code, and use and apply the proceeds therefrom to pay the Secured Obligations, as provided for in the Credit Agreement.
View SourceView Similar (2)
FORECLOSURE AND COLLECTION. (a) Without prejudice of previous provisions, upon the occurrence and during the continuance subject to the applicable cure periods set forth in the Credit Agreement, if any) of an Event of Default under Section 9.1(a) of the Credit Agreement, or to the extent that an automatic acceleration event occurs under the Section 9.1(e), (f) or (g) of the Credit Agreement or upon the occurrence of any other Event of Default to the extent that the Administrative Agent (upon request of the Majority Lenders) declares the acceleration of all amounts due thereunder, which shall be evidenced by means of a written notice sent to the Collateral Agent (together with copy of the notice sent by the Administrative Agent, as required pursuant to Section 9.1 of the Credit Agreement), the Collateral Agent is hereby irrevocably and irretrievably, authorized and qualified to, in name and to the exclusive benefit of the Lenders, withdraw, transfer and/or receive all monies deposited at the Collateral Account (in whole or in part), at its sole discretion, in accordance with applicable law and the provisions of article 1,433, item IV, of the Brazilian Civil Code, and use or apply the proceeds therefrom to pay the Secured Obligations, as provided for in the Credit Agreement. (b) In accordance with the provisions of articles 684 and 1,433 of the Brazilian Civil Code and as a means to perform the obligations herein agreed, Aracruz irrevocably and irretrievably appoints the Collateral Agent as its attorney-in-fact and for this purpose it has executed and delivered to the Collateral Agent on the date hereof a power of attorney substantially in the form of Exhibit B hereof. Aracruz undertakes to deliver a power of attorney with the same content to any successor of the Collateral Agent appointed pursuant to the Credit Agreement and, as it may be reasonably required pursuant to applicable law, whenever necessary to secure that the Collateral Agent has the powers required to perform the actions and exercise the rights herein provided for. (c) No action performed or omitted by the Collateral Agent in relation to the Collateral Account shall give rise to any right of defense, counterclaim or compensation in favor of Aracruz or any claim or proceeding against the Collateral Agent, except in case of gross negligence or willful misconduct by the Collateral Agent. (d) Aracruz must indemnify and hold harmless the Collateral Agent, its members, executive officers, employees and agents (each of whom an...
View SourceView Similar (2)
FORECLOSURE AND COLLECTION. 13 If the early maturity of the Secured Obligations is declared, under the terms provided for in the instrument of the Judicial Reorganization Plan or at the final maturity without the Secured Obligations having been settled, after the verification of the Suspensive Condition, as the case may be, the Collateral Agent, as representative of the Secured Parties, shall execute, in whole or in part, this Fiduciary Sale until the full payment of the Secured Obligations following the best market practices.
View Source

Related to FORECLOSURE AND COLLECTION

  • Payment and Collection Your bill will be based on monthly meter readings provided to XOOM Energy by your NGDC. If there is an error in your meter reading, XOOM Energy will adjust its bill to you upon your NGDC providing a corrected meter reading to XOOM Energy. You represent that you are financially able and willing to fulfill the terms and conditions of this Agreement and that you have not filed, are not in the process of filing or plan to begin any bankruptcy proceedings. Your first bill payment will be due to the NGDC on the date specified in the NGDC bill. If you do not pay it on time, you could be subject to interest and late charges imposed by the NGDC, and your service could be disconnected. In all events, you shall remain obligated to pay for all natural gas received by you and any interest, fees and penalties incurred by XOOM Energy. You will also be responsible for all costs, including legal fees, associated with the collection of amounts owed to XOOM Energy.

  • Collection; Foreclosure Upon the occurrence and during the continuance of any Event of Default, Lender may, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Lender may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower. Lender may require Borrower to assemble the Collateral and make it available to Lender at a place designated by Lender that is reasonably convenient to Lender and Borrower. The proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Lender in the following order of priorities: First, to Lender in an amount sufficient to pay in full Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate interest), in such order and priority as Lender may choose in its sole discretion; and Finally, after the full, final, and indefeasible payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. Lender shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC.

  • Payments and Collections All funds received by the Agent in respect of any payments made by any Borrower on the Term Notes shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Term Loan Percentage. All funds received by the Agent in respect of any payments made by any Borrower on the Revolving Notes, Revolving Commitment Fees or Letter of Credit Fees shall be distributed promptly on the date of receipt thereof by the Agent among the Banks, in like currency and funds as received, ratably according to each Bank’s Revolving Percentage. After any Event of Default has occurred, all funds received by the Agent, whether as payments by the Borrowers or as realization on collateral or on any guaranties, shall (except as may otherwise be required by law) be distributed by the Agent in the following order: (a) first to the Agent or any Bank that has incurred unreimbursed costs of collection with respect to any Obligations hereunder, ratably to the Agent and each Bank in the proportion that the costs incurred by the Agent or such Bank bear to the total of all such costs incurred by the Agent and all Banks; (b) next to the Agent for the pro rata account of (i) the Banks (in accordance with their respective Total Percentages) for application on the Notes and (ii) the Rate Protection Providers (in accordance with their outstanding and owed Rate Protection Obligations) for application on the Rate Protection Agreements; (c) next to the Agent for the account of the Banks (in accordance with their respective Revolving Percentages) for any unpaid Revolving Commitment Fees or Letter of Credit Fees owing by the Borrowers hereunder; and (d) last to the Agent to be held in the Holding Account to cover any outstanding Letters of Credit.

  • Administration and Collection SECTION 6.01.

  • Administration and Collections Section 4.1. Appointment of the Servicer ................................ 12 Section 4.2. Duties of the Servicer ..................................... 13 Section 4.3. Lock-Box Arrangements ...................................... 14 Section 4.4. Enforcement Rights ......................................... 14 Section 4.5. Responsibilities of the Seller ............................. 15 Section 4.6. Servicing Fee .............................................. 15