Realization of Security Sample Clauses

Realization of Security. The Gas Distributor reserves the right realize the security provided to it by the Gas Vendor upon the Gas Vendor failing to meet any of its financial obligations set out in this Agreement, provided that: (a) the Gas Distributor has given notice to the Gas Vendor that payment has not been received from the Gas Vendor on the date due for payment; and (b) five business days have elapsed from the date of receipt by the Gas Vendor of the notice referred to in section 3.7(a).

Realization of Security. (a) If the Assignor failed to satisfy any of the Secured Obligations, and the Assignee has given written notice to the Assignor that the Assignees will realize their security, the Assignee shall have the right to sell and transfer any of the Assigned Rights and/or collect any payments due under any of the Assigned Rights or take any other step that may be appropriate and economically reasonable to satisfy outstanding claims arising from or in connection with the Secured Obligations. (b) In case the Assignees should seek to realize their security pursuant to, and in accordance with Clause 5(a) above, the Assignor shall, at its own expense, render forthwith all necessary assistance in order to facilitate the prompt sale and assignment or other realization of the Assigned Rights and/or the exercise by the Assignees of any other right they may have. The Assignor shall in particular supply the Assignees with all data, including but not limited to customers' names and accounts, required for the collection of any payments that are or will become due under or in respect of the Assigned Rights and, upon the Assignee's request, assist in the collection of all such payments. (c) The proceeds from the realization of the Assigned Rights shall be applied in the following order: (i) expenses incurred in the realization of securities provided in respect of the Secured Obligations (including, but not limited to, taxes, legal fees and other costs); (ii) payment of any sums due as part or in respect of the Secured Obligations as interest, late or penalty interest, commission, fees and ancillary expenses; (iii) repayment of any sums due as part or in respect of the Secured Obligations as principal; and (iv) payment of any other sums due under the Agreement, any guarantees thereof or hereunder. The balance of such proceeds attributable to each of the Assigned Rights, if any, will be paid to the Assignor unless the Assignees are required by law to pay such balance to a third party. (d) The Assignees may, in their sole discretion, determine which of several securities shall be used to satisfy the Secured Obligations. (e) Upon complete satisfaction and settlement of the Secured Obligations the Assignee undertakes to retransfer to the Assignor all Assigned Rights received as security under this agreement as well as any excess proceeds arising from the realization of the security.

Realization of Security. Each of the Lenders acknowledges that the Agent holds the Security to secure the Obligations that are stated to be secured in each such Security Document and upon the event of the occurrence and continuance of an Event of Default, the Agent shall act on the written instructions of the Majority Lenders as provided in this Agreement and shall distribute the net sale proceeds of realization of the Security to the Lenders in accordance with their Proportionate Share of the Obligations and in accordance with Section 12.11.

Realization of Security. The Pledgee shall immediately become entitled to enforce the Pledge and shall be entitled to sell, realize or dispose of all or any of the Shares in the manners permitted by the applicable law, regulation, and rulings and such other manners as it may see fit and as permitted by law if : (a) Pledgor commits any material breach or makes any default in the observance of any term, condition, undertaking or covenant contained in the Loan Agreement; or (b) Pledgor commits any material breach or makes any default in the observance of any term, condition, undertaking or covenant contained in this Agreement; or (c) any representation or warranty in this Agreement was not true when made.

Realization of Security. Each of the Lenders acknowledges that the Agent holds the Security to secure all of the debts and liabilities owing by the Borrower or any other Credit Party to each of the Secured Parties pursuant to this Agreement and the other Credit Documents and upon the event of the occurrence and continuance of an Event of Default, the Agent will act on the written instructions of (i) BDC (for and on behalf of the Lenders), or (ii) BDC and one or more of the other Lenders (for and on behalf of the Lenders), in each case as provided in Section 9.2, in connection with the exercise of the rights and remedies of the Secured Parties thereunder and, subject to Applicable Law, will distribute the net sale proceeds of realization of the Security to the Lenders in accordance with their respective Pro Rata Shares.

Realization of Security. The Lender holds the Security to secure all of the Obligations and upon the event of the occurrence and continuance of an Event of Default, the Lender shall deal with the net sale proceeds of realization of the Security in accordance with Section 9.09.

Realization of Security. 7.01 Upon the occurrence and continuance of a Default, aside from those set out in 1.01 (a) (4) and (5) hereof, NLH shall notify and consult with the Customer as to the nature of the Default. If the Default is not remedied following notice and consultation within a period of 45 calendar days thereafter or at any greater period that NLH may determine, such Default becomes an “Event of Default” and NLH may exercise its rights set out in Clause 7.02. For 1.01 (a) (4) and (5) hereof, NLH may exercise its rights set out in Clause 7.02 immediately upon their occurrence. 7.02 NLH may draw upon and shall be entitled to the security provided by the Customer pursuant to Article 4 of this Agreement in the following circumstances: (a) on the occurrence and during the continuance of an Event of Default; (b) in the event that the conditions in Clause 5.01 of this Agreement are not satisfied by December 31, 2018, unless the reason that the conditions are not satisfied are due to an act or omission of NLH; or (c) in the event that the Customer fails to tender the security as required pursuant to Article 4 of this Agreement, provided that the amount of security that NLH may draw upon and shall be entitled to, shall be the amount that is equal to the costs incurred in the construction of the Transmission Line by NLH up until the initial date that NLH is entitled to draw upon such security.

Realization of Security. For the purposes of this Agreement, the realization of the Security includes any act or proceeding relating to the taking of possession, the administration or the sale by any of the Creditors of any asset encumbered by the Security, including the collection of the receivables of the Debtors or their subsidiaries encumbered by such Security and the collection of insurance indemnities in respect of the assets encumbered by such Security.

Realization of Security. (1) Upon non-payment of any part or whole of the Purchase Price or any other amount when due or becoming due as above the Bank may, without demand of payment or notice of intention, (which are hereby expressly waived) force, collect and realize upon any Security by sale, assignment, set off, application and otherwise. Any such sale, assignment or other realization may be at any time and place, public or private, with or without advertisement or notice of the time or place or otherwise (all of which are hereby expressly waived), in one or more sales or parcels at such price or prices as the Bank may deem best, for cash or on credit or for future delivery, without assumption of any credit risk. (2) The Bank may be a purchaser at any such sale and each purchaser of Security so sold (including the Bank) shall hold the same absolutely free from any claim or right of any kind or equity of redemption of the Customer, which are hereby expressly waived and released.