Remedies; Obtaining the Collateral Upon Default Clause Samples
The "Remedies; Obtaining the Collateral Upon Default" clause defines the lender's rights and actions if the borrower defaults on their obligations. Typically, this clause allows the lender to seize or take possession of the collateral that was pledged as security for the loan, often through specific procedures such as notice requirements or public sale. Its core function is to provide a clear and enforceable mechanism for the lender to recover losses by accessing the collateral, thereby reducing the risk of nonpayment and ensuring the lender has a practical remedy in the event of default.
Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under the Uniform Commercial Code in all relevant jurisdictions and may:
(i) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or any other Person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon such Assignor's premises where any of the Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of such Assignor;
(ii) instruct the obligor or obligors on any agreement, instrument or other obligation (including, without limitation, the Receivables and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent;
(iii) withdraw all monies, securities and instruments in the Cash Collateral Account for application to the Obligations in accordance with Section 7.4 hereof;
(iv) sell, assign or otherwise liquidate any or all of the Collateral or any part thereof in accordance with Section 7.2 hereof, or direct the relevant Assignor to sell, assign or otherwise liquidate any or all of the Collateral or any part thereof, and, in each case, take possession of the proceeds of any such sale or liquidation;
(v) take possession of the Collateral or any part thereof, by directing the relevant Assignor in writing to deliver the same to the Collateral Agent at any place or places designated by the Collateral Agent, in which event such Assignor shall at its own expense:
Remedies; Obtaining the Collateral Upon Default. Upon the occurrence and during the continuance of an Event of Default (whether or not any demand by the Lender for payment is made) to the extent any such action is not prohibited by any Orders, the Lender, in addition to any rights now or hereafter existing under applicable law, and without application to or order of either Bankruptcy Court, shall have all rights as a secured creditor under the Uniform Commercial Code and PPSA in all relevant jurisdictions and may:
(a) instruct the obligor or obligors on any agreements, instrument or other obligation constituting the Collateral (other than the Arbitration Proceeding Rights, prior to the Final Award Date) to make any payment required by the terms of such instrument or agreement directly to the Lender or to any Cash Collateral Account;
(b) sell, assign or otherwise liquidate, or direct the Borrower to sell, assign or otherwise liquidate, any or all of the Collateral (other than the Arbitration Proceeding Rights, prior to the Final Award Date) or any part thereof, and take possession of, and apply to reduce Obligations, all the proceeds of any such sale, assignment or liquidation;
(c) require that the Borrower deposit any Arbitration Proceeds received by the Borrower to the Principal Cash Collateral Account and the Additional Compensation Cash Collateral Account as required by the Agreement or with the Monitor during the CCAA Case, or, after the CCAA Case has ended, pay the same into court in the Ontario Superior Court of Justice (Commercial List), and apply to such court to have the amounts contemplated by Exhibit F paid out of court and deposited to the appropriate Cash Collateral Account or paid to the Lender;
(d) take possession of the Collateral (other than the Arbitration Proceeding Rights, prior to the Final Award Date) or any part thereof, by directing the Borrower in writing to deliver the same to the Lender at any place or places designated by the Lender, in which event the Borrower shall at its own expense:
(i) forthwith cause the same to be moved to the place or places so designated by the Lender and there delivered to the Lender, and
(ii) store and keep any Collateral so delivered to the Lender at such place or places pending further action by the Lender as provided in Section 9.2.
Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under the UCC in all relevant jurisdictions and may:
Remedies; Obtaining the Collateral Upon Default. Upon the occurrence and during the continuation of an Event of Default, the Agent shall have all rights and remedies of a secured party under the laws which govern the creation, perfection or enforcement of the security interests hereunder to enforce this Security Agreement and the security interests contained herein, including, without limitation, the right to appoint by instrument in writing any Person as a receiver or as a receiver and manager (collectively, the "Receiver"). The Agent may from time to time, remove or replace a Receiver, or make application to any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by the Agent will (for purposes relating to the responsibility for the Receiver's acts or omissions) be considered to be the Obligor's agent. The Agent may from time to time fix the Receiver's remuneration and the Obligor will pay to the Agent on demand the amount of such remuneration. The Agent will not be liable to the Obligor or any other Person in connection with appointing or not appointing a Receiver or in connection with a Receiver's actions or omissions. Without limiting the generality of the foregoing, the Agent may, upon the occurrence and during the continuation of an Event of Default, in addition to its other rights and remedies hereunder or under applicable law, may take any or all of the following actions to the extent permitted by applicable law:
Remedies; Obtaining the Collateral Upon Default. Each Grantor agrees that, subject to the terms of the ABL/Term Intercreditor Agreement, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured party under any PPSA, any UCC, and such additional rights and remedies to which a secured party is entitled under the laws in effect in all relevant jurisdictions and may:
Remedies; Obtaining the Collateral Upon Default. The Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, subject to any mandatory requirements; of applicable law then in effect, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under the Uniform Commercial Code in all relevant jurisdictions and may also:
Remedies; Obtaining the Collateral Upon Default. Upon an Event of Default, SAG-AFTRA may do any one or more of the following:
(i) instruct the obligor or obligors on any Account, Instrument, General Intangible, or other obligation constituting Collateral to make any payment relating to the Collateral directly to SAG-AFTRA;
(ii) in accordance with Paragraph 5(b)(i) below, sell, assign, grant distribution rights in, or otherwise liquidate, or direct Producer to sell, assign, grant distribution rights in, or otherwise liquidate, any of the Collateral and take possession of the Proceeds of the sale or liquidation; and
(iii) take possession or control of any of the Collateral by directing Producer in writing to deliver it to SAG-AFTRA at any place or places designated by SAG- AFTRA, in which event Producer shall at its own expense:
(a) immediately cause the applicable Collateral to be moved to the place or places designated by SAG-AFTRA and there delivered to SAG- AFTRA; and
(b) store and keep any Collateral so delivered to SAG-AFTRA at such place or places pending further action by SAG-AFTRA as provided in Paragraph 5(b) below. Producer's obligation to deliver the Collateral is of the essence of this Security Agreement and, upon application to a court of equity having jurisdiction, SAG- AFTRA shall be entitled to a decree requiring specific performance of this obligation.
Remedies; Obtaining the Collateral Upon Default. Each Debtor agrees that upon the occurrence of an Event of Default, the Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under the UCC in all relevant jurisdictions and may:
(a) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Debtor or any other Person who then has possession of any part thereof, with or without notice or process of law, and for that purpose may enter upon the Debtor's premises where any of the Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of the Debtor;
(b) instruct the obligor or obligors on any agreement, instrument or other obligation (including, without limitation, the Receivables and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Agent;
(c) withdraw all monies, securities and instruments in the Cash Collateral Account and/or in any other cash collateral account for application to the Obligations in accordance with Section 7.4 hereof;
Remedies; Obtaining the Collateral Upon Default. Each Assignor agrees that, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law, shall have all rights as a secured creditor under any UCC, and such additional rights and remedies to which a secured creditor is entitled under the laws in effect, in all relevant jurisdictions and may:
(i) personally, or by agents or attorneys, immediately take possession of the Collateral or any part thereof, from such Assignor or any other Person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon such Assignor's premises where any of the Collateral is located and remove the same and use in connection with such removal any and all services, supplies, aids and other facilities of such Assignor;
(ii) instruct the obligor or obligors on any agreement, instrument or other obligation (including, without limitation, the Receivables and the Contracts) constituting the Collateral to make any payment required by the terms of such agreement, instrument or other obligation directly to the Collateral Agent;
Remedies; Obtaining the Collateral Upon Default. Each Grantor agrees that, subject to the terms of the ABL/Term Intercreditor Agreement, if any Event of Default shall have occurred and be continuing, then and in every such case, the Collateral Agent, in addition to any rights now or hereafter existing under applicable law and under the other provisions of this Agreement, shall have all rights as a secured creditor under any UCC, and such additional rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and may: