Remedies Upon Occurrence of an Event of Default Sample Clauses
The "Remedies Upon Occurrence of an Event of Default" clause defines the actions a party may take if the other party fails to meet its contractual obligations, such as missing payments or breaching key terms. Typically, this clause outlines specific remedies available, which may include accelerating payment obligations, terminating the agreement, or pursuing legal action to recover damages. Its core function is to provide a clear framework for addressing breaches, thereby protecting the non-defaulting party and ensuring that there are predefined consequences for default.
Remedies Upon Occurrence of an Event of Default. 7.1 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 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 to the fullest extent permitted by applicable law:
(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 Accounts 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 and may exercise any and all remedies of such Assignor in respect of such Collateral;
(iii) instruct all banks which have entered into a control agreement with the Collateral Agent to transfer all monies, securities and instruments held by such depositary bank to the Cash Collateral Account;
(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 reasonable place or places designated by the Collateral Agent, in which event such Assignor shall at its own expense:
Remedies Upon Occurrence of an Event of Default. Remedies; Obtaining the Collateral Upon an Event of Default 16 7.2 Remedies; Disposition of the Collateral 17 7.3 Waiver of Claims 18 7.4 Application of Proceeds 18 7.5 Remedies Cumulative 20 7.6 Discontinuance of Proceedings 20
Remedies Upon Occurrence of an Event of Default. 7.1. Remedies; Obtaining the Collateral Upon Default
7.2. Remedies; Disposition of the Collateral 7.3. Waiver of Claims 7.4. Application of Proceeds 7.5. Remedies Cumulative 7.6. Discontinuance of Proceedings ARTICLE VIII INDEMNITY 8.1. Indemnity 8.2. Indemnity Obligations Secured by Collateral; Survival
Remedies Upon Occurrence of an Event of Default. If any Event of Default shall have occurred and be continuing, then and in such case:
Remedies Upon Occurrence of an Event of Default. If an Event of Default shall have occurred and be continuing:
(a) The Secured Party may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it (whether under the Note, the other Loan Documents, at law or in equity), all of the rights and remedies of a secured party on default under the Code (whether or not the Code applies to the affected Collateral), and also may: (i) enter upon any premises on which the Collateral may be situated and remove the same therefrom or require the Grantor to, and the Grantor hereby agrees that it will at its expense and upon request of the Secured Party, forthwith assemble all or part of the Collateral as directed by the Secured Party and make it available to the Secured Party at a place to be designated by the Secured Party; and (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Secured Party’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as the Secured Party may deem commercially reasonable. The Grantor agrees that, to the extent notice of sale shall be required by law, ten (10) days’ notice to the Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Secured Party shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Secured Party may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.
(b) Any cash held by the Secured Party as Collateral and all cash proceeds received by the Secured Party in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral shall be applied as follows:
(i) First, to the payment of the reasonable costs and expenses, including, without limitation, reasonable attorney’s fees and legal expenses, incurred by the Secured Party in connection with: (A) the administration of this Agreement; (B) the custody, preservation, use or operation of, or the sale of, collection from, or other realization upon, any Collateral; (C) the exercise or enforcement of any of the rights of the Secured Party hereunder; or (D) the failure of ...
Remedies Upon Occurrence of an Event of Default. Section 5.1 Remedies; Obtaining the Collateral Upon Default. 19 Section 5.2 Remedies; Disposition of the Collateral. 21 Section 5.3 ULC Shares. 22 Section 5.4 Receiver's Powers. 23 Section 5.5 Waiver of Claims. 23 Section 5.6 Application of Proceeds. 24 Section 5.7 Remedies Cumulative. 27 Section 5.8 Discontinuance of Proceedings. 28
Remedies Upon Occurrence of an Event of Default. For the avoidance of doubt, the provisions of SECTION 8.1, SECTION 8.2 and SECTION 8.4 shall apply only upon the occurrence and during the continuance of an Event of Default.
Remedies Upon Occurrence of an Event of Default. (a) Upon the occurrence and continuation of an Event of Default described in (c) or (d) of Section 7.1 arising under Cayman Islands law, the Trustee may at its discretion or Noteholders holding no less than 33?% in aggregate principal amount of the Notes then Outstanding may declare the principal of and accrued and unpaid interest, if any, on all the Notes to be due and payable. Upon such a declaration, such principal and accrued and unpaid interest will be immediately due and payable. If an event of Default described in (c) or (d) of Section 7.1 occurs other than under Cayman Islands law and is continuing, the principal of and accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any Noteholders; provided, however, that Unibanco shall only be required to make the payments described in this Section 7.2(a) after Unibanco has been declared bankrupt, put into liquidation or otherwise dissolved for purposes of Brazilian law, and those payments will be subject to the subordination provisions of Article III. In addition, if Unibanco makes payments described in this Section 7.2(a) from Brazil, Unibanco will be required to obtain the approval of the Central Bank for the remittance of funds outside Brazil. There is no right of acceleration in the case of a Default in the payment of principal of or interest on the Notes or the failure by Unibanco to perform any other obligation hereunder.
(b) If an Event of Default occurs or if Unibanco breaches any covenant or warranty hereunder or under the Notes, the Trustee may pursue any available remedy to enforce any provision of the Notes or this Indenture.
(c) At any time after a declaration of acceleration in accordance with Section 7.2(a) above has been made with respect to the Notes and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article VII, the Majority Noteholders, by written notice to Unibanco and the Trustee, may rescind and annul such declaration and its consequences if:
(i) there shall have been paid to or deposited with the Trustee a sum sufficient to pay:
(A) all overdue installments of interest on the Notes (including all Amounts in Arrears and Additional Interest Amounts);
(B) the principal of any Notes that have become due other than by such declaration of acceleration and interest thereon at the Arrears Rate;
(C) to the extent that pay...
Remedies Upon Occurrence of an Event of Default. If an Event of Default shall occur and be continuing, then Mortgagee may proceed to enforce its rights hereunder.
Remedies Upon Occurrence of an Event of Default. Remedies; Obtaining the Collateral Upon Default. Each Grantor agrees that, subject to any Applicable 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 the PPSA or other applicable law, and such additional rights and remedies to which a secured creditor is entitled under the laws in effect in all relevant jurisdictions and may: