Rights and Remedies After Default Sample Clauses
The "Rights and Remedies After Default" clause defines the actions and legal options available to a party when the other party fails to fulfill their contractual obligations. Typically, this clause outlines specific remedies such as the right to terminate the agreement, demand payment, seek damages, or pursue other legal or equitable relief. For example, if a borrower defaults on a loan, the lender may have the right to accelerate the debt or repossess collateral. The core function of this clause is to provide a clear framework for addressing breaches, ensuring that parties understand their recourse and helping to manage risk and resolve disputes efficiently.
Rights and Remedies After Default. (a) Upon the occurrence of a Default pursuant to Section 4.01(k) all Obligations shall be immediately due and payable. Upon the occurrence of any of the other Defaults and at any time thereafter (such Default not having been cured), at the Administration’s option upon notice to Borrower, all Obligations shall immediately be due and payable. In either event, the Administration shall have the right to exercise any and all other rights and remedies provided for herein, under the Uniform Commercial Code and at law or equity generally, including, without limitation, the right to foreclose the security interest granted under the Security Agreement by any available judicial procedure and/or to take possession of and sell any and all of the Collateral with or without judicial process, in addition to the following:
i. Require the immediate repayment of the entire outstanding principal amount of the Loan, together with all accrued interest, under the Note, plus any and all Obligations, without presentment, demand, protest, or notice, all of which the Borrower expressly waives;
ii. At any time proceed to protect and enforce all rights and remedies available to the Administration under this Agreement or by Law, by any other proceedings, whether for specific performance of any agreement contained in this Agreement, plus damages, or other relief;
iii. Suspend or terminate the Borrower's authority to receive any undisbursed Loan proceeds at any time by notice to the Borrower; and
iv. Apply as a prepayment of the outstanding principal and interest of the Loan, any undisbursed proceeds of the Loan in the possession of Administration.
(b) The Administration may also exercise any and all rights and remedies available under the other Financing Documents or under applicable Law. The Administration shall have the right, in its sole discretion, to determine which rights, security, liens, security interests or remedies the Administration may at any time pursue, relinquish, subordinate, modify or take any other action with respect thereto and such determination will not in any way modify or affect any of them or any of the Administration’s rights hereunder. The exercise of any right or remedy by the Administration shall not constitute a cure or waiver of any Default by the Borrower, nor invalidate any act done pursuant to any notice of Default, nor prejudice the Administration in the exercise of those rights. The enumeration of the foregoing rights and remedies is not intended to ...
Rights and Remedies After Default. 9.1 Rights and Remedies 9.2 Application of Proceeds
Rights and Remedies After Default. 105107 11.1. Rights and Remedies 105107 iv 074658.00041/136182926v.7074658.00041/150851455v.1 074658.00041/136182926v.10074658.00041/150851455v.4 074658.00041/136182926v.11
Rights and Remedies After Default. 107 11.1. Rights and Remedies 107 iv 074658.00041/150851455v.1 074658.00041/150851455v.4 074658.00041/152601366v.3 11.2. Agent’s Discretion 108 11.3. Setoff 108 11.4. Appointment of a Receiver 109 11.5. Rights and Remedies not Exclusive 109 11.6. Allocation of Payments After Event of Default 109 XII. ▇▇▇▇▇▇▇ AND JUDICIAL PROCEEDINGS. 111 12.1. Waiver of Notice 111 12.2. Delay 111 12.3. Jury Waiver 111 XIII. EFFECTIVE DATE AND TERMINATION. 111 13.1. Term 111 13.2. Termination 111 XIV. REGARDING AGENT. 112 14.1. Appointment 112 14.2. Nature of Duties 112 14.3. Lack of Reliance on Agent 112 14.4. Resignation of Agent; Successor Agent 113 14.5. Certain Rights of Agent 113 14.6. Reliance 113 14.7. Notice of Default 114 14.8. Indemnification 114 14.9. Agent in its Individual Capacity 114 14.10. Delivery of Documents 114 14.11. Loan Parties Undertaking to Agent 114 14.12. No Reliance on Agent’s Customer Identification Program 114 14.13. Other Agreements 115 14.14. Erroneous Payments 115 14.15. Certain ERISA Matters 117 XV. BORROWING AGENCY. 118 15.1. Borrowing Agency Provisions 118 15.2. Waiver of Subrogation 118 15.3. Common Enterprise 119 XVI. MISCELLANEOUS. 119 16.1. Governing Law 119 16.2. Entire Understanding 119 16.3. Successors and Assigns; Participations; New Lenders 122 16.4. Application of Payments 124 16.5. Indemnity 124 16.6. Notice 125 16.7. Survival 127 16.8. Severability 127 v 074658.00041/150851455v.1 074658.00041/150851455v.4 074658.00041/152601366v.3 16.9. Expenses 127 16.10. Injunctive Relief 128 16.11. Consequential Damages 128 16.12. Captions 128 16.13. Counterparts; Facsimile Signatures 128 16.14. Construction 128 16.15. Confidentiality; Sharing Information 128 16.16. Publicity 129 16.17. Certifications From Banks and Participants; USA PATRIOT Act 129 16.18. Acknowledgment and Consent to Bail-In of EEA Financial Institutions 130 XVII. GUARANTY. 130 17.1. Guaranty 130 17.2. Waivers 130 17.3. No Defense 130 17.4. Guaranty of Payment 131 17.5. Liabilities Absolute 131 17.6. Waiver of Notice 132 17.7. Agent’s Discretion 132 17.8. Reinstatement 132 vi 074658.00041/150851455v.1 074658.00041/150851455v.4 074658.00041/152601366v.3
Rights and Remedies After Default. 32 THIS DRAFT CREDIT AGREEMENT IS FOR DISCUSSION PURPOSES ONLY. THIS IS NOT A COMMITMENT TO EXTEND CREDIT IN ANY FORM, AND REMAINS SUBJECT TO CREDIT COMMITTEE APPROVAL, DUE DILIGENCE, NEGOTIATION AND DOCUMENTATION. NO ORAL COMMUNICATIONS BETWEEN THE PARTIES SHALL BE DEEMED TO INDICATE ANY COMMITMENT TO EXTEND CREDIT IN ANY FORM.
Rights and Remedies After Default. The definition to essentially underwrite a revolving credit agreement definition, for invoicing the other person to the transactions described above written. There is an inccurence covenant comply with respect of revolving credit agreement definition, and stayed there are delegated to the definition of its subsidiaries on a certificate. How Do Credit Inquiries Affect my Score? Beneficiaries to justify any indicate their rights, remedies, powers or privileges against vegetation other guarantor or surety or rain the Credit Documents or any other pet or instrument relating thereto against the Borrower or slash any legitimate Person. How revolving credit agreement definition. Borrowers at contract date list the results of their operations for subsequent period. Person or possesses, directly or indirectly, the power to fund or buzz the sniff of the management or policies of the controlled Person, whether through ownership of Capital contribute, by wax or otherwise. Another risk, especially as a transaction with a combined revolving credit and term loan which one document, is the potential for an activist lender to obtain voting power disproportionate to simply share of defence facility. Revolving credit can be giving great note tool, and financing tool when you feel it. Interest lost all Advances to the Borrower or such lesser percentage as is chill to launch the maximum available Purchase Amounts for the applicable Conduit Interest much the Advances to the Borrower from the applicable Committed Lenders.
Rights and Remedies After Default