Rights and Remedies of Beneficiary Sample Clauses

The "Rights and Remedies of Beneficiary" clause defines the specific entitlements and legal actions available to a beneficiary under an agreement. It typically outlines what steps a beneficiary can take if the other party fails to fulfill their obligations, such as seeking damages, demanding performance, or pursuing other legal remedies. By clearly stating these rights and available remedies, the clause ensures that beneficiaries have a clear path to enforce their interests and provides certainty in the event of a breach or dispute.
Rights and Remedies of Beneficiary. If an Event of Default occurs, the Beneficiary shall have all of the rights afforded it at law or in equity, including, without limitation, the Beneficiary may, at its option and without demand, notice or delay, do one or more of the following: (a) Upon the occurrence of an Event of Default, at the request of Beneficiary, Trustee, or his successor in trust, is hereby authorized and empowered, upon giving notice by three publications in any newspaper, daily or weekly, of general circulation, published in the county or counties wherein the Property is located, the first of which publications shall be at least twenty (20) days previous to any sale, to sell the Property, or any part thereof, at the front door of the ▇▇▇▇▇▇ County Courthouse to the highest bidder for cash, at public outcry, free from the equity or statutory right of redemption, homestead, dower, courtesy, rights by virtue of marriage, exemption rights, and all other rights and interest of Grantor, all of which are expressly waived. The Trustee or his successor in trust is further authorized and empowered to execute and deliver a deed to the purchaser at such sale. Beneficiary may bid at any such sale, but Beneficiary shall not be required to present cash at the sale except to the extent, if any, by which Beneficiary’s bid exceeds the amount of the Obligations. The purchaser at such sale shall be entitled to immediate possession of the Property upon the delivery to purchaser by Trustee of a deed for the Property. Prior to such sale, Trustee may enter and take possession of the Property, in which case Trustee shall be accountable only for net rents actually received by Trustee. In the event of sale hereunder, the proceeds will be applied by Trustee as follows: FIRST – to pay all costs and charges of executing or enforcing this trust, including attorney’s fees and expenses of any litigation which may arise on account of the execution and enforcement of this trust; SECOND – to pay the Obligations, or any balance thereof then remaining unpaid; then in the event Letters of Credit are outstanding, proceeds in an amount equal to the L/C Coverage Requirement (as defined in the Credit Agreement) shall be held in an account with the Beneficiary as security for the Grantor’s reimbursement obligations in connection with such Letters of Credit; THIRD – the remainder to be paid to such parties as are legally entitled to it. In the event of a sale of said Property under and by virtue of this trust, Grantor and...
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Related to Rights and Remedies of Beneficiary

  • Restoration of Rights and Remedies If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.

  • Rights and Remedies are Cumulative Except with respect to rights and remedies expressly declared to be exclusive in this Agreement, the rights and remedies of the parties are cumulative and the exercise by either party of one or more of such rights or remedies shall not preclude the exercise by it, at the same or different times, of any other rights or remedies for the same default or any other default by the other party.

  • No Waiver of Provisional Remedies, Self-Help and Foreclosure The arbitration requirement does not limit the right of any party to (i) foreclose against real or personal property collateral; (ii) exercise self-help remedies relating to collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in sections (i), (ii) and (iii) of this paragraph.

  • Other Rights and Remedies Lender shall have all the rights and remedies of a secured creditor under the provisions of the Uniform Commercial Code, as may be amended from time to time. In addition, Lender shall have and may exercise any or all other rights and remedies it may have available at law, in equity, or otherwise.

  • Other Rights and Remedies Not Affected The indemnification rights of the parties under this Article X are independent of and in addition to such rights and remedies as the parties may have at law or in equity or otherwise for any misrepresentation, breach of warranty or failure to fulfill any agreement or covenant hereunder on the part of any party hereto including without limitation the right to seek specific performance, rescission or restitution, none of which rights or remedies shall be affected or diminished hereby.