Rights in Event of Default Clause Samples
The "Rights in Event of Default" clause defines the actions and remedies available to a party if the other party fails to meet its contractual obligations. Typically, this clause outlines specific rights such as the ability to terminate the agreement, demand immediate payment, or seek damages if a default occurs. For example, if a borrower misses a loan payment, the lender may have the right to accelerate the debt or repossess collateral. The core function of this clause is to protect the non-defaulting party by providing clear recourse in the event of a breach, thereby allocating risk and ensuring contractual enforcement.
Rights in Event of Default. In addition to any other rights which the Secured Parties may have at law or hereunder, upon the occurrence of an Event of Default, and at any time thereafter during the continuance thereof, the Secured Parties may:
(i) Declare all obligations secured hereby immediately due and payable and the Secured Parties shall have the rights and remedies of a “secured party” under the applicable UCC, including, without limitation, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose the Secured Parties may enter any premises on which the Collateral or any part thereof may be situated and remove the same therefrom, so long as the same may be accomplished without a breach of the peace. The Secured Parties may require Debtor to assemble the Collateral and make it available to the Secured Parties at a place to be designated by the Secured Parties which is reasonably convenient to the Secured Parties and thereafter hold the Collateral absolutely free from any claim or right whatsoever, including any right or equity of redemption (statutory or otherwise) of the Debtor, and such demand, notice and right or equity being hereby expressly waived and released. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Secured Parties will send Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is sent to Debtor at least ten (10) days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include the Secured Parties’ reasonable fees and expenses (including, but not limited to, reasonable fees and expenses of legal counsel), and Debtor agrees to pay such reasonable fees and expenses, plus interest thereon at the rate set forth in Section 3(c) hereof. Debtor shall remain liable for any deficiency hereunder or under the Secured Notes;
(ii) Notify the accounts of Debtor or obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness remitted by Debtor to the Secured Parties as proceeds to pay the Secured Parties directly;
(iii) Execute, sign, endorse, transfer or deliver in the name of Debtor, notes, checks, drafts or other i...
Rights in Event of Default. In the Event of Default under this Section 11, and in addition to all other remedies available in law or equity, the nondefaulting party, if not itself in default, shall be entitled to terminate this Agreement, at its sole and exclusive election, upon written notice to the other party, and all rights and obligations hereunder shall cease as of such notice date, except the rights and obligations set forth in Section 12 of this Agreement shall survive such termination for claims arising from acts or omissions occurring during the time this Agreement was in full force and effect.
Rights in Event of Default. In the event that the Contractor/Supplier fails to comply with any of the terms or provisions of this Contract, declares bankruptcy, makes a general assignment for the benefit of its creditors, has a receiver appointed on account of its insolvency, or is generally not paying its debts when due, then, in any such event, the University shall have all rights available to it as a result thereof at law or in equity, including, without limitation, the right to cancel, by written notice to the Contractor/Supplier, all or any part of this Contract without liability to the Contractor/Supplier.
Rights in Event of Default. In the event that a Hong Kong Underwriter defaults in any of its obligations under this Agreement and/or the Hong Kong Underwriting Agreement, the Global Coordinator shall have the right in its sole and absolute discretion (but not the obligation) to do one or more of the following:
10.1.1 submit Application Forms for and to effect payment of the total amount payable for the Hong Kong Offer Shares by that Hong Kong Underwriter pursuant to the terms of the Hong Kong Underwriting Agreement;
10.1.2 in the event of default in payment, the Global Coordinator shall have the right (but not the obligation) to borrow and/or fund on behalf of and without reference to that Hong Kong Underwriter an amount equal to but not more than the amount necessary to effect the payment for the defaulting Hong Kong Underwriter;
10.1.3 for every 24 hours such payment remains unpaid, to charge the defaulting Hong Kong Underwriter interest on the defaulted amount calculated on the basis of 2% per annum over the best lending rate for Hong Kong dollars quoted by The Hongkong and Shanghai Banking Corporation Limited;
10.1.4 to take delivery of all or part of its Hong Kong Public Offering Underwriting Commitment and at any time sell any Hong Kong Offer Shares so taken up to repay all or any part of the amount owing to it by such defaulting Hong Kong Underwriter; and
10.1.5 to claim from such defaulting Hong Kong Underwriter the amount of any shortfall as a result of Clause 10.1.4 above.
Rights in Event of Default. In any such event described in Subparagraph A above, at the option of Licensor, Licensor may:
(i) revoke and terminate the License granted hereby whereupon the Term shall expire and end and Licensor may retake possession of the Premises in any manner provided at law; and/or
(ii) exercise any rights or use any remedies or procedures available in law or equity, which may be cumulative with those in item (i) of this Subparagraph.
Rights in Event of Default. 1. Upon the occurrence of an Event of Default, and at any time thereafter the Secured Party may declare all obligations secured hereby immediately due and payable and shall have the rights and remedies of a Secured Party under the Texas Business and Commerce Code, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Secured Party will send the Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to the Debtor at 203 Colorado, ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇, Attention: Chief Financial Officer (with a required copy to General Counsel at the same address) at least ten (10) days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include the Secured Party’s reasonable attorney’s fees and legal expenses, and the Debtor agrees to pay such expenses, plus interest thereon at the Default Rate. The Debtor shall remain liable for any deficiency.
2. The Secured Party may remedy any default and may waive any default without waiving any other prior or subsequent default.
3. The Secured Party may notify the account debtors or obligors of any accounts, chattel paper, negotiable instruments or other evidences of indebtedness remitted by the Debtor to the Secured Party as proceeds to pay the Secured Party directly.
4. The Secured Party may demand, ▇▇▇ for, collect or make any compromise or settlement with reference to the Collateral as the Secured Party, in its sole discretion, chooses.
5. The remedies of the Secured Party hereunder are cumulative, and the exercise of any one or more of the remedies provided for herein shall not be construed as a waiver of any of the other remedies of the Secured Party.
Rights in Event of Default. Upon the occurrence of an Event of Default, and at any time thereafter, Secured Party:
(a) may declare all obligations secured hereby immediately due and payable (which amount shall include expenses of retaking, holding, preparing for sale, selling, or the like and reasonable attorneys' fees);
(b) shall have the rights and remedies of a Secured Party under the Uniform Commercial Code of New York, including, without limitation thereto, the right to sell, lease, or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the same therefrom;
(c) may require Pledgor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties;
(d) will, unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, send Pledgor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made (the requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Pledgor at the address designated at the beginning of this Agreement at least five (5) business days before the time of the sale or disposition).
Rights in Event of Default. In the event that Contractor/Supplier fails to comply with any of the terms or provisions of this Contract, declares bankruptcy, makes a general assignment for the benefit of its creditors, has a receiver appointed on account of its insolvency, or is not generally paying its debts when due, then, in any such event, the University shall have all rights available to it as a result thereof at law or in equity, including, without limitation, the right to cancel, by written notice to Contractor/Supplier, all or any part of this Contract, including any Order that has not been fully performed or otherwise completed, without liability to Contractor/Supplier.
Rights in Event of Default. (a) Upon the occurrence of an Event of Default, and at any time thereafter, or in the event Secured Party deems itself insecure, Secured Party may declare the Secured Indebtedness immediately due and payable and shall have the rights and remedies of a secured party under the Uniform Commercial Code and under other applicable laws of each state having jurisdiction over the collateral or any part thereof, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the collateral and the right to take possession of the Collateral, and for that purpose Secured Party may enter upon any premises on which the Collateral or any part thereof may be situated and remove the Collateral or books and records evidencing same, or may require Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the collateral is perishable or threatens to decline speedily in value, or is of a type customarily sold on a recognized market, Secured Party will send Debtor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Debtor at the address designated in this Agreement at least ten (10) days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorneys' fees and legal expenses, plus interest thereon at the maximum non-usurious rate permitted by applicable law with respect to Debtor. Debtor shall remain liable for any deficiency. Any amounts held, realized or received by Secured Party from any sale or other disposition of the Collateral or any part thereof, and all amounts received by Secured Party pursuant to collection of Accounts shall be applied by Secured Party in the following order to:
(1) all costs, expenses and liabilities of Secured Party (including attorneys' fees and expenses) incurred in connection with the exercise of Secured Party's rights under this Agreement or protecting its interest in the Collateral;
(2) the payment, in the following order (i) all interest owing on the Note, (ii) all principal owing on the Note (whether or not then due); (iii) all other Secured Indebtedness of Debtor to Secured Party; and th...
Rights in Event of Default. (i) Upon the occurrence of an Event of Default, Contractor shall immediately pay any outstanding Prepayment amounts to the Company and, where applicable under the Contract, Liquidated Damages.
(ii) Upon the occurrence of an Event of Default and the failure thereafter of Contractor to pay to Company any remaining outstanding Prepayment amounts and Liquidated Damages, where applicable, pursuant to the preceding sub-paragraph hereof, the Company may declare all obligations secured hereby immediately due and payable and shall have the rights and remedies of a Company under the Texas UCC, including without limitation thereto, the right to sell, lease or otherwise dispose of any or all of the Collateral and the right to take possession of the Collateral, and for that purpose the Company may enter upon any premises on which the Collateral or any part thereof may be situated and remove the same there from, so long as the same may be accomplished without a breach of the peace. The Company may require Contractor to assemble the Collateral and make it available to the Company at a place to be designated by the Company which is reasonably convenient to the parties. Further, upon the exercise by the Company of any of its rights hereunder, Contractor grants to Company a perpetual, royalty free and exclusive license, easement, and right in any and all property, ownership, intellectual property and proprietary rights in the Collateral. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Company will send Contractor reasonable notice of the time and place of any public sale thereof or of the time after which any *** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. private sale or other disposition thereof is to be made. The requirement of sending reasonable notice shall be met if such notice is mailed, postage prepaid, to Contractor at the address shown in Section V – “Administrative Procedures”, of this Contract at least 10 days before the time of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include the Company’s reasonable attorney’s fees and legal expenses, and Contractor agrees to pay such expenses, plus interest thereon at the rate set forth in sub-section 8.3(b) hereof. Contrac...