Rights on Default Sample Clauses
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Rights on Default. 22.1 On an Event of Default or at any time after we have determined, in our absolute discretion, that you have not performed (or we reasonably believe that you will not be able or willing in the future to perform) any of your obligations to us, in addition to any rights under the clause 23 (Netting) we shall be entitled to take the following actions, without prior notice to you:
1. instead of returning to your investments equivalent to those credited to your account, to pay to you the fair market value of such investments at the time we exercise such right; and/or
2. to sell such of your investments as are in our possession or in the possession of any nominee or third party appointed under or pursuant to this Agreement, in each case as we may in our absolute discretion select or and upon such terms as we may in our absolute discretion think fit (without being responsible for any loss or diminution in price) in order to realize funds sufficient to cover any amount due by you hereunder; and/or
3. to close out, replace or reverse any Transaction, buy, sell, borrow or lend or enter into any other Transaction or take, or refrain from taking, such other action at such time or times and in such manner as, at our sole discretion, we consider necessary or appropriate to cover, reduce or eliminate our loss or liability under or in respect of any of your contracts, positions or commitments; and/or
4. to cancel and/or consider void any Transactions and profits or losses either realized or unrealized and/or to close out the account(s) you maintain with us pursuant to this Agreement, immediately and without prior notice.
Rights on Default. On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in paragraphs (b) or (c) of the definition of Events of Default (each a "Bankruptcy Default"), the automatic termination provision of this clause shall apply.
Rights on Default. Notwithstanding anything to the contrary in this Article 3, upon the occurrence of an Event of Default, Lender shall promptly notify Property Account Bank and Lockbox Bank in writing of such Event of Default and, without notice from Property Account Bank, Lockbox Bank or Lender, (a) Borrower shall have no further right in respect of (including, without limitation, the right to instruct Lockbox Bank or Property Account Bank to transfer from) the Accounts, (b) Lender may direct Lockbox Account to liquidate and transfer any amounts then invested in Permitted Investments to the Accounts or reinvest such amounts in other Permitted Investments as Lender may reasonably determine is necessary to perfect or protect any security interest granted or purported to be granted hereby or pursuant to the other Loan Documents or to enable Lockbox Bank, as agent for Lender, or Lender to exercise and enforce Lender’s rights and remedies hereunder or under any other Loan Document with respect to any Account or any Account Collateral, and (c) Lender shall have all rights and remedies with respect to the Accounts and the amounts on deposit therein and the Account Collateral as described in this Agreement and in the Security Instruments, in addition to all of the rights and remedies available to a secured party under the UCC, and, notwithstanding anything to the contrary contained in this Agreement or in the Security Instruments, Lender may apply the amounts of such Accounts as Lender determines in its sole discretion including, but not limited to, payment of the Debt.
Rights on Default. On the occurrence of an Event of Default, we may exercise our rights under this clause, except that in the case of the occurrence of any Event of Default specified in Clause 14.2 or Clause 14.3 of the definition of Events of Default (each a “Bankruptcy Default”), the automatic termination provision of this clause shall apply. Subject to the following sub-clause, at any time following the occurrence of an Event of Default, we may, by notice to you, specify a date (the “Liquidation Date”) for the termination and liquidation of Transactions in accordance with this clause. The date of the occurrence of any Bankruptcy Default shall automatically constitute a Liquidation Date, without the need for any notice by us and the provisions of the following sub-clause shall then apply.
Rights on Default. If the Customer is in default under this Rental, without notice to or demand on the Customer, the Company may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair, and related costs, and hold the Customer responsible for any deficiency. The Company shall be obligated to re-rent the equipment, or otherwise mitigate the damages from the default, only as required by law.
Rights on Default. (a) If an Event of Default shall occur, the Purchaser may, subject to the rights of the holders of Senior Indebtedness,:
(i) without notice or demand to the Company declare all obligations of the Company to the Purchaser to be immediately due and payable;
(ii) exercise the rights and remedies accorded to a secured party under the UCC or other law or under any instrument or document securing the obligations of the Company to the Purchaser (including without limitation thereto the right to take immediate possession of the Collateral);
(iii) perform any warranty, covenant or agreement which the Company has failed to perform under this Agreement; and
(iv) take any other action which the Purchaser deems necessary or desirable to protect the Collateral or the security interests granted herein.
(b) No course of dealing or delay in accelerating any obligation of the Company to the Purchaser or in taking or failing to take any other action with respect to any Event of Default shall affect the right of the Purchaser to take such action at a later time. No waiver as to any one Event of Default shall affect the rights of the Purchaser upon any other Event of Default.
(c) The Purchaser may exercise any or all of its rights or remedies after an Event of Default concurrently with, or independently of, and without regard to, the provisions of any other security agreement or other instrument which secures any obligation of the Company to the Purchaser.
(d) After an Event of Default, the Company, upon demand by the Purchaser, shall assemble the Collateral at the Company's cost and make it available to the Purchaser at a place to be reasonably designated by the Purchaser.
(e) The requirement of the UCC that the Purchaser give the Company reasonable notice of any proposed sale or disposition of the Collateral shall be met if such notice is given at least seven (7) days before the time of such sale or disposition.
(f) The reasonable expenses of retaking, holding, preparing for sale, selling and the like incurred by the Purchaser shall be paid by the Company to the Purchaser and shall include, but not be limited to, reasonable fees of attorneys and legal expenses incurred by the Purchaser and the payment thereof shall be secured by this Section 11.
Rights on Default. Each Obligor authorises the Lender to, following the occurrence of any Event of Default (and without prior notice or Demand), transfer any money held in any account of an Obligor with the Lender, or any money owing by the Lender to an Obligor, to an account in the Lender’s name by way of security for the performance of the Secured Obligations.
Rights on Default. In the event of default (as defined in the Note) by Pledgor under the Note, the Company will have full power to sell, assign and deliver the whole or any part of the Collateral at any broker's exchange or elsewhere, at public or private sale, at the option of the Company, in order to satisfy any part of the obligations of Pledgor now existing or hereinafter arising under the Note. On any such sale, the Company or its assigns may purchase all or any part of the Collateral. In addition, at its sole option, the Company may elect to retain all the Collateral in full satisfaction of Pledgor's obligation under the Note, in accordance with the provisions and procedures set forth in the California Commercial Code.
Rights on Default. In addition to any other rights afforded the Lessor by law, if the Lessee is in default under this Lease, without notice to or demand on the Lessee, the Lessor may take possession of the equipment as provided by law, deduct the costs of recovery (including attorney fees and legal costs), repair, and related costs, and hold the Lessee responsible for any deficiency. The rights and remedies of the Lessor provided by law and this Agreement shall be cumulative in nature. The Lessor shall be obligated to re-lease the equipment, or otherwise mitigate the damages from the default, only as required by law.
Rights on Default. On the occurrence of an Event of Default, we may exercise our rights under this clause 11, except that in the case of the occurrence of any Event of Default specified in paragraphs (b) or (c) of clause 10.1 (each a “Bankruptcy Default”), the automatic termination provision of this clause shall apply.