Rights Upon an Event of Default Clause Samples
Rights Upon an Event of Default. Upon the occurrence and during the continuance of an Event of Default, the Mortgagee, immediately and without additional notice and without liability therefor to the Mortgagor, except for gross negligence, willful misconduct, bad faith or unlawful conduct, may do or cause to be done any or all of the following to the extent permitted by applicable law, and subject to the terms of any applicable Intercreditor Agreement: (a) enter the Premises and take exclusive possession thereof; (b) invoke any legal remedies to dispossess the Mortgagor if the Mortgagor remains in possession of the Premises without the Mortgagee’s prior written consent; (c) hold, lease, develop, manage, operate or otherwise use the Premises upon such terms and conditions as the Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as the Mortgagee deems reasonably necessary or desirable), and apply all Rents and Profits collected by the Mortgagee in connection therewith in accordance with the provisions hereof; (d) institute proceedings for the complete foreclosure of the Mortgage, either by judicial action or by power of sale, in which case the Premises may be sold for cash or credit in one or more parcels; and (e) exercise all other rights, remedies and recourses granted under the Credit Agreement or otherwise available at law or in equity. At any foreclosure sale by virtue of any judicial proceedings, power of sale, or any other legal right, remedy or recourse, the title to and right of possession of any such property shall pass to the purchaser thereof, and to the fullest extent permitted by law, the Mortgagor shall be completely and irrevocably divested of all of its right, title, interest, claim, equity, equity of redemption, and demand whatsoever, either at law or in equity, in and to the property sold and such sale shall be a perpetual bar both at law and in equity against the Mortgagor, and against all other Persons claiming or to claim the property sold or any part thereof, by, through or under the Mortgagor. The Mortgagee or any of the Secured Parties may be a purchaser at such sale and if Mortgagee is the highest bidder, Mortgagee shall credit the portion of the purchase price that would be distributed to Mortgagee against the indebtedness in lieu of paying cash. In the event this Mortgage is foreclosed by judicial action, appraisement of the Premises is waived to the exte...
Rights Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to:
(a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if the ▇▇▇▇ Supplier is the Non-Defaulting Party, such ▇▇▇▇ Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 5.1(a) or (h);
(b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if the ▇▇▇▇ Supplier is the Non-Defaulting Party, such ▇▇▇▇ Supplier may only declare on Early Termination if the default of the Defaulting Party constitutes an Event of Default under Sections 5.1(a) or (h);
(c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of: (i) the Early Termination Date (if applicable); (ii) the date the Event of Default has been cured by the Defaulting Party; or (iii) the date the Non-Defaulting Party waives such Event of Default;
(d) withhold any payments due to the Defaulting Party under this Agreement as a set-off against any Default Damages, or Termination Payment, as applicable, the Defaulting Party is entitled to receive;
(e) draw down, liquidate, set-off against, or demand payment under, any Guaranty, ICR Collateral and Margin Collateral; and
(f) exercise any other remedies at law or in equity.
Rights Upon an Event of Default. (a) If an Event of Default shall have occurred and be continuing, with the consent of the Note Insurer the Trustee may, or with the consent of the Note Insurer the Holders of at least 25% in aggregate outstanding Principal Amount of the Notes (subject to rescission as described below) may, or the Note Insurer may, declare by written notice to the Subordinated Certificateholders (and the Trustee, if declared by the Noteholders or the Note Insurer), the entire Principal Amount of the Notes immediately due, together with accrued interest thereon. The Subordinated Certificateholders shall have no right to declare an Event of Default or to make a declaration of acceleration. At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee, if there has been deposited in the Collection Account, either pursuant to collections on the Trust Property or from amounts deposited with the Collateral Agent by the Subordinated Certificateholders, an amount sufficient to pay: (i) all sums paid or advanced by the Trustee, the Collateral Agent, the Note Insurer and the Note Paying Agent hereunder and the reasonable compensation, expenses and disbursements of the Trustee, the Collateral Agent, the Note Paying Agent, the Certificate Paying Agent, the Note Registrar, the Certificate Registrar, the Administrator, the Note Insurer and their agents and (ii) the Interest Amount with respect to the next Payment Date, such declaration and its consequences shall be rescinded and annulled.
(b) If the Notes have been declared due following an Event of Default, subject to the Security Agreement, the Trustee shall maintain possession of the Trust Property (or any portion thereof) and continue to apply collections from the Trust Property as if there had been no declaration of acceleration unless the Trustee shall be directed by the Note Insurer or, with the consent of the Note Insurer, the Holders of not less 66 2/3% of the Principal Amount of the Notes to liquidate the Trust Property, in which case the Trustee shall liquidate the Trust Property by selling all the assets of the Trust at one or more public or private sales in any manner permitted by law; provided, however, that neither the Depositors nor any of their affiliates shall be permitted to purchase any or all of the assets of the Trust.
Rights Upon an Event of Default. If an Event of Default shall have occurred and be continuing, the Non-Defaulting Party shall have the right to:
(a) immediately suspend performance upon written notice to the Defaulting Party; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only suspend performance if the default of the Defaulting Party constitutes an Event of Default under Sections 5.1(a) or (h);
(b) declare an Early Termination and designate by written notice an Early Termination Date which shall be no earlier than the day such designation notice is effective and no later than twenty (20) calendar days after such notice is effective; provided, however, that if an SSO Supplier is the Non-Defaulting Party, such SSO Supplier may only declare on Early Termination if the default of the Defaulting Party constitutes an Event of Default under Sections 5.1(a) or (h);
(c) calculate and receive from the Defaulting Party payment for any Default Damages which the Non-Defaulting Party incurs as of the date of the event giving rise to the Event of Default, until the earlier of: (i) the Early Termination Date (if applicable);
Rights Upon an Event of Default. If any Event of Default shall occur, then:
(a) in the case of any Event of Default other than an Event of Default referred to in Sections 7.1(f) or 7.1(g), the Administrative Agent shall, by notice to the Borrower, upon request of the Required Lenders, declare all or any portion of the New Commitments, if any, terminated and/or the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the New Commitments shall be terminated and the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and
(b) in the case of any Event of Default referred to in Sections 7.1(f) or 7.1(g), automatically the New Commitments, if any, shall immediately terminate and the principal of the Loans then outstanding, together with accrued interest thereon, and all fees and other obligations of the Borrower accrued hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower.
Rights Upon an Event of Default. Upon the occurrence and during the continuation of an Event of Default:
(a) the Administrative Agent may, and, upon request of the Majority Lenders, shall, by notice to the Borrower and the Collateral Agent, terminate the Commitments and/or declare the principal amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Borrower hereunder and under the Notes (including, without limitation, any amounts payable under Section 5.05 or 5.06) to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Borrower; and
(b) in the case of the occurrence of an Event of Default referred to in paragraph (g) or (h) above with respect to the Borrower, the Commitments shall automatically be terminated and the principal amount then outstanding of, and the accrued interest on, the Loans and all other amounts payable by the Borrower hereunder and under the Notes (including any amounts payable under Section 5.05 or 5.06) shall automatically become immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Borrower. Notwithstanding anything else provided herein, upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may exercise any and all remedies available to it under law or equity and any Lender may exercise any right of set-off available to it. Without limiting the foregoing, remedies under any Security Document may only be exercised by the Collateral Agent, although any Secured Party shall have the right (but not the obligation) to cure any default under a Security Document subject to the rules and regulations of the BLM.
Rights Upon an Event of Default. Upon the occurrence of an Event of Default, and at any time thereafter unless and until such Event of Default has been waived by the Bank or cured to the reasonable satisfaction of the Bank, the Bank shall be entitled to take any of the following actions without prejudice to the rights of the Bank to enforce its claims against the Company, except as otherwise specifically provided for herein:
Rights Upon an Event of Default. The Balancing Pool shall notify the Commission of any Event of Default by the Service Provider. It is understood that upon notification of an Event of Default, the Commission may, at its sole discretion, direct the Balancing Pool to take action which may include:
(a) declaring the availability of any funding under this Agreement to be terminated, whereupon the same shall forthwith terminate;
(b) declaring all indebtedness and liabilities of the Service Provider to the Balancing Pool under this Agreement to be immediately due and payable, whereupon the same shall be immediately due and payable without presentment, demand, protest or notice, all of which will be deemed to be waived by the Service Provider;
(c) filing such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Balancing Pool lodged, filed or otherwise recorded in any bankruptcy, administration, insolvency, winding-up or other judicial proceedings relating to the Service Provider; and/or
(d) exercising and enforcing any or all of the Balancing Pool’s rights and remedies under this Agreement, at law, under statute and in equity.
Rights Upon an Event of Default. The Province shall notify the Commission of any Event of Default by the Service Provider. It is understood that upon notification of an Event of Default, the Province may take action which may include:
(a) declaring the availability of any loan under this Agreement to be terminated, whereupon the same shall forthwith terminate;
(b) declaring all indebtedness and liabilities of the Service Provider to the Province under this Agreement to be immediately due and payable, whereupon the same shall be immediately due and payable without presentment, demand, protest or notice, all of which will be deemed to be waived by the Service Provider;
(c) filing such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Province lodged, filed or otherwise recorded in any bankruptcy, administration, insolvency, winding-up or other judicial proceedings relating to the Service Provider; and/or
(d) exercising and enforcing any or all of the Province’s rights and remedies under this Agreement, at law, under statute and in equity.
Rights Upon an Event of Default. Upon the occurrence of an Event of Default, the principal amount of the Note, together with any accrued and unpaid interest thereon, shall be immediately due and payable without notice or demand, presentment, or protest, all of which are hereby expressly waived. From and after the occurrence of an Event of Default, the Lender may take, use, sell or otherwise encumber or dispose of the Collateral in accordance with the California Commercial Code and shall apply the proceeds of any sale of the Collateral in accordance with the California Commercial Code; provided, however, that the Lender shall be entitled to retain as its sole property 50% of any proceeds from the sale of the Collateral which exceed the sum of the outstanding Obligation at the time of the Event of Default plus broker commissions charged in the sale of the Collateral. The Lender shall deliver a sale confirmation statement from the Lender’s broker each time a sale of Collateral is made pursuant to this section after an Event of Default.