Secured Party’s Remedies on Default Sample Clauses

The "Secured Party's Remedies on Default" clause defines the rights and actions available to the secured party if the borrower or debtor fails to meet their obligations under the agreement. Typically, this clause allows the secured party to take possession of, sell, or otherwise dispose of the collateral securing the loan, and may also permit the secured party to pursue other legal remedies to recover the outstanding debt. Its core practical function is to provide a clear and enforceable process for the secured party to recover losses in the event of default, thereby reducing risk and encouraging compliance by the debtor.
Secured Party’s Remedies on Default. Upon the occurrence of an Event of Default all of the Obligations shall become immediately due and payable without notice to Debtor, and Secured Party may, at its option, proceed to enforce payment of same and to exercise any or all of the rights and remedies contained herein, including, without limitation, the signification and collection of any debts, accounts, claims or monies owed to Debtor or otherwise afforded by law, in equity or otherwise. The floating charge created by paragraph 2 shall become a fixed charge when Secured Party proceeds to enforce payment of the Obligations. Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law and Secured Party expressly retains all rights and remedies not inconsistent with the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality of the foregoing, Secured Party may upon such Event of Default: a) appoint by instrument in writing a receiver, receiver-manager or receiver and manager (herein a "Receiver") of Debtor and of all or any part of the Collateral and remove or replace such Receiver from time to time or may institute proceedings in any court of competent jurisdiction for the appointment of a Receiver. Any Receiver appointed by Secured Party so far as concerns responsibility for its acts shall be deemed the agent of Debtor and not of Secured Party. Where Secured Party is referred to in this Article the reference includes, where the context permits, any Receiver so appointed and the officers, employees, servants or agents of such Receiver; b) immediately and without notice enter Debtor's premises and repossess, disable or remove the Collateral and Debtor hereby grants to Secured Party a licence to occupy any premises of Debtor for the purpose of storage of the Collateral; c) retain and administer the Collateral in Secured Party's sole and unfettered discretion, which Debtor hereby acknowledges is commercially reasonable; d) dispose of any Collateral by public auction, private tender or private contract with or without notice, advertising or any other formality, all of which are hereby waived by Debtor. Secured Party may, at its discretion establish the terms of such disposition, including, without limitation, terms and conditions as to credit, upset, reserve bid or price. Secured Party may also lease the Collateral on such terms as it deems appropriate. The payments for Collateral...
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Secured Party’s Remedies on Default. Upon the occurrence of an Event of Default all of the Obligations shall become immediately due and payable without notice to the Debtor, and the Secured Party may, at its option, proceed to enforce payment of same and to exercise any or all of the rights and remedies contained herein, including, without limitation, the signification and collection of any debts, accounts, claims or monies owed to the Debtor or otherwise afforded by law, in equity or otherwise. The Secured Party shall have the right to enforce one or more remedies successively or concurrently in accordance with applicable law and the Secured Party expressly retains all rights and remedies not inconsistent with the provisions herein including all the rights it may have under the PPSA, and, without restricting the generality of the foregoing, the Secured Party may upon such Event of Default:
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Secured Party’s Remedies on Default. On the occurrence of any default, and at any time thereafter, upon 20 days notice to Debtor, Secured Party may:
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Secured Party’s Remedies on Default. 4.1 On the occurrence of an event of default, and at any time thereafter, Secured Party may, after 15 days notice to Borrower, declare all or any of the Indebtedness secured by this Security Agreement immediately due and payable and will have, in addition to all other rights and remedies, the rights and remedies of a secured party under Article 9 of the Illinois Uniform Commercial Code, including, but not limited to, the right to sell or otherwise dispose of any or all of the collateral. 4.2 Secured Party will give Borrower notice of the time and place of public sale of the collateral or of the time after which any private sale or other intended disposition is to be made by sending notice, as provided below, at least 15 days before the sale or disposition, which provisions for notice Borrower agrees are reasonable. 4.3 After deducting all costs and expenses of every kind incurred or incidental to preparing for sale or of selling or otherwise disposing of the collateral, including, but not limited to, attorney’s fees and other legal expenses, which costs and expenses Borrower agrees to pay, Secured Party shall apply the net proceeds of any sale or other disposition of the collateral to payment of the Indebtedness in such order as Secured Party may elect. In applying net proceeds to payment of the Indebtedness, proper rebate for any unearned interest or discount will be made. After full payment of the Indebtedness, Secured Party shall account to Borrower for any surplus. Borrower shall remain liable to Secured Party for the payment of any deficiency with interest at the rate set forth in the Note. 4.4 No act, delay, omission, or course of dealing between Borrower and Secured Party will be a waiver of any of Secured Party’s rights or remedies under this Security Agreement, and no waiver, change, modification, or discharge in whole or in part of this Security Agreement or the Indebtedness will be effective unless in writing signed by Secured Party. A waiver by Secured Party of any rights or remedies under the terms of this Security Agreement or with respect to the Indebtedness on any occasion will not be a bar to the exercise of any right or remedy on any subsequent occasion. All rights and remedies of Secured Party under this Security Agreement are cumulative and may be exercised singly or concurrently and the exercise of any one or more of them will not be a waiver of any other.
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Secured Party’s Remedies on Default 
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Related to Secured Party’s Remedies on Default

  • Remedies on Default Whenever any event of default referred to in Section 9.l hereof shall have happened and be continuing, Issuer may take any one or more of the following remedial steps: (a) By written notice to Company, Issuer may declare an amount equal to the principal and accrued interest on the 2002 Series A Bonds then Outstanding, as defined in the Indenture, to be immediately due and payable under this Agreement, whereupon the same shall become immediately due and payable. (b) Issuer may have access to and inspect, examine and make copies of the books and records and any and all accounts, data and income tax and other tax returns of Company. (c) Issuer may take whatever action at law or in equity may appear necessary or desirable to collect the amounts then due and thereafter to become due, or to enforce performance and observance of any obligation, agreement or covenant of Company under this Agreement, including, until the Release Date, any remedies available in respect of the First Mortgage Bonds. In case there shall be pending a proceeding of the nature described in Section 9.1(d) or (e) above, Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to file and prove a claim or claims for the whole amount owing and unpaid pursuant to this Agreement and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of Trustee allowed in such judicial proceedings relative to Company, its creditors or its property, and to collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute the same after the deduction of its charges and expenses; and any custodian (including, without limitation a receiver, trustee or liquidator) of Company appointed in connection with such proceedings is hereby authorized to make such payments to Trustee, and to pay to Trustee any amount due it for compensation and expenses, including reasonable counsel fees and expenses incurred by it up to the date of such distribution. Any amounts collected pursuant to action taken under this Section 9.2 (other than the compensation and expenses referred to in the immediately prior sentence) shall be paid into the Bond Fund and applied in accordance with the provisions of the Indenture or, if the 2002 Series A Bonds have been fully paid (or provision for payment thereof has been made in accordance with the provisions of the Indenture) and all reasonable and necessary fees and expenses of Trustee and any paying agents accrued and to accrue through final payment of the 2002 Series A Bonds, and all other liabilities of Company accrued and to accrue hereunder or under the Indenture through final payment of the 2002 Series A Bonds have been paid, such amounts so collected shall be paid to Company.

  • Lessor's Remedies on Default If Lessee defaults in the payment of rent or defaults in the performance of any of the other covenants or conditions hereof, Lessor may give Lessee notice of such default and if Lessee does not cure any such default within thirty (30) days after the giving of such notice (or if the default is of a nature that it cannot be completely cured within such period, if Lessee does not commence such cure within such thirty (30) days and thereafter proceed with reasonable diligence and in good faith to cure such default), then Lessor may terminate this Lease on not less than thirty (30) days' notice to Lessee. On the date specified in such notice, the term of this Lease shall terminate and Lessee shall then quit and surrender the Premises to Lessor, without extinguishing Lessee’s liability. If this Lease shall have been so terminated by Lessor, Lessor may at any time thereafter resume possession of the Premises by any lawful means and remove Lessee or other occupants and their effects.

  • Remedies on Default Etc 31 12.1. Acceleration......................................................31

  • Events of Default Remedies on Default Events of Default . Each of the following shall be an "Event of Default" if it occurs for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise: (a) Borrowers (or any other Obligor, if applicable) fail to pay (i) any principal of any Loan when due (whether at stated maturity, on demand, upon acceleration or otherwise) or (ii) any interest, fee, indemnity or other amount payable under this Agreement or any other Loan Document within 2 Business Days after the date when due; (b) Any representation or warranty of an Obligor made in any Loan Documents or transactions contemplated thereby is incorrect or misleading in any material respect when made or deemed made; (c) Borrowers breach or fail to perform any covenant contained in Section 7.2, 7.3, 9.1.1, 9.

  • RIGHTS AND REMEDIES ON DEFAULT If an Event of Default occurs under this Agreement, at any time thereafter, Lender may exercise any one or more of the following rights and remedies: Accelerate Indebtedness. Declare all Indebtedness, including any prepayment penalty which Grantor would be required to pay, immediately due and payable, without notice of any kind to Grantor.