Additional Default Remedies Sample Clauses
The "Additional Default Remedies" clause defines the extra actions or rights available to a party if the other party defaults under the agreement. In practice, this clause may allow the non-defaulting party to pursue remedies beyond those already specified, such as accelerating payments, seeking damages, or terminating the contract. Its core function is to provide a broader set of tools to address breaches, ensuring that the non-defaulting party is adequately protected and has flexibility in responding to defaults.
Additional Default Remedies. Subject to Section 10.5, upon the occurrence, and during the continuance of any Event of Default, the Administrative Agent may and, at request of the Required Lenders, shall:
(a) whether in its own name or the name of the Guarantor, in accordance with the Constituent Documents, notify any or all related Investors to make Investor Capital Contributions in respect of all Unfunded Capital Commitments directly to the Administrative Agent, or to such other Person as the Administrative Agent may require, whereupon immediately each Credit Party shall not call or receive the same (except at the direction of the Administrative Agent);
(i) take or bring in the name of any Borrower or the Guarantor, or that of the Administrative Agent, all actions, suits or proceedings deemed by the Administrative Agent as necessary or desirable to effect possession or collection of the related Collateral, including sums due or paid thereon; (ii) subject to the provisions of the applicable Constituent Document, make allowances or adjustments of claims with respect to the related Collateral; (iii) subject to the provisions of the applicable Constituent Document, compromise any claims with respect to the related Collateral; and (iv) following the Obligations becoming due and payable pursuant to Section 10.2 or this Section 10.3, remove from the premises of the Borrowers or the Guarantor all documents, instruments, files or other items with respect to the related Collateral (including but not limited to any records with respect to such Collateral);
(c) invoke, in addition to the rights and remedies provided in this Credit Agreement or any other Loan Document, the rights and remedies of a secured party under the UCC and any and all other Governmental Rules;
(d) following the Obligations becoming due and payable pursuant to Section 10.2 or this Section 10.3, apply by appropriate judicial proceedings for appointment of a receiver for the related Collateral or any part thereof (to which any such appointment each Borrower and the Guarantor hereby consents);
(e) take possession of the amounts on deposit from time to time in the Collateral Accounts, to the extent constituting Collateral, and apply such amounts as provided in this Credit Agreement; or
(f) following the Obligations becoming due and payable pursuant to Section 10.2 or this Section 10.3, take possession and dispose of all or any portion of the related Collateral, at public or private sale, as a unit or in parcels, upon any terms a...
Additional Default Remedies. In addition to any default remedies afforded to the landlord under the lease, (i) in the event that the tenant defaults under its obligation to pay the Promissory Note due and owing to the Company as provided in the Agreement and such default is not cured within 30 days after notice and/or (ii) in the event that the Buyer defaults under its obligations hereunder to pay trade payables that are included in the Assumed Obligations assumed by it under the Agreement and such failure is not cured by the Buyer within 30 days after Company has given notice to the Buyer of the Buyer's failure to pay such payables within such time, and (iii) a default by the tenant under any of such leases, which is not cured within 30 days after notice, shall constitute a default under all such leases, any of the aforesaid defaults of the Buyer shall be deemed additional rent due and owing by the tenant under each lease. In such event tenant shall consent to the entry by the court having jurisdiction thereof to Judgments of Possession and issuance of a Warrant of Eviction to be consented to by the landlord, the Company and the tenant ("Buyer") to be submitted by the Landlord or the Company to any Court having competent jurisdiction over summary possession proceedings pursuant to the pertinent provisions of Article 7 of the Real Estate Practices and Proceedings Act of the State of New York. The aforesaid provisions of this subsection 11 shall survive the Closing and the delivery of the Conveyance Documents and shall not merge therein.
Additional Default Remedies. It is hereby agreed that in the event of the termination of this Lease pursuant to the provisions of Article 17, notwithstanding the provisions of Article 18, that Landlord shall, at Landlord's option, forthwith be entitled to recover from Tenant as and for liquidated damages with respect to any such lease termination, an amount equal to the rent reserved hereunder for the unexpired portion of the term demised. In the computation of such damages, all rent payable hereunder after the date of termination, shall be discounted from the date installments of rent would be due hereunder if this lease had not been terminated to the date of payment at the rate of four (4%) percent per annum. In the event that the premises demised hereunder are relet after the date of such termination and the date of the collection of the aforesaid liquidated damages, then Landlord agrees that on the date (the "Normal Expiration Date") which would otherwise have been the normal expiration of this lease but for the termination of this lease pursuant to the provisions of Article 17, Landlord shall pay to Tenant a sum equal to the fixed annual rent actually paid Landlord (exclusive of any escalation payments, tax payments, fuel payments, operating costs payments, percentage payments and the like whether denominated as rent or otherwise) from the date of such termination to the Normal Expiration Date, less any and all expenses of any type, kind or nature incurred by Landlord in connection with the reletting of the Demised Premises whether foreseen or unforeseen and whether ordinary or extraordinary as conclusively determined by Landlord, provided, however, that such payment shall in no event exceed the amount of liquidated damages actually paid by Tenant as aforesaid. The foregoing, however, shall not imply any obligation upon Landlord to relet the premises demised hereunder in the event of any termination pursuant to the provisions of Article 17, nor shall it constitute Landlord as Tenants agent with respect to any relettinq of such premises demised hereunder. Nothing herein contained shall, however, limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of any such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved, whether or not such amount be greater than, equal to, or less than the amount referred to above.
Additional Default Remedies. Without limiting any of the above powers or the provisions of the Loan Agreement, to the extent permitted by applicable law, Secured Party, for the ratable benefit of Banks may, upon the happening and during the continuance of any Event of Default, apply, set-off, collect, sell in one or more sales, lease, or otherwise transfer any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Secured Party may elect, and any such sale may be made either at public or private sale at its place of business or elsewhere, or at any brokers' board or securities exchange, either for cash or upon credit or for future delivery, at such price as Secured Party may deem fair, and Secured Party, for the ratable benefit of Banks, may be the purchaser of any or all of the Collateral so sold and may hold the same thereafter in its own right, free from any claim of any Debtor or right of redemption. No such purchase or holding by Secured Party, for the ratable benefit of Banks, shall be deemed a retention by Secured Party, for the ratable benefit of Banks in satisfaction of the Secured Obligations. If, notwithstanding the foregoing provisions, any applicable provision of the UCC or other applicable law requires Secured Party to give reasonable notice of any such sale or disposition or other action, and reasonable notice is not defined in such law, each Debtor hereby agrees that ten (10) days prior written notice shall constitute reasonable notice. Secured Party may require each Debtor to assemble the Collateral and make it available to Secured Party. Any sale hereunder may be conducted by an auctioneer or any officer or agent of Secured Party. After the occurrence and during the continuance of an Event of Default, Secured Party, for the ratable benefit of Banks, shall have the right to take possession of any or all of the Collateral and to take possession of all books, records, documents, information, agreements, and other property of any Debtor or in any Debtor's possession or control relating to the Collateral, and for such purpose may enter upon any premises upon which any of the Collateral or any of such books, records, information, agreements or other property are situated and remove the same therefrom without any liability for trespass or damages occasioned thereby.
Additional Default Remedies. In the event of a default by any Member (that is not cured within any applicable cure period), the non-defaulting Members and/or the Company, in addition to the rights and remedies set forth elsewhere in this Agreement, shall have all rights and remedies at law and in equity, including the right to specific performance. In addition, if any Member(s) (or the Company) brings any action to collect an amount due to it hereunder, the prevailing party in such action shall be entitled to all costs incurred therein, including reasonable legal fees. Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission.
Additional Default Remedies. In the event of a default by any Member (that is not cured within any applicable cure period), the non-defaulting Members and/or the Company, in addition to the rights and remedies set forth elsewhere in this Agreement, shall have all rights and remedies at law and in equity, including the right to specific performance. In addition, if any Member(s) (or the Company) brings any action to collect an amount due to it hereunder, the prevailing party in such action shall be entitled to all costs incurred therein, including reasonable legal fees.
Additional Default Remedies. In addition to all other remedies that Holder may exercise upon the occurrence of an Event Default specified in the Loan Documents, the Parties agree that upon the occurrence of any Event of Default, including without limitation any failure to pay the outstanding balance of the Note on the Extended Maturity Date, Holders shall be entitled to the immediate appointment of a receiver for all or any part of the Collateral, whether such receivership is incidental to the proposed sale of the Collateral, pursuant to the Uniform Commercial Code or otherwise. Issuer, Grantor and Guarantors hereby: (a) consent to the appointment of such a receiver without notice or bond, or with only a nominal bond, to the full extent permitted by applicable statute or law; and (b) waive any and all notices of and defenses to such appointment and agree not to oppose any application therefor by the Holders. Nothing herein is to be construed to deprive Holders of any other right, remedy, or privilege the Holders may have under law or at equity to have a receiver appointed, provided, however, that, the appointment of such receiver shall not impair or in any manner prejudice the rights of the Holders to receive any payments provided for herein. Such receivership shall at the option of the Holders, and shall continue until full payment of all outstanding indebtedness owed to Holders under the Loan Documents unless Holders request termination of the receivership at an earlier date.
Additional Default Remedies. If an Event of Default occurs, in addition to the remedies provided in Section 9.1. supra, the Bank may:
(a) Under court proceedings in a colelctin or foreclosure action hereunder, have a receiver appointed as a matter of right without regard to Borrower's solvency, and without having to post a bond, which requirement is hereby waived, for the purpose of preserving the business operations and/or any collateral securities and preventing any wast of assets. All expenses incurred in connection with such appointment, or in the protection and preservation of the business and/or any of the collateral securities shall be chargeable to and payable by the Borrower.
(b) Refuse to disburse any amounts under this Agreement that have not been disbursed and/or to stop the payment of any checks issued pursuant to the same that have not been cashed.
(c) Any other remedies and rights provided in this Agreement or any of the other Loan Documents.
(d) Any other remedies at law or equity.
Additional Default Remedies. It is hereby agreed that in the event of the termination of this Lease pursuant to the provisions of Section 26 above, and without prejudice to the provisions of Section 29 below, Landlord may, at Landlord's option, recover from Tenant as and for liquidated damages with respect thereto, an amount equal to the Rent reserved hereunder for the unexpired portion of the Term, except that such sum shall in no event exceed a sum equal to thirty-six (36)