After Default or Event of Default Sample Clauses
The "After Default or Event of Default" clause outlines the rights and remedies available to a party, typically a lender, once a default or event of default has occurred under an agreement. In practice, this clause may allow the non-defaulting party to accelerate repayment obligations, demand immediate payment, or exercise other contractual remedies such as seizing collateral or terminating the agreement. Its core function is to provide a clear framework for responding to breaches, ensuring that the non-defaulting party can act swiftly to protect its interests and mitigate potential losses.
After Default or Event of Default. For so long as a Default or an Event of Default is continuing, (i) no Pledgor may exercise any voting or other consensual rights pertaining to the Pledged Stock without the prior written consent of the Pledgee, (ii) the right, if any, of any Pledgor to receive cash dividends in respect of the Pledged Stock will cease and all such dividends must be paid directly to the Pledgee (or if received by any Pledgor will be deemed held in trust by such Pledgor for the benefit of, and must be turned over immediately by such Pledgor to, the Pledgee) and thereafter will be held and disposed of by the Pledgee as part of the Collateral, and (iii) if the Pledgee has notified the Pledgors that it elects to exercise the Pledgee's right to exercise voting and other consensual rights hereunder, all rights of each Pledgor to exercise the voting and other consensual rights which such Pledgor would otherwise be entitled to exercise pursuant to Section 5.1 will cease, all such rights will thereupon become vested in the Pledgee, who during the continuance of such Default or Event of Default will have (directly or through its nominee) the sole right to exercise such voting and other consensual rights, including, without limitation, (A) all voting, corporate and other rights pertaining to any of the Pledged Stock, (B) all rights to give consents, waivers and ratifications in respect thereof and (C) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to any of the Pledged Stock as if it were the absolute owner thereof, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine, all without liability except to account for property actually received by it (each Pledgor hereby
After Default or Event of Default. If a Default or Event of Default exists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date;
After Default or Event of Default. If a Default or Event of Default exists and in the event Buyer has not elected to exercise the remedy of a “deemed sale” in accordance with Section 10.02(d)(ii), or after the Funding Expiration Date, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial fees and expenses due and payable under the Custodial Agreement; fourth, to pay to Buyer an amount equal to the Aggregate Purchase Price (to be applied in such order and in such amounts as determined by Buyer, until such Purchase Price has been reduced to zero); and fifth, to pay to Buyer all other Repurchase Obligations due to Buyer.
After Default or Event of Default. If a Default or Event of Default exists and in the event that the Buyer has not elected to exercise the remedy of a “deemed sale” in accordance with Section 10.02(a)(ii), all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Waterfall Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, on a pari passu basis, (i) to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date and (ii) to pay to any Affiliated Hedge Counterparty an amount equal to all amounts payable with respect to each related Interest Rate Protection Agreement (other than termination payments);
After Default or Event of Default. If an Event of Default exists, Buyer shall have the right to apply all Income deposited into the Waterfall Account, the REO Collection Account and the Participation Account in respect of the Purchased Assets and Underlying Assets, on the Business Day next following the Business Day on which each amount of Income is so deposited, in any manner Buyer deems appropriate.
After Default or Event of Default. If a Default or Event of Default exists, all Income deposited into the Waterfall Account in respect of the Purchased Assets shall be applied by Deposit Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date; second, to pay to Buyer an amount equal to all default interest, late fees, fees, expenses and Indemnified Amounts then due and payable from Seller and other applicable Persons to Buyer under the Repurchase Documents; third, to pay any custodial and servicing fees and expenses due and payable under the Custodial Agreement and any Servicing Agreement (excluding any fees due and payable to a Servicer that is an Affiliate of Seller);
After Default or Event of Default. If a Default or Event of Default exists, all Income deposited into the Securities Account in respect of the Purchased Assets shall be applied by Securities Account Bank, on the Business Day next following the Business Day on which each amount of Income is so deposited, in the following order of priority: first, to pay any custodial fees, expenses and indemnities due and payable under the Custodial Agreement; second, pro rata, (i) to pay to Buyer an amount equal to the Price Differential accrued with respect to all Purchased Assets as of such date and (ii) to pay to any Affiliated Hedge Counterparty an amount equal to all amounts (other than termination payments) payable with respect to each related Interest Rate Protection Agreement;
After Default or Event of Default. If an Event of Default exists, Lender shall have the right to apply all Income deposited into the Waterfall Account in respect of the Advances on the Business Day next following the Business Day on which each amount of Income is so deposited, in any manner Lender deems appropriate.