Application Upon Default Sample Clauses

Application Upon Default. If the Closing occurs, the Deposit shall be paid to Seller and credited against the Purchase Price at Closing. If the Closing does not occur in accordance with the terms hereof, the Deposit shall be held and delivered as hereinafter provided.
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Application Upon Default. If the Closing occurs, the Deposit (excluding the interest thereon which shall be the property of Purchaser) shall be paid to Seller and credited against the Purchase Price at Closing. If the Purchaser defaults in its obligation to purchase the Property (as determined in accordance with the terms hereof), the Deposit (including the interest thereon) shall be held and delivered as hereinafter provided in this Agreement in Article 13 hereof.
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Application Upon Default. Notwithstanding anything to the contrary contained herein or in the other Facility Documents, if a Default or Event of Default has occurred and is continuing, the Lender may apply any payments to such Loans, and in such order and priority and manner as it may elect in its sole discretion.
Sample 1
Application Upon Default. If all of the Closings, as defined in Section 4.1.4, to take place under this Agreement have occurred, the Deposit shall be paid to Seller and credited against the Purchase Price at the last Closing to take place under this Agreement. If any Closing does not occur in accordance with the terms hereof, the Deposit shall be held and delivered as hereinafter provided. Notwithstanding the foregoing, in the event that pursuant to the terms of this Agreement all of the Closings to take place under this Agreement do not occur at the same time, after the initial Closing, the Deposit shall be reduced to an amount that is equal to the lesser of (a) Ten Million and No/100 Dollars ($10,000.000.00) or (b) Ten Percent (10%) of the Purchase Price allocated to those Properties that have not yet closed based on the Purchase Price Allocation described in Section 2.2.
Sample 1
Application Upon Default. The Deposit, if paid in cash, shall be held by Escrow Agent in an interest-bearing escrow account in one or more federally-insured institutions as directed by Purchaser and reasonably acceptable to Seller. To allow the interest bearing account(s) to be opened, Purchaser's and Seller's tax identification or social security numbers are set forth below their signatures. The Deposit shall be held by the Escrow Agent until (i) Closing occurs under this Agreement, in which event the Deposit (including all interest earned thereon), shall be paid to Seller as a credit to the Purchase Price, or (ii) this Agreement has been terminated, in which event the Deposit will be promptly delivered to Seller or to Purchaser as provided in this Agreement.
Sample 1
Application Upon Default. The Deposit shall be held by Escrow Agent and, if in the form of cash, shall be invested in short term obligations of the United States Government and shall be directed by Purchaser and shall include any interest earned thereon. To allow the interest bearing account to be opened, Purchaser's and Seller's tax identification or social security numbers are set forth below their signatures. The Deposit shall be held by the Escrow Agent until (i) Closing (as defined in Article 5) occurs under this Agreement, in which event the Deposit shall be paid to Seller as a credit to the Purchase Price, or (ii) this Agreement has been terminated (for reasons other than default of Purchaser hereunder), in which event the Deposit will be returned to Purchaser; provided, however, that if termination of this Agreement is due to Purchaser's default under any provision hereof, the Deposit shall be delivered promptly to Seller as full, complete and liquidated damages whereupon Purchaser shall be relieved of all liability under this Agreement.
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Application Upon Default. If the Transaction is not completed for any reason other than the default of the Purchaser, the Deposit (or such portion of the Deposit as has been delivered) and all interest accrued thereon shall be returned to the Purchaser forthwith or repaid pursuant to the terms of the Mortgage, as applicable, in full settlement of all claims by the Purchaser against the Vendor. If the Transaction contemplated by this Agreement is not completed as a result of the default of the Purchaser, the Vendor shall be entitled to retain such portion of the Deposit as has been delivered and to be paid the remainder of the Deposit held by the Purchaser’s Solicitors. For greater certainty, the retention or payment of any funds to the Vendor pursuant to this Section 3.2(5) shall be strictly on account of damages, and shall not be deemed to be all inclusive liquidated damages nor preclude any further claims or remedies by the Vendor against the Purchaser. The Vendor agrees that, in the event of the default of the Purchaser, it will take steps to mitigate its damages. To the extent that the amount of the Deposit retained by or paid to the Vendor under this Section 3.2(5) is equal to or greater than the debt obligation secured by the Mortgage, such debt shall be deemed satisfied and the Purchaser agrees to provide the Vendor with an executed discharge of the Mortgage in registrable form upon demand. The Vendor’s Solicitors are hereby authorized and directed to pay the Deposit (or such portion of the Deposit as has been delivered) in the manner contemplated by this Section 3.2(5).
Sample 1
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Related to Application Upon Default

  • Action Upon Default Agent shall not be deemed to have knowledge of any Default or Event of Default, or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders specifying the occurrence and nature thereof. If a Lender acquires knowledge of a Default, Event of Default or failure of such conditions, it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral.

  • Termination Upon Default Either Party may terminate this Agreement in whole or in part in the event of a default by the other Party; provided however, that the non-defaulting Party notifies the defaulting party in writing of the alleged default and that the defaulting Party does not cure the alleged default within sixty (60) calendar days of receipt of written notice thereof. Default is defined to include:

  • Upon Default Landlord shall have the right to pursue any one or more of the following remedies:

  • Rights Upon Default In the event of the nonpayment of said rent, or any installment thereof, at the time in the manner above provided, or if the TENANT shall be dispossessed for nonpayment of rent, or if the leased premises shall be deserted, or vacated, the LANDLORD or its agents shall have the right to enter the said premises as the agent of the TENANT either by force or otherwise and may relet the premises as the agent of the TENANT, and receive the rent thereof, upon terms that may be reasonable and satisfactory to the LANDLORD, and all rights of the TENANT to repossess the premises under this lease shall be forfeited. Such re-entry by the LANDLORD shall not operate to release the TENANT from any rent to be paid or covenants to be performed hereunder during the full term of this lease. For the purpose of re-letting the LANDLORD shall be authorized to make such reasonable repairs or alterations in or to the leased premises as may be necessary to restore the premises to rentable condition. The TENANT shall be liable to the LANDLORD for the cost of such repairs or alterations, and all reasonable expenses of such re-letting. If the sum realized or to be realized from this letting is insufficient to satisfy the monthly or term rent provided in this lease, the LANDLORD, at his option may require the TENANT to pay such deficiency month by month, or may hold the TENANT in advance for the entire deficiency to be realized during the term of re-letting. The TENANT shall not be entitled to any surplus funds accruing as a result of the re-letting. The TENANT agrees to pay, as additional rent, all reasonable Attorneys’ fees and other expenses incurred by the LANDLORD in enforcing any obligations under this lease.

  • Application of Payments and Proceeds Upon Default If an Event of Default has occurred and is continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor.

  • Realization Upon Defaulted Loans The Master Servicer shall cause each Servicer (to the extent required under the related Servicing Agreement) to foreclose upon, repossess or otherwise comparably convert the ownership of Mortgaged Properties securing such of the Loans as come into and continue in default and as to which no satisfactory arrangements can be made for collection of delinquent payments, all in accordance with the applicable Servicing Agreement.

  • Termination on Default The Authority may terminate this Framework Agreement by serving written notice on the Supplier with effect from the date specified in such notice where the Supplier commits a Material Default and if:

  • Rights of Holder upon Default Subject to the provisions set forth in Sections 5 and 6 of the Purchase Agreement, upon the occurrence or existence of any Event of Default (other than an Event of Default referred to in Paragraphs 4(c) and 4(d)) and at any time thereafter during the continuance of such Event of Default, Holder may declare all outstanding Obligations payable by Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Purchase Agreement to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Paragraphs 4(c) and 4(d), immediately and without notice, all outstanding Obligations payable by Company 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, anything contained herein or in the Purchase Agreement to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default and subject to the provisions of Sections 5 and 6 of the Purchase Agreement, Holder may exercise any other right, power or remedy granted to it by the Purchase Agreement or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

  • 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 of Investor upon Default Upon the occurrence of any Event of Default (other than an Event of Default described in Sections 2(b) or 2(c)) and at any time thereafter during the continuance of such Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described in Sections 2(b) and 2(c), immediately and without notice, all outstanding Obligations payable by the Company 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, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

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