Authority to roll over Bills on Default Sample Clauses

Authority to roll over Bills on Default. Notwithstanding any other provision of this Agreement, if the Borrower fails to make any payment due to the Bank under this Agreement in respect of Bills on the due date therefor, then the Bank may, at its option, (and is hereby irrevocably appointed the attorney of the Borrower so to do) draw and indorse on behalf of the Borrower and accept and discount or accept and arrange the discounting of Bills for such periods as in the opinion of the Bank are necessary and in such amounts as are sufficient to result in Net Xxxx Proceeds of an amount equal to the amount of such payment. The Proceeds of Discount of such Bills shall be applied by the Bank in payment to it of the Bills Acceptance Usage Fee payable in respect of those Bills and of an amount equal to the amount of the unpaid payment. The exercise by the Bank of its option under this clause 10 shall not act as a waiver of the Bank’s right to make a declaration under Clause 10.01 of the Master Agreement. [*] Confidential Treatment Requested For and on behalf of For and on behalf of SIMSMETAL FINANCE LIMITED COMMONWEALTH BANK OF AUSTRALIA For and on behalf of SIMSMETAL USA CORPORATION [*] Confidential Treatment Requested
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Authority to roll over Bills on Default. Notwithstanding any other provision of this Agreement, if the Borrower fails to make any payment due to the Bank under this Agreement in respect of Bills on the due date therefor, then the Bank may, at its option, (and is hereby irrevocably appointed the attorney of the Borrower so to do) draw and indorse on behalf of the Borrower and accept and discount or accept and arrange the discounting of Bills for such periods as in the opinion of the Bank are necessary and in such amounts as are sufficient to result in Net Xxxx Proceeds of an amount equal to the amount of such payment. The Proceeds of [*] Confidential Treatment Requested
Sample 1

Related to Authority to roll over Bills on Default

  • Rights on Default Notwithstanding anything to the contrary in this Article 3, upon the occurrence of an Event of Default, Lender shall promptly notify Property Account Bank and Lockbox Bank in writing of such Event of Default and, without notice from Property Account Bank, Lockbox Bank or Lender, (a) Borrower shall have no further right in respect of (including, without limitation, the right to instruct Lockbox Bank or Property Account Bank to transfer from) the Accounts, (b) Lender may direct Lockbox Account to liquidate and transfer any amounts then invested in Permitted Investments to the Accounts or reinvest such amounts in other Permitted Investments as Lender may reasonably determine is necessary to perfect or protect any security interest granted or purported to be granted hereby or pursuant to the other Loan Documents or to enable Lockbox Bank, as agent for Lender, or Lender to exercise and enforce Lender’s rights and remedies hereunder or under any other Loan Document with respect to any Account or any Account Collateral, and (c) Lender shall have all rights and remedies with respect to the Accounts and the amounts on deposit therein and the Account Collateral as described in this Agreement and in the Security Instruments, in addition to all of the rights and remedies available to a secured party under the UCC, and, notwithstanding anything to the contrary contained in this Agreement or in the Security Instruments, Lender may apply the amounts of such Accounts as Lender determines in its sole discretion including, but not limited to, payment of the Debt.

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

  • Remedies on Default Upon the occurrence of any Event of Default, the Bank may, at its sole and absolute election, without demand and only upon such notice as may be required by law:

  • LESSOR'S REMEDIES ON DEFAULT If Lessee defaults in the payment of rent, or any additional 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 90 days, after the giving of such notice (or of such other default is of such nature that it cannot be completely cured within such period, if Lessee does not commence such curing within such 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 90 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, but Lessee shall remain liable as hereinafter provided. 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. No failure to enforce any term shall be deemed a waiver.

  • Termination on Default If any of the Parties are in breach or default of the terms or conditions contained in this Agreement and do not rectify or remedy that breach or default within 90 days from the date of receipt of notice by the other party requiring that default or breach to be remedied, then the other party may give to the party in default a notice in writing terminating this Agreement but without, in any way, limiting or affecting the rights or liabilities of the parties or either of them that have accrued to the date of termination. However, the party to whom notice of default has been delivered shall have the right to contest the termination in a court of law and any such termination shall not become effective until a final decision has been rendered by a court of competent jurisdiction that the alleged breach is actual and that the party to which a notice of default has been delivered, has not effectively cured the default.

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

  • 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:

  • Events of Default Rights and Remedies on Default 10.1 Events of Default 10.2 Acceleration of the Obligations

  • Reservation Default Failure by the Borrower to have reserve for issuance upon conversion of the Note the amount of Common stock as set forth in the Subscription Agreement.

  • Payments of Notes on Default Suit Therefor 33 Section 6.05. Application of Monies Collected by Trustee 35 Section 6.06. Proceedings by Holders 36 Section 6.07. Proceedings by Trustee 37 Section 6.08. Remedies Cumulative and Continuing 37 Section 6.09. Direction of Proceedings and Waiver of Defaults by Majority of Holders 37 Section 6.10. Notice of Defaults 38 Section 6.11. Undertaking to Pay Costs 38 ARTICLE 7

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