Consequence of an Event of Default Sample Clauses

Consequence of an Event of Default. If an Event of Default occurs, the Landlord shall have the right to resiliate the Lease upon sending a written notice to the Tenant to that effect (the “Resiliation Notice”), the whole without prejudice to its other rights and recourses in the circumstances, without payment or reimbursement to the Tenant of any kind or for any reason whatsoever, and without any right or remedy of the Tenant against the Landlord in connection with the Landlord’s exercise of such right; the Tenant waiving any rights and remedies it may have against the Landlord in this regard. The resiliation of the Lease shall take effect on the resiliation date indicate in the Resiliation Notice (the “Resiliation Date”), without the need for any further notice or legal proceedings, unless the Tenant has cured the Event of Default prior to the Resiliation Date.
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Consequence of an Event of Default a) On and at any time after the occurrence of an Event of Default, Bank may, by notice to the Borrower/Co-Borrower(s): (i) cancel/recall the Loan whereupon the outstanding Loan along with interest, additional interest, delayed interest, costs, charges and expenses shall become immediately repayable/payable by the Borrower/Co-Borrower(s); and/or (ii) exercise any or all of its rights, remedies and powers under this Agreement; and/or (iii) enforce, sell, invoke, deliver, deal with, take possession, convey, transfer, assign, lease, encumber and/ or dispose off in any manner, any or all of the /security, guarantee(s). b) If any Event of Default or any event which, after the notice or lapse of time or both would constitute an Event of Default shall have happened, the Borrower/Co-Borrower(s) shall forthwith give the Bank notice thereof in writing specifying such Event of Default, or such event. The Borrower/Co- Borrower(s) shall also promptly inform the Bank if and when any statutory notice of winding-up under the provisions of the Xxxxxxxxx Xxx, 0000xx any other law or of any suit or legal process intended to be filed / initiated against the Borrower/Co-Borrower(s), is received by the Borrower/Co-Borrower(s). On the question whether any of the above events/circumstances has occurred/ happened, the decision of the Bank shall be final, conclusive and binding on the Borrower/Co-Borrower(s) The rights, powers and remedies given to the Bank by this Agreement shall be in addition to all rights powers and remedies given to the Bank by virtue of any other security, statute or rule of law. The Bank may exercise the Bank’s lien or right of set-off with respect to any obligation of the Borrower/Co- Borrower(s) to the Bank in the same manner as if the obligation were unsecured and shall have a lien on all property or securities of the Borrower/Co-Borrower(s) in Xxxxxx's possession or custody whether for safe-keeping or otherwise. Without prejudice to what is stated hereinabove, the Borrower/Co- Borrower(s) hereby expressly agree and confirm that in the event of the Borrower/Co-Borrower(s) failing to pay the outstanding amount of the Loan, in addition to any General or Specific Lien to which the Bank may be entitled by law, the Bank, without prejudice to any of its specific rights under this Agreement shall be at liberty to apply any other money or amounts standing to the credit of the Borrower/Co-Borrower(s) in any account (including fixed deposit account) with the Bank in...
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Consequence of an Event of Default. In the event of occurrence of any one of the Events of Default described in the preceding section, the Bank may, by operation of law, declare this Agreement terminated, in accordance with the provisions of the Civil Code, Section 1430, by means of a written notarized letter submitted to the Borrower, and/or accelerate this Loan, attaching thereto the settlement of the debit balance as referred to in the General Law, Section 132, subsection 7, without any further notice or formality whatsoever, and to this end the periods shall be deemed to be expired and the immediate payment of any due amounts shall be required; in which case the Bank shall be entitled to execute and/or xxx in court for payment of the total due amounts, including the Promissory Note and the Guarantee. Any delay on the part of the Bank in exercising this right shall not operate, in any case, as a waiver thereof. In case of occurrence of the event as specified in the first paragraph of this section and provided the Bank does not collect the total amounts owed by the Borrower, including the payment of penalties, fees, expenses, professional fees, court costs and attorney’s fees, collection costs, accrued or to be accrued, any compensatory and default interest shall be applicable to the aforementioned debt at the rates as established herein. Additionally, upon the occurrence of any Event of Default and until it is cured or the Agreement is terminated, the Bank shall apply the Interest for Events of Default, if applicable, as provided for in Section 2.07. The termination of this Agreement in no way affects the Guarantees granted in favor of the Bank, which shall remain in full force and effect until the full payment of the obligations owed by the Borrower.
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Consequence of an Event of Default. On and at any time after the occurrence of an Event of Default, Claimstant (CAS Technologies Pvt. Ltd) may, by notice to the Garage/Co-Garage(s): cancel/recall the agreements whereupon the outstanding Service along with service charge, interest, additional interest, delayed interest, costs, charges and expenses shall become immediately repayable/payable by the Garage; and/or exercise any or all of its rights, remedies and powers under this Agreement; and/or enforce, sell, invoke, deliver, deal with, take possession, convey, transfer, assign, lease, encumber and/ or dispose off in any manner, any or all of the /security, guarantee(s).
Sample 1
Consequence of an Event of Default. If an Event of Default shall occur and be continuing or shall exist, CIT may, unless specifically prohibited by the Interim Bankruptcy Court Order or the Final Bankruptcy Court Order, by notice to the Borrower, exercise one or more of the following remedies (a) declare the Revolving Credit Commitment terminated, whereupon the Commitment will terminate immediately and any fees hereunder shall be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue; (b) declare the unpaid principal amount of the Note, interest accrued thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement and all other amounts owing by the Borrower hereunder or under the Note to be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue; (c) give notice to the Borrower of the occurrence and continuance of an Event of Default; (d) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; (e) apply all funds deposited in the Cash Concentration Account and in the Letter of Credit Cash Collateral Account to the payment, in whole or in part, of the Obligations; (f) set-off amounts in the Cash Concentration Account, the Letter of Credit Collateral Account and apply such amounts to the Obligations of the Borrower hereunder and in the Related Documents; (g) notify all account debtors to make payment of the Accounts directly to CIT, and/or (h) foreclose on the Collateral or portions thereof.
Sample 1
Consequence of an Event of Default. Upon or after the occurrence of an Event of Default, which Default is not cured within five calendar days following the Debtor's receipt of written notice from the senior Creditor specifying the nature of such event of Default, the Senior Creditor shall have the option to cease making all advances under the Postpetition Loan, to declare the Postpetition Loan to be immediately due and payable and to terminate this Agreement. The Senior Creditor shall notify Debtor, the Sub-Debtors and the Non-Debtor Subsidiaries of its election to do so by delivering written notice to the Debtor specifying that an Event of Default has occurred and stating that the Senior Creditor shall not make additional advances.
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Consequence of an Event of Default. If an Event of Default occurs in relation to a Shareholder (Defaulter), at the election of non- defaulting Shareholder (Non-Defaulter) by giving written notice to all parties (Default Notice): (a) the rights attaching to the Defaulter's Equity Securities are suspended, including the right to participate in any Shareholders Unanimous Decision (for the avoidance of doubt, the Non-Defaulter may pass any Shareholders Unanimous Decision without reference to the Defaulter) and the right of appointment of Directors (for the avoidance of doubt, the Non- Defaulter may remove the Defaulter's Directors from the Board) until: (i) the default is remedied (or, if the default is not capable of remedy, such rights will be suspended indefinitely); or (ii) the Equity Securities are transferred to the Non-Defaulter under clause 20.3; and (b) the Non-Defaulter may exercise one or more rights set out in clauses 20.3 to 20.5 below, without prejudice to any other rights the Non-Defaulter may have at law.
Sample 1
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Related to Consequence of an Event of Default

  • Consequences of an Event of Default (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

  • EFFECT OF AN EVENT OF DEFAULT If any Event of Default shall occur, except where otherwise provided in this Agreement or the Related Documents, all commitments and obligations of Lender under this Agreement or the Related Documents or any other agreement immediately will terminate (including any obligation to make further Loan Advances or disbursements), and, at Lender's option, all Indebtedness immediately will become due and payable, all without notice of any kind to Borrower, except that in the case of an Event of Default of the type described in the "Insolvency" subsection above, such acceleration shall be automatic and not optional. In addition, Lender shall have all the rights and remedies provided in the Related Documents or available at law, in equity, or otherwise. Except as may be prohibited by applicable law, all of Lender's rights and remedies shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Borrower or of any Grantor shall not affect Lender's right to declare a default and to exercise its rights and remedies.

  • Consequences of Event of Default (a) Upon the occurrence of an Event of Default, the Company will promptly deliver written notice thereof to the Holder. If one or more Events of Default will have occurred and be continuing (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority), then, and in each and every such case (other than an Event of Default specified in Section 2.4(g) or Section 2.4(h) with respect to the Company or any of its Subsidiaries), unless the principal of this Note will have already become due and payable, the Holder may, by notice in writing to the Company, declare 100% of the outstanding principal of this Note to be due and payable immediately, and upon any such declaration the same will become and will automatically be immediately due and payable. If an Event of Default specified in Section 2.4(g) or Section 2.4(h) with respect to the Company or any of its Subsidiaries occurs and is continuing, 100% of the outstanding principal of this Note will become and will automatically be immediately due and payable without any action on the part of the Holder. (b) Subsection (a) above, however, is subject to the conditions that if, at any time after the outstanding principal of this Note will have been so declared due and payable, and before any judgment or decree for the payment of the monies due will have been obtained or entered as hereinafter provided, the Company will pay or will deposit with the Holder a sum sufficient to pay the outstanding principal of this Note that will have become due otherwise than by acceleration, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Note, other than the nonpayment of the principal on this Note that will have become due solely by such acceleration, will have been cured or waived, then and in every such case the Holder, by written notice to the Company, may waive all defaults or Events of Default with respect to this Note and rescind and annul such declaration and its consequences and such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured for every purpose of this Note; but no such waiver or rescission and annulment will extend to or will affect any subsequent Event of Default, or will impair any right consequent thereon.

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Default or Event of Default No Default or Event of Default hereunder has occurred or is continuing or will occur as a result of the giving effect hereto.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Actions following an Event of Default On, or at any time after, the occurrence and during the continuation of an Event of Default: (a) the Agent may, and if so instructed by the Majority Lenders, the Agent shall: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of the other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or (b) the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Counterparties are entitled to take under any Finance Document or any applicable law.

  • Consequences of Events of Default (a) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days or any other Event of Default has occurred, the interest rate on this Note will increase immediately by an increment of two percentage points to the extent permitted by law. Thereafter, until such time as no Event of Default exists, the interest rate on this Note will increase automatically at the end of each succeeding fiscal quarter by an additional increment of one percentage points to the extent permitted by law (but in no event will the interest rate exceed 18 percent per annum). Any increase of the interest rate resulting from the operation of this Section 3.2(a) will terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this Section). (b) If an Event of Default of the type described in Section 3.1(d) has occurred, the principal amount of this Note (together with all accrued interest thereon and all other amounts payable in connection therewith) will become immediately due and payable without any action on the part of the Holder, and the Companies will immediately pay to the Holder all amounts due and payable with respect to this Note. (c) If an Event of Default of the type described in Section 3.1(a) or (b) has occurred and continued for 15 days and if an Event of Default of the type described in Section 3.1(b) has occurred and continued for 30 days, or any other Event of Default (other than under Section 3.1(d)) has occurred, the Holder may declare all or any portion of the outstanding principal amount of this Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of such amount. If the Holder demands immediate payment and all or any portion of the amounts due under this Note, the Companies will immediately pay to the Holder all amounts demanded to be paid with respect to this Note. (d) The Holder will also have any other rights which it may have been afforded under any contract or agreement at any time and any other rights which the Holder may have pursuant to applicable law. (e) Each Company hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Holder may accept security for this Note or release security for this Note, all without in any way affecting the liability of the Companies hereunder.

  • REMEDIES IN CASE OF AN EVENT OF DEFAULT If there shall have occurred and be continuing an Event of Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any other Secured Debt Agreement or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the Uniform Commercial Code as in effect in any relevant jurisdiction and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable: (i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the Pledgors; (ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees; (iii) to vote all or any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); (iv) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may determine, provided that at least 10 days’ written notice of the time and place of any such sale shall be given to the Pledgors. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and (v) to set-off any and all Collateral against any and all Obligations.

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (b) through (d) of Section 8.1.5 with respect to the Borrower) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Facility Agent, upon the direction of the Required Lenders, shall by notice to the Borrower declare all of the outstanding principal amount of the Loan and other Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loan and other Obligations shall be and become immediately due and payable, without further notice, demand or presentment, and/or, as the case may be, the Commitments shall terminate.

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