Consequences of Default. Upon the occurrence of any Event of Default, as defined in the Revenue Sharing Agreement:
6.1 Any unpaid amounts under section 2 shall bear interest at one and one-quarter percent (1.25%) per month;
Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercis...
Consequences of Default. If an Event of Default shall occur, Lenders:
7.1 shall have no further obligation to make advances under the Loan Documents; and
7.2 may declare the Note and all amounts payable under this Agreement and any other Loan Document to be forthwith due and payable, whereupon the Note and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest, or further notice of any kind, all of which are hereby expressly waived by Borrower.
Consequences of Default. If the Grantee fails to cure all defaults specified in the notice of default within the time periods set forth in paragraph (C)(1) of this Article, or fails to diligently pursue or complete any cure as provided in paragraph (C)(1), HUD may take any of the following remedial actions, upon written notice to the Grantee:
(a) require the Grantee, within a time period established by HUD, to prepare a revised Program Schedule, obtain HUD's approval thereto, and follow such revised Program Schedule to complete the activities under the Revitalization Plan;
(b) require the Grantee, within a time period established by HUD, to revise any activity under the Revitalization Plan in order to successfully complete the activities under the Revitalization Plan in a manner satisfactory to HUD, including, without limitation, exclusion or revision of affected activities, revision of the HOPE VI Budget as necessary, and substitution of other eligible activities;
(c) require submission of additional documentation before any additional request for funds will be approved;
(d) temporarily suspend the Grantee's authority to draw down HOPE VI Grant funds for affected activities, or at HUD's sole discretion for all activities, for not more than ninety (90) days, pending action to cure the defaults;
(e) if, after the 90 days, the default is not cured, then restrict the Grantee's authority to draw down HOPE VI Grant funds under LOCCS by prohibiting payment or reimbursement for all grant activities or, if more appropriate (in HUD's sole discretion), only for those activities affected by the default, for an unspecified period of time pending final action by HUD;
(f) disallow use of HOPE VI Grant funds for all or part of the cost of the activity or action not in compliance;
(g) recover amounts determined by HUD to have been improperly expended, including any property obtained by the Grantee with such grant funds;
(h) require reimbursement by the Grantee for HOPE VI Grant funds determined by HUD to have been improperly expended;
(i) require the Grantee to pay monetary fines in an amount determined by HUD. These fines may be in the form of deductions from the HOPE VI grant funds; and
(j) make arrangements satisfactory to HUD, in its sole discretion, for use of an entity other than the Grantee to carry out activities assisted under the Revitalization Plan.
Consequences of Default. Upon the occurrence of an Event of Default and at any time thereafter, the entire unpaid principal balance of this Note, together with interest accrued thereon and with all other sums due or owed by the Company hereunder, shall become immediately due and payable. In addition, at the election of Xxxxxx, the principal balance and all past-due interest shall thereafter bear interest at the rate of 18% per annum until paid.
Consequences of Default. If and whenever the Lessor is entitled to re-enter the demised premises, or does re-enter the demised premises, the Lessor may either terminate this Lease by giving written notice of termination to the Lessee, or by posting notice of termination in the demised premises, and in such event the Lessee will forthwith vacate and surrender the demised premises or alternatively, the Lessor may from time to time without terminating the Lessee's obligation under this Lease, make alterations and repairs considered by the Lessor necessary to facilitate a sub-letting and sub-let the demised premises or any part thereof as agent of the Lessee for such term or terms and at such rent or rents and upon such other terms and conditions as the Lessor in its reasonable discretion considers advisable. Upon each sub-letting all rent and other monies received by the Lessor from the sub-letting will be applied first to the payment of indebtedness other than rent due hereunder from the Lessee to the Lessor, second to the payment of costs of the alterations and repairs, and third to the payment of rent due and unpaid hereunder. The residue, if any, will be held by the Lessor and applied in payment of future rent as it becomes due and payable. If the rent received from the sub-letting during a month is less than the rent to be paid during that month by the Lessee, the Lessee will pay the deficiency to the Lessor, the deficiency will be calculated and paid monthly. No re-entry by the Lessor will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Lessee or posted as aforesaid. Despite a sub-letting without termination, the Lessor may elect at any time to terminate this Lease for a previous breach. If the Lessor re-enters the premises or terminates this Lease for any breach, the Lessee will pay to the Lessor on demand therefore:
Consequences of Default. 1. In the event of any default as above the Bank shall have the right:-
a) To recall the Loan and recover the entire dues of the Loan,
b) To suspend any withdrawal to be effected in the Loan account,
c) Take possession of the security so created whether by itself or through any of the Recovery Agents or Attorneys as may be appointed by the Bank.
d) Take any other action as it may deem fit for recovery of its dues and enforcement of the securities.
2. Further, the Bank shall be entitled to forthwith take physical possession of the assets hypothecated and/or mortgaged to the Bank and alienate sell, transfer the said properties either by itself or through its agents and sell or otherwise deal with the same to enforce the bank’s security and recover the dues.
3. The Borrower agrees and undertakes not to prevent or obstruct the Bank from taking possession of the properties irrespective of whether the loan has been recalled whenever in the opinion of the Bank, there is an apprehension of any money not being paid or the Bank’s security is being jeopardized and that the Bank’s representatives will be entitled to sell, give on rent, or otherwise deal with the properties by public or private auction or private treaty, without being liable for any loss, and to apply the net proceeds thereof as specified in these presents. The Borrower shall pay any deficiency, forthwith to the Bank. The Bank shall also be entitled to adjust and a right of set-off on all moneys belonging to the Borrower standing to their credit in any account whatsoever with the Bank, towards payment of such deficiency. Nothing contained in this clause shall oblige the bank to sell, hire or deal with the properties and the banks shall be entitled to proceed against the Borrower independently of such of any other security. The Borrower agrees to accept the Bank’s accounts in respect of such sale, hire, dealing or otherwise as conclusive proof of the correctness of any sum claimed to be due from the Borrower .In case of any deficit, the deficit amount shall be recovered by the Bank from the Borrower.
4. The Bank may at the risk and cost of the Borrower engage one or more person(s)/entities to collect the Borrower’s outstanding and /or to enforce any security and may furnish to such person the right and authority to perform and execute all acts, deeds, matters and things connected therewith or incidental thereto as the Bank thinks fit.
5. The Borrower hereby agree as a pre-condition of the said credit fa...
Consequences of Default. If an Event of Default occurs and is continuing, then EBRD may at its option, by notice to the Borrower, declare all or any portion of the principal of, and accrued interest on, the Loan (together with any other amounts accrued or payable under this Agreement) to be, and the same shall thereupon become (anything in this Agreement to the contrary notwithstanding), either:
(1) due and payable on demand; or
(2) immediately due and payable without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower.
Consequences of Default a) 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 shall forthwith give the Bank notice thereof in writing specifying such event of default, or such event. The Borrower shall also promptly inform the Bank if and when any statutory notice of winding-up under the provisions of the Companies Act, 1956 or any other law or of any suit or legal process intended to be filed/initiated against the Borrower, is received by the Borrower.
b) If the Borrower makes default in payment of the said Dues or any part thereof, the bank would be at liberty (but not bound to do so) to appoint its nominee as Receiver without having resort to a Court of Law and/or to a proceeding in Court, to take possession of the properties of the Borrower held /to be held by the Bank as security for the Credit Facility hereunder or under any other security document(s) executed / to be executed by the Borrower and/or the Guarantor/s in favour of the Bank, in whatever capacity, and the Bank shall also be entitled to resort to any or all the legal remedies as provided under this Agreement.
c) 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.
d) In case of breach of the terms or in case of any of the events happening as stated hereinbefore, the Bank would have the full rights to sell, dispose off or realise the said securities, either by private treaty or public auction, at the sole discretion of the bank, on such terms and for such price that the Bank thinks fit, and apply the net proceeds towards the satisfaction of the balance outstanding in the Credit Facility account including charges, expenses, etc. or any other facility in whatever capacity.
e) The Borrower hereby agrees as a pre-condition of the said credit Facility/ies being granted to it that in case the Borrower commit default in the repayment of the Credit Facility/ies or in the repayment of interest thereon or any of the agreed instalment of the Credit Facility/ies on due date/s, apart from the levy of penal charges and such charges, the Bank and/or Reserve Bank of India will have an unqualified right to disclose or publish its name or the name of its directors/partners/proprietors as defaulter in such manner and through such medium as the Bank or Reserve Bank of India in their absolute discretion may think fit.
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Consequences of Default. Any Transfer Event which is not in conformity with this Agreement or Applicable Laws shall be deemed to be void ab-initio. The Seller may in such situations, in its sole discretion, appropriate the Performance Security and terminate this Agreement by giving prior written notice of 30 (thirty) days to the Purchaser.
