Consequences of Default Clause Samples

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. 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 ▇▇▇▇▇▇, 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 an Event of Default occurs, Miraclon may, in its sole discretion, terminate this Agreement and/or exercise any or all of the following remedies: 3.4.1. cause the Customer, upon written demand of Miraclon and at Customer's expense, to make the Equipment available for removal by Miraclon and Miraclon may retake possession of the Equipment without any court order or other process of law; and 3.4.2. declare, with immediate effect, all sums payable under this Agreement due and recover damages from the Customer; and 3.4.3. terminate any software licenses and provision of services between Miraclon and the Customer; and 3.4.4. exercise any remedy at law or equity, including any right or remedy which may otherwise be available to Miraclon under Applicable Law. The Customer shall pay all collection costs and attorney fees as damages and not as a penalty in all proceedings arising under or in connection with this Agreement or Miraclon's enforcement of any of its terms, including without limitation, arbitrations, civil actions, bankruptcy proceedings, mediation, and post-judgment actions or appeals. ▇▇▇▇▇▇▇▇'s action or failure to act on one remedy constitutes neither an election to be limited thereto nor a waiver of any other remedy nor a release of the Customer from the liability to return the Equipment or for any loss or claim with respect thereto; and nothing herein shall be deemed to prejudice ▇▇▇▇▇▇▇▇'s right to recover or prove damages for unpaid lease accrued prior to default, or ban an action for a deficiency as herein provided; and the bringing of an action with an entry of judgment against the Customer shall not bar ▇▇▇▇▇▇▇▇'s right to repossess any or all Equipment. ▇▇▇▇▇▇▇▇'s remedies shall be available to ▇▇▇▇▇▇▇▇'s successors and assigns, shall be in addition to all other remedies provided by Applicable Law, and may be exercised concurrently or consecutively. Upon possession or surrender of any Equipment, Miraclon may, at its option, retain and operate the Equipment for its own account, or lease, sell or otherwise dispose of the Equipment as it sees fit, with or without prior notice and on public or private bid. The Customer shall in any event remain liable to Miraclon for any deficiency that exists. 4. Risk of Loss, Title, Insurance and Cooperation.

Consequences of Default. Upon Occurrence of any of the events of default, the Borrower and the Guarantor shall be obliged to update the account together with bank charges, cheque bounce charges, overdue interest at the rate specified in Schedule 2 of this Agreement. The Lender may at any time thereafter, a) Issue a notice to the Borrower giving him a minimum of seven days time to update the dues pending as on that date. b) In case of the Borrower alienating or secreting or keeping the Asset beyond the reach of the Lender, or the Borrower using the Asset for unlawful purposes or the Borrower subjecting the Asset to abnormal wear and tear and / or alienating such other Assets of the Borrower which provide additional cover to the Lender for recovery of the amount due under the Agreement, the Lender shall be entitled to take such steps including seizure of the hypothecated Asset and invoking of the Guarantee without any notice to the Borrower. c) On expiry of the notice period, if the dues are not paid as demanded therein, then the Lender may at its sole discretion either by itself or acting through its agent or receiver, enter upon the premises where such Vehicle is located and take possession / seizure of the Vehicle and remove the same, all without any liability to the Lender or its agent, for such entry or damage to the property or otherwise. For this purpose the Borrower hereby expressly grants irrevocable authority to the Lender to enter upon the premises and exercise its rights under this clause. The Lender will be well within his rights to use tow-van or any carrier to carry away the Asset. The Borrower shall be liable to pay any towing charges and any other expenses incurred by the Lender in connection with the seizure of the Asset and for its sale etc. d) On taking possession of the Vehicle, the Lender shall terminate the Agreement and call upon the Borrower to pay the entire amount due under the Agreement including the future dues together with liquidated damages as may be determined by the Lender. A minimum notice period of seven days shall be provided to the Borrower to settle the account, on taking possession of the vehicle. e) If the Borrower and / or the Guarantors do not settle the account within the time so provided by the Lender, the Lender may proceed to sell the vehicle in “as is where is” condition, by Public Auction either on Web sites or through third parties by private sale or by displaying the details of vehicles offered for sale on the notice Board in the br...

Consequences of Default. If an Event of Default shall occur, Lender: 7.1 shall have no further obligation to make advances under the Loan Documents; and 7.2 may declare the Note, all interest thereon, and all other amounts payable under this Agreement and any other Loan Document to be forthwith due and payable, whereupon the Note, all such interest, 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. If the Borrower is in default then BMW may enforce the security interest, and may, in addition to all other remedies, repossess the Vehicle and deal with the Vehicle as provided for in the Act or PPSA as applicable or appoint any person or persons to be a receiver of the Vehicle. In addition to, and without limiting or affecting, any other powers and authorities conferred on a receiver (whether under the Receiverships Act 1993 or at law or otherwise), a receiver has the power to do all things in relation to the Vehicle as if the receiver had absolute ownership of the Vehicle.

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;