Defaults and Other Provisions Sample Clauses
The "Defaults and Other Provisions" clause defines the circumstances under which a party is considered to be in default under the agreement and outlines additional terms that govern the parties' relationship. Typically, this clause specifies what constitutes a default, such as failure to make payments or perform obligations, and may describe the remedies available to the non-defaulting party, like the right to terminate the contract or seek damages. By clearly identifying defaults and setting out related provisions, this clause helps manage risk and ensures both parties understand the consequences of non-compliance, thereby promoting contract stability and predictability.
Defaults and Other Provisions. 10 Section 2.1. Events of Default; Remedies 10 Section 2.2. Appointment of Receiver; Sale 11 Section 2.3. Waivers; Remedies Not Exclusive, Etc. 11 Section 2.4. Discontinued Proceedings 12 Section 2.5. Application of Proceeds 12 Section 2.6. General Powers of the Mortgagee 12 Section 2.7. Owner's Right to Possession 13 SECTION 3. MISCELLANEOUS 13 Section 3.1. Successors and Assigns 13 Section 3.2. Partial Invalidity 13 Section 3.3. Communications 13 Section 3.4. Release 14 Section 3.5. Headings 14 Section 3.6. No Waiver of Preferred Status 14 Section 3.7. Governing Law 14 Section 3.8. Discharge 14 Section 3.9. Agent 15 Signature Page 15 Acknowledgment ATTACHMENTS TO FIRST PREFERRED FLEET MORTGAGE: SCHEDULE 1 -- Description of Vessels Amount of Mortgage: $200,000,000 plus interest and performance of mortgaged covenants FIRST PREFERRED FLEET MORTGAGE THIS FIRST PREFERRED FLEET MORTGAGE, dated February 24, 2000 (as same may hereafter be amended or supplemented, being herein called the "Mortgage"), made and given by TNI Barge, Inc., a Delaware corporation, whose post office address is ▇.▇. ▇▇▇ ▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ (the "Owner"), to ▇▇▇▇▇▇ Trust and Savings Bank, an Illinois banking corporation with its principal place of business at ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, (hereinafter referred to as "▇▇▇▇▇▇") for itself and as agent hereunder for the Lenders hereinafter defined (▇▇▇▇▇▇ acting as such agent and any successor or successors to ▇▇▇▇▇▇ in such capacity being hereinafter referred to as "Mortgagee");
Defaults and Other Provisions