Event of Default and Remedies. An Event of Default as defined in the Revolving Credit and Guaranty Agreement shall be an Event of Default hereunder. Upon the occurrence and during the continuance of an Event of Default, this Fleet Mortgage shall be in default, and the Mortgagee shall have the right to exercise one or more of the following remedies:
(1) the Mortgagee may exercise all of the rights and remedies in foreclosure and otherwise given to mortgagees by the provisions of Chapter 313 or by any other applicable laws and exercise all of its rights and remedies as attorney-in-fact or otherwise under this Fleet Mortgage;
(2) the Mortgagee may bring suit at law, in equity or in admiralty in any court to foreclose, including foreclosure by seizure, arrest and sale of the Vessels, or any of them, or to recover judgment for the Secured Obligations, and collect the same out of any and all property of the Mortgagor whether covered by this Fleet Mortgage or otherwise;
(3) the Mortgagee may take the Vessels, or any of them, wherever the same may be, without legal process and without being responsible for loss or damage; and the Mortgagor or other person in possession thereof shall forthwith upon demand of the Mortgagee surrender to the Mortgagee possession of the Vessels, or any of them, and the Mortgagee may hold, lay up, lease, charter, operate or otherwise use the Vessels, or any of them, for such time and upon such terms as they may deem to be for their best advantage, accounting only for the net profits, if any, arising from the use of such Vessel or Vessels or from the sale thereof, by court proceedings or pursuant to clause (4) below, net of all costs, expenses, charges, damages or losses by reason of such use;
(4) the Mortgagee may sell the Vessels, or any of them, free from any claim of or by the Mortgagor in admiralty, in equity, at law or by statute and upon such terms and conditions as the Mortgagee determines, at public or private sale, by sealed bids or otherwise, by first publishing notice of any such public sale for ten (10) consecutive days in a newspaper published in the City of New York, State of New York, and if the place of sale should not be the City of New York, then also by publication of similar notice in a daily newspaper, if any, published at the place of sale, and by mailing notice of such sale, whether public or private, addressed to the Mortgagor at its respective last known address fourteen (14) days prior to the date fixed for entering into the contract of sale...
Event of Default and Remedies. 24.01 Each of the following events shall constitute an event of default or breach (“Event of Default”) of this Lease by Lessee:
(a) The filing of a voluntary petition by Lessee, or any sureties or guarantors of this Lease, for adjudication as a bankrupt or insolvent, or for its reorganization or for the appointment of a receiver or trustee of its property; or an assignment by Lessee or any sureties or guarantors of this Lease for the benefit of creditors; or
(b) The filing of an involuntary petition against Lessee, or any sureties or guarantors of this Lease, seeking any reorganization, liquidation, dissolution or similar relief under any present or future federal, state or other law or regulation relating to bankruptcy, insolvency or other relief of debtors, or the appointment of any trustee, receiver or liquidator of Lessee, or any sureties or guarantors of this Lease, unless such petition or appointment shall be dismissed within thirty (30) days after such filing, but in any event prior to the entry of an order, judgment or decree approving such petition; or
(c) If Lessee shall fail to pay Lessor any Rent, additional rent or other sums due hereunder when said amount shall become due and shall not make the payment within seven (7) days after the date Lessor has delivered written notice to Lessee that said Rent and/or additional rent or other sum shall be due; however, an Event of Default shall occur hereunder without any obligation of Lessor to give any notice if Lessee fails to pay Rent when due and, during the 12 month interval preceding such failure, Lessor has given Lessee written notice of failure to pay Rent on one or more occasions; or
(d) If Lessee shall fail to perform or defaults in the performance of any of the conditions of this Lease other than the nonpayment of Rent or any other monetary obligation and if the nonperformance or default shall continue for a period of thirty (30) days after written notice thereof by Lessor to Lessee or, if the nature of Lessee’s cure requires more than thirty (30) days, Lessee shall be permitted to commence the cure within such thirty (30) days and diligently prosecutes such cure to completion; or
(e) If Lessee shall vacate or abandon the premises (Lessee shall be deemed to have abandoned the Premises if Rent and/or any other monetary obligation due under this Lease is not currently paid and Lessee is absent from the Premises for a period of fifteen (15) consecutive days); or
(f) If this Lease or the estate of...
Event of Default and Remedies. If any one of the following events (herein called "Event of Default") shall occur and be continuing:
(a) If the Pledgor defaults in the payment of any installment of the Noble Notes when the same shall have become due, either by the terms thereof, or otherwise, as herein provided and such default continues beyond any grace period provided in the Noble Notes; or
(b) If the Pledgor becomes in default under the Purchase Documents or the loan agreements governing the loan represented by the Noble Notes; or
(c) If the Corporation or the Pledgor become in default under any mortgage, security agreement or other document or instrument given to provide or create collateral security for the Noble Notes; then the Pledged Collateral and any Substitute Collateral, which shall at the time of receipt thereof be applied to payment of the Noble Notes, may be sold, transferred and delivered in whole or in part, together with any substitutes therefor, or additions thereto, at any public or private sale, for cash, upon credit, for present or future delivery, all at the option of Pledgee upon Pledgee's (i) declaring the Noble Notes due and payable under the terms hereof, or declaring other liability mentioned or referred to in this Pledge as being outstanding and overdue, and (ii) giving not less than ten (10) days written notice of such sale to Pledgor by personal delivery, or registered or certified mail, return receipt requested, addressed to their last known address. All rights and remedies of Pledgee upon an Event of Default, including any sale, transfer or delivery of the Pledged Collateral, and any Substitute Collateral, shall occur in Palm Beach County, Florida.
Event of Default and Remedies. The term “Event of Default” as used herein shall have the meaning ascribed to such term pursuant to the Credit Agreement. Subject to the provisions of the Credit Agreement, upon the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies provided for in the Credit Agreement and/or the Collateral Agreement, and to the extent permitted by applicable law, the following provisions of this Section 7 shall apply:
Event of Default and Remedies. The Borrower(s) hereby agrees that notwithstanding anything contained herein or in any other documents, the entire balances then due under the said facilities shall, if so decided by the Bank, become forthwith due and payable upon the happening of any of the following events:
a. Any instalment of the principal or interest remaining unpaid and in arrears for a period of one month after the due date whether demanded or not;
b. The borrower committing any breach or default in the performance or observance of any of the terms contained herein or in the Borrower(s)’s proposal/ Application Form or any other documents;
c. If any of the representations or the documents furnished by the Borrower(s) in its application are found to be untrue or false or incorrect;
d. Upon entering into any arrangement or composition with its creditors or committing any act of insolvency;
e. Any execution or other similar process being levied or enforced against the borrower;
f. If the borrower ceases to carry on business or threatens not to carry on business;
g. If any circumstances shall occur which in the opinion of the Bank is prejudicial to or imperils or is likely to prejudice or imperil the security or which affects adversely the Borrower(s)'s capacity to repay any amounts under the said facilities;
h. If the Borrower(s) does not submit the required statements or misutilises/diverts the monies or the provided security without the Bank's prior permission / knowledge; If the i. Property for which loan is availed and/or the Security or any part thereof is let out, given on leave and license, disposed of, leased, charged, encumbered, used for commercial purpose or otherwise alienated in any manner whatsoever without the prior written permission of the Bank.
Event of Default and Remedies. Điều 14. Sự kiện vi phạm và biện pháp khắc phục
14.1. The following shall constitute an "Event of Default":
Event of Default and Remedies. Each of the following shall constitute an Event of Default under this Mortgage:
(a) if Borrower fails to perform and comply with any SHIP regulation or applicable HOME provision;
(b) if Xxxxxxxx fails to punctually and properly comply with any of the terms contained in the SHIP Program Agreement or any of the other documents executed in conjunction with the project or uses the funds other than as authorized by the SHIP Program Agreement;
(c) if Borrower fails to timely comply with audit requirements;
(d) if Xxxxxxxx fails to timely expend SHIP funds or fails to meet any of the time requirements as set forth in the SHIP Program Agreement;
(e) if Xxxxxxxx fails to rehabilitate any of the units as required by the SHIP Program Agreement;
(f) if Borrower fails to rent each and every unit to Eligible Persons at the rental rates and income levels required by the SHIP Program Agreement or SHIP regulations;
(g) if Borrower is deemed in default under any other SHIP or HOME agreement it has with the City even if unrelated to this loan or the Property or under the terms of other financing or mortgages used for the Property or other projects and said default extends beyond the applicable cure period provided in said documents;
(h) if Xxxxxxxx fails to pay any sum when due under the SHIP Program Agreement, the Note or any other documents executed in connection with this loan, when the same shall become due and payable and such failure to pay continues for ten (10) days after written notice thereof is sent by City to Borrower;
(i) if at any time Borrower makes any material omission or representation in any certification or communication to the City in an effort to induce the making of this loan or the administration thereof and is determined by the City to be false, misleading, or incorrect in any material manner;
(j) if Xxxxxxxx does not disclose to the City, upon demand, the names of all persons with whom Xxxxxxxx has contracted or intends to contract with for the construction or management of any portion of the Property, including contracts for services or labor;
(k) if any other default or breach shall occur under the Note, Mortgage or any loan document executed in connection with this loan by the City (herein the “Loan Documents”); or
(l) if Borrower sells or transfers, whether involuntary or otherwise, any part of the Property. Upon the occurrence of any Event of Default or breach of this Mortgage, the City, at its option, shall be free to retain undispersed funds,...
Event of Default and Remedies. Upon the occurrence of an Event of Default, the Secured Party, in its discretion, shall have the right to exercise each and all of the following remedies (which remedies are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law, including, without limitation, the rights and remedies of a secured party under the Michigan Uniform Commercial Code):
Event of Default and Remedies. The term “Event of Default” as used herein shall have the meaning ascribed to such term pursuant to the Deferral Agreement. Subject to the provisions of the Deferral Agreement, upon the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies provided for in the Deferral Agreement, the Guarantee and/or any of the other Fund Documents, and to the extent permitted by applicable law, the following provisions of this Section 7 shall apply, in each case at the direction of the Majority Funds:
Event of Default and Remedies. Upon the occurrence of any violation or breach by Pledgor of the terms and conditions of the Note or this Agreement (an "Event of Default"), the Secured Party (within its discretion) shall have the right to exercise each and all of the following remedies (which remedies are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law, including, without limitation, the rights and remedies of a secured party under the Michigan Uniform Commercial Code):
