Irrevocable Proxy on Default Clause Samples
The Irrevocable Proxy on Default clause grants one party the authority to act on behalf of another party if a default occurs under the agreement. In practice, this means that if the defaulting party fails to meet its obligations, the non-defaulting party can exercise certain rights, such as voting shares or executing documents, without further consent. This clause ensures that the non-defaulting party can protect its interests and enforce remedies efficiently, addressing the risk of inaction or obstruction by the defaulting party.
Irrevocable Proxy on Default. In addition to the Bank’s other rights, the Borrower irrevocably appoints the Bank as proxy, with full power of substitution and revocation, to exercise (subject to applicable regulatory requirements), when an Event of Default shall have occurred and be continuing, the Borrower’s rights to take any action respecting the Collateral or with regard to any issuer or transfer agent of the Collateral thereof as fully as the Borrower might do. This proxy remains effective so long as any of the Obligations are unpaid.
Irrevocable Proxy on Default. In addition to Lender’s other rights, Pledgor irrevocably appoints Lender as proxy, with full power of substitution and revocation, to exercise Pledgor’s rights to attend meetings, vote, consent to and/or take any action respecting the Collateral or an issuer thereof as fully as Pledgor might do. This proxy remains effective so long as any of the Obligations are unpaid but shall not be exercised by Lender unless an Event of Default has occurred and is continuing.
Irrevocable Proxy on Default. In addition to Guarantors' other rights, Borrower irrevocably appoints Guarantors as proxy, with full power of substitution and revocation, upon the occurrence of any default by Borrower under this Second Amended Pledge Agreement or the Second Amended Indemnity Agreement, to exercise the Borrower’s rights to attend meetings, vote, consent to and/or take any action respecting the interest held by Guarantors as Collateral as fully as the Borrower might do. This proxy shall also grant Guarantors the power to:
(a) to sign the name of Borrower to any UCC-1 Financing Statement and/or UCC-3 Continuation Statements or Statements of Change with respect to Guarantors’ security interest in the Collateral; and
(b) to sell, assign or ▇▇▇ for all or any part of the Collateral in the name of Borrower or make any other disposition of the Collateral or any part thereof, which disposition may be for cash, credit, or any combination thereof. This proxy remains effective so long as any of the Obligations are unpaid or otherwise unsatisfied.
Irrevocable Proxy on Default. In addition to Lender’s other rights, Borrower irrevocably appoints Lender as proxy, with full power of substitution and revocation (upon the occurrence of an Event of Default) to exercise Borrower’s rights to attend meetings, vote, consent to, and take any action respecting the Collateral as fully as Borrower might do. This proxy shall become effective upon an Event of Default and shall remain effective for so long as any of the Liabilities are unpaid. This proxy is coupled with the Lender’s security interest in the Collateral.
Irrevocable Proxy on Default. In addition to Lender's other rights, each Debtor irrevocably appoints Lender as proxy, with full power of substitution and revocation, upon the occurrence of any event of default to exercise Debtor's rights to attend meetings, vote, consent to and/or take any action respecting the Collateral or an issuer thereof as fully as Debtor might do. This proxy remains effective so long as any of the Obligations are unpaid.