Payment Upon Default Clause Samples

Payment Upon Default. The Agreement in Section 14 provides the following rights in a situation of default: “If you do not make the minimum payment on or before the Payment Due Date on your statement, or otherwise do not follow this

Payment Upon Default. The Agreement at p.6 provides the following rights in a situation of default: In the context of this section, you should be informed of the following: “Clause required under the Consumer Protection Act. (Clause of forfeiture of benefit of the term) Before availing himself of this clause, the merchant must forward the consumer a notice in writing and unless he is exempted in accordance with section 69 of the General Regulation, he must forward him a statement of account. Within 30 days following the receipt by the consumer of the notice and, where necessary, of the statement of account, the consumer may:

Payment Upon Default. In the event that the Loan shall become due and payable or shall be declared due and payable pursuant to this Agreement, the Borrower shall also pay a prepayment premium equal to the following percentage of the Outstanding Amount of the Loan as of the date the same becomes or is declared due and payable: Prior to Loan Year Four (4) 3 % Loan Year Four (4) 2 % Loan Year Five (5) 1 % No prepayment premium shall be payable if the Loan becomes or is declared due and payable after Loan Year Five (5).

Payment Upon Default. Upon the occurrence of any Event of Default under the Note, the Guarantors unconditionally promise to pay to Lender such amounts as are necessary to cure the default, or, at the option of Lender, the entire indebtedness owed Lender by Borrower at the time of default. The Guarantors agree that Lender, upon the occurrence of an Event of Default, shall not be required to assert any claim or cause of action against the Borrower before asserting any claim or cause of action against any Guarantor under this Agreement. Furthermore, the Guarantors agree that Lender shall not be required to pursue or foreclose on any collateral that it may receive from the Borrower, any Guarantor or others as security for any Obligations before making a claim or asserting a cause of action against any Guarantor under this Agreement.

Payment Upon Default. In the event (i) that any of the BKC Obligors -------------------- shall be in default in respect of payment of any BKC Senior Indebtedness, or (ii) that any event shall have occurred and be subsisting or any condition shall exist which entitles, or which after notice or lapse of time or both would entitle any holder of any BKC Senior Indebtedness to declare the same to be due and payable prior to its express due date, subject to Section 5 hereof, then all BKC Senior Indebtedness shall first be paid in full before any payment is made on account of any obligation of any of the BKC Obligors to any of the Holders or to the Trustee.

Payment Upon Default. Upon the occurrence of any Event of Default pursuant to the Loan Agreement, the Lender may, and is hereby authorized, in Lender's sole discretion, to pay to Lender all or any portion of the Reserve Funds (including any interest which has accrued thereon and has not yet been disbursed to Assignor) and Lender may then apply such Reserve Funds in full or partial payment of the Loan Obligations then owing to Lender, whether or not then due, in such order, manner, and extent as the Lender may elect, including but not limited to the performance of any of the Borrower's covenants under the Loan Documents. Should Lender elect to withdraw any declaration of an Event of Default, then upon request of the Lender, Borrower will replenish any funds applied by Lender to the Loan Obligations from the Deposit Account.

Payment Upon Default. In the event of termination of this Agreement -------------------- pursuant to the terms hereof, TCI shall be entitled to receive promptly following termination, and in any event within 30 days thereafter, the amount of any accrued but unpaid Service Fees and Reimbursable Expenses.

Payment Upon Default. In the event of a default by either Surety or BHLN in the payment or performance of an Obligation, Surety shall either pay the full amount in default to CGLIC or, in the case of an Obligation requiring performance of a funding or deposit obligation, fund or deposit such amount in the Claims Paying Account or the Trust Account, as applicable, no later than the second Business Day after receipt of the demand by CGLIC in accordance with Section 1.3 of this Surety Policy. All sums payable by Surety under this Surety Policy shall be paid in full to CGLIC or deposited in the Claims Paying Account or the Trust Account, as applicable, in accordance with, and subject to, the terms and conditions of this Surety Policy: (A) without any set-off, condition or counterclaim whatsoever except as BHLN would have been authorized to make under the Contracts; and (B) free and clear of any deductions or withholdings whatsoever except only as may be required by law or regulation which is binding on Surety. If any deduction or withholding is required by any law or regulation to be made by Surety, the amount of the payment due from Surety shall be increased to an amount which (after making any deduction or withholding) leaves an amount equal to the payment which would have been due if no deduction or withholding had been required; unless such payment would not have had to be grossed up by BHLN under the terms of the Contracts. Surety may require CGLIC to provide copies of all forms to which it is entitled and that are required to be provided by the laws of the United States of America and any applicable State and file any such forms where required by the laws of the United States of America and any applicable State, including forms required by the Internal Revenue Service, which would allow Surety to make payments without, or which would reduce the amount of, required deductions or withholdings. Surety shall promptly deliver or procure delivery to BHLN of all receipts issued to it evidencing each deduction or withholding which it has made.

Payment Upon Default. The Agreement in Section 14 provides the following rights in a situation of default: (continued on page 54) (continued from page 53)