Rights and Remedies of Trustee on Default under Loan ---------------------------------------------------- Agreement. --------- The Trustee shall have the right in the name of the Issuer to declare any default and exercise any remedy or remedies under the Loan Agreement or any other lease of the Project, including the right to declare the entire rent reserved under such lease immediately due and payable and to take any available proceedings against any party liable upon any such lease for the payment thereof, including any guarantor, if any, of the Users' obligations. In the event of a default by the Users, as defined in the Loan Agreement, or in the event of a default of any other lessee of the Project in the punctual payment of rent sufficient to pay the Debt Service on all the Bonds Outstanding as such principal matures or becomes subject to mandatory redemption and such interest becomes due, the Trustee may, and upon the written request of the Credit Obligor if the Credit Obligor has not dishonored any drafts under the Letter of Credit and there have not been insolvency proceedings instituted against the Credit Obligor, of if the Letter of Credit is not then in effect, upon the written request of the Holders of a majority in aggregate principal amount of the Bonds then Outstanding shall, declare such lease in default and, upon being indemnified to its reasonable satisfaction, shall pursue such proper remedies as may be directed by the Holders of such Bonds for the enforcement of the provisions of such lease and guaranty, if any, and the exercise of any remedies available to the Issuer or the Trustee in the event of such default under such lease and such guaranty; subject, however, to the discretionary right of the Trustee, and upon written notice to the Trustee by the Holders of a majority in principal amount of the Outstanding Bonds, the duty of the Trustee, to annul such declaration and destroy its effect at any time before action at law or in equity to enforce such right shall have been instituted.
Rights and Remedies of Trustee in the Event of Bankruptcy, --------------------------------------------------------- and the Occurrence of Similar Events Regarding the Users. ------------------------------------------------------- In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, composition or other judicial proceeding relative to any person obligated for payment of the Bonds, the Trustee (irrespective of whether there has been a default under this Indenture) shall be entitled and empowered to intervene in such proceedings on behalf of the Bondholders, to file and prove a claim or claims for the whole amount owing and unpaid and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee, its agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Trustee except as a result of its gross negligence or bad faith) and of the Bondholders allowed in any such judicial proceedings, to collect and receive any moneys or other property payable or deliverable on any such claims, and to take such other action therein as the Trustee may deem necessary or appropriate to protect the interests of the Bondholders, and any receiver, assignee or trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by each of the Bondholders to make payments to the Trustee.
Rights and Remedies of Trustee. (i) In addition to any other rights available at law or in equity, following an Event of Default hereunder, Trustee may take possession of and sell the Trust Estate, or any part thereof requested by Beneficiary to be sold, and in connection therewith Grantor hereby (A) assents to the passage of a decree for the sale of the Trust Estate by the equity court having jurisdiction, and (B) authorizes and empowers Trustee to take possession of and sell (or in case of the default of any purchaser to resell) the Trust Estate, or any part thereof, all in accordance with the laws or rules of court of the State of Maryland relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, Beneficiary and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to the Trust Estate as they deem advisable, subject to the terms and provisions contained in the Lease, all of which shall constitute Expenses (hereinafter defined). In the case of any sale under this Deed of Trust, by virtue of judicial
Rights and Remedies of Trustee on Default under ----------------------------------------------- Loan Agreement ..............................................79 -------------- SECTION 12.04. Rights and Remedies of Trustee in the Event of Bankruptcy, ---------------------------------------------------------- and the Occurrence of Similar Events Regarding the Users ....80 -------------------------------------------------------- SECTION 12.05. Rights of Users in Event of Default under Section 12.01(8) by ------------------------------------------------------------- Issuer under this Indenture .................................80 --------------------------- SECTION 12.06. Subrogation Rights of Credit Obligor ..........................80 ------------------------------------ SECTION 12.07. Application of Money Collected ................................81 ------------------------------ SECTION 12.08. Trustee May Enforce Claims without Possession of Bonds ........
Rights and Remedies of Trustee. If an Event of Default shall occur, then the Trustee may, without the requirement of any notice declare any or all of the Assumed Debt to be immediately due and payable, and may immediately and without demand exercise any of its rights under the Uniform Commercial Code of the State of New York, it being expressly agreed that the Trustee may, at its sole option, exercise such right with respect to less than all of the Collateral, such as, more specifically but without limitation, with respect only to distributions and proceeds of the Companies, leaving unexercised its rights with respect to the remainder of the Collateral; provided, however, that such partial exercise shall in no way be deemed a waiver of the Trustee's right to exercise its rights with respect to all or another portion of the remainder of the Collateral at a later time or times. Notwithstanding anything to the contrary contained in this Agreement, the Trustee's sole recourse shall be to the Collateral and the obligations in respect of the Assumed Debt shall be non-recourse to the O&Y Members.
Rights and Remedies of Trustee. Trustee may take possession of and sell the Trust Property, or any part thereof requested by Beneficiary to be sold, and in connection therewith Grantor hereby authorizes and empowers Trustee to take possession of and sell (or in case of the default of any purchaser to resell) the Trust Property, or any part thereof, all in accordance with the laws or rules of court of the Commonwealth of Virginia relating to deeds of trust, including any amendments thereof, or additions thereto, which do not materially change or impair the remedy. In connection with any foreclosure, Beneficiary and/or Trustee may (y) procure such title reports, surveys, tax histories and appraisals as they deem necessary, and (z) make such repairs and additions to the Trust Property as they deem advisable, all of which shall constitute "Expenses" (hereinafter defined). In the case of any sale under this Deed of Trust, by virtue of judicial proceedings or otherwise, the Trust Property may be sold as an entirety or in parcels, by one sale or by several sales, and any fixtures or other Trust Property encumbered by this Deed of Trust may be sold at the same sale as the Trust Property or in one or more sales, as may be deemed by Trustees to be appropriate and without regard to any right of Grantor or any other person to the marshalling of assets, for cash, on credit or for other property, for immediate or future delivery, and for such price or prices and on such terms having first given
Rights and Remedies of Trustee. (a) If there shall occur an Event of Default under this Security Instrument, then this Security Instrument is subject to foreclosure as provided by law. The Grantor assents to the passage of a decree for the sale of the Property and further authorizes the Trustee to sell the Property pursuant to Section 7-105 of the Real Property Article, Annotated Code of Maryland, as amended, and Rule 14-101, et. seq. of the Maryland Rules of Procedure, as amended, or other applicable law.
Rights and Remedies of Trustee. In addition to any other rights they may have at law or in equity, following an Event of Default hereunder, (i) Trustees may take possession of and sell the Property, or any part thereof requested by Lender to be sold, and in connection therewith Borrower hereby (A) assents to the passage of a decree for the sale of the Property by the equity court having jurisdiction, and (B) authorizes and empowers Trustees to
Rights and Remedies of Trustee. Upon the occurrence and during the continuance of an Event of Default by Mortxxxxx:
Rights and Remedies of Trustee. Upon the occurrence and during the continuance of an Event of Default by Borrower:
