Sale of Units During Event of Default Sample Clauses

Sale of Units During Event of Default. Notwithstanding the provisions of this Section 2.8 or any other provision to the contrary in this Agreement or the other Loan Documents, it is expressly acknowledged and agreed by Borrower that, upon the occurrence and during the continuance of an Event of Default: (a) Borrower shall have no right to sell any Units by Mortgage Borrower without Lender’s prior written consent, which consent may be given or withheld in Lender’s sole discretion, (b) any such sale of one or more of the Units shall be on such terms and conditions as to which Lender and Borrower shall agree, Lender, however, having the right to impose such terms and conditions as Lender shall elect in its sole discretion, and (c) the provisions of this Section 2.8 (other than this Section 2.8.4) shall not be applicable to any such sale of one or more of the Units consented to by Lender as aforesaid, Borrower expressly acknowledging and agreeing that upon the occurrence of a Mortgage Loan Event of Default, Lender shall not be entitled to any Required Release Price or any portion thereof or any proceeds thereof unless and until the Mortgage Debt has been paid in full. In the event that, following any such sale of one or more of the Units, the Mortgage Debt shall have been paid in full, Borrower and/or Mortgage Lender, as applicable, shall distribute to Lender any remaining proceeds thereof to be applied as provided in this Agreement.
Sample 1
AutoNDA by SimpleDocs

Related to Sale of Units During Event of Default

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Notification of Event of Default Borrower shall notify Agent immediately of the occurrence of any Event of Default.

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

  • Rights Upon Event of Default If an Event of Default, other than an Event of Default described in Section 5.01(iv) or (v) above, shall have occurred and be continuing the Indenture Trustee or the Required Holders may declare the principal amount of the Notes immediately due and payable at par. At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article Five provided, the Required Holders may rescind such declaration if (i) the Issuer has made all payments of principal of and interest on all Notes that have become due and payable (other than by reason of acceleration of the Notes) and (ii) the Issuer has paid all amounts due and payable to the Indenture Trustee. If an Event of Default described in Section 5.01(iv) or (v) shall have occurred and be continuing, the principal amount of the Notes shall become immediately due and payable.

  • Termination Upon Event of Default If Foothill terminates this Agreement upon the occurrence of an Event of Default, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Foothill's lost profits as a result thereof, Borrower shall pay to Foothill upon the effective date of such termination, a premium in an amount equal to the Early Termination Premium. The Early Termination Premium shall be presumed to be the amount of damages sustained by Foothill as the result of the early termination and Borrower agrees that it is reasonable under the circumstances currently existing. The Early Termination Premium provided for in this Section 3.7 shall be deemed included in the Obligations.

  • Event of Default Any of the following shall constitute an "Event of Default":

  • Actions following an Event of Default On, or at any time after, the occurrence of an Event of Default:

  • No Event of Default, etc No condition or event has occurred or exists which constitutes or which, after notice or lapse of time or both, would constitute an Event of Default.

  • Guarantee Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of a Guarantee Event of Default actually known to a Responsible Officer of the Guarantee Trustee, transmit by mail, first class postage prepaid, to the Holders of the Securities, notices of all such Guarantee Events of Default, unless such defaults have been cured before the giving of such notice; provided, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Securities.

  • Lenders’ Rights upon Event of Default If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower other than: (a) contributions (other than contributions of Common Stock) that are made by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the due and unpaid amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the Borrower’s assets shall be transferred to the Lender following an Event of Default only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by the Pledge Agreement following an Event of Default shall be governed by the terms of the Pledge Agreement.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!