Treatment of default Sample Clauses

Treatment of default. (1) If any one or more of the above events of default occurs, the Lender shall entitle to take one or more of the following measures as the Lender may deemed appropriate: i) Request the Borrower to rectify within defined period of time. ii) Cancelation of any undrawn credit of the loan facility, stop granting or making payments from unused loan balance granted to the Borrower. iii) Declare all or part of the loan principal granted become due immediately, and request immediate repayment of all or part of the loan, settlement of outstanding interest, and seek for recourse from the Guarantor or Borrower with all necessary means. iv) Collect penalty interest on overdue loan principal and/or misappropriated loan portion, at compound interest rate. v) Directly deducts funds at any bank accounts opened by the Borrower at various branches of the Shanghai Pudong Development Bank Co., Ltd. vi) Request for the Borrower to supplement additional conditions on drawdown of the loan or modification on the payment method for utilization of the loan. vii) Request the Borrower to provide other guarantees recognized by the Lender. viii) Other necessary measures as regulated by the laws. (2) Other than the above measures, the Lender may further request the Borrower for default liability and for payment of default penalty (refer to Part I of this Contract for calculation of default penalty). Where the default penalty is insufficient to cover losses suffered by the Lender, the Borrower shall indemnify the Lender against all resulting losses. (3) The Borrower shall bear all expenses incurred by the Lender in connection with the Lender’s realization of debts and guarantee rights, including but not limited to debt chasing expenses, litigation charges, notary fees, announcement fees, lawyers remuneration, travelling expenses, translation fees and all other fees payable. Section 14: Other provisions
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Treatment of default. (1) If one or more of the aforementioned events of default occurs, the Lender may take one or more of the following measures as the Lender deems appropriate: ① Request the Borrower to take remedial measures within a specified time limit;
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Treatment of default. If any of the above events of default happens, the Pledgee is entitled to declare that the principal claims are due on an earlier date or request the debtor to replenish the performance bond, and may, as stipulated in Article V, transfer funds from the regulated account and apply them in discharging all claims which are secured by the pledged accounts receivable, or apply them in replenishing the performance bond. At the same time, the Pledgee may request the Pledgor to make a default payment (calculated according to Article X of this Contract). Where the default payment is insufficient to cover the losses suffered by the Pledgee, the Pledgor shall indemnify the Pledgee against all resulting losses. At the same time, the Pledgor shall seek recovery of the receivables actively. Should the Pledgor fail to exercise its rights over the accounts receivable, the Pledgee is entitled to exercise subrogation rights according to law.
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Treatment of default. Upon the occurrence of any of the aforementioned events of default, the Mortgagee has the right to declare the accelerated maturity of the principal creditor's right and/or the period for determination of the creditor's rights, and/or dispose of the mortgaged properties in accordance with Article 4 hereof or require the Mortgagor to provide other guarantees.
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Treatment of default. Upon the occurrence of any event of default under this contract, Party B may take one or several actions listed below and Party A has no objection: 11.1 It may reduce, suspend or cease credit hereunder, or shorten the validity period of credit. 11.2 It may stop providing loans under this contract. 11.3 It may collect loans that not due, declare immediate maturity of all outstanding loans regardless of whether or not due, request Party A to repay all debts owed to Party B under this contract. 11.4 For overdue interest (including all or part of loan interest due in advance, penalty interest, compound interest and other interest paid to Party B), Party B shall not only continue to pay such interest, it also shall pay for a compound interest from the due date for that interest payment pursuant to the overdue penalty interest rate stipulated in Clause 11.5 of this contract. 11.5 For overdue loan principal (including all or part of loan principal due in advance), the overdue interest shall be charged from the date of such loans principal due pursuant to overdue penalty interest rate stipulated in this clause. Overdue penalty interest rate shall be the sum of (1) the loan interest rate stipulated in Clause 3.1 under this contract; and (2)50% of the loan interest rate stipulated in Clause 3.1 hereunder. 11.6 Party A failing to use the loans in accordance with the purpose stipulated in this contract, it shall pay liquidated damages in respect of misappropriated amounts to Party B from the date of misappropriation to the date when all the principal and interest hereof are fully repaid. The liquidated damages rate shall be 100% of the loan interest rate stipulated in Clause 3.1 hereunder. 11.7 It has right to exercise its security rights. 11.8 It has right to request Party A to provide security acceptable to Party B. 11.9 Where occurrence of any event of default under this contract causes Party B realize its creditor’s right by means of judicial recourse, Party A shall be obliged to bear all expenses incurred (including but not limited to litigation fees, lawyer’s fees, property preservation fees, travel expenses, execution fees, appraisal fees, auction fees and others). 11.10 In the event that Party A is in default on the due loan principal, interest, penalty interest, compound interest and other amounts (including the unpaid amount being declared to be immediate due), Party B has the right to deduct money from Party A’s domestic or foreign currency account opened a...
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Treatment of default. (1) If any one of more of the above events of default happens, the Lender is entitled to take one or more of the following measures as appropriate: i) Request the Borrower to correct within defined period of time. ii) Cancel the remaining unused loan balance, stop granting or pay out the unused loan to the Borrower. iii) Declare that all or partial of the principal claims are due immediately on an earlier date and request the immediate repayment of partial or all of the loan, settle the outstanding interest, and seek for recourse from the Guarantor or Borrower with various means. iv) Collect penalty interest and compound interest for overdue loan and misappropriated loan. v) Make funds transfer at any bank account opened by the Borrower at various branches of the Shanghai Pudong Development Bank Co., Ltd. vi) Request the Borrower to supplement on the loan discharging and method of payment, or modify the repayment method of loan. vii) Request the Borrower to provide other guarantee approved by the Lender. viii) Other necessary measures as regulated by the law. (2) Other than the above measures, the Lender may further request the Borrower for default liability and repayment of default penalty (calculation of the default penalty refer to Part I of this Contract). Where the default penalty is insufficient to cover losses suffered by the Lender, the Borrower shall indemnify the Lender against all resulting losses. (3) The Borrower shall bear all the expenses suffered by the Lender in connection with the Lender’s realization of debts and guarantee rights, where the Borrower fails to make sufficient repayment of principal and interest on time, including but not limited to collection expense, litigation fees, notary expense, notice fee, lawyer fee, travel expenses, translation expenses and all other payable expenses.
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Treatment of default. 11.1 Upon the occurrence of one or some of the default listed in the sub-clause 10.1 herein, the Lender may unilaterally and unconditionally adopt one or some of the measures listed below to handle the said default, under this condition, the Borrower shall agree to unconditionally cancel the right to defense, and compensate for the Lender’s all losses incurred by its default: 11.1.1 The Lender shall stop providing undrawn loan, declare the loan principal hereunder be on maturity immediately, recover all or part of the provided loan ahead of the schedule, ask the Borrower’s full payment of the owed interest and the dues, and make the immediate recourse to the Borrower in various ways; 11.1.2 Within the Contract term, if the Borrower’s unauthorized diversion of any of the loan hereunder without the written approval from the Lender occurs, the interest penalty, according to the diversion amount, number of days of actual diversion and the penalty interest rate of 0.05 percent per day, shall be calculated from the day of unauthorized diversion till the full repayment of the principal and interest. The Lender’s charge of the penalty interest shall not affect its other rights hereunder; 11.1.3 Within the loan term herein, if the Borrower fails to make the payment of the basic and floating interest in pursuant with payment term herein, the said interest shall be charged with the penalty interest, the penalty interest shall be calculated from the date of the day overdue by the penalty interest rate of 0.05 percent per day; 11.1.4 For the overdue loan or the loan the Lender declares to be on maturity immediately, the penalty interest, according to the penalty interest rate of 0.05 percent per day, shall be calculated from the date of the day overdue or the day declared to be on maturity till the full repayment of the principal and interest; 11.1.5 The Lender shall cancel the Borrower’s undrawn loan; 11.1.6 The Lender shall require the Borrower to provide the alternative security with the written approval from the Lender; 11.1.7 Other necessary measures stipulated by the laws. 11.2 If the Borrower’s application of all or part of the loan is not made, the payment of the interest shall still be made in full by the Borrower in pursuant with the provisions herein.
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Treatment of default. Liquidated damages: equal to 0 (in words) percent of the principal of the loan or N/A .
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Treatment of default. 9.1 本合同第八条所列违约情况之一项或数项出现时，贷款人可单方面无条件采取下列一种或数种措施进行处理，在此情况下，借款人同意无条件放弃抗辩权，并应补偿因其违约对贷款人造成的一切损失：Upon the occurrence of one or several of the defaults in article 8 of this contract, the Lender may unilaterally and unconditionally take one or several actions listed below to handle such breach, under such situation, the Borrower agrees unconditionally waive its right to rebuttal and agrees to indemnify all losses of the Lender caused by its default: 9.1.1 终止发放未提取贷款，宣布本合同项下贷款本金立即提前到期，提前收回部分或全部已发放的贷款，所欠利息及应付款项结清，并通过各种形式向借款人立即追索；Stop providing the undrawn loan, declare the loan principal under this contract due immediately, recover all or part of the outstanding loan, settle all the interest and money owed, and take on other actions against the Borrower; 9.1.2 本合同有效期内，若借款人未经贷款人书面同意而擅自将本合同项下的任何贷款用于第2.2款及各份《信托贷款资金用途明细单》所规定以外的用途，则借款人擅自挪用之日起，根据借款人的挪用金额和实际 挪用天数，按本合同第3.1款所规定的利率基础上上浮100%计收罚息，直到清偿本息为止；During the term of this Contract, if the Borrower uses the loan for the purpose other than as specified in article 2.2 and in each of Detailed Use List of Trust Loan Fund without the written consent from the Lender, from the date of such unauthorized use of the fund, the Borrower shall pay for a default interest, based upon the misused amount, number of days of such use, with an 100% higher than the interest rate in article 3.1, until the repayment of the principal and interest. 9.1.3 在本合同贷款期限内，借款人未按照本合同规定的期限支付的利息，应自逾期之日起对逾期应付未付的利息按本合同第3.1款所规定的利率向贷款人支付复利；贷款逾期后，对于借款人未按时支付的利 息按照本合同第3.1条所规定的利率基础上上浮50%向贷款人支付复利；During the term of the loan, if the Borrower fails to pay interest due according to this contract, it shall pay for a compound interest from the due date for that interest payment pursuant to the interest rate stipulated in article 3.1 of this contract; after the loan is due, for the interest not be paid on time, the Borrower should pay the Lender a compound interest rate with a 50% higher than rate under 3.1 of this contract; 9.1.4 对逾期贷款或贷款人宣布立即到期的贷款，借款人应自逾期或宣布到期之日起至全部贷款本息完全清偿完毕之日止对逾期贷款按本合同第3.1款所规定的利率基础上上浮50%向贷款人支 付罚息；贷款人根据第9.1.2款至第9. 1. 4款向借款人计收罚息并不影响贷款人在本合同项下的任何其他权利；For the overdue loan or the loan that the Lender declares immediately due, the Borrower shall pay for a penalty interest for the overdue loan with the rate of a 50% higher than the interest rate stipulated in article 3.1 in this contract from the due or declare due date to the date when such loan is completed repaid; the Lender’s charge of the default interest from article 9. 1.2 to 9.1.4 shall not affect its ...
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Related to Treatment of default

  • Xxxxxx of Default The happening of any of the following events or conditions shall constitute default hereunder which is herein referred to as ‘default’ or an ‘Event of Default’: (1) The Debtor fails to satisfy or perform any of the Obligations when due; (2) The non-payment when due, whether by acceleration or otherwise, of any principal or interest forming part of the indebtedness or the failure of Debtor to observe or perform any obligation, covenant, term, provision or condition contained in this Agreement or any other agreement between Debtor and Secured Party and such failure has not been waived or cured within any applicable period of grace; (3) The bankruptcy or insolvency of Debtor or any guarantor of the indebtedness; the filing against Debtor or any guarantor of the indebtedness of a petition in bankruptcy; the making of an authorized assignment for the benefit of creditors by Xxxxxx or any guarantor of the indebtedness; the appointment of a receiver or trustee for Debtor or any guarantor of the indebtedness or for any assets of Debtor or any guarantor of the indebtedness; or the institution by or against Debtor or any guarantor of the indebtedness of any other type of insolvency proceeding under the Bankruptcy and Insolvency Act or otherwise; (4) The institution by or against the Debtor or any guarantor of the indebtedness of any formal or informal proceeding for the dissolution or liquidation of, settlement of claims against or winding up of affairs of Debtor or any guarantor of the indebtedness; (5) If any encumbrance affecting the Collateral becomes enforceable against the Collateral; (6) If Debtor or any guarantor of the indebtedness ceases or threatens to cease to carry on business or makes or agrees to make a bulk sale of assets without complying with applicable law or commits or threatens to commit an act of bankruptcy; (7) If any execution, sequestration, extent or other process of any court becomes enforceable against Debtor or any guarantor of the indebtedness or if a distress or analogous process is levied upon the assets of Debtor or any guarantor of the indebtedness or any part thereof; (8) If any certificate, statement, representation, warranty or audit report heretofore or hereafter furnished by or on behalf of Debtor pursuant to or in connection with this Agreement, or otherwise (including, without limitation, the representations and warranties contained herein) or as an inducement to Secured Party to enter into this or any other agreement with Debtor, proves to have been false in any material respect at the time as of which the facts therein set forth were stated or certified or becomes incorrect in any respect at any time or proves to have omitted any substantial contingent or unliquidated liability or claim against Debtor; or if upon the date of execution of this Agreement, there shall have been any material adverse change in any of the facts disclosed by any such certificate, representation, statement, warranty or audit report, which change shall not have been disclosed to Secured Party at or prior to the time of such execution; and (9) If Secured Party, in good faith, believes and has commercially reasonable grounds to believe that the prospect of payment of any indebtedness or performance of the Obligations is or is about to be placed in jeopardy.

  • Event of Default (a) Each of the following events shall constitute an event of default hereunder (an “Event of Default”): (i) if (A) any portion of the Debt is not paid in full on the Maturity Date, (B) the Debt Service is not paid in full on or before the related Payment Date, or (C) any other portion of the Debt is not paid within five (5) days of when due; (ii) if any of the Taxes or Other Charges are not paid (with respect to each or any Individual Property) prior to Delinquency; (iii) if the Policies (with respect to each or any Individual Property) are not kept in full force and effect, or if certified copies of the Policies (for each Individual Property) are not delivered to Lender upon request (or certificates thereof, if a Policy shall be renewed and certified copies of the Policy are not immediately available upon such renewal (each Borrower agreeing in such instance to provide copies of the Policies to Lender promptly thereafter)); (iv) if any Borrower Transfers or otherwise encumbers any portion of the Properties, the Collateral or the Senior Mezzanine Collateral, or there shall otherwise occur a Transfer without Lender’s prior consent in violation of the provisions of this Agreement, the Pledge Agreement or any other Loan Document; (v) if any representation or warranty made by any Borrower or any other Loan Party herein or in any other Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document or other material or written information furnished to Lender shall have been false or misleading in any material respect as of the date the representation or warranty was made (and, with respect to any such breach which is not the subject of any other subsection of this Section 8.1 and which is capable of being cured, such Borrower fails to remedy such condition within ten (10) days following notice to Borrower from Lender, in the case of any such breach which can be cured by the payment of a sum of money, or within thirty (30) days following notice from Lender in the case of any other such breach); (vi) if any Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall make an assignment for the benefit of creditors; or if a receiver, liquidator or trustee shall be appointed for any Borrower, Senior Mezzanine Borrower or Mortgage Borrower, or if any Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or Senior Mezzanine Borrower, or if any proceeding for the dissolution or liquidation of any Borrower, Senior Mezzanine Borrower or Mortgage Borrower shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by any Borrower, Senior Mezzanine Borrower or Mortgage Borrower, upon the same not being discharged, stayed or dismissed within ninety (90) days; (vii) if any Operating Company, any Manager, Principal, Holdings or any Guarantor shall make an assignment for the benefit of creditors; or if a receiver, liquidator or trustee shall be appointed for any such Operating Company, any such Manager, Principal, Holdings or any such Guarantor, or if any Operating Company, any Manager, Principal, Holdings or any Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, any Operating Company, any Manager, Principal, Holdings or any Guarantor, or if any proceeding for the dissolution or liquidation of any Operating Company, any Manager, Principal, Holdings or any Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by any such Operating Company, any such Manager, Principal, Holdings or any such Guarantor, upon the same not being discharged, stayed or dismissed within ninety (90) days; (viii) if any Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; (ix) if any Borrower breaches any of its respective negative covenants contained in Section 5.2 or any covenant contained in Section 4.1.30 or Section 5.1.11 hereof (and, with respect to any such breach of any covenant set forth in Section 5.1.11 which is not the subject of any other subsection of this Section 8.1, such Borrower fails to remedy such condition within ten (10) days after notice to Borrower from Lender, in the case of any such Default under Section 5.1.11 which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other such Default under Section 5.1.11); (x) with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if any Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; (xi) if any of the assumptions contained in the Insolvency Opinion delivered in connection with the Loan, or in the Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; or if any of the assumptions contained in the True Lease Opinion in connection with the Loan, or in the Additional True Lease Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect; (xii) if any Mortgage Borrower, any Operating Company or any Guarantor (Operating Lease) is in default of any of its material obligations under any Operating Lease (or under another lease and/or management agreement in substitution for such Operating Lease in accordance herewith) or under any such Operating Lease Guaranty (or under another operating lease guaranty in substitution for such Operating Lease Guaranty in accordance herewith) beyond any applicable notice and cure periods contained therein; or if any Operating Lease (or such other lease and/or management agreement) or any Operating Lease Guaranty (or such other operating lease guaranty) shall be surrendered or any Operating Lease or any Operating Lease Guaranty shall be terminated or canceled for any reason or under any circumstances whatsoever, except with the consent of Lender; or if any of the terms, covenants or conditions of any Operating Lease (or such other lease and/or management agreement) or any Operating Lease Guaranty (or such other operating lease guaranty) shall in any manner be modified, changed, supplemented, altered, restated or amended without the consent of Lender except as may otherwise expressly permitted in this Agreement; (xiii) intentionally omitted; (xiv) if any Affiliate of any Borrower that is or becomes a party to the Windstorm Insurance Intercreditor Agreement is in default of any of its material obligations under the Windstorm Insurance Intercreditor Agreement beyond any applicable notice and cure periods contained therein; or if the Windstorm Insurance Intercreditor Agreement shall be surrendered, terminated or canceled for any reason or under any circumstances whatsoever, except with the consent of Lender; or if any of the terms, covenants or conditions of the Windstorm Insurance Intercreditor Agreement shall in any manner be modified, changed, supplemented, altered, restated or amended without the consent of Lender; (xv) if any Borrower, Senior Mezzanine Borrower or Mortgage Borrower fails to comply with the covenants as to Prescribed Laws set forth in Section 5.1.1 hereof; (xvi) if a material default has occurred and continues beyond any applicable cure period under any Management Agreement and if such default permits the Manager, the Operating Company or the Mortgage Borrower party thereto to terminate or cancel the Management Agreement in question; (xvii) any Gaming License shall be refused, suspended, revoked, modified in a materially adverse manner or canceled or allowed to lapse or any proceeding is commenced by any Governmental Authority for the purpose of suspending, revoking or canceling any Gaming License in any materially adverse respect, or any Governmental Authority shall have appointed a conservator, supervisor or trustee to or for any of the Casino Components and, in each case of the foregoing, such action could reasonably be expected to (A) have an Individual Material Adverse Effect, (B) materially and adversely affect the continued operation of the Casino Components in the usual course of business and in substantially the same manner and to at least the same standard as was maintained prior to such action, or (C) result in any material decrease in the then expected cash flow and revenues to be derived from the Casino Components; (xviii) if any Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in subsections (i) to (xvii) above, for ten (10) days after notice to Borrower from Lender, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that such Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for such Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred twenty (120) days; (xix) if there shall be a default under any of the other Loan Documents beyond any applicable cure periods contained in such documents, whether as to any Borrower, Mortgage Borrower, Senior Mezzanine Borrower, the Collateral, the Senior Mezzanine Collateral or any Individual Property, or if any other such event shall occur or condition shall exist, if the effect of such event or condition is to accelerate the maturity of any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt; (xx) if the Liens created pursuant to any Loan Document shall cease to be a fully protected enforceable first priority security interest in the Collateral, or any portion of the Collateral is Transferred without Lender’s prior written consent except as permitted hereunder; or (xxi) if a Mortgage Loan Event of Default or Senior Mezzanine Loan Event of Default shall occur. (b) Upon the occurrence of an Event of Default (other than an Event of Default described in clauses (vi) or (vii) above) and at any time thereafter, in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and in and to all or any of the Collateral, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents and may exercise all the rights and remedies of a secured party under the Uniform Commercial Code, as adopted and enacted by the State or States where any of the Collateral is located, against Borrower and any or all of the Collateral, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (vi) or (vii) above, the Debt and all other obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

  • No Event of Default No Default or Event of Default has occurred and is continuing.

  • Consequences of Event of Default (a) Upon the occurrence of an Event of Default, the Company will promptly deliver written notice thereof to the Holder. If one or more Events of Default will have occurred and be continuing (whatever the reason for such Event of Default and whether it will be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any Governmental Authority), then, and in each and every such case (other than an Event of Default specified in Section 2.4(g) or Section 2.4(h) with respect to the Company or any of its Subsidiaries), unless the principal of this Note will have already become due and payable, the Holder may, by notice in writing to the Company, declare 100% of the outstanding principal of this Note to be due and payable immediately, and upon any such declaration the same will become and will automatically be immediately due and payable. If an Event of Default specified in Section 2.4(g) or Section 2.4(h) with respect to the Company or any of its Subsidiaries occurs and is continuing, 100% of the outstanding principal of this Note will become and will automatically be immediately due and payable without any action on the part of the Holder. (b) Subsection (a) above, however, is subject to the conditions that if, at any time after the outstanding principal of this Note will have been so declared due and payable, and before any judgment or decree for the payment of the monies due will have been obtained or entered as hereinafter provided, the Company will pay or will deposit with the Holder a sum sufficient to pay the outstanding principal of this Note that will have become due otherwise than by acceleration, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this Note, other than the nonpayment of the principal on this Note that will have become due solely by such acceleration, will have been cured or waived, then and in every such case the Holder, by written notice to the Company, may waive all defaults or Events of Default with respect to this Note and rescind and annul such declaration and its consequences and such default will cease to exist, and any Event of Default arising therefrom will be deemed to have been cured for every purpose of this Note; but no such waiver or rescission and annulment will extend to or will affect any subsequent Event of Default, or will impair any right consequent thereon.

  • Action if Other Event of Default If any Event of Default (other than any Event of Default described in clauses (i) through (iv) of Section 9.1(h)) shall occur for any reason, whether voluntary or involuntary, and be continuing, the Lender may, by notice to the Borrower declare all or any portion of the outstanding principal amount of the Loans and other Obligations to be due and payable and/or the Commitments (if not theretofore terminated) to be terminated, whereupon the full unpaid amount of the Loans and other Obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand or presentment, and the Commitments shall terminate.

  • 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. (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the administration of this Guarantee Agreement shall have obtained written notice, of such Event of Default.

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

  • Notice of Default or Event of Default promptly, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;

  • Waiver of Event of Default The Majority Certificateholders may, on behalf of all Certificateholders, by notice in writing to the Trustee, direct the Trustee to waive any events permitting removal of any Master Servicer under this Agreement, provided, however, that the Majority Certificateholders may not waive an event that results in a failure to make any required distribution on a Certificate without the consent of the Holder of such Certificate. Upon any waiver of an Event of Default, such event shall cease to exist and any Event of Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other event or impair any right consequent thereto except to the extent expressly so waived. Notice of any such waiver shall be given by the Trustee to the Rating Agency.

  • Effect of Default If Tenant is in Default, Landlord is irrevocably authorized, as Tenant’s agent and attorney-in-fact, to direct any transferee under any sublease, license or other occupancy agreement to make all payments under such agreement directly to Landlord (which Landlord shall apply towards Tenant’s obligations hereunder) until such Default is cured. Such transferee shall rely upon any representation by Landlord that Tenant is in Default, whether or not confirmed by Tenant.

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