Upon Event of Default Clause Samples
The 'Upon Event of Default' clause defines the rights and actions available to a party when the other party fails to meet its contractual obligations, such as missing payments or breaching key terms. Typically, this clause outlines the specific events that constitute a default and details the remedies available, which may include acceleration of payments, termination of the agreement, or the imposition of penalties. Its core practical function is to provide a clear framework for addressing breaches, thereby protecting the non-defaulting party and ensuring that both parties understand the consequences of non-compliance.
Upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agents shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:
(a) declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;
(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Credit Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Borrower;
(c) require that the Parent Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and
(d) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Credit Documents; provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Borrower under the Bankruptcy Code of the United States or any other Debtor Relief Law, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Parent Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of any Administrative Agent or any Lender.
Upon Event of Default. The Trustee, prior to the occurrence of an Event of Default with respect to Securities of a series and after the curing of all Events of Default with respect to Securities of that series which may have occurred, shall undertake to perform with respect to Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. In case an Event of Default with respect to Securities of a series has occurred (which has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.
Upon Event of Default. Upon the occurrence of any Event of Default, Landlord shall have the option to pursue any one or more of the following remedies without any Notice or demand whatsoever (except as expressly provided herein), concurrently or consecutively and not alternatively (in addition to any other remedies available to Landlord at law or in equity), all of which remedies shall be distinct, separate and cumulative:
Upon Event of Default. Upon the occurrence of an Event of Default as defined in the Debenture and Note Purchase Agreement, the maturity of this Note may be accelerated as provided in the Debenture and Note Purchase Agreement.
Upon Event of Default. Within 30 days of the Holder obtaining actual knowledge of the occurrence of an Event of Default (as hereinafter defined), the Holder may demand the prepayment of all or any portion of this Debenture by submission of written notice of prepayment to the Company. Following the receipt of such notice, the Company shall prepay the portion of this Debenture requested to be prepaid as soon as reasonably practicable, but in any event within 30 days of date of such notice. An Event of Default for purposes of this Section 4(b) shall mean: (i) the failure to pay interest or principal on any scheduled payment date; (ii) the occurrence of any material breach of any representation, warranty or covenant by the Company under the Purchase Agreement, if such breach is not cured within 30 days of the receipt by the Company of written notice thereof; or (iii) the filing of any petition, whether voluntary or involuntary, seeking the reorganization or liquidation of the Company under any provision of the Federal Bankruptcy Code or any other federal or state reorganization, insolvency or debtor relief law; or (iv) the appointment of any receiver, liquidator or trustee for the Company or any of its properties by a court order and which appointment is not vacated within 30 days; or (v) the Company is adjudicated insolvent or the Company shall make an assignment for the benefit of any of its creditors, admit in writing an inability to pay debts when they become due in the ordinary course of its business, or consent to the appointment of a receiver, trustee or liquidator for the Company or all or any part of the property of the Company.
Upon Event of Default. Immediately upon (a) the occurrence of an Event of Default under Sections 13(f) or 13(g) hereof, or (b) Lender's declaration that the Loan is due and payable in full pursuant to Section 13, in the case of any Event of Default other than under Sections 13(f) or 13(g) hereof, the Loan and all accrued but unpaid interest on the Loan and any and all other fees and sums which may be or become payable hereunder and under the Note, the Security Agreements, and any other Loan Document shall become immediately due and payable. Payments on the Loan pursuant to this Section shall be subject to the prepayment premium described in Section 8.4 below.
Upon Event of Default. Upon the occurrence of any Event of Default, Administrative Agent may (or if directed by the Requisite Lenders, shall) apply sums then present in the Deposit Account established by each of the Borrowers or any Subaccount thereof and all sums thereafter deposited into the Deposit Accounts (other than Security Deposits to the extent any Tenant may have a right to the return of such Security Deposit) to the payment of the portion of the Debt payable by each such Borrower, Taxes and Other Charges, Insurance Premiums and all other sums payable pursuant to this Agreement and the other Loan Documents in such order, proportion and priority as the Requisite Lenders and Administrative Agent may determine in their sole discretion, except that Administrative Agent shall apply funds (if any) on deposit in the Ground Rent Subaccount for payment of due and unpaid Ground Rent prior to application for any other purpose. Administrative Agent's right to withdraw and apply amounts in the Deposit Accounts shall be in addition to all other rights and remedies provided under this Agreement, the other Loan Documents, and at law or in equity.
Upon Event of Default. Accelerate the maturity of this Note and all other Obligations, and all of the Obligations shall be immediately due and payable. Cumulative. Exercise any rights and remedies as provided under this Note and other Loan Documents, or as provided by law or equity.
Upon Event of Default. If such Event of Default has occurred or is then continuing the Loan (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall, at Lender’s option, immediately become due and payable and the following actions may be taken with five (5) business days’ notice to Borrower: (i) terminate Lender’s obligations hereunder and/or the Maximum Commitment Amount, whereupon the same shall immediately terminate, (ii) the Lender may exercise all rights and remedies available to it under the any Loan Document; (iii) declare all or any of the Loan and/or Notes, all accrued interest thereon and all other obligations to be due and payable immediately; and (iv) commence a suit, action, or proceeding relating to this Agreement or any other Loan Document or the enforcement of its rights hereunder or thereunder.
Upon Event of Default. Upon the occurrence of any "Event of Default" (as such term is defined in any document or instrument evidencing or securing any indebtedness of the Issuer or HHPC to the Warrantholder), the Warrantholder shall have the option to require the Issuer to purchase the Warrant for the Warrant Purchase Price. The option of the Warrantholder under this Section 1(b) shall be exercised by written notice to the Issuer given within thirty (30) days after the date of the occurrence of any Event of Default. In the event that the Warrantholder exercises its option under this Section 1(b), the closing of the purchase of the Warrant shall occur within ten (10) days after the date of exercise by the Warrantholder of its option under this Section 1(b); and the Warrant Purchase Price shall become immediately due and payable upon the earlier of (y) the date of closing of the purchase of the Warrant and (z) the date ten days after the date of exercise by the Warrantholder of its option under this Section 1(b).