REMEDIES ON DEFAULT definition

REMEDIES ON DEFAULT. If the indebtedness evidenced hereby is not paid at maturity, whether by acceleration or otherwise, the Bank shall have all of the rights and remedies provided by any law and/or by agreement of the Borrower, including but not limited to all of the rights and remedies of a secured party under the Uniform Commercial Code. Any requirement of reasonable notice mandated by the Uniform Commercial Code shall be met if the Bank sends such notice to the Borrower at least ten (10) days prior to the date of sale, disposition or other event giving rise to the required notice. The Borrower shall be liable for any deficiency remaining after disposition of any property in which the Bank has a security interest to secure payment of the indebtedness evidenced hereby, and the computation of such deficiency or of the amount required to redeem such property shall include, unless otherwise prohibited by law, reasonable attorney's fees and legal expenses.
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REMEDIES ON DEFAULT. If the indebtedness evidenced hereby is not paid at maturity, whether by acceleration or otherwise, the Bank shall have all of the rights and remedies provided by any law and/or by agreement of the Borrower, including but not limited to all of the rights and remedies of a secured party under the Uniform Commercial Code. Any requirement of reasonable notice mandated by the Uniform Commercial Code shall be met if the Bank sends such a notice to the Borrower at least ten (10) days prior to the date of sale, disposition or other event giving rise to the required notice. The Borrower shall be liable for any deficiency remaining after disposition of any property in which the Bank has a security interest to secure payment of the indebtedness evidenced hereby, and the computation of such deficiency or of the amount required to redeem such property shall include, unless otherwise prohibited by law, reasonable attorney's fees and legal expenses.
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Examples of REMEDIES ON DEFAULT in a sentence

  • REMEDIES ON DEFAULT, ETC 30 Section 12.1. Acceleration 30 Section 12.2. Other Remedies 31 Section 12.3. Rescission 31 Section 12.4. No Waivers or Election of Remedies, Expenses, Etc 31 SECTION 13.

  • REMEDIES ON DEFAULT, ETC..............................................................

  • REMEDIES ON DEFAULT - Upon the occurrence of any one or more of the above events of default, unless the Bank shall otherwise elect, the full amount of the indebtedness evidenced hereby and all other liabilities of the undersigned to the Bank shall become immediately due and payable, without notice or demand.

  • REMEDIES ON DEFAULT, ETC 35 Section 14.1 Acceleration 35 Section 14.2 Other Remedies 35 Section 14.3 Rescission 35 Section 14.4 No Waivers or Election of Remedies, Expenses, Etc 36 SECTION 15.

  • EVENTS OF DEFAULT; REMEDIES ON DEFAULT 90 11.1. Events of Default.

  • EVENTS OF DEFAULT; REMEDIES ON DEFAULT ...............................................

  • REMEDIES ON DEFAULT, ETC 38 12.1. Acceleration 38 12.2. Other Remedies 39 12.3. Rescission 39 12.4. No Waivers or Election of Remedies, Expenses, Etc 39 13.

  • REMEDIES ON DEFAULT, ETC...............................................................28 12.1. Acceleration...................................................................28 12.2. Other Remedies.................................................................28 12.3. Rescission.....................................................................29 12.4. No Waivers or Election of Remedies, Expenses, etc..............................29 13.

  • REMEDIES ON DEFAULT, ETC 30 Section 12.1 Acceleration 30 Section 12.2 Other Remedies 30 Section 12.3 Rescission 30 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc 31 SECTION 13.

  • Additional Financial Covenants 33 ARTICLE XI EVENTS OF DEFAULT 34 ARTICLE XII REMEDIES ON DEFAULT, ETC.

Related to REMEDIES ON DEFAULT

  • in default means that, as to any Mortgage Loan, any Mortgage Note payment or escrow payment is unpaid for thirty (30) days or more after its due date (whether or not the Seller has allowed any grace period or extended the due date thereof by any means) or another material default has occurred and is continuing, including the commencement of foreclosure proceedings or the commencement of a case in bankruptcy for any Customer in respect of such Mortgage Loan.

  • Loan Default means an event, which with the giving of notice or lapse of time or both, would become a Loan Event of Default.

  • Non-default Rate means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  • Modification Default Loss means the loss calculated in Exhibits 2a(1)-(3) for single family loans previously modified pursuant to this Single Family Shared-Loss Agreement that subsequently default and result in a foreclosure, short sale or Deficient Loss.

  • Non-Defaulting Party has the meaning specified in Section 6(a).

  • Non-Monetary Default Notice shall have the meaning assigned to such term in Section 11(d).

  • Guarantor Default means any condition or event that with the giving of notice or lapse of time or both would, unless cured or waived, become a Guarantor Event of Default.

  • Default Effect means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred by (a) 15% for each occurrence of any Major Default, or (b) 5% for each occurrence of any Minor Default, and then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred; provided that the Default Effect may only be applied three (3) times hereunder with respect to Major Defaults and three (3) times hereunder with respect to Minor Defaults; and provided further that the Default Effect shall not apply to any Event of Default pursuant to Section 4.1(b) hereof.

  • Bond Event of Default means the occurrence of any of the following (or such event or condition which with notice or lapse of time or both would constitute any of the following):

  • Monetary Default Notice shall have the meaning assigned to such term in Section 11(a).

  • Non-Monetary Default shall have the meaning assigned to such term in Section 11(d).

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • PTC Event of Default means, with respect to each Trust Agreement, the failure to pay within 10 Business Days after the due date thereof: (i) the outstanding Pool Balance of the applicable Class of Certificates on the Final Legal Distribution Date for such Class or (ii) interest due on such Certificates on any Distribution Date (unless the Subordination Agent shall have made an Interest Drawing or a withdrawal from the Cash Collateral Account relating to a Liquidity Facility for such Class, with respect thereto in an aggregate amount sufficient to pay such interest and shall have distributed such amount to the Trustee entitled thereto).

  • Default Rights has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

  • Non-Defaulting Member means a Member who is not a Defaulting Member.

  • Default Under First Lien With respect to each Second Lien Loan, the related First Lien Loan related thereto is in full force and effect, and there is no default, breach, violation or event which would permit acceleration existing under such first Mortgage or Mortgage Note, and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event which would permit acceleration thereunder;

  • Events of Default has the meaning specified in Section 6.01.

  • Acceleration Event of Default means an Event of Default under Section 5.1(a), (d), (e) or (f), whatever the reason for such Acceleration Event of Default and whether it shall 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 administrative or governmental body.

  • Default Notice means the written notice of Default of the Agreement issued by one Party to the other.

  • Loan Event of Default An “Event of Default” as defined in the Loan Agreement.

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Non-Defaulting Bank means, at any time, a Bank that is not a Defaulting Bank.

  • Forbearance Default means: (A) the failure of the Company to provide the Noteholder Group and its financial advisors with reasonable access, as determined by the Noteholder Group in its reasonable discretion, to its Chief Executive Officer, other senior executives and outside advisors, including representatives of Xxxxx Xxxxx Xxxxxx that are working with the Company, and to provide the Noteholder Group and its legal and financial advisors with any and all due diligence information they may reasonably request, including, without limitation, the Company’s current 13-week cash flow schedule, and all updates thereto as soon as reasonably practicable after they are prepared, but in no event no later than two (2) business days thereafter; (B) the failure of the Company to engage in good faith negotiations with the Noteholder Group regarding a potential restructuring transaction, which determination shall be made by the Noteholder Group in its reasonable discretion; (C) the failure of the Company to promptly notify the Noteholder Group of the occurrence of a Forbearance Default (as defined in the DDJ Third Amended Forbearance Agreement) under the DDJ Third Amended Forbearance Agreement or any amendment or modification to the DDJ Third Amended Forbearance Agreement; (D) termination of the DDJ Third Amended Forbearance Agreement; (E) the execution of any amendment or modification to the DDJ Third Amended Forbearance Agreement, which amendment or modification has a material adverse effect on the Noteholder Group as determined by the Noteholder Group in its reasonable discretion; (F) termination by the Company of the Xxxxxx Engagement Letter or the failure of the Company to pay Xxxxxx’x fees, expenses and indemnity in accordance with the terms of the Xxxxxx Engagement Letter; (G) the occurrence of any Event of Default that is not a Specified Existing Default; (H) the failure of the Company to comply with any term, condition, covenant or agreement set forth in this Third Amended Forbearance Agreement; (I) the failure of any representation or warranty made by the Company under this Third Amended Forbearance Agreement to be true and correct in all material respects as of the date when made; (J) the commencement by or against the Company or any of the Subsidiaries of a case under title 11 of the United States Code; or (K) the commencement of any action or proceeding by any creditor of the Company or any of the Subsidiaries seeking to attach or take similar action against the assets of the Company or the Subsidiaries. Any Forbearance Default shall constitute an immediate Event of Default under the Indenture.

  • Note Event of Default means any “Event of Default” specified in Section 5.1 of the Indenture.