Remedies Upon Default definition

Remedies Upon Default. If an Event of Default shall occur, Bank shall have all rights, powers and remedies available under each of the loan documents as well as all rights and remedies available at law or in equity. Cure Period - Borrower will have ten calendar days to cure default under document repayment terms and thirty calendar days to cure covenant and condition defaults. Additional Items: Such other documents and agreements as the Bank or its counsel may reasonably request, including, but not limited to, an opinion of counsel to the Borrower and the Guarantor(s), (if any).
Sample 1Sample 2
Remedies Upon Default. Without limiting the Bank's right to demand repayment --------------------- of or to terminate the Credit Facilities described herein at any time, upon the occurrence of a default the Bank may, at its option, enforce all of its rights and remedies against the Borrower including, without limitation, enforcing some or all of the Security and immediately terminating the availability of any credit under the Credit Facilities made available to the Borrower pursuant to the terms hereof.
Sample 1
Remedies Upon Default. Upon such default, at Lender's election, no additional advances shall be made by Lender and/or this Agreement may be terminated and/or all sums now or hereafter owed by Borrower to Lender may be declared to be immediately due and payable, and Lender may charge Borrower's DDA account for any or all sums due and owing to Lender. Lender shall have the rights and remedies of a secured party under the Uniform Commercial Code in addition to the rights and remedies provided herein or in any other instrument or paper executed by Borrower, including, at its option and in its sole discretion, until all sums now or hereafter owed to the Lender are paid in full, the right or rights to: 8.02.01 Communicate with and notify the obligors under any Consumer Loans of Borrower's assignments hereunder, and note any such assignment on Borrower's records; 8.02.02 Take over the exclusive right to collect the Collateral at the sole expense of the Borrower, without any obligation to preserve rights against third parties. For any acts done or not done incident to such collection or liquidation, Lender shall not be liable in any manner. Lender shall have the right to settle, compromise, or adjust Collateral and the claims or right of Borrower thereunder and accept return of the real estate or other Consumer Loan Collateral involved, and in turn sell and dispose of all said real estate without notice to or approval of Borrower, Lender may employ agents and attorneys to collect or liquidate any Collateral, and Lender shall not be liable for such Collateral or defaults of any such Lenders and attorneys; 8.02.03 To effect collection of any Consumer Loan, take possession of and open any mail addressed to Borrower whether on Borrower's premises or elsewhere and to remove, collect, and apply all payments therein contained and as attorney in fact for Borrower, sign the Borrower's name to any receipts, checks, notes, agreements, assignments or other instruments or letters, in order to collect, sell or liquidate the Collateral. This power shall be irrevocable; 8.02.04 Require Borrower to assemble all books and records of account relating to the Collateral and make them available to Lender at its office herein set forth or such other place as may be designated by Lender; 8.02.05 Enter the office of Borrower and take possession of any of the Collateral including any records that pertain to the Collateral; and 8.02.06 Undertake to service any Consumer Loans and upon the happening of such, Borrow...
Sample 1

Examples of Remedies Upon Default in a sentence

  • Furthermore, to the extent that the Administrative Agent exercises remedies pursuant to this Agreement, any of the Administrative Agent and/or any Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 (Remedies Upon Default).

  • Furthermore, to the extent that the Administrative Agent exercises remedies pursuant to this Agreement, solely the Administrative Agent will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 (Remedies Upon Default).

  • Furthermore, to the extent that the Administrative Agent exercises remedies pursuant to this Agreement, any of the Administrative Agent and/or any Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 above (Remedies Upon Default).

  • Section 6.1 Events of Default 7 Section 6.2 Remedies Upon Default 9 Section 6.3 Forward Contract.

  • Remedies Upon Default................................................................

  • Remedies Upon Default...............................................

  • If DCAMM fails to cure the DCAMM Event of Default or commence good faith efforts to cure within thirty (30) days as provided herein, then CONTRACTOR shall issue a “Notice of Default” to DCAMM and CONTRACTOR may proceed in accordance with Section 50.4: Remedies Upon Default by DCAMM.

  • Section 5.01 Remedies Upon Default 20 Section 5.02 Application of Proceeds 22 Section 5.03 Grant of License to Use Intellectual Property 22 Section 5.04 Securities Act, etc.

  • To the extent that the Administrative Agent exercises remedies pursuant to this Agreement, any of the Administrative Agent and/or any Buyer will have the right to bid on and/or purchase any of the Repurchase Assets pursuant to Section 16 (Remedies Upon Default).

  • Remedies Upon Default In the event that an Event of Default shall have occurred: a.

Related to Remedies Upon Default

  • 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;

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

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

  • 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.

  • O & M Default means any default on the part of the Power Producer for a continuous period of ninety (90) days to (i) operate and/or (ii) maintain (in accordance with Prudent Utility Practices), the Project at all times.

  • 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.

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).

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

  • Loan Event of Default means any of the events specified in Section 5.1 of the Loan Agreement, provided that any requirement for the giving of notice, the lapse of time, or both, or any other condition, event or act has been satisfied.

  • 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.

  • Loan Default means any event, condition or failure which, with notice or lapse of time or both, would become a Loan Event of Default.

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

  • Owner Event of Default shall have the meaning set forth in Section 18.3.

  • 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.

  • 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.

  • 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).

  • Financial Covenant Event of Default has the meaning specified in Section 8.01(b).

  • 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.

  • Event of Default Under the Trust Indenture With respect to any MBS, any “Event of Default” under the Trust Indenture pursuant to which such MBS was issued. Xxxxxx Xxx: Federal National Mortgage Association, a body corporate organized and existing under the laws of the United States, or its successor in interest or any successor appointed as herein provided. Unless the context requires otherwise, the term “Xxxxxx Mae” shall be deemed to refer to the Federal National Mortgage Association acting in its corporate capacity and not in its capacity as Trustee hereunder.

  • 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.

  • Issuer Event of Default means the occurrence of any of the following events:

  • Triggering Event of Default means (i) any Event of Default with respect to an obligation of the Mortgage Loan Borrower to pay money due under the Mortgage Loan or (ii) any non-monetary Event of Default as a result of which the Mortgage Loan becomes a Specially Serviced Mortgage Loan (which, for clarification, shall not include any imminent Event of Default (i.e., subclause (vii) of the definition of Special Servicing Loan Event)).

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

  • 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.

  • Collateral Event of Default has the meaning set forth in Section 13.01(b).

  • Payment Event of Default means an Event of Default specified in Section 7.1(a).