After a Default Sample Clauses
The "After a Default" clause outlines the rights and actions that may be taken by one or both parties following a default under the agreement. Typically, this clause specifies the remedies available, such as accelerating payment obligations, terminating the contract, or pursuing legal action. For example, if a borrower fails to make a required payment, the lender may be entitled to demand immediate repayment of the outstanding balance. The core function of this clause is to provide a clear framework for addressing breaches, ensuring that parties understand the consequences of default and how such situations will be managed.
After a Default. Upon a Default and at all times thereafter:
After a Default. Upon the occurrence and during the continuance of an Event of Default:
After a Default. Upon a Default and at all times thereafter, and subject to any superior rights of Graystone Tower Bank in the Collateral:
After a Default interest shall accrue on the outstanding principal balance of a Note at a rate per annum equal to the LESSER OF (X) THE BASE RATE PLUS 6%, OR (Y) THE MAXIMUM RATE. All calculations of interest shall be on the basis of a 360 day year, except that calculations of interest based on the Maximum Rate shall be on the basis of a 365/366 day year, as applicable.
After a Default the Borrower hereby agrees to, automatically and without further action by the Borrower, pledge, assign and grant to the Agent, on behalf of and for the ratable benefit of the Lenders and the LC Issuer, a security interest in all of the Borrower's right, title and interest in and to all funds which may from time to time be on deposit in the Facility LC Collateral Account to secure the prompt and complete payment and performance of the Obligations. The Agent will invest any funds on deposit from time to time in the Facility LC Collateral Account in certificates of deposit of Bank One having a maturity not exceeding 30 days. Nothing in this Section 2.20.11 shall either obligate the Agent to require the Borrower to deposit any funds in the Facility LC Collateral Account until after a Default or limit the right of the Agent to release any funds held in the Facility LC Collateral Account in each case other than as required by Section 8.1.
After a Default either Party may terminate this Agreement pursuant to Section 6.5.