EOD Declaration Clause Samples
The EOD Declaration clause defines the process by which an Event of Default (EOD) is formally recognized and declared under an agreement. Typically, this clause outlines the conditions that must be met for an EOD to be declared, such as a party's failure to perform key obligations, and specifies the notification procedures required to make the declaration effective. Its core practical function is to provide a clear and structured mechanism for identifying and communicating defaults, thereby enabling the non-defaulting party to exercise contractual remedies in a timely and orderly manner.
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EOD Declaration. Each Member and the Company shall promptly notify all Members if it becomes of aware of any events, actions or circumstances that constitute, or would reasonably be expected to constitute, any default or “Event of Default” (or any similar term defined in the Loan Documents) under the Loan Documents (each, an “EOD”). Upon the occurrence and continuance of any EOD, CSG may, in its sole discretion, cause the Company to deliver a notice of any such EOD to the Borrower. With respect to any EOD resulting from any nonpayment default, bankruptcy default or any other default for which no grace period has been expressly provided under the Loan Document (each, a “Material EOD”), CSG may, in its sole discretion, upon written notice to the Company and F45, cause the Company to declare all outstanding obligations under the applicable Loan Documents immediately due and payable and direct the Company to take any enforcement action available to the Company under applicable law and the Loan Documents (an “EOD Declaration”); provided that, no EOD Declaration may be made by CSG with respect to any EOD (other than a Material EOD) without the prior written consent of F45 (not to be unreasonably withheld, conditioned or delayed). In the event of an EOD Declaration, then, to the extent one or more Material EODs have occurred and are continuing under any Loan Document, CSG shall have the right, within thirty (30) days after an EOD Declaration (the “EOD Period”) to initiate a Servicer Transfer (as defined in the Service Agreement) by delivering to the Company and F45 a Servicer Transfer Notice (as defined in the Service Agreement.