Events of Default and Certain Remedies Clause Samples
The 'Events of Default and Certain Remedies' clause defines specific situations or breaches that constitute a default under the agreement and outlines the actions the non-defaulting party may take in response. Typically, this clause lists events such as failure to pay, insolvency, or breach of material obligations, and details remedies like acceleration of payments, termination of the contract, or pursuit of damages. Its core function is to provide a clear framework for addressing serious contract violations, thereby protecting parties by specifying consequences and available recourse in the event of default.
Events of Default and Certain Remedies. If one or more of the following Events of Default shall happen, that is to say:
(a) if (i) default shall be made in the payment of any principal, interest, fees or other sums under the Note, in any such case, when and as the same shall become due and payable, whether at maturity or by acceleration or as part of any payment or prepayment or otherwise, in each case, as herein or in the Note provided, and such default shall have continued for a period of ten (10) days or (ii) default shall be made in the payment of any tax or other charge required by Section 1.07 to be paid and said default shall have continued for a period of twenty (20) days; or
(b) if default shall be made in the due observance or performance of any covenant, condition or agreement in the Note, this Mortgage or in any other document executed or delivered to Mortgagee in connection with the Loan, and such default shall have continued for a period of thirty (30) days after notice thereof shall have been given to Mortgagor by Mortgagee, or, in the case of such other documents, such ▇▇▇▇▇▇▇ ▇▇▇▇▇ period, if any, as may be provided for therein; or
(c) if any representation or warranty made by Mortgagor in Section 1.01 shall be incorrect, or if any other representation or warranty made to Mortgagee in this Mortgage, or in any other document, certificate or statement executed or delivered to Mortgagee in connection with the Loan shall be incorrect in any material respect when made or remade; or
(d) if by order of a court of competent jurisdiction, a trustee, receiver or liquidator of the Mortgaged Property or any part thereof, or of Mortgagor shall be appointed and such order shall not be discharged or dismissed within sixty (60) days after such appointment; or
(e) if Mortgagor shall file a petition in bankruptcy or for an arrangement or for reorganization pursuant to the Federal Bankruptcy Act or any similar federal or state law, or if, by decree of a court of competent jurisdiction, Mortgagor shall be adjudicated a bankrupt, or be declared insolvent, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall consent to the appointment of a receiver or receivers of all or any part of its property; or
(f) if any of the creditors of Mortgagor shall file a petition in bankruptcy against Mortgagor or for reorganization of Mortgagor pursuant to the Federal Bankruptcy Act or any similar federal or state law,...
Events of Default and Certain Remedies. If one or more of the following Events of Default shall happen, that is to say:
(a) if an “Event of Default” shall occur under the Loan Agreement (as such quoted term is defined therein); or
(b) if default shall be made in the payment of any tax or other charge required by Section 1.07 to be paid and said default shall have continued for a period of twenty (20) days; or
(c) if it shall be illegal for Mortgagor or Borrowers to pay any tax referred to in Section 1.08 or if the payment of such tax by Mortgagor or Borrowers would result in the violation of applicable usury laws; or
(d) if there shall occur a default which is not cured within the applicable grace period, if any, under any mortgage, deed of trust or other security instrument covering all or part of the Mortgaged Property regardless of whether any such mortgage, deed of trust or other security instrument is prior or subordinate hereto; it being further agreed by Mortgagor that an Event of Default hereunder shall constitute an Event of Default under any such mortgage, deed of trust or other security instrument held by Mortgagee; or
(e) if there shall occur a material default by Mortgagor which is not cured within the applicable grace period, if any, under the REA or under any other Premises Document which Mortgagee has notified Mortgagor that it considers material; or if the REA or any other Premises Document which Mortgagee has notified Mortgagor that it considers material is amended, modified, supplemented or terminated (other than as may be permitted by the Loan Agreement) without Mortgagee’s prior consent; or
(f) if Mortgagor shall transfer (or suffer or permit the transfer), in any manner, either voluntarily or involuntarily, by operation of law or otherwise, all or any portion of the Mortgaged Property, or any interest or rights therein (including air or development rights) without, in any such case, the prior written consent of the Required Banks. As used in this clause, “transfer” shall include, without limitation, (i) any sale, assignment, lease or conveyance except leases for occupancy subordinate hereto and to all advances made and to be made hereunder or under the Loan Agreement and (ii) any sale, conveyance, pledge, transfer or other disposition, directly or indirectly, of beneficial interests in Mortgagor. Notwithstanding the foregoing provisions of this clause (f), consent shall not be required for direct or indirect sales, conveyances, pledges, transfers or other dispositions of be...
Events of Default and Certain Remedies. If an Event of Default shall have occurred and be continuing beyond any applicable grace, notice, or cure periods, then and in every such case, to the extent permitted and pursuant to the procedures provided by applicable law:
(a) Mortgagee may (at the request of the Required Secured Counterparties) exercise any or all of its remedies under the Facility Documents; and
(b) Mortgagee, without entry, personally or by its agents or attorneys, insofar as applicable, may (at the request of the Required Secured Counterparties):
(i) institute proceedings for the complete or partial foreclosure hereof; or
(ii) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the specific performance of any covenant, condition or agreement in any of the Facility Documents, including, without limitation, this Mortgage, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Mortgagee shall elect.
(c) Any judgment for foreclosure of this Mortgage shall bear interest at the Protective Advance Rate.
Events of Default and Certain Remedies. (a) Each Pledgor shall be in default under this Pledge Agreement upon the occurrence of any Event of Default under the Financing Agreement. If any Event of Default or if a Default consisting of a failure of payment of a kind referred to in Paragraph 12.1(g) of the Financing Agreement (a "Payment Default") occurs and is continuing, then on ten (10) days' prior notice to the Pledgors, without the curing of such default within such time, you may, without demand of performance, advertisement or notice of intention to sell, or of the time or place of sale, and without notice to redeem, or any other notice or demand whatsoever to or upon any Pledgor (all and each of which demands, advertisements and/or notices are hereby expressly waived by each Pledgor), forthwith or at any time or times thereafter:
(1) transfer to and/or register in your name, or the name of your nominee, any or all of the Pledged Collateral and/or collect, receive, appropriate and realize upon said Pledged Collateral;
(2) sell, assign, transfer and deliver the whole or any part of the Pledged Collateral then held by you under this Pledge Agreement or subject to this Pledge Agreement in one or more parcels, at public or private sale or sales, through any securities exchange, broker, dealer or over-the-counter market, electronic trading facility or other securities market, at your office or elsewhere, on such terms and conditions, and at such prices as you may deem advisable, for cash, upon credit, or for future delivery, with the right on your part, or that of any Beneficiary, to become the purchaser thereof at any such sale or sales, free and clear of any right to equity of redemption (which right or equity is hereby expressly waived and released); and
(3) in addition to any and all other rights and remedies provided for herein or otherwise available to you, you shall have all the rights and remedies of a secured party under the UCC.
(b) Each Pledgor agrees that any notice of sale, disposition, or other intended action by you that may be required by applicable law, if sent through Harvard to any Pledgor (with a copy to the other Pledgors, care of Harvard), at least ten (10) days prior to such action shall constitute reasonable notice to that Pledgor. Prior to exercising your rights contained herein you may in your discretion forward the various coupons coming due on any Securities covered hereby directly to the relevant Pledgor for collection.
(c) Unless and until an Event of Default shall ha...
Events of Default and Certain Remedies. 22 Section 14.01. Events of Default 22 Section 14.02. Certain Remedies. 23 Section 14.03. Remedies Not Exclusive 24 Section 14.04. The City’s Right of Setoff 24
Events of Default and Certain Remedies. 16 Section 2.02.
Events of Default and Certain Remedies. If one or more of the following Events of Default shall happen, that is to say:
(a) if (i) default shall be made in the payment of any principal, interest, fees or other sums under the Note, in any such case, when and as the same shall become due and payable, whether at maturity or by acceleration or as part of any payment or prepayment or otherwise, in each case, as herein or in the Note provided, and such default shall have continued for a period of ten (10) days or (ii) default shall be made in the payment of any tax or other charge required by
Events of Default and Certain Remedies. If an Event of Default occurs and is continuing under the Indenture, or then, upon acceleration of the obligations incurred by the Notes:
I. Mortgagee, with or without entry, personally or by its agents or attorneys, insofar as applicable, may :
(1) sell the Mortgaged Property to the extent permitted and pursuant to the procedures provided by law, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one (1) or more sales as an entity or in parcels or parts, and at such time and place upon such terms and after such notice thereof as may be required or permitted by law; or
(2) institute proceedings for the complete or partial foreclosure hereof; or
(3) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Mortgagee shall elect.
Events of Default and Certain Remedies. 59 8.1 DEFAULT................................................ 59 8.2 REMEDIES............................................... 62 8.3
Events of Default and Certain Remedies. 42 9.1 Default ........................................................... 42 9.2 Cross Default and Cross Collateralization ......................... 44 9.3 Remedies .......................................................... 45