OBLIGATIONS UPON DEFAULT Sample Clauses
The "Obligations Upon Default" clause defines the specific actions and responsibilities that parties must undertake if one party fails to meet its contractual obligations. Typically, this clause outlines steps such as providing notice of default, granting a cure period for the defaulting party to remedy the breach, and detailing any immediate consequences or remedies available to the non-defaulting party, such as suspension of services or acceleration of payments. Its core practical function is to establish a clear process for addressing breaches, thereby minimizing uncertainty and helping both parties manage risk and resolve defaults efficiently.
OBLIGATIONS UPON DEFAULT. Upon the request of the Lessor after the occurrence of an Event of Default, both Lessee and Guarantor will:
OBLIGATIONS UPON DEFAULT. Upon the request of Agent, at the direction of Required Lenders, after the occurrence and during the continuance of an Event of Default, the applicable Loan Party will:
(a) Assemble and make available to Agent the Collateral at such place(s) as Agent shall reasonably designate, segregating all Collateral so that each item is capable of identification; and
(b) Subject to the rights of any lessor, permit Agent, by Agent’s officers, employees, agents and representatives, to enter any premises where any Collateral is located, to take possession of the Collateral, to complete the processing, manufacture or repair of any Collateral, and to remove the Collateral, or to conduct any public or private sale of the Collateral, all without any liability of Agent or any Lender for rent or other compensation for the use of the applicable Loan Party’s premises.
OBLIGATIONS UPON DEFAULT. 68 41.5.1 Assembly of Collateral ......................................................... 68 41.5.2 Lessor Access ................................................................... 68 41.6 ADDITIONAL UCC PROVISIONS.................................................................... 68 41.6.1 Notice of Disposition of Collateral; Condition of Collateral .................... 68 41.6.2 Lessor Performance of Lessee Obligations ....................................... 69 41.6.3 Authorization for Lessor to Take Certain Action ................................. 69 41.6.4 Dispositions Not Authorized ..................................................... 69 ARTICLE XLII PURCHASE OPTIONS
OBLIGATIONS UPON DEFAULT. Upon the request of the Agent after the occurrence of a Default, the Pledgors will: