Maine Clauses Relating to Defaults, Default Remedies
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This provision specifies the remedies for an Event of Default and also outlines the order in which available funds will be disbursed to the lenders. all outstanding borrowings become immediately due and payable. all outstanding borrowings become immediately due and payable.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time. What does ?default? and ?cure the default? mean? - Land For Good landforgood.org ? resources ? faqs ? default-cure-... landforgood.org ? resources ? faqs ? default-cure-...
Other remedies that lenders can consider if an event of default exists under a loan agreement are: Refusing to make further loans or issue additional letters of credit. Accelerating the borrower's loan repayment obligations. Requiring the borrower to cash collateralize undrawn and unexpired letters of credit.
A notice of default is a statement sent by one contract party to notify another that the latter was in default by failing to fulfil the terms of an agreement and a legal action would follow if the latter continue to default.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.