Agreement Events With Default
Description
How to fill out Agreement With Manager To Plan Events For Expositions And Similar Events?
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FAQ
An event of default occurs when a borrower violates the terms of a loan agreement. Common consequences of an event of default include late fees, a requirement to repay the outstanding loan balance, or seizure of collateral guaranteeing a secured loan.
Default occurs when one party to a contract fails to meet their obligations under the contract -- also referred to as breach of contract.
Following an Event of Default, the lender will not be under any particular obligation to exercise its rights under the Acceleration provisions, and it could agree to waive the Event of Default altogether.
In general legal terms, there's no real distinction between a breach of contract and a default. Both terms represent a failure on the part of one of the parties to fulfill his contractual obligations.
An event of default is a pre-specified condition or threshold that, if met, allows the lender or creditor to demand immediate and full repayment of a debt or obligation. An event of default may include delinquent or non-payment of principal or interest due, a breach of a bond covenant, or insolvency, among others.