New Mexico Clauses Relating to Defaults, Default Remedies
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FAQ
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
Nine common default clauses exist in both bond and loan agreements: the declaration of insolvency, bankruptcy or reorganization (events of bankruptcy clause), the failure to pay principals (principal payment clause), the failure to deliver interest payments (interest payment clause), the breach of covenants (covenant ...
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.
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.
If the majority of lenders in a debt contract agree that an event of default has occurred, control rights over the borrower are effectively transferred to debtholders. A default arises when an event specified in the default clauses (e.g., a missed payment, a bankruptcy filing, a covenant breach, etc.)