Common use of Acceleration of Note Clause in Contracts

Acceleration of Note. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare the outstanding principal amount and accrued interest of this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration such principal shall become immediately due and payable. Notwithstanding the foregoing, if an Event of Default referenced in Section 3.3 or 3.4 occurs, the outstanding principal amount and accrued interest of this Note shall automatically become due and payable immediately without any declaration or other action on the part of the Holder all of which are hereby expressly waived by the Company. At any time after the outstanding principal amount and accrued interest of this Note shall become immediately due and payable and before a judgment or decree for payment of the money due has been obtained, the Holder, by written notice to the Company, may rescind and annul any acceleration and its consequences. Time is of the essence hereof and if any Event of Default has occurred and is continuing, the principal amount due under this Note shall: (i) continue as an obligation of the Company until fully paid, and (ii) the Company further agrees to pay all costs and expenses incurred by Holder in collecting or enforcing payment to the extent allowed by law and all other sums owed by the Company under this Note or under the Security Agreement (as defined in the Purchase Agreement). Payment may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to Holder in this Note or the Security Agreement. The remedies of Holder shall be cumulative and concurrent and may be pursued singularly, successively or together, at the sole discretion of Holder, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof.

Acceleration of Note. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare the outstanding principal amount and accrued interest of this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration such principal shall become immediately due and payable. Notwithstanding the foregoing, if an Event of Default referenced in Section 3.3 or 3.4 occurs, the outstanding principal amount and accrued interest of this Note shall automatically become due and payable immediately without any declaration or other action on the part of the Holder all of which are hereby expressly waived by the Company. At any time after the outstanding principal amount and accrued interest of this Note shall become immediately due and payable and before a judgment or decree for payment of the money due has been obtained, the Holder, by written notice to the Company, may rescind and annul any acceleration and its consequences. Time is of the essence hereof and if any Event of Default has occurred and is continuing, the principal amount due under this Note shall: (i) continue as an obligation of the Company until fully paid, and (ii) bear interest on the outstanding principal amount thereof for each day any Event of Default has occurred and is continuing at a rate per annum equal to twelve percent (12%) or the maximum rate permitted by law, whichever is less; and the Company further agrees to pay all costs and expenses incurred by Holder in collecting or enforcing payment to the extent allowed by law and all other sums owed by the Company under this Note or under the Security Agreement (as defined in the Purchase Agreement). Payment may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to Holder in this Note or the Security Agreement. The remedies of Holder shall be cumulative and concurrent and may be pursued singularly, successively or together, at the sole discretion of Holder, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof.