Common use of ACCELERATION UPON DEFAULT; REMEDIES Clause in Contracts

ACCELERATION UPON DEFAULT; REMEDIES. (a) Upon the occurrence of any Default specified in this Article 13, Bondowner Representative, as assignee of Issuer, may, at its sole option, declare all sums owing to Bondowner Representative under the Note, this Loan Agreement and the other Loan Documents immediately due and payable (in an amount equal to that necessary to pay in full the Bonds and the interest thereon, assuming acceleration of the Bonds under the Indenture and to pay all other indebtedness due under this Loan Agreement and the other Loan Documents). Upon such acceleration, Bondowner Representative may, in addition to all other remedies permitted under this Loan Agreement and the other Loan Documents and at law or equity, apply any sums in the Account and Borrower’s Funds Account to the sums owing under the Loan Documents and any and all obligations of Bondowner Representative to consent to further disbursements under the Loan shall terminate.

ACCELERATION UPON DEFAULT; REMEDIES. (a) Upon the occurrence of any Default specified in this Article 13, Bondowner Representative, as assignee of Issuer, Representative may, at its sole option, direct that Bond Trustee, as assignee of Issuer, declare all sums owing to Bondowner Representative under the Note, this Loan Agreement and the other Loan Documents immediately due and payable (in an amount equal to that necessary to pay in full the Bonds Bond and the interest thereon, assuming acceleration of the Bonds Bond under the Indenture and to pay all other indebtedness due under this Loan Agreement and the other Loan Documents). Upon such acceleration, Bondowner Representative may, with notice to the Bond Trustee, in addition to all other remedies permitted under this Loan Agreement and the other Loan Documents and at law or equity, apply any sums in the Account and Borrower’s 's Funds Account to the sums owing under the Loan Documents and any and all obligations of Bondowner Representative to consent to further disbursements under the Loan shall terminate.

ACCELERATION UPON DEFAULT; REMEDIES. (a) Upon the occurrence of any Default specified in this Article 13, Bondowner Representative, as assignee of Issuer, may, at its sole option, declare all sums owing to Bondowner Representative under the Note, this Loan Agreement and the other Loan Documents immediately due and payable (in an amount equal to that necessary to pay in full the Bonds and the interest thereon, assuming acceleration of the Bonds under the Indenture and to pay all other indebtedness due under this Loan Agreement and the other Loan Documents). Upon such acceleration, Bondowner Representative may, in addition to all other remedies permitted under this Loan Agreement and the other Loan Documents and at law or equity, apply any sums in the Account and BorrowerXxxxxxxx’s Funds Account to the sums owing under the Loan Documents and any and all obligations of Bondowner Representative to consent to further disbursements under the Loan shall terminate.