Common use of Consequences of Default Clause in Contracts

Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

Consequences of Default. If an Event any of the Events of Default described in Section 9.1(f7.01(h) or 9.1(gSection 7.01(i) shall occur and be continuing, then in any such caseoccur, the Total Commitment and the Lenders' respective Commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter 44 so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Bid Loan shall suffer an Event of Default under subsection 7.01(a) due to the Borrower's failure to pay any amount of principal on or received interest of any Bid Loan made by such Lender, such Lender may send a written request to the Agent to obtain approval of the Majority Lenders to terminate the Total Commitment and the Lenders' respective Commitments, to declare the principal of and the interest on the Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or thereunder to become immediately due and payable and, if such approval is not obtained within ten (10) Business Days after the date such request is received, the affected Lender may elect to accelerate the Bid Loan in default and may exercise remedies in respect of issued such Bid Loan by any and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedylegal means.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitments, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives, and (ii) Agent shall at the request, or may with the consent, of the Sweepline Bank or Multi-Currency Bank, terminate the Sweepline Commitment and the Multi-Currency Commitment, as applicable, and declare the principal of and the interest on the Sweepline Loans and the Multi-Currency Loans, and all other sums payable by Borrower under the Loan Documents with respect to such Sweepline Loans and Multi-Currency Loans immediately due, whereupon the same shall become immediately due and payable all without protest, presentment, notice or demand, all of which Borrower expressly waives. Regardless of whether Borrower's obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of the Majority Lenders realize on any or all of the Collateral by exercising any remedies provided in any Security Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments Total Revolving Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders immediately terminate the CommitmentsCommitment, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Regardless of whether Borrower’s obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of Lenders realize on any or all of the Collateral by exercising any remedies provided in any Loan Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral collateral, pursuant to Section 3.5, to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy. While any Event of Default exists (other than during any period of time in which Agent and Lenders have agreed in writing not to charge the Default Rate (as defined below)), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable laws. The Default Rate shall be in effect on the date of the occurrence of the Event of the Default and interest shall accrue at the Default Rate retroactively from such date.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments case each Lender's Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, the face amounts of all issued and outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitmentseach Lender's Commitment, and and, if any Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document to be Documents immediately due and payabledue, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Letter of Credit Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Agent, Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Credit Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyDocuments.

Consequences of Default. If an In case any Event of Default described in Section 9.1(f) or 9.1(g) shall occur have occurred and be continuing, then and in any every such caseEvent of Default, the Commitments shall Bank may take any or all of the following actions in addition to those actions allowed in the Construction/ Permanent Loan Note and the Construction/Permanent Loan Mortgage, at the same time or at different times: 1. Declare all loans and sums owing to the Bank from the Borrower under this Agreement to be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately forthwith due and payable, if any Drafts have been accepted, whereupon all outstanding Acceptance Advances such sums shall forthwith become immediately due and payable, and if any Letter of Credit has been issuedwithout presentment, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without demand, protest or other notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which are hereby expressly waived by the Borrower. 2. Enter into possession of the Project and perform any and all work and labor necessary to complete improvements substantially according to Drawings and Specifications, and employ watchmen to protect the Premises from injury; all sums so expended by the Bank to be deemed paid to the Borrower expressly waivesand secured by the Construction/Permanent Loan Mortgage. Amounts paid For this purpose, the Borrower hereby constitutes and appoints the Bank its true and lawful attorney-in-fact with full power of substitution in the Premises to complete the Project in the name of the Borrower, and hereby empowers said attorney or received hereunder attorneys as follows: (a) To use any funds of the Borrower, including any balance which may be held in respect escrow and any funds which may remain unadvanced under this Construction Loan Agreement, for the purpose of issued completing the Project in the manner called for by the Drawings and outstanding Letters of Credit Specifications hereinabove mentioned; to make such additions and changes and corrections in the Drawings and Specifications which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held necessary or desirable to complete the Project in substantially the manner contemplated by the Drawings and Specifications; (b) To employ such contractors, subcontractors, and appliedagents, architects and inspectors as shall be required for said purposes; to pay, settle or compromise all existing bills and claims which may be liens against the Project, or as may be necessary or desirable for the completion of the job, or for the clearance of title; (c) as cash collateral to secure To execute all applications and certificates in the performance of all obligations name of the Borrower owing to Seafirst and which may be required by any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent contract documents and Lenders hereunderto do any and every act which the borrower might do in its own behalf. It is further understood and agreed that this power of attorney shall be deemed to be a power coupled with an interest and cannot be revoked. The Agent above-mentioned attorney shall also have power to prosecute and Lenders may exercise defend all actions or pursue any remedy proceedings in connection with the construction of the Project or cause Premises and to take such action and require scheduled performances as such attorney deems necessary under the accepted guaranty of action permitted by this Agreement, the Notes, any other Loan Document or applicable lawcompletion. The rights Borrower hereby assigns and remedies provided by law, quitclaims to the Bank all sums unadvanced under this Agreement, Agreement and all sums due in escrow conditioned upon the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise use of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.said sums in escrow for the

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(g) or 9.1(g8.1(h) hereof shall occur and be continuing, then in any such case, the Total Commitment and Lender's respective Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower hereunder and under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and or shall upon at the request of the Majority Lenders, immediately terminate the CommitmentsTotal Commitment and Lenders' respective Commitments and, and if any Loans or Letters of Credit shall have been made, the Agent may, and or shall upon at the request of the Majority Lenders, declare the principal of and the interest on the Loans and the Notes, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by the Borrower hereunder or and under any the other Loan Document Documents to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Agent agrees to provide Borrower with prompt notice of any election to declare the principal of and the interest on the Loans to be immediately due and payable pursuant to the preceding sentence, it being agreed that such notice may be provided after any such acceleration is effective and after Agent and Lenders have exercised any rights of set-off or recoupment to which they are entitled hereunder or under applicable law and it being further agreed that the failure to give such notice shall not affect the validity of such acceleration, set-off or recoupment. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents Documents. Such excess shall be returned to Borrower within five (5) Business Days following demand by Borrower after such time when there are cumulative no outstanding Loans, the Letter of Credit Usage and not exclusivethe Total Commitments equal zero ($0), and the exercise there are no other fees, costs or partial exercise of any right, power charges owing by Borrower to Agent or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyLenders hereunder.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(g) or 9.1(g8.1(h) hereof shall occur and be continuing, then in any such case, the Total Commitment and Lender's respective Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower hereunder and under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and or shall upon at the request of the Majority Lenders, immediately terminate the CommitmentsTotal Commitment and Lenders' respective Commitments and, and if any Loans or Letters of Credit shall have been made, the Agent may, and or shall upon at the request of the Majority Lenders, declare the principal of and the interest on the Loans and the Notes, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by the Borrower hereunder or and under any the other Loan Document Documents to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Agent agrees to provide Borrower with prompt notice of any election to declare the principal of and the interest on the Loans to be immediately due and payable pursuant to the preceding sentence, it being agreed that such notice may be provided after any such acceleration is effective and after Agent and Lenders have exercised any rights of set-off or recoupment to which they are entitled hereunder or under applicable law and it being further agreed that the failure to give such notice shall not affect the validity of such acceleration, set-off or recoupment. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyDocuments.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitments, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Amounts paid , and (ii) Agent shall at the request, or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure may with the performance of all obligations consent, of the Borrower owing to Seafirst Sweepline Bank or Multi-Currency Bank, terminate the Sweepline Commitment and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrowerthe Multi-Currency Commitment, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notesas applicable, and declare the principal of and the interest on the Sweepline Loans and the Multi-Currency Loans, and all other sums payable by Borrower under the Loan Documents are cumulative with respect to such Sweepline Loans and not exclusiveMulti-Currency Loans immediately due, whereupon the same shall become immediately due and the exercise payable all without protest, presentment, notice or partial exercise demand, all of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedywhich Borrower expressly waives.

Consequences of Default. If an Event any of the Events of Default described in Section 9.1(f7.01(h) or 9.1(gSection 7.01(i) shall occur and be continuing, then in any such caseoccur, the Total Commitment and the Lenders' respective Commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Bid Loan shall suffer an Event of Default under subsection 7.01(a) due to the Borrower's failure to pay any amount of principal on or received interest of any Bid Loan made by such Lender, such Lender may send a written request to the Agent to obtain approval of the Majority Lenders to terminate the Total Commitment and the Lenders' respective Commitments, to declare the principal of and the interest on the Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or thereunder to become immediately due and payable and, if such approval is not obtained within ten (10) Business Days after the date such request is received, the affected Lender may elect to accelerate the Bid Loan in default and may exercise remedies in respect of issued such Bid Loan by any and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedylegal means.

Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments Total Revolving Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders immediately terminate the CommitmentsCommitment, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Regardless of whether Borrower's obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of Lenders realize on any or all of the Collateral by exercising any remedies provided in any Loan Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral collateral, pursuant to Section 3.5, to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy. While any Event of Default exists (other than during any period of time in which Agent and Lenders have agreed in writing not to charge the Default Rate (as defined below)), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent 39 permitted by applicable laws. The Default Rate shall be in effect on the date of the occurrence of the Event of the Default and interest shall accrue at the Default Rate retroactively from such date.

Consequences of Default. If an Event any of the Events of Default described in Section 9.1(f7.01(h) or 9.1(gSection 7.01(i) shall occur and be continuing, then in any such caseoccur, the Total Commitment and the Lenders' respective Commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payableall other sums payable by Borrower hereunder, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due under the Notes and payable, and if any Letter of Credit has been issued, an amount equal to under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans and the Notes and all other sums payable by the Borrower hereunder or under the Notes or any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid Also, regardless of whether the Borrower's obligations to repay the Loans shall have been accelerated pursuant to the preceding sentences, the Agent may, at its option, realize on any or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and collateral described in the Security Agreement by exercising any Seafirst Affiliate remedies provided in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise Security Agreement or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies otherwise provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

Consequences of Default. If an Event It any of the Events of Default described in Section 9.1(f8.01(h) or 9.1(gSection 8.01(i) shall occur and be continuing, then in any such caseoccur, the Commitments Total Commitment and the Lenders' respective commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Competitive Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Competitive Bid Loan shall suffer an Event of Default under subsection 8.01(a) due to the Borrower's failure to pay any amount of principal on or received interest of any Competitive Bid Loan made by such Lender, such Lender may send a written request to the Agent to obtain approval of the Majority Lenders to terminate the Total Commitment and the Lenders' respective Commitments, to declare the principal of and the interest on the Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or thereunder to become immediately due and payable and, if such approval is not obtained within ten (10) Business Days after the date such request is received, the affected Lender may elect to accelerate the Competitive Bid Loan in default and may exercise remedies in respect of issued such Competitive Bid Loan by any and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Creditslegal means. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.ARTICLE IX

Consequences of Default. If 10.3.1 Where an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such casehas occurred, the Commitments Facility extended by the Banks to the Borrower shall immediately be suspended, and may not be drawn upon except with the consent of the Majority Banks (at which time the Agent shall notify the Borrower); where the Majority Banks resolve that repayment by the Borrower shall be immediately terminated and, if any Loans shall have been made, pursued and the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal Agent is instructed in writing to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuingdo so, the Agent mayshall immediately take the following steps in accordance with the written instructions of the Majority Banks: (a) notify the Borrower in writing, announcing that all outstanding amounts of the loan principal advanced, interest and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all any other sums payments payable by the Borrower hereunder or under to any other Loan Document to be immediately due and payable, if any Drafts have been accepted, Bank and/or the Agent mayunder this Agreement shall fall due immediately (at which time the Borrower shall immediately repay all of the aforementioned amounts); and/or (b) exercise its rights as against the Mortgaged Objects and the various benefits and interests under the Assignment Agreement, and shall upon so that proceeds from disposal of the request of Majority Lenders, declare the relevant Mortgaged Objects may be used to repay any amounts outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which by the Borrower expressly waives. Amounts paid or received hereunder in respect accordance with the provisions of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held this Agreement; and/or (and appliedc) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect exercise the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by under the Note issued under this Agreement, and claim against the Notes, Borrower for payment; and/or (d) pursue the Guarantor for repayment in accordance with the provisions of the Letter of Guarantee; and/or (e) exercise any other Loan Document or applicable law. The rights and remedies provided granted by law, this Agreement, the NotesSecurity Documents or any other relevant agreement and document; without being required to issue any further letters of demand, certificate of refusal or any notice unless otherwise provided for in this Agreement. The Borrower and the other Loan Documents are cumulative Guarantor hereby agrees to waive any and not exclusive, and the exercise or partial exercise of all rights to require any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof Bank or the exercise Agent to issue such letter of any other rightdemand, power certificate of refusal or remedynotice, to the maximum extent that such waiver is permissible by law.

Consequences of Default. If an Event It any of the Events of Default described in Section 9.1(f8.01(h) or 9.1(gSection 8.01(i) shall occur and be continuing, then in any such caseoccur, the Commitments Total Commitment and the Lenders' respective commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Competitive Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Competitive Bid Loan shall suffer an Event of Default under subsection 8.01(a) due to the Borrower's failure to pay any amount of principal on or received hereunder in respect interest of issued and outstanding Letters of Credit which exceed amounts paid any Competitive Bid Loan made by Seafirst or such Lender, such Lender may send a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral written request to secure the performance of all obligations Agent to obtain approval of the Borrower owing Majority Lenders to Seafirst terminate the Total Commitment and any Seafirst Affiliate in respect the Lenders' respective Commitments, to declare the principal of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect and the rights of interest on the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this AgreementLoans, the Notes, any other Committed Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the Competitive Bid Loan Notes and all other Loan Documents are cumulative and not exclusive, and sums payable by the exercise or partial exercise of any right, power or remedy Borrower hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.to become immediately