Common use of Rights of Holder upon Default Clause in Contracts

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6, and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to any other remedies hereunder, upon the occurrence or existence of any Event of Default, Holder may exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes of this Agreement, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6Default, and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the CompanyMaker, declare all outstanding Obligations obligations payable by the Company Maker hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived; except that upon the occurrence or existence of any Event of Default set forth in Sections 4(c), anything contained herein (d) or (e) herein, all of the outstanding obligations payable by the Maker hereunder shall automatically become immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. No delay or omission by Holder in the exercising any right shall operate as a waiver of such right or any other Transaction Documents right under this Note; a waiver on any one occasion shall not be construed as a bar to the contrary notwithstandingor waiver of any right on any future occasion. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other right right, power or remedy granted to it by hereunder or pursuant to applicable law. The Maker agrees to pay all taxes levied or assessed upon the Transaction Documents or otherwise permitted outstanding principal against any holder of this Note. The prevailing party in any action (i) to it by lawcollect payment on this Note, either by suit (ii) in equity or by action at lawconnection with any dispute that arises as to its enforcement, validity, or both. For purposes of this Agreementinterpretation, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by legal action is instituted or prosecuted to judgment, or (iii) to enforce any note or instrument and whether or not for the payment of money)judgment obtained in any related legal proceeding, now existing or hereafter arising under or pursuant shall be entitled to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunderexpenses incurred, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seqincluding attorney fees.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6Default, and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the CompanyMortgagor, declare all outstanding Obligations obligations payable by Mortgagor hereunder and under the Company hereunder Note to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived; except that upon the occurrence or existence of any Event of Default set forth in Sections 15(c), anything contained herein (d) or (e) herein, all of the outstanding obligations payable by Mortgagor hereunder or under the Note shall automatically become immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. No delay or omission by Holder in exercising any right shall operate as a waiver of such right or any other right under the other Transaction Documents Note; a waiver on any one occasion shall not be construed as a bar to the contrary notwithstandingor waiver of any right on any future occasion. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other right right, power or remedy granted to it by hereunder, under the Transaction Documents Note or otherwise permitted pursuant to it by applicable law. The Mortgagor agrees to pay all taxes levied or assessed upon the outstanding principal against any holder of the Note. The prevailing party in any action (i) to collect payment on the Note, either by suit (ii) in equity or by action at lawconnection with any dispute that arises as to its enforcement, validity, or both. For purposes of this Agreementinterpretation, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by legal action is instituted or prosecuted to judgment, or (iii) to enforce any note or instrument and whether or not for the payment of money)judgment obtained in any related legal proceeding, now existing or hereafter arising under or pursuant shall be entitled to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by expenses incurred, including attorney fees. This mortgage is upon the Company hereunder and thereunderSTATUTORY CONDITION, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after for any breach of which Mortgagee shall have the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seqSTATUTORY POWER OF SALE.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described (other than an Event of Default referred to in Section 6, Paragraphs 3(d) and 3(e)) and at any time thereafter during the continuance of such Event of DefaultDefault beyond any applicable cure periods, Holder may, with may (i) cease advancing money or extending credit to or for the consent benefit of the Majority Holders Company under any agreement; and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, (ii) declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Paragraphs 3(d) and 3(e), immediately and without notice, all outstanding Obligations payable by Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other right right, power or remedy granted to it by the Transaction Documents Documents, or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes In case of this Agreementan Event of Default, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant must pay to the terms Holder such further amount as is sufficient to cover the cost and expenses of this Note and the Purchase Agreementcollection, including, without limitation, all interestHolder’s costs, fees, chargesexpenses or damages of any kind incurred by or imposed upon Holder in connection with or as a consequence of an Event of Default. Without limiting the foregoing, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder shall pay all Holder’s actual costs of collection and thereunderattempted collection, including, without limitation: (i) those expenses incurred or paid to protect, preserve, collect, lease, sell, repair, improve, advertise, locate, take possession of, liquidate or otherwise deal with any collateral under any security agreement; (ii) expenses of dealing with any person or entity in each caseany bankruptcy proceeding; (iii) all out-of-pocket expenses incurred for the Holder’s attorney and paralegal fees, whether direct or indirect, absolute or contingent, due or to become duedisbursements, and whether or not arising after costs, all at such rates and with respect to such services as the commencement of a proceeding under Title 11 of the United States Code Holder in its sole discretion may elect to pay (11 U. S. C. Section 101 et seq.), as amended such rates may vary from time to time during the course of the performance of such services) including the costs of attorneys who are employees of the Holder; and (including post-petition interestiv) the costs of appraisers, engineers, investment bankers, environmental consultants and whether or not allowed or allowable other experts that may be retained by the Holder in connection with such collection efforts. Such costs will be added to the unpaid balance of the Note. No course of dealing and no delay on the part of the Holder in exercising any right will operate as a claim waiver of that right or otherwise prejudice the Holder’s rights, powers or remedies. No right, power or remedy conferred by this Note upon the Holder is exclusive of any other right, power or remedy referred to herein or now or hereafter available at law, in any such proceedingequity, by statute or otherwise.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described in Section 6Default, hereof and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, declare all outstanding Obligations obligations payable by the Company hereunder to be immediately due and payable payable, and take possession of and exercise control over, to the fullest extent permitted by law, any Collateral, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. Upon the occurrence of any Event of Default without notice, anything contained herein or in all principal and accrued and unpaid interest hereunder shall automatically become immediately due and payable, and the other Transaction Documents Holder may take possession of and exercise control over, to the contrary notwithstandingfullest extent permitted by law, any Collateral, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence and during the continuance of any Event of Default, Holder may exercise any other right power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes Notwithstanding the immediately preceding sentence, if a Default is in respect of a bankruptcy or insolvency proceeding the principal of this AgreementNote, the termand all accrued and unpaid interest, “Obligations” shall mean automatically become immediately due and include all loanspayable. In addition, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not Pxxxx may institute judicial proceedings for the payment collection of money)the amounts due and may prosecute such proceeding to judgment or final decree, now existing and may enforce the same against Company and collect the amount due (together with reasonable costs of collection, including reasonable attorney' s fees and expenses) adjudged or hereafter arising decreed to be payable in the manner provided by law out of the property of Company. Pxxxx may also exercise the rights of a secured party under or pursuant to the Uniform Commercial Code then in effect in Nevada and under the terms of this Note the other transaction documents and the Purchase Agreement, including, may exercise any and all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, other rights Payee may have at law or in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement equity The default rate of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seqinterest is 15% per annum.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

Rights of Holder upon Default. Upon the occurrence or existence of any Event of Default described (other than an Event of Default referred to in Section 6, 4(c)) and at any time thereafter during the continuance of such Event of Default, Holder may, with the consent of the Majority Holders and subject to the rights of the holders of Senior Indebtedness under the Subordination Agreements, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Note Documents to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Section 4(c), immediately and without notice, all outstanding Obligations payable by Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Note Documents to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default described in Sections 4(e) and 4(f), Holder may perform in Company’s name and on Company’s behalf such acts or take such steps as are necessary to cure Company’s default thereunder, and Company shall reimburse Holder on demand for any expenses which Holder may incur in thus curing any such default. Upon the occurrence or existence of and during the continuation of any event or circumstance that is, or with the giving of notice or lapse of time, or both, would constitute an Event of Default, Company shall pay to Holder a monthly late fee equal to one and one-half percent (1.5%) of the sum of the outstanding principal balance and accrued and unpaid interest on the Note, such late fee shall be paid in respect of any month (or any part thereof) that such event or circumstance shall be continuing. In addition to any other remedies hereunderthe foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other right power or remedy granted to it by the Transaction Note Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both. For purposes of this Agreement, the term, “Obligations” shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Holder of every kind and description (whether or not evidenced by any note or instrument and whether or not for the payment of money), now existing or hereafter arising under or pursuant to the terms of this Note and the Purchase Agreement, including, all interest, fees, charges, expenses, attorneys’ fees and costs and accountants’ fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 et seq.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.