Common use of Bank Remedies Clause in Contracts

Bank Remedies. If an Event of Default shall have occurred then, and in any such event at any time thereafter if such Event of Default is continuing, the Bank may, in its discretion: (i) by notice to the Company declare all amounts payable hereunder or under any Operative Document to be immediately due and payable, whereupon the same shall become immediately due and payable without demand, presentment, protest or further notice of any kind, all of which are hereby expressly waived by the Company; and/or (ii) exercise all or any of its rights and remedies under or in respect of the Operative Documents (including, without limitation, its rights and remedies under the Security Documents and any Guaranty); and/or (iii) by notice to the Trustee and the Issuer, require the Trustee to accelerate payment of all Bonds and interest accrued thereon and/or purchase the Bonds as provided in Section 7.01(i) of the Loan Agreement or Section 305 of the Trust Agreement, respectively; and/or (iv) in the event that the Guarantors under the Completion Guaranty are obligated to complete the Project and/or the Bank or the Bank's designees or assignees undertake to complete the Project, the Bank or its designees or assignees shall have the right to cause the Bond proceeds to be disbursed on the same terms and conditions as if the Guarantors under the Completion Guaranty, the Bank or such designees or assignees of the Bank were the Company; and/or (v) terminate the Letter of Credit by written notice to the Trustee, the effect of which shall be to cause the Letter of Credit to expire on the sixteenth calendar day after the date on which a notice of termination is received by the Trustee; and/or (vi) exercise any or all other rights and remedies existing at law or in equity or by statute including, without limitation, the rights and remedies of a secured creditor under the Uniform Commercial Code (or any substitute therefor) of any applicable jurisdiction.

Bank Remedies. If an Upon the occurrence of any Event of Default under Section 8.1I, the commitment (if any) of the Bank under this Agreement to extend credit or make disbursements to the Borrower shall have occurred then, automatically terminate and in the unpaid principal amount of all outstanding Advances and the Term Loan and all other Liabilities shall automatically become due and payable without further act of the Bank. After the occurrence of any such event at any time thereafter if such other Event of Default is continuingDefault, after any applicable cure period has expired, the Bank mayshall have the right in addition to all the remedies conferred upon the Bank by law or equity or the terms of any of the Loan Documents, in its discretion: (i) by to do any or all of the following, concurrently or successively, without notice to the Company declare all amounts payable hereunder or under any Operative Document Borrower: A. Declare the Liabilities to be immediately due be, and payablethe Liabilities shall thereupon become, whereupon the same shall become immediately due and payable without demand, presentment, protest or further prior notice to the Borrower; and B. Terminate the Bank’s commitment (if any) under this Agreement to extend credit of any kindkind or to make any disbursement, all whereupon such commitment shall terminate; and C. Exercise on behalf of which are hereby expressly waived by the Company; and/or (ii) exercise itself all or any of its rights and remedies of a secured party under or in respect of the Operative Documents (includingthis Agreement, without limitation, its rights and remedies under the Security Documents and any Guaranty); and/or (iii) by notice to the Trustee and the Issuer, require the Trustee to accelerate payment of all Bonds and interest accrued thereon and/or purchase the Bonds as provided in Section 7.01(i) of the Loan Agreement or Section 305 of the Trust AgreementDocuments, respectively; and/or (iv) in the event that the Guarantors under the Completion Guaranty are obligated to complete the Project and/or the Bank or the Bank's designees or assignees undertake to complete the ProjectUniform Commercial Code, the Bank or its designees or assignees shall have and otherwise, including the right to cause foreclose the Bond proceeds security interest granted herein by any available judicial or other procedure and/or to be disbursed on the same terms and conditions as if the Guarantors under the Completion Guaranty, the Bank or such designees or assignees take possession of the Bank were the Company; and/or (v) terminate the Letter of Credit by written notice to the Trustee, the effect of which shall be to cause the Letter of Credit to expire on the sixteenth calendar day after the date on which a notice of termination is received by the Trustee; and/or (vi) exercise any or all other of the Collateral and the books and records relating thereto with or without judicial process, for which purpose the Bank may enter on any or all of the properties where any of the Collateral or books or records may be situated and take possession and remove the same therefrom in accordance with applicable law; proceed to protect and enforce its rights and or remedies existing at law or either by suit in equity or by statute includingaction at law, or both; require the Borrower to assemble any or all of the Collateral and any or all certificates of title and other documents relating to the Collateral at a place designated by the Bank; charge or set off all sums owing to the Bank by the Borrower against any and all of the Borrower’s accounts (including accounts held jointly with others) and credit balances at the Bank, regardless of the stated maturity thereof; exercise in the Borrower’s name all rights with respect to the Collateral, including the right to collect any and all money due or to become due, endorse checks, notes, drafts, instruments, or other evidences of payment, receive and open mail addressed to the Borrower, and settle, adjust, or compromise any dispute with respect to any item of Collateral; and to cause all or any part of the Collateral to be transferred to or registered in its name or in the name of any other Person, with or without limitationdesignating the capacity of that nominee. D. Without limiting any other available remedy, the Borrower is liable for any deficiency remaining after disposition of any Collateral. The Borrower is liable to the Bank for all reasonable costs and expenses of every kind incurred (or charged by internal allocation) in connection with the negotiation, preparation, execution, filing, recording, modification, supplementing and waiver of any Loan Documents and the making, servicing and collection of the Notes or the other Loan Documents and any other amounts owed under the Notes or the other Loan Documents, including reasonable attorneys’ fees and court costs. These costs and expenses include any costs or expenses incurred by the Bank in any bankruptcy, reorganization, insolvency or other similar proceeding. E. The order and manner in which the Bank’s rights and remedies are to be exercised shall be determined by the Bank in its sole and absolute discretion. Regardless of a secured creditor how the Bank may treat payments for the purpose of its own accounting, for the purpose of computing the Liabilities under each Loan Document, payments shall be applied first, to costs and expenses (including attorney costs) incurred by the Bank, second, to the payment of accrued and unpaid interest on the Notes to and including the date of such application, third, to the payment of the unpaid principal of the Notes, and fourth, to the payment of all other amounts (including fees) then owing to the Bank under the Uniform Commercial Code (Loan Documents. No application of payments will cure any Default or any substitute therefor) Event of any applicable jurisdictionDefault, or prevent acceleration, or continued acceleration, of amounts payable under the Loan Documents, or prevent the exercise, or continued exercise, of rights or remedies of Bank hereunder or thereunder or at Law or in equity.

Bank Remedies. If an After the occurrence and during the continuance of any Event of Default shall have occurred thenDefault, and in after any such event at any time thereafter if such Event of Default is continuingapplicable cure period has expired, the Bank mayshall have the right in addition to all the remedies conferred upon the Bank by law or equity or the terms of any of the Loan Documents, in its discretion: (i) by to do any or all of the following, concurrently or successively, without notice to Borrower (except as provided in the Company declare all amounts payable hereunder or under any Operative Document Security Agreement): A. Declare the Notes to be immediately due be, and payablethose notes shall thereupon become, whereupon the same shall become immediately due and payable without demand, presentment, protest or further prior notice to Borrower; and B. Terminate the Bank’s obligations under this Agreement to extend credit of any kindkind or to make any disbursement, all whereupon the commitment and obligations of which are hereby expressly waived by the CompanyBank to extend credit or to make disbursements hereunder shall terminate; and/orand (ii) exercise C. Exercise on behalf of itself all or any of its rights and remedies of a secured party under or in respect of the Operative Documents (includingthis Agreement, without limitation, its rights and remedies under the Security Documents and any Guaranty); and/or (iii) by notice to the Trustee and the Issuer, require the Trustee to accelerate payment of all Bonds and interest accrued thereon and/or purchase the Bonds as provided in Section 7.01(i) of the Loan Agreement or Section 305 of the Trust AgreementDocuments, respectively; and/or (iv) in the event that the Guarantors under the Completion Guaranty are obligated to complete the Project and/or the Bank or the Bank's designees or assignees undertake to complete the ProjectUniform Commercial Code, the Bank or its designees or assignees shall have the right to cause the Bond proceeds to be disbursed on the same terms and conditions as if the Guarantors under the Completion Guarantyotherwise, the Bank or such designees or assignees of the Bank were the Company; and/or (v) terminate the Letter of Credit by written notice to the Trustee, the effect of which shall be to cause the Letter of Credit to expire on the sixteenth calendar day after the date on which a notice of termination is received by the Trustee; and/or (vi) exercise any or all other rights and remedies existing at law or in equity or by statute including, without limitation, the right to foreclose the security interest granted herein by any available judicial or other procedure and/or to take possession of any or all of the Collateral and the books and records relating thereto with or without judicial process, for which purpose the Bank may enter on any or all of the Premises where any of the Collateral or books or records may be situated and take possession and remove the same therefrom in accordance with applicable law; proceed to protect and enforce its rights or remedies either by suit in equity or by action at law, or both; require Borrower to assemble any or all of the Collateral and any or all certificates of title and other documents relating to the Collateral at a place designated by the Bank; charge or set off all sums owing to the Bank by Borrower against any and all of Borrower’s accounts (including accounts held jointly with others) and credit balances at the Bank, regardless of the stated maturity thereof; exercise in Borrower’s name all rights with respect to the Collateral, including the right to collect any and all money due or to become due, endorse checks, notes, drafts, instruments, or other evidences of payment, receive and open mail addressed to Borrower, and settle, adjust, or compromise any dispute with respect to any item of Collateral; and to cause all or any part of the Collateral to be transferred to or registered in its name or in the name of any other Person, with or without designating the capacity of that nominee. D. Without limiting any other available remedy, Borrower is liable for any deficiency remaining after disposition of any Collateral. Borrower is liable to the Bank for all reasonable costs and expenses of every kind incurred (or charged by internal allocation) in connection with the negotiation, preparation, execution, filing, recording, modification, supplementing and waiver of any Loan Documents and the making, servicing and collection of the Note or the other Loan Documents and any other amounts owed under the Note or the other Loan Documents, including without limitation reasonable attorneys’ fees and court costs. These costs and expenses include without limitation any costs or expenses incurred by the Bank in any bankruptcy, reorganization, insolvency or other similar proceeding. E. The order and manner in which Bank’s rights and remedies are to be exercised shall be determined by Bank in its sole and absolute discretion. Regardless of a secured creditor how Bank may treat payments for the purpose of its own accounting, for the purpose of computing the Liabilities under each Loan Document, payments shall be applied first, to costs and expenses (including attorney costs) incurred by Bank, second, to the payment of accrued and unpaid interest on the Notes to and including the date of such application, third, to the payment of the unpaid principal of the Notes, and fourth, to the payment of all other amounts (including fees) then owing to Bank under the Uniform Commercial Code (Loan Documents. No application of payments will cure any Event of Default, or any substitute therefor) prevent acceleration, or continued acceleration, of any applicable jurisdictionamounts payable under the Loan Documents, or prevent the exercise, or continued exercise, of rights or remedies of Bank hereunder or thereunder or at Law or in equity.