Common use of Consequences of Events of Default Clause in Contracts

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph). (ii) If an Event of Default of the type described in subparagraph 3(a)(ii5(a)(iii) has occurred occurred, the aggregate principal amount of the Note Notes (together with all accrued interest thereon and all other amounts due and payable in connection therewithwith respect thereto) shall become immediately due and payable without any action on the part of the Companyholders of the Notes, and Maker the Company shall immediately pay to the Company holders of the Notes all amounts due and payable with respect to the Note. If an Event of Default Notes. (iii) Each holder of the type described in subparagraph 3(a)(iNotes shall also have any other rights which such holder may have been afforded under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law. (iv) has occurred and continued for 5 days, the The Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company holder hereof may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker the Company hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his his/her successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the CompanyLender, and Maker Borrower shall immediately pay to the Company Lender all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued continues for 5 days, the Company Lender may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. MakerBorrower, or his its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company Lender may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker Borrower hereunder. In the event that Maker Borrower fails to pay any amounts due hereunder when due, Maker Borrower shall pay to the CompanyLender, in addition to such amounts due: (i) interest accruing on a daily basis at a rate equal to 15% per annum, on the sum of the unpaid principal amount of this Note then outstanding, and (ii) all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his her successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii4(a)(i) has occurred occurred, the Lender may declare all of the outstanding principal amount of the Note (together with all accrued and unpaid interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all of the outstanding principal amount of and accrued and unpaid interest on the Note. If an Event of Default of the type described in subparagraph 4(a)(ii) or 4(a)(iii) has occurred, the aggregate principal amount of the Note (together with all accrued and unpaid interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the CompanyLender, and Maker Borrower shall immediately pay to the Company Lender all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. MakerBorrower, or his its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company Lender may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker Borrower hereunder. In the event that Maker Xxxxxxxx fails to pay any amounts due hereunder when due, Maker Borrower shall pay to the CompanyLender, in addition to such amounts due, all costs of collection, including reasonable attorneys Xxxxxx’s attorneys’ fees.