Common use of Default; Acceleration Clause in Contracts

Default; Acceleration. If any Event of Default occurs, then the outstanding principal amount of this Operating Note, any interest accrued thereon from time to time, and any other sums then remaining unpaid hereunder, at the option of the holder hereof and without notice, shall become immediately due and payable and Lender may exercise any other rights or remedies available under any Transaction Documents or applicable law. Failure to exercise any such option shall not constitute a waiver of the right to exercise the same at a later time or in the event of any subsequent default. The following shall constitute "Events of Default" for purposes of this Operating Note:

Default; Acceleration. If any Event of Default occurs, then the outstanding principal principal, amount of this Operating Note, any interest accrued thereon from time to time, and any other sums then remaining unpaid hereunder, at the option of the holder hereof and without notice, shall become immediately due and payable and Lender may exercise any other rights or remedies available under any Transaction Documents or applicable law. Failure to exercise any such option shall not constitute a waiver of the right to exercise the same at a later time or in the event of any subsequent default. The following shall constitute "Events of Default" for purposes of this Operating Note: