Common use of DEFAULT AND ACCELERATION Clause in Contracts

DEFAULT AND ACCELERATION. Time is of the essence of this Mortgage. Upon the occurrence of any Event of Default (as defined below), and at any time thereafter, then, in any and every such case, the amounts due under the Agreements shall, at the option of Mortgagee, become immediately due and payable without any notice, presentment, demand, protest, notice of protest, or other notice of dishonor or demand of any kind, all of which are hereby expressly waived by Xxxxxxxxx, and Mortgagee shall have the right immediately to foreclose the mortgage lien created by this Mortgage against the Property, to enforce every other security interest created by this Mortgage and to institute any action, suit, or other proceeding that Mortgagee may deem necessary or proper for the protection of its interests. The following shall each constitute an “Event of Default” for purposes of this Mortgage: (a) default (i) in the payment when due of any amounts due under the Agreements, or (ii) in the performance any of the Obligations or any covenant or term of this Mortgage; (b) sublease, assignment, sale, contracting for sale, transfer, or encumbrance of all or any part of the Property; (c) if Mortgagor becomes the subject of an order for relief under the United States Bankruptcy Code, takes any action to obtain relief under the United States Bankruptcy Code, files an answer admitting bankruptcy or insolvency or in any manner is adjudged bankrupt or insolvent; (d) any part of the Property or all or any substantial part of the Property or assets of Mortgagor (or any one of them, if more than one) is placed in the hands of any receiver or trustee, or Mortgagor (or any one of them, if more than one) consents, agrees, or acquiesces to the appointment of any such receiver or trustee; and (e) the institution of proceedings to enforce or foreclose any mortgage or lien upon all or any part of the Property.

DEFAULT AND ACCELERATION. Time is 5.01 Any or all of the essence Liabilities of this Mortgage. Upon the occurrence of any Event of Default (as defined below), and at any time thereafter, then, in any and every such case, Borrower to the amounts due under the Agreements Bank shall, at the option of Mortgageethe Bank and notwithstanding any time or credit allowed by any instrument evidencing a Liability, become be immediately due and payable without any notice, presentment, demand, protest, notice of protest, or other notice of dishonor or demand upon the occurrence of any kind, all of which are hereby expressly waived by Xxxxxxxxx, and Mortgagee shall have the right immediately to foreclose the mortgage lien created by this Mortgage against the Property, to enforce every other security interest created by this Mortgage and to institute any action, suit, or other proceeding that Mortgagee may deem necessary or proper for the protection following Events of its interests. The following shall Default (each constitute an “Event of Default” for purposes of this Mortgage: "EVENT OF DEFAULT"): (a) default Default in the payment, upon demand (or when due and payable, if not payable on demand), of any Liability of the Borrower; (b) An injunction or attachment against property of the Borrower remains undischarged for a period of thirty (30) days; (c) The failure by the Borrower to promptly, punctually and faithfully perform, or observe any term, covenant or agreement on its part to be performed or observed pursuant to any of the provisions of this Agreement (and the expiration of ten (10) days from such failure). (d) The occurrence of any material uninsured loss, theft, damage or destruction to any material asset(s) of the Borrower. (e) The security interest granted to the Bank in the Collateral shall, at any time after the execution and delivery of this Agreement, for any reason, ceases (i) to create a valid and perfected first priority security interest in the payment when due Collateral including, without limitation, the occurrence of any amounts due under event which would cause a lien creditor, as that term is defined in Section 9-301 of the AgreementsCode, to take priority over advances made by Bank; the filing against or relating to the Borrower of a federal tax lien in favor of the United States of America or any political subdivision of the United States of America, or the filing against or relating to the Borrower of a state tax lien in favor of any state of the United States of America or any political subdivision of any such state; or (ii) this Agreement shall cease to be in full force and effect or shall be declared null and void, or the performance validity or enforceability hereof shall be contested by the Borrower. (f) The occurrence of an Event of Default under the Loan Agreement after the expiration of any applicable grace period or termination for any reason of the Loan Agreement. 5.02 Upon the occurrence of any of the Obligations Events of Default, the Bank shall have all the rights and remedies of a secured party under Chapter 106, Article 9, of the Massachusetts General Laws, in addition to all other rights and remedies mentioned in this Agreement. Unless otherwise provided by law, the Bank may require the Borrower to assemble any tangible personal property constituting Collateral and make it available to the Bank at a place to be designated by the Bank which is reasonably convenient to both parties. 5.03 The Borrower hereby grants to the Bank a nonexclusive irrevocable license in connection with the Bank's exercise of its rights hereunder, to use, apply and affix any trademark, trade name, logo or the like in which the Borrower now or hereafter has rights, which license may be used upon the occurrence of any covenant or term of this Mortgage; (b) sublease, assignment, sale, contracting for sale, transferthe Events of Default, or encumbrance of all or any part of the Property; (c) if Mortgagor becomes the subject of an order for relief under the United States Bankruptcy Code, takes any action to obtain relief under the United States Bankruptcy Code, files an answer admitting bankruptcy or insolvency or in any manner is adjudged bankrupt or insolvent; (d) any part of the Property or all or any substantial part of the Property or assets of Mortgagor (or any one of themupon demand, if more than one) is placed in the hands of any receiver or trustee, or Mortgagor (or any one of them, if more than one) consents, agrees, or acquiesces to the appointment of any such receiver or trustee; and (e) the institution of proceedings to enforce or foreclose any mortgage or lien upon all or any part of the Propertyapplicable.

DEFAULT AND ACCELERATION. Time is of the essence of this Mortgage. Upon the occurrence of any Event of Default (as defined below), and at any time thereafter, then, in any and every such case, the amounts due under the Agreements shall, at the option of Mortgagee, become immediately due and payable without any notice, presentment, demand, protest, notice of protest, or other notice of dishonor or demand of any kind, all of which are hereby expressly waived by Xxxxxxxxx, and Mortgagee shall have the right immediately to foreclose the mortgage lien created by this Mortgage against the Property, to enforce every other security interest created by this Mortgage and to institute any action, suit, or other proceeding that Mortgagee may deem necessary or proper for the protection of its interests. The following shall each constitute an “Event of Default” for purposes of this Mortgage: (a) default (i) in the payment when due of any amounts due under the Agreements, or (ii) in the performance any of the Obligations or any covenant or term of this Mortgage; ; (b) sublease, assignment, sale, contracting for sale, transfer, or encumbrance of all or any part of the Property; (c) if Mortgagor becomes the subject of an order for relief under the United States Bankruptcy Code, takes any action to obtain relief under the United States Bankruptcy Code, files an answer admitting bankruptcy or insolvency or in any manner is adjudged bankrupt or insolvent; (d) any part of the Property or all or any substantial part of the Property or assets of Mortgagor (or any one of them, if more than one) is placed in the hands of any receiver or trustee, or Mortgagor (or any one of them, if more than one) consents, agrees, or acquiesces to the appointment of any such receiver or trustee; and (e) the institution of proceedings to enforce or foreclose any mortgage or lien upon all or any part of the Property.