Default; Default Interest Rate Clause Samples

Default; Default Interest Rate. A. The occurrence of any one or more of the following events shall constitute a "Default" hereunder: (i) if Maker shall fail to pay any principal or any interest when due in accordance with the terms of this Note, (ii) if Maker shall fail to promptly comply with any of its other agreements herein or with any other requirement herein, (iii) if an Event of Default (as defined in the Loan Agreement, the Reimbursement Agreement, any one or more of the Mortgages or any one or more of the Additional Collateral Documents) shall occur, (iv) if a Transfer shall occur, and/or (v) if there shall occur a "Default" as defined in and under that certain Amended and Restated Note of even date herewith made by Maker payable to the order of Bank in the principal amount of Twenty Million and 00/100 Dollars ($20,000,000) (the "Amended and Restated $20,000,000 Note"); B. If a Default hereunder shall occur then the entire unpaid principal balance due hereunder shall thereafter bear interest during the period such Default shall continue at the Default Interest Rate. Upon any such Default the Bank is expressly authorized to apply all payments received on any amounts due hereunder or under the terms of any one or more of the Loan Agreement, the Reimbursement Agreement, the Mortgages and any one or more of the Additional Collateral Documents, as the Bank may determine. The Bank shall be entitled to receive payment in full of all interest accruing hereon subsequent to the filing of a petition or the taking of any other action commencing a bankruptcy, reorganization, arrangement or other similar proceeding or which would accrue but for such proceeding or action. C. If a Default hereunder shall occur then the whole of the principal amount remaining unpaid under this Note, together with all accrued interest thereon, at the election of the Bank and without notice to Maker or any other person or entity, shall become immediately due and payable, together with all costs, fees and expenses incurred by the Bank on account of or in connection with the collection and enforcement of this note and in connection with the protection or realization on any security, and all other costs, fees and expenses of the Bank described in Paragraphs 3, 8 and otherwise as provided in this Note, and the Bank may thereupon exercise any one or more of the following remedies at any time and from time to time singularly, successively or together and in such order and when and as often as the Bank in its sole direct...