Common use of DEFAULT; REMEDIES UPON DEFAULT Clause in Contracts

DEFAULT; REMEDIES UPON DEFAULT. a. Should Lessee (i) default in the timely payment of any sum due to Lessor with respect to the equipment, or (ii) default in the performance of its other obligations with respect “to the equipment hereunder or under any other lease contract(s) made between Lessor and Lessee, or (iii) suffer any distress, execution or other legal process which has the effect of a levy on any of the equipment leased hereunder or thereunder, or (iv) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized by a government or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke the default provisions hereof and/or of any other leases made between Lessor and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession of the equipment and all other equipment leased by Lessor to Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be found, and exercise any other right or remedy available to Lessor under applicable law. In the event Lessor terminates the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consent, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: Lessee shall immediately notify Lessor of the exact location of the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession of any or all of its equipment in the possession of Lessee, and for such purpose may enter upon any premises belonging to or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENT.

DEFAULT; REMEDIES UPON DEFAULT. a. Should Lessee The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement: (ia) an event of default under the Facility Lease or under any of the other Operative Documents after giving effect to any notice and cure periods provided for in the timely payment Facility Lease or other Operative Documents; or (b) failure of the Pledgor to perform, observe, or comply with any sum due to Lessor with respect of the provisions of this Agreement, and such failure shall remain uncured for a period of five (5) days in the event of a monetary default and thirty (30) days in the event of a non-monetary default after the date of written notice from a Pledgee to the equipmentPledgor. The Agent shall give the Collateral Agent and the Pledgor written notice of an Event of Default hereunder and the Collateral Agent shall from receipt of such notice act only upon the instructions of the Agent and the Collateral Agent shall have no liability to the Pledgor in following such instructions. Upon an Event of Default under this Agreement or under any of the other Operative Documents that has not been waived by the Agent, and any time thereafter, the Agent may, among its other rights and remedies (1) cause the Collateral to be transferred to the Bank or to the name of its nominee or nominees and thereafter exercise as to the Collateral all rights, powers and remedies of an owner, (2) collect by legal proceedings or otherwise all dividends, interest, principal payments, and other sums now or hereafter payable on account of the Collateral, and hold the same as Collateral, or (ii) default apply the same to the expenses incurred by the Agent in such legal proceedings, the manner and distribution of the application to be in the performance sole discretion of the Agent, (3) enter into any extension, subordination, reorganization, deposit, merger, or consolidation agreement, or any other agreement relating to or affecting the Collateral and in connection therewith deposit or surrender control of such Collateral thereunder, and accept other property in exchange therefor and hold or apply such property or money so received in accordance with the provisions hereof, all of the foregoing specified rights and remedies, however, being subject to the rights of the Pledgor provided in the Maryland Uniform Commercial Code. The Agent shall give written notice to the Pledgor ten (10) days prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made. Subject to compliance with federal and state securities laws, full power and authority are hereby given to the Agent acting through any of its other obligations with respect “to the equipment respective officers, upon an Event of Default hereunder or under any of the other lease contract(s) made between Lessor Operative Documents that has not been waived by the Agent, and Lesseeat any time thereafter, at its election, to sell, assign, transfer and deliver the whole of the Collateral, or (iii) suffer any distresspart thereof or any additions thereto, execution or other legal process which has substitutes therefor, in such order as the effect Agent may elect, at public or private sale. To the extent the Agent actually receives any monies as a result of a levy on its exercise of any of the equipment leased remedies provided for hereunder following the occurrence of an Event of Default hereunder or thereunderunder any of the other Operative Documents, the Agent covenants and agrees that such monies, after deducting all costs incurred by the Agent in connection with the collection thereof, shall be credited against the obligations of the Pledgor under the Facility Lease and the Letter of Credit Agreement, including without limitation, any payment obligation of the Pledgor pursuant to Paragraph 19 of the Facility Lease. No failure or delay by the Agent to insist upon the strict performance of any term, condition, covenant, or (iv) cease doing business as a going concern, become insolvent, commit an act agreement of bankruptcythis Agreement or any of the other Operative Documents, or become the subject to exercise any right, power, or remedy consequent upon a breach thereof, shall constitute a waiver of any proceeding under any applicable Bankruptcy Actsuch term, condition, covenant, or (v) be seized amendment or nationalized of any such breach, or should preclude the Agent from exercising any such right, power, or remedy at any later time or times. By accepting payment after the due date of any of Lessee’s assets be seized by a government the obligations under this Agreement or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipmentFacility Lease or any of the other Operative Documents, invoke the Agent shall not be defined to have waived the right either to require prompt payment when due of all other such obligations or to declare a default provisions hereof and/or for failure to effect such payment of any such other leases made between Lessor obligations. Each right, power, and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession remedy of the equipment Agent as provided for in this Agreement or in the Facility Lease or any of the other Operative Documents or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and all concurrent and shall be in addition to every other equipment leased by Lessor to Lessee free of any claims of Lesseeright, assert maritime or other liens against Lessee’s property wherever it may be foundpower, and exercise any other right or remedy available to Lessor under applicable law. In provided for in this Agreement or in the event Lessor terminates Facility or any of the leasing of equipment other Operative Documents or invokes the aforesaid default remedies, Lessee shall no longer be now or hereafter existing at law or in possession of Lessor’s equipment with Lessor’s consentequity or by statute or otherwise, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: Lessee shall immediately notify Lessor exercise or beginning of the exact location exercise by the Agent of any one or more of such rights, powers, or remedies shall not preclude the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession simultaneous or later exercise by the Agent of any or all of its equipment in the possession of Lesseesuch other rights, and for such purpose may enter upon any premises belonging to powers, or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENTremedies.

DEFAULT; REMEDIES UPON DEFAULT. a. Should Lessee (i) default in the timely payment of any sum due to Lessor with respect to the equipment, or (ii) default in the performance of its other obligations with respect “to the equipment hereunder or under any other lease contract(s) made between Lessor and Lessee, or (iii) suffer any distress, execution or other legal process which has the effect of a levy on any of the equipment leased hereunder or thereunder, or (iv) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized by a government or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke involve the default provisions hereof and/or of any other leases made between Lessor and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession of the equipment and all other equipment leased by Lessor to Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be found, and exercise any other right or remedy available to Lessor under applicable law. In the event Lessor terminates the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consent, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: . Lessee shall immediately notify Lessor of the exact location of the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession of any or all of its equipment in the possession of Lessee, and for such purpose may enter upon any premises belonging to or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENT.

DEFAULT; REMEDIES UPON DEFAULT. a. Should Lessee shall be in default hereunder: (ia) default in the timely payment of if Xxxxxx fails to pay any sum due hereunder within 10 days after the due date thereof, (b) if Lessee fails to Lessor with respect perform any non-monetary convenant and such failure continues for 15 days after written notice; (c) if proceedings are instituted by or against Lessee under any provision of the Federal Bankruptcy Code, insolvency laws or laws relating to the equipmentrelief of debtors, readustments, compositions or extensions or any other or similar law, or (ii) default in if Xxxxxx makes an assignment for the performance benefit of creditors, or if a receiver, trustee or custodian or similar official of Lessee or all or any substantial part of its assets shall be appointed; (d) if the Equipment or any sum due hereunder becomes subject to any lien other obligations than those imposed by or with respect “the express prior written consent of Lessor; (e) if Lessee attempts to assign, sublet, hypothecate, mortgage or otherwise transfer or grant any security interest in Xxxxxx's rights or interest under this Lease without the equipment hereunder or express prior written consent of Lessor; (f) if Lessee shall default under any other lease contract(s) made between Lessor and Lessee, loan or credit agreement; or (iiig) suffer if Xxxxxx's financial condition shall change such that, in Lessor's opinion, Xxxxxx's security shall be impaired or Lessor's credit risk shall be increased. In any distresssuch event, execution Lessor may take, concurrently, any action allowed by law and any one or other legal process which has the effect of a levy on any more of the equipment leased hereunder or thereunder, or following actions: (iv1) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized proceed by a government or government instrumentality; then Lessor may without notice and without relieving court action to enforce performance by Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke the default all provisions hereof and/or and to recover damages for the breach thereof; (2) accelerate payment of any other leases made between Lessor and Lessee, declare all Rent due hereunder during the balance of all rental accrued the Term or any extension thereof; (3) enter upon the premises of Lessee or other premises where the Equipment maybe located and to be accrued hereunder and thereunder to be due and payable, demand and retake take possession of the equipment Equipment without notice or legal process and without liability for trespass or responsibility for loss of or damage to the Equipment or any property attached thereto; and (4) retain all Rent and other equipment leased sums paid by lessee hereunder, as well as all insurance proceeds and other sums, if any, then in its possession which would otherwise be payable to Lessee. Lessee shall pay all costs and expenses incurred by Lessor to in exercising any of its rights or remedies under this Lease, including expenses of retaking, holding, preparing for lease or sale, or leasing and selling of the Equipment, and reasonable attorneys' fees and legal expenses. Any payment received from Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be foundapplied by Lessor at any time against any obligation due and owing by Lessee under this Lease or any Schedule hereto, and exercise in Xxxxxx's sole discretion, notwithstanding any other right statement appearing on or remedy available referred to Lessor under applicable lawin any remittance from Lessee or any prior application of such payment. In the event Lessor terminates any bankruptcy proceedings are instituted by or against Lessee under the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consent, and the rental payable therefor shall immediately increase to the spot lease rates charged Federal Bankruptcy Code within 90 days after receipt by Lessor for like type equipment at the time of default: Lessee shall immediately notify Lessor of the exact location of the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession of any or all of its equipment such payment, such payment shall be deemed applicable to unpaid obligations then due hereunder in the possession inverse order of Lessee, and for such purpose may enter upon any premises belonging to or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENTmaturity.

DEFAULT; REMEDIES UPON DEFAULT. a. (a) Should Lessee (i) default in the timely payment of any sum due to Lessor with respect to the equipment, or (ii) default in the performance of its other obligations with respect “to the equipment hereunder or under any other lease contract(s) made between Lessor and Lessee, or (iii) suffer any distress, execution or other legal process which has the effect of a levy on any of the equipment leased hereunder or thereunder, or (iv) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized by a government or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke involve the default provisions hereof and/or of any other leases made between Lessor and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession of the equipment and all other equipment leased by Lessor to Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be found, and exercise any other right or remedy available to Lessor under applicable law. In the event Lessor terminates the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consent, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: . Lessee shall immediately notify Lessor of the exact location of the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession of any or all of its equipment in the possession of Lessee, and for such purpose may enter upon any premises belonging to or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENT.

DEFAULT; REMEDIES UPON DEFAULT. a. Should Lessee The occurrence of any one or more of the following events shall constitute an Event of Default under this Agreement: (ia) an event of default under either of the Reimbursement Agreements; or (b) failure of the Pledgor to perform, observe, or comply with any of the provisions of this Agreement, and such failure shall remain uncured for a period of five (5) days in the timely event of a monetary default and thirty (30) days in the event of a non-monetary default after the date of written notice from the Pledgee to the Pledgor. The Pledgee shall contemporaneously give the Collateral Agent and the Pledgor written notice of an Event of Default hereunder and the Collateral Agent shall from receipt of such notice act only upon the instructions of the Pledgee and the Collateral Agent shall have no liability to the Pledgor in following such instructions. Upon an Event of Default under this Agreement that has not been waived by the Pledgee, and any time thereafter, the Pledgee may, among its other rights and remedies (1) cause the Collateral to be transferred to its name or to the name of its nominee or nominees and thereafter exercise as to the Collateral all rights, powers and remedies of an owner, (2) collect by legal proceedings or otherwise all dividends, interest, principal payments, and other sums now or hereafter payable on account of the Collateral, and hold the same as Collateral, or apply the same to the expenses incurred by the Pledgee in such legal proceedings, the manner and distribution of the application to be in the sole discretion of the Pledgee, (3) enter into any extension, subordination, reorganization, deposit, merger, or consolidation agreement, or any other agreement relating to or affecting the Collateral and in connection therewith deposit or surrender control of such Collateral thereunder, and accept other property in exchange therefor and hold or apply such property or money so received in accordance with the provisions hereof, all of the foregoing specified rights and remedies, however, being subject to the rights of the Pledgor provided in the Maryland Uniform Commercial Code. The Pledgee shall give written notice to the Pledgor ten (10) days prior to the date of public sale of the Collateral or prior to the date after which private sale of the Collateral will be made. Subject to compliance with federal and state securities laws, full power and authority are hereby given to the Pledgee, acting through any of its respective officers, upon an Event of Default hereunder that has not been waived by the Pledgee, and at any time thereafter, at its election, to sell, assign, transfer and deliver the whole of the Collateral, or any part thereof or any additions thereto, or substitutes therefor, in such order as the Pledgee may elect, at public or private sale. To the extent the Pledgee actually receives any monies as a result of its exercise of any of the remedies provided for hereunder following the occurrence of an Event of Default hereunder, the Pledgee covenants and agrees that such monies, after deducting all costs incurred by the Pledgee in connection with the collection thereof, shall be credited against the obligations of the Pledgor under the Reimbursement Agreements in such order as the Pledgee in its discretion may determine. No failure or delay by the Pledgee to insist upon the strict performance of any term, condition, covenant, or agreement of this Agreement or of the Reimbursement Agreements, or to exercise any right, power, or remedy consequent upon a breach thereof, shall constitute a waiver of any such term, condition, covenant, or amendment or of any such breach, or preclude the Pledgee from exercising any such right, power, or remedy at any later time or times. By accepting payment after the due date of any of the obligations under this Agreement or of the Reimbursement Agreements, the Pledgee shall not be deemed to have waived the right either to require prompt payment when due of all other such obligations or to declare a default for failure to effect such payment of any sum due such other obligations. Each right, power, and remedy of the Pledgee as provided for in this Agreement or in the Reimbursement Agreements or now or hereafter existing at law or in equity or by statute or otherwise shall be cumulative and concurrent and shall be in addition to Lessor with respect to the equipmentevery other right, power, or (ii) default remedy provided for in this Agreement or in the performance of its other obligations with respect “to the equipment hereunder Reimbursement Agreements or under any other lease contract(s) made between Lessor and Lessee, now or (iii) suffer any distress, execution hereafter existing at law or other legal process which has the effect of a levy on any of the equipment leased hereunder in equity or thereunder, by statute or (iv) cease doing business as a going concern, become insolvent, commit an act of bankruptcy, or become the subject of any proceeding under any applicable Bankruptcy Act, or (v) be seized or nationalized or should any of Lessee’s assets be seized by a government or government instrumentality; then Lessor may without notice and without relieving Lessee of its obligations hereunder, terminate the leasing of the equipment, invoke the default provisions hereof and/or of any other leases made between Lessor and Lessee, declare the balance of all rental accrued and to be accrued hereunder and thereunder to be due and payable, demand and retake possession of the equipment and all other equipment leased by Lessor to Lessee free of any claims of Lessee, assert maritime or other liens against Lessee’s property wherever it may be found, and exercise any other right or remedy available to Lessor under applicable law. In the event Lessor terminates the leasing of equipment or invokes the aforesaid default remedies, Lessee shall no longer be in possession of Lessor’s equipment with Lessor’s consentotherwise, and the rental payable therefor shall immediately increase to the spot lease rates charged by Lessor for like type equipment at the time of default: Lessee shall immediately notify Lessor exercise or beginning of the exact location exercise by the Pledgee of any one or more of such rights, powers, or remedies shall not preclude the equipment. If Lessee fails to redeliver such equipment to Lessor within twenty days of Lessor’s demand for redelivery, Lessor may retake possession simultaneous or later exercise by the Pledgee of any or all of its equipment in the possession of Lesseesuch other rights, and for such purpose may enter upon any premises belonging to powers, or in the occupation or control of Lessee. LESSEE HEREBY WAIVES ANY AND ALL RIGHTS TO A JUDICIAL HEARING PRIOR TO LESSOR’S REPOSSESSION OF THE EQUIPMENTremedies.