Common use of Default Remedies Clause in Contracts

Default Remedies. If any Event of Default shall occur, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the LoanLoans or any Tranche thereof, all interest thereon and all other amounts payable hereunder (including, without limitation, amounts under Section 3.02(c)) and under the Note applicable Note(s) by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminateterminate (including, without limitation, any remaining obligation of the Lender to make the Tranche B Loan hereunder); provided, however, that if any event of any kind referred to in Section 11.01(i11.01(h) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security AgreementDocuments and applicable Law, including enforcement of the security interests created thereby, (b) declare the LoanLoans, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower Obligations to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by Borrower and the Borrower Guarantors and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(iclause (h) of the definition of “Event of Default” herein occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement Documents and applicable Law without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by Borrower and the BorrowerGuarantors. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occur, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the LoanLoans or either Tranche thereof, all interest thereon and all other amounts payable hereunder and under the Note applicable Note(s) by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occur, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. (a) If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice notice to the Borrower, on behalf of itself and each of its Subsidiaries: (ai) exercise all rights and remedies available to the Lender hereunder and under the Security AgreementDocuments, including enforcement of the security interests created thereby, ; (bii) declare the Tranche A Loan or the Tranche B Loan, or both Loans, any or all interest thereon thereon, and any or all other amounts payable hereunder and under the Note applicable Note(s) by the Borrower Borrower, and any or all other outstanding Obligations, to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and Borrower; and (ciii) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that that, in any case, if any event of any kind referred to in Section 11.01(i11.01 (i) occurs, the Commitments and any and all other obligations of the Lender hereunder shall immediately terminateterminate without further action by Lender, all amounts payable hereunder by the Borrower and all other Obligations shall be automatically accelerated and shall become immediately due and payable payable, and the Lender shall immediately be entitled to exercise Lender’s rights and remedies under the Security Agreement Documents without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. . (b) Each Notice notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security AgreementAgreement and applicable law, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower Obligations to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(iclause (i) of the definition of “Event of Default” herein occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement and applicable law without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 10.02 shall be effective when sent. In addition, the Lender shall have all rights available to it under the Stock Pledge Agreement which it may exercise as it determines in its sole discretion and any such exercise shall not constitute an election of remedies.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreementother Loan Documents and Applicable Law (which exercise may be determined in its sole discretion and which such exercise shall not constitute an election of remedies), including enforcement of the security interests created thereby, thereby and (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower Obligations to be immediately due and payable, whereupon all such amounts the Obligations shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, Borrower; provided, however, that if any event of any kind referred to in Section 11.01(iclause (i) occurs, the obligations of the Lender hereunder shall immediately terminatedefinition of “Event of Default” herein occurs, all amounts payable hereunder by the Borrower shall automatically and immediately become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement Loan Documents and Applicable Law without diligence, presentment, demand of payment, protest or notice of any kindkind (including any notice by Lender of a declaration requiring prepayment of the Loan under Section 3.02(a), should Lender so elect), ACTIVE/105942580.15 all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 10.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreementother Loan Documents and applicable law (which exercise may be determined in its sole discretion and which such exercise shall not constitute an election of remedies), including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower Obligations to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further fur ther notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(iclause (i) of the definition of “Event of Default” herein occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement Loan Documents and applicable law without diligence, presentment, demand of payment, protest or notice of any kindkind (including any notice by Lender of a declaration requiring prepayment of the Loan under Section 3.02(a), should Lender so elect), all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 10.02 shall be effective when sent.

Default Remedies. If any Except as provided in the following sentence, upon the occurrence of an Event of Default Default, Agent may (and upon written instructions from Majority Lenders, Agent shall) declare the Commitments to be terminated and/or declare the entire principal and all interest accrued on the Notes to be, and the Notes, together with all Obligations, shall occurthereupon become, forthwith due and payable, without any presentment, demand, protest, notice of protest and nonpayment, notice of acceleration or of intent to accelerate or other notice of any kind, all of which hereby are expressly waived. Notwithstanding the Lender may, by Notice to the Borrowerforegoing, (a) exercise all rights and remedies available if an Event of Default specified in Subsections 7.01(e)(i), (ii) or (iii) above occurs with respect to the Lender hereunder Company, the Commitments shall automatically and under immediately terminate and the Security Agreement, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon Notes and all other amounts payable hereunder Obligations shall become automatically and under the Note by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due both as to principal and payableinterest, all without diligence, any action by Agent or any Lender and without presentment, demand of paymentdemand, protest or further protest, notice of protest and nonpayment, notice of acceleration or of intent to accelerate, or any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or other notice of any kind, all of which are hereby expressly waived waived, anything contained herein or in any Notes to the contrary notwithstanding, and (b) if an Event of Default specified in Sections 7.01(b), (c), (d), (e), (f) or (g) occurs with respect to a Co-Borrower, the Agent and the Lenders shall not have the right to declare the Commitments to be terminated, declare the entire principal and all interest accrued on the Notes to be forthwith due and payable, or exercise any of their other rights hereunder or under the Loan Documents (except that the Lenders shall have no further obligation to make Loans to enable such Co-Borrower to originate Mortgage Loans, and the Agent and the Lenders may exercise their remedies with respect to the Mortgage Loans pledged by such Co-Borrower to the Borrower. Each Notice delivered Agent pursuant to this Section 11.02 shall be effective when sentthe Pledge and Security Agreement) for 10 Business Days after the occurrence of such Event of Default, or thereafter if all Loans made to enable such Co-Borrower to originate or acquire Mortgage Loans hereunder have been repaid in full. (o) Sections 10.01 and 10.02 of the Credit Agreement are hereby amended in their entirety to read as follows:

Default Remedies. If Subject to the Intercreditor Agreement, if any Event of Default shall occur, the Lender may, by Notice to the BorrowerBorrowers, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon and all other amounts payable hereunder and under the Note by the Borrower Borrowers to be immediately due and payablepayable in an amount equal to the Prepayment Amount, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower Borrowers and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower Borrowers shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occur, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the LoanLoans, all interest thereon and all other amounts payable hereunder and under the Note applicable Note(s) by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Event of Default shall occuroccur and be continuing, the Lender may, by Notice to the Borrower, (a) exercise all rights and remedies available to the Lender hereunder and under the Security Agreement, including enforcement of the security interests created thereby, (b) declare the LoanLoans, all interest thereon and all other amounts payable hereunder (including, without limitation, amounts under Section 3.02(c)) and under the Note applicable Note(s) by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due and payable, all without diligence, presentment, demand of payment, protest or further notice of any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, ; provided, however, that if any event of any kind referred to in Section 11.01(i11.01(h) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or notice of any kind, all of which are hereby expressly waived by the Borrower. Each Notice delivered pursuant to this Section 11.02 shall be effective when sent.

Default Remedies. If any Except as provided in the following sentence, upon the occurrence of an Event of Default Default, Agent may (and upon written instructions from Majority Lenders, Agent shall) declare the Commitments to be terminated and/or declare the entire principal and all interest accrued on the Notes to be, and the Notes, together with all Obligations, shall occurthereupon become, forthwith due and payable, without any presentment, demand, protest, notice of protest and nonpayment, notice of acceleration or of intent to accelerate or other notice of any kind, all of which hereby are expressly waived. Notwithstanding the Lender may, by Notice to the Borrowerforegoing, (a) exercise all rights and remedies available if an Event of Default specified in Subsections 7.01(e)(i), (ii) or (iii) above occurs with respect to the Lender hereunder Company, the Commitments shall automatically and under immediately terminate and the Security Agreement, including enforcement of the security interests created thereby, (b) declare the Loan, all interest thereon Notes and all other amounts payable hereunder Obligations shall become automatically and under the Note by the Borrower to be immediately due and payable, whereupon all such amounts shall become immediately due both as to principal and payableinterest, all without diligence, any action by Agent or any Lender and without presentment, demand of paymentdemand, protest or further protest, notice of protest and nonpayment, notice of acceleration or of intent to accelerate, or any kind, which are expressly waived by the Borrower and (c) declare the obligations of the Lender hereunder to be terminated, whereupon such obligations shall terminate, provided, however, that if any event of any kind referred to in Section 11.01(i) occurs, the obligations of the Lender hereunder shall immediately terminate, all amounts payable hereunder by the Borrower shall become immediately due and payable and the Lender shall be entitled to exercise rights and remedies under the Security Agreement without diligence, presentment, demand of payment, protest or other notice of any kind, all of which are hereby expressly waived waived, anything contained herein or in any Notes to the contrary notwithstanding, and (b) if an Event of Default specified in Sections 7.01(b), (c), (d), (e), (f) or (g) occurs with respect to a Co-Borrower, the Agent and the Lenders shall not have the right to declare the Commitments to be terminated, declare the entire principal and all interest accrued on the Notes to be forthwith due and payable, or exercise any of their other rights hereunder or under the Loan Documents (except that the Lenders shall have no further obligation to make Loans to enable such Co-Borrower to originate Mortgage Loans, and the Agent and the Lenders may exercise their remedies with respect to the Mortgage Loans pledged by such Co-Borrower to the Borrower. Each Notice delivered Agent pursuant to this Section 11.02 shall be effective when sentthe Pledge and Security Agreement) for 10 Business Days after the occurrence of such Event of Default, or thereafter if all Loans made to enable such Co-Borrower to originate or acquire Mortgage Loans hereunder have been repaid in full.