Common use of Due and Payable Clause in Contracts

Due and Payable. Upon the occurrences of any such Event of Default, the Lender at the Lender’s option and exercised by written notice to the Borrower, shall deem the principal under this Bridge Loan Agreement, together with the interest and charges accrued thereon, become immediately due and payable. The Lender may exercise any or all of the rights and remedies granted under the provisions of the Uniform Commercial Code of the State of Delaware (as now or hereafter in effect). Any proceeds realized from the disposition of the assets of the Borrower under bankruptcy or liquidation provisions, shall: (i) first be applied to the payment of any wages due to any employees of the Borrower pursuant to Colorado Department of Labor statutes; (ii) then to any secured indebtedness of the Borrower; (iii) then to any expenses incurred by the Lender in connection with the disposition; and (iv) the balance shall be applied to the payment of the Loan Amount; (v) then to any trade or vendor indebtedness; (vi) thereafter to any other indebtedness and the equity shareholders of the Borrower. Any surplus proceeds shall be an asset of the Borrower. In the event such proceeds prove insufficient to satisfy all indebtedness secured hereunder, then Borrower shall be liable for the deficiency.

Due and Payable. Upon the occurrences of any such Event of Default, the Lender at the Lender’s its option and exercised by written notice to the Borrower, shall deem deern the principal under this Bridge Loan Agreementthe Note, together with the interest and charges accrued thereon, become immediately due and payable. The Lender may exercise any or all of the rights and remedies granted to a secured party under the provisions of the Uniform Commercial Code of the State of Delaware (as now or hereafter in effect), including without limitation the power to dispose of the Collateral by public or private sale or to accept the Collateral in full payment of the Note and all other indebtedness secured hereunder. Any proceeds realized from the disposition of the assets Collateral pursuant to the private power of the Borrower under bankruptcy or liquidation provisionssale hereby granted to Lender, shall: (i) first be applied to the payment of any wages due to any employees of the Borrower pursuant to Colorado Department of Labor statutes; (ii) then to any secured indebtedness of the Borrower; (iii) then to any expenses incurred by the Lender in connection with the disposition; and (ivii) the balance shall be applied to the payment of the Loan AmountNote; (v) then to any trade or vendor indebtedness; (viiii) thereafter to any senior indebtedness; and finally (iv) to any other indebtedness and the equity shareholders secured hereunder in such order of the Borrowerapplication as Lender shall deem appropriate. Any surplus proceeds shall be an asset of the paid over to Borrower. In the event such proceeds prove insufficient to satisfy all indebtedness secured hereunder, then Borrower shall be liable for the deficiency.

Due and Payable. Upon the occurrences of any such Event of Default, the Lender at the Lender’s its option and exercised by written notice to the Borrower, shall deem the principal under this Pre Bridge Loan Agreement, together with the interest and charges accrued thereon, become immediately due and payable. The Lender Participating Lenders may exercise any or all of the rights and remedies granted to an unsecured party under the provisions of the Uniform Commercial Code of the State of Delaware Colorado (as now or hereafter in effect). Any proceeds realized from the disposition of the assets of the Borrower under bankruptcy or liquidation provisions, shall: (i) first be applied to the payment of any wages due to any employees of the Borrower Borrower, pursuant to Colorado Department of Labor statutes; (ii) then to any secured indebtedness of the Borrower; (iii) then to any expenses incurred by the Lender Participating Lenders in connection with the disposition; and (iv) the balance shall be applied to the payment of the Loan Amount; (v) then to any trade or vendor indebtedness; (vi) thereafter to any other indebtedness and the equity shareholders of the Borrower. Any surplus proceeds shall be an asset of the Borrower. In the event such proceeds prove insufficient to satisfy all indebtedness secured hereunder, then Borrower shall be liable for the deficiency.

Due and Payable. Upon the occurrences of any such Event of Default, the Lender at the Lender’s his option and exercised by written notice to the Borrower, shall deem the principal under this Pre Bridge Loan Agreement, together with the interest and charges accrued thereon, become immediately due and payable. The Lender may exercise any or all of the rights and remedies granted under the provisions of the Uniform Commercial Code of the State of Delaware Colorado (as now or hereafter in effect). Any proceeds realized from the disposition of the assets of the Borrower under bankruptcy or liquidation provisions, shall: (i) first be applied to the payment of any wages due to any employees of the Borrower Borrower, pursuant to Colorado Department of Labor statutes; (ii) then to any secured indebtedness of the Borrower; (iii) then to any expenses incurred by the Lender in connection with the disposition; and (iv) the balance shall be applied to the payment of the Loan Amount; (v) then to any trade or vendor indebtedness; (vi) thereafter to any other indebtedness and the equity shareholders of the Borrower. Any surplus proceeds shall be an asset of the Borrower. In the event such proceeds prove insufficient to satisfy all indebtedness secured hereunder, then Borrower shall be liable for the deficiency.