Effects of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare this Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of this Note plus all accrued and unpaid interest through the date the Note is paid in full.
Effects of Default. Notwithstanding any contrary provision or inference in this Agreement or in any Related Writing:
Effects of Default. Upon the occurrence of an event of default, the ORIGINATING INSTITUTION, NHMFC, or its assignee/transferee may: Declare the outstanding Loan together with accrued interest and other herein obligations immediately due and payable; Foreclose the mortgage in accordance with Section 2.01; Apply any of BORROWER’s funds in the possession of ORIGINATING INSTITUTION or its assignee/transferee and/or NHMFC in full or partial payment of BORROWER’s herein obligations and in the Promissory Note(s) and/or; Avail of any other remedies provided for by law, this Agreement, and the HLRPP Guidelines and any amendment thereto, including but not limited to recourse to the insurance policies. For purposes of Section 4.02 (c) above, the BORROWER further authorizes the ORIGINATING INSTITUTION or NHMFC or its assignee/transferee to secure and apply without prior notice to the BORROWER any fund belonging to him in the possession or control of the ORIGINATING INSTITUTION, NHMFC or its assignee/transferee. It is understood that the above remedies are cumulative and in the event that ORIGINATING INSTITUTION or its assignee/transferee has to initiate any action or proceeding, the latter shall be entitled to collect the costs and expenses of such action or proceeding, including but not limited to Attorney’s fees equivalent to at least 25% of the total amount due.
Effects of Default. (a) If an Event of Default under Section 8.1(a), (b) or (c) occurs and is continuing, then and in every such case the Holder may declare this Series 2 Note to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding Principal Amount of this Series 2 Note plus all accrued and unpaid interest in cash through the date the Series 2 Note is paid in full; provided, however, that in the event the aggregate original principal amount of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less than $1,000,000, such declaration shall be without effect unless and until similar declarations have been made by the Required Holders in respect of such Event of Default. Any declaration made by the Holder pursuant to this Section 8.2(b) in connection with any Event of Default under Section 8.1(a), (b) or (c) may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Series 2 Note until such time, if any, as the Holder receives full payment pursuant to this Section 8.2; provided, however, that in the event the aggregate original principal amount of this Series 2 Note and the other Series 2 Notes (if any) owned by the Holder and its Affiliates is less than $1,000,000, such declaration shall automatically be rescinded and annulled if the Required Holders have rescinded and annulled the corresponding declaration made by them in respect of the applicable Event of Default. No rescission or annulment pursuant to the immediately preceding sentence shall affect any subsequent Event of Default.
Effects of Default. If an Event of Default occurs and is continuing, then and in every such case the Holder may declare the Debenture to be due and payable immediately, by a notice in writing to the Company, and upon any such declaration, the Company shall pay to the Holder the outstanding principal amount of the Debenture plus all accrued and unpaid interest through the date the Debenture is paid in full.
Effects of Default. Upon occurrence of default, SHFC may:
Effects of Default. If borrower(s) is in default, the Credit Union may declare the entire balance of the Revolving Credit to be due and payable at once, and may suspend or terminate the Revolving Credit without notice to borrower(s). After declaring the entire balance due, said creditor may enforce any or all of its rights under this Agreement and the Mortgage given to said creditor. These rights include the right to initiate foreclosure proceedings on the Mortgage. If borrower(s) is in default, the Credit Union also has the right to apply any amount the borrower(s) may have on deposit now or in the future with the Credit Union against any amounts due and payable under this Agreement. The Credit Union may exercise this right without notice to borrower(s) any time borrower(s) is in default.
Effects of Default. If any default (other than the commencement of any Proceeding with respect to Borrower) shall occur, then, and in each such case, notwithstanding any provision or inference to the contrary, Bank shall have the right in its discretion, by giving written notice to Borrower, to declare this Note to be due, whereupon the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full. If any Proceeding shall be commenced with respect to Borrower, then, notwithstanding any provision or inference to the contrary, automatically, without presentment, protest, or notice of dishonor, all of which are waived by all makers and all indorsers of this Note, now or hereafter existing, the entire unpaid principal balance of this Note (if not already due) shall immediately become due and payable in full.
Effects of Default. Upon the occurrence and during the continuance of an Event of Default, (i) the Directors designated by the Defaulting Member shall not be (A) counted for purposes of determining whether there is a quorum, (B) required for a quorum, (C) entitled to vote on or consent to, and such Director’s vote or consent shall not be required for, any matter to be voted upon or consented to by the Board, and no such Director shall otherwise be entitled to exercise any rights or perform any functions under this Agreement; (ii) the Defaulting Member shall not have any voting rights with respect to actions to be taken by the Members; (iii) the Defaulting Member shall not be entitled to take or receive any distributions with respect to its Percentage Interest; and
