Common use of Further Advances; Immediate Acceleration Clause in Contracts

Further Advances; Immediate Acceleration. Following a Default or an Event of Default the Agent may from time to time without notice to any Borrower suspend, terminate or limit any further advances under the Loan or other extensions of credit under this Agreement and under any of the other Financing Documents. Further, upon the occurrence of an Event of Default or Default specified in Article IX above, the unpaid principal amount of the Notes (with accrued interest thereon) and all other Obligations then outstanding, shall immediately become due and payable in the Agent's sole discretion without further action of any kind and without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by each Borrower.

Appears in 2 contracts

Samples: Financing and Security Agreement (American Retirement Corp), Financing and Security Agreement (American Retirement Corp)

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Further Advances; Immediate Acceleration. Following a Default or an Event of Default the Administrative Agent may from time to time without notice to any Borrower the Borrowers suspend, terminate or limit any further advances under the Loan or other extensions of credit under this Agreement and under any of the other Financing Documents. Further, upon the occurrence of an Event of Default or Default specified in Article IX Section 9.7 Receiver; Bankruptcy above, the unpaid principal amount of the Notes Note (with accrued interest thereon) and all other Obligations then outstanding, shall immediately become due and payable in the Agent's sole discretion without further action of any kind and without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by each Borrowerthe Borrowers.

Appears in 2 contracts

Samples: Financing and Security Agreement (Sunrise Assisted Living Inc), Financing and Security Agreement (Sunrise Assisted Living Inc)

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Further Advances; Immediate Acceleration. Following a Default or an Event of Default the Agent may from time to time without notice to any the Borrower suspend, terminate or limit any further advances under the Loan or other extensions of credit under this Agreement and under any of the other Financing Documents. Further, upon the occurrence of an Event of Default or Default specified in Article IX above, the unpaid principal amount of the Notes Note (with accrued interest thereon) and all other Obligations then outstanding, shall immediately become due and payable in the Agent's sole discretion without further action of any kind and without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by each the Borrower.

Appears in 2 contracts

Samples: Financing and Security Agreement (Alternative Living Services Inc), Financing and Security Agreement (Alternative Living Services Inc)

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