Events of Default Remedies If any of the following events (each, an “Event of Default”) shall have occurred and be continuing for any reason whatsoever (whether voluntary or involuntary, arising or effected by operation of law or otherwise):
(a) any payment of principal of the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note;
(b) any payment of interest on the Loans or the Note shall not be paid when and as due (whether at maturity, by reason of acceleration or otherwise) and in accordance with the terms of this Agreement and the Note, and such default is not cured within two days;
(c) the Borrower shall default in the performance or observance of any other term, covenant or agreement contained herein, and such default shall continue without cure for a period of 30 days after receipt of written notice thereof from the Lender, or any representation or warranty contained herein or therein shall at any time prove to have been incorrect or misleading in any material respect when made; or
(d) a case or proceeding shall be commenced against the Borrower, or the Borrower shall commence a voluntary case, in either case seeking relief under any Bankruptcy Law, in each case as now or hereafter in effect, or the Borrower shall apply for, consent to, or fail to contest, the appointment of a receiver, liquidator, custodian, trustee or the like of the Borrower or for all or any part of its property, or the Borrower shall make a general assignment for the benefit of its creditors, or the Borrower shall fail, or admit in writing its inability, to pay, or generally not be paying, its debts as they become due; then during the continuance of any Event of Default (other than any Event of Default specified in clause (d) above), the Lender may by written notice to the Borrower declare, in whole or from time to time in part, the principal of, and accrued interest on, the Loans and the Note and all other amounts owing hereunder to be, and the Loans and the Note and such other amounts shall thereupon and to that extent become, due and payable to the Lender. During the continuance of any Event of Default specified in clause (d) above, automatically and without any notice to the Borrower, the principal of, and accrued interest on, the Loans and the Note and all other amounts payable hereunder shall be due and payable to the Lender and the Commitment shall terminate.
BREACH AND DEFAULT PROVISIONS
A. Stipulated Penalties OIG may assess:
1. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.A;
2. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.B;
3. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.C;
4. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.D;
5. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.E;
6. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.F;
7. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.G;
8. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.H;
9. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.I;
10. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section III.J (if applicable);
11. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section IV;
12. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section V;
13. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section VII;
14. A Stipulated Penalty of up to $1,000 for each day Gonzaga fails to comply with Section VIII; or
15. A Stipulated Penalty of up to $50,000 for each false certification or false statement made to OIG by or on behalf of Gonzaga under this IA.
