Common use of Procedure on Default Clause in Contracts

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the entire Obligation hereby secured immediately due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of this Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred to Creditor the entire Obligation under the Credit Agreement and the Master Promissory Note shall be deemed paid-in-full and the Creditor shall have no further claims against the Debtor with respect to the Obligation. 12

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the entire Obligation hereby secured immediately Line of Credit due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of this the Pledge and Security Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Obligation Line of Credit under this Master Promissory Note and the Credit Agreement and the Master Promissory Note shall be deemed paid-in-full and the Creditor shall have no further claims against the Debtor with respect to the Obligation. 12Line of Credit.

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the entire Obligation hereby secured immediately due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of this the Pledge and Security Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Obligation under the Credit this Agreement and the Master Promissory Note shall be deemed paid-in-in- full and the Creditor shall have no further claims against the Debtor with respect to the Obligation. 12.