Common use of Remedies Application of Proceeds Clause in Contracts

Remedies Application of Proceeds. 7.1 Subject in each instance to Section 2.5.2.5, the Bank may, upon the occurrence of an Event of Default, exercise any one or more of the following rights and remedies: 7.1.1 If the Commitment or any portion thereof has not yet been advanced, declare the obligations of the Bank to honor the Commitment immediately terminated, whereupon the obligation of the Bank to make Advances shall terminate immediately; 7.1.2 Declare all Obligations to be forthwith due and payable, whereupon all such Obligations shall be accelerated and shall become immediately due and payable without presentation, demand or notice of any kind to the Borrower (all of which are hereby waived by the Borrower), except that if an Event of Default specified in Sections 6.5 or 6.6 shall occur such acceleration shall be automatic and no declaration or other act of the Bank shall be necessary to effect such acceleration; 7.1.3 Proceed to protect and enforce the rights of the Bank to payment of the Obligations and its rights to proceed against the Collateral (including, without limitation, exercise in respect of the Collateral all rights and remedies of a secured party under the Code) and exercise its remedies whether by suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement or other provision of any of the Loan Documents or any other legal or equitable right or remedy of the Bank; 7.1.4 The Bank may exercise all other rights and remedies available at law or in equity (or both) pursuant to any applicable law, statute, rule or regulation, including, without limitation, the right to statutorily foreclose on the Collateral.

Remedies Application of Proceeds. 7.1 Subject in each instance to Section 2.5.2.5, the 9.1 The Bank may, upon the occurrence of an Event of Default, exercise any one or more of the following rights and remedies: 7.1.1 If 9.1.1 Declare the Commitment or any portion thereof has not yet been advanced, declare the obligations of the Bank to honor the Commitment immediately terminated, whereupon the obligation of the Bank to make Advances shall terminate immediately; 7.1.2 Declare Amended and Restated Note and all Obligations to be forthwith due and payable, whereupon all such Obligations shall be accelerated and shall become immediately due and payable without presentation, demand or notice of any kind to the Borrower (all of which are hereby waived by the Borrower), except that if an Event of Default specified in Sections 6.5 8.7 or 6.6 8.8 shall occur with respect to the Borrower, such acceleration shall be automatic and no declaration or other act of any of the Bank shall be necessary to effect such acceleration; 7.1.3 9.1.2 Proceed to protect and enforce the rights of the Bank to payment of the Obligations and its rights to proceed against the Collateral (including, without limitation, exercise in respect of and the New Collateral all rights and remedies of a secured party under the Code) and exercise its it remedies whether by suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement or other provision of any of the Loan Documents or any other legal or equitable right or remedy of the Bank; 7.1.4 The 9.1.3 In addition to those actions that may otherwise be permitted to be taken by the Bank may exercise all other rights under any of the Loan Documents, with respect to the Collateral and remedies available at law or in equity (or both) pursuant to any applicable lawthe New Collateral, statute, rule or regulation, including, without limitation, take the right to statutorily foreclose on the Collateral.following actions:

Remedies Application of Proceeds. 7.1 Subject in each instance to Section 2.5.2.5, the The Bank may, upon the occurrence of an Event of Default, exercise any one or more of the following rights and remedies: 7.1.1 If the Commitment or any portion thereof has not yet been advanced, declare the obligations of the Bank to honor the Commitment immediately terminated, whereupon the obligation of the Bank to make Advances shall terminate immediately; 7.1.2 Declare all Obligations to be forthwith due and payable, whereupon all such Obligations shall be accelerated and shall become immediately due and payable without presentation, demand or notice of any kind to the Borrower (all of which are hereby waived by the Borrower), except that if an Event of Default specified in Sections 6.5 or 6.6 shall occur such acceleration shall be automatic and no declaration or other act of the Bank shall be necessary to effect such acceleration; 7.1.3 Proceed to protect and enforce the rights of the Bank to payment of the Obligations and its rights to proceed against the Collateral (including, without limitation, exercise in respect of the Collateral all rights and remedies of a secured party under the Code) and exercise its remedies whether by suit in equity or by action at law, or both, whether for the specific performance of any covenant, agreement or other provision of any of the Loan Documents or any other legal or equitable right or remedy of the Bank; 7.1.4 The In addition to those actions that may otherwise be permitted to be taken by the Bank may exercise all other rights and remedies available at law or in equity (or both) pursuant under any of the Loan Documents, with respect to any applicable law, statute, rule or regulation, including, without limitation, the right to statutorily foreclose on the Collateral., take the following actions: