Common use of Remedies of the Government Clause in Contracts

Remedies of the Government. Upon Borrower’s default, the Government shall have each and all of the rights and remedies granted to him by the Uniform Commercial Code of the state in which this Security Agreement is filed, by the Note, by this Security Agreement, and by the Preferred Ship Mortgages, by the Deed of Trust, and other loan documents, and may declare the Note immediately due and payable and thereafter shall bear interest at eighteen percent (18%) per annum, unless limited by applicable state law, and may require the Borrower to assemble the Collateral and make it available to the Government at a place to be designated by the Government which is reasonably convenient to both parties. The Borrower agrees to pay the Government’s reasonable counsel fees and other expenses incurred by the latter in retaking, holding, preparing for sale, and realizing on said Collateral. Should suit or action be instituted on this Security Agreement, on the Note, or to replevy the Collateral, or any part thereof, Borrower agrees to pay (1) the Government’s reasonable attorney’s fees to be fixed by the trial court and (2) on appeal, if any, similar fees in the appellate court. Provided, however, that if the Borrower shall have removed and remedied each Event of Default within fifteen (15) days after the occurrence thereof, then in every such case the Government shall waive any such Event of Default; but no such waiver shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon; and provided further that if at any time after the expiration of fifteen (15) days after any Event of Default shall have occurred, all Events of Default shall have been remedied and removed and full performance made by the Borrower to the satisfaction of the Government and all installments of principal and interest in arrears (including interest at the rate per year, as aforesaid) and the reasonable charges and expenses, if any, of the Government, its agents and attorneys, shall have been paid, then and in every such case the Government may waive any such Event of Default; and provided, also, that no waiver hereunder shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon.

Remedies of the Government. Upon Borrower’s 's default, the Government shall have each and all of the rights and remedies granted to him by the Uniform Commercial Code of the state in which this Security Agreement is filed, by the Note, by this Security Agreement, and by the Preferred Ship Mortgages, by the Deed of Trust, and other loan documents, and may declare the Note immediately due and payable and thereafter shall bear interest at eighteen percent (18%) per annum, unless limited by applicable state law, and may require the Borrower to assemble the Collateral and make it available to the Government at a place to be designated by the Government which is reasonably convenient to both parties. The Borrower agrees to pay the Government’s 's reasonable counsel fees and other expenses incurred by the latter in retaking, holding, preparing for sale, and realizing on said Collateral. Should suit or action be instituted on this Security Agreement, on the Note, or to replevy the Collateral, or any part thereof, Borrower agrees to pay (1) the Government’s 's reasonable attorney’s 's fees to be fixed by the trial court and (2) on appeal, if any, similar fees in the appellate court. Provided, however, that if the Borrower shall have removed and remedied each Event of Default within fifteen (15) days after the occurrence thereof, then in every such case the Government shall waive any such Event of Default; but no such waiver shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon; and provided further that if at any time after the expiration of fifteen (15) days after any Event of Default shall have occurred, all Events of Default shall have been remedied and removed and full performance made by the Borrower to the satisfaction of the Government and all installments of principal and interest in arrears (including interest at the rate per year, as aforesaid) and the reasonable charges and expenses, if any, of the Government, its agents and attorneys, shall have been paid, then and in every such case the Government may waive any such Event of Default; and provided, also, that no waiver hereunder shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon.

Remedies of the Government. Upon Borrower’s default, the Government shall have each and all of the rights and remedies granted to him by the Uniform Commercial Code of the state in which this Security Agreement is filed, by the Note, by this Security Agreement, and by the Preferred Ship MortgagesMortgage, by the Deed of Trust, and other loan documents, and may declare the Note immediately due and payable and thereafter shall bear interest at eighteen percent (18%) per annum, unless limited by applicable state law, and may require the Borrower to assemble the Collateral and make it available to the Government at a place to be designated by the Government which is reasonably convenient to both parties. The Borrower agrees to pay the Government’s reasonable counsel fees and other expenses incurred by the latter in retaking, holding, preparing for sale, and realizing on said Collateral. Should suit or action be instituted on this Security Agreement, on the Note, or to replevy the Collateral, or any part thereof, Borrower agrees to pay (1) the Government’s reasonable attorney’s fees to be fixed by the trial court and (2) on appeal, if any, similar fees in the appellate court. Provided, however, that if the Borrower shall have removed and remedied each Event of Default within fifteen (15) days after the occurrence thereof, then in every such case the Government shall waive any such Event of Default; but no such waiver shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon; and provided further that if at any time after the expiration of fifteen (15) days after any Event of Default shall have occurred, all Events of Default shall have been remedied and removed and full performance made by the Borrower to the satisfaction of the Government and all installments of principal and interest in arrears (including interest at the rate per yeardefault rate, as aforesaid) and the reasonable charges and expenses, if any, of the Government, its agents and attorneys, shall have been paid, then and in every such case the Government may waive any such Event of Default; and provided, also, that no waiver hereunder shall extend to nor affect any subsequent or other Event of Default nor impair any rights or remedies consequent thereon.