REMEDIES ON DEFAULT; ACCELERATION. Upon the occurrence and during the continuance of an Event of Default, the entire unpaid balance of principal and accrued interest on this Note may be accelerated and declared to be immediately due and payable by the holder in Rule 144 Restricted Shares of the Company's Common Stock. Unless waived by the written consent of the holder, such holder may proceed to protect and enforce its rights by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby or by law. Upon the occurrence of an Event of Default, the Company agrees to pay to the holder of this Note such further amount as shall be sufficient to cover the cost and expense of collection, including, without limitation, reasonable attorneys' fees and expenses. No course of dealing and no delay on the part of the holder of this Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers and remedies. No right, power or remedy conferred hereby upon the holder hereof shall be exclusive of any other right, power or remedy referred to herein nor now or hereafter available at law, in equity, by statute or otherwise.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, Holder will have, in addition to its rights and remedies under this Note, the Credit Agreement and Security Agreement, full recourse against any real, personal, tangible or intangible assets of Borrower, and may pursue any legal or equitable remedies that are available to Holder, and may declare the entire unpaid principal amount of this Note and all unpaid accrued interest under this Note to be immediately due and payable in full.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, Holder will have, in addition to its rights and remedies under this Note and the Credit Agreement, full recourse against any real, personal, tangible or intangible assets of Borrower, and may pursue any legal or equitable remedies that are available to Holder, and may declare the entire unpaid principal amount of this Note and all unpaid accrued interest under this Note to be immediately due and payable in full.
REMEDIES ON DEFAULT; ACCELERATION. Upon the occurrence of an Event of Default as described under Sections 10.a., 10.c. and 10.e. hereof, Seller shall have the right to declare the principal amount hereof and all accrued but unpaid interest thereon to be immediately due and payable upon written notice from Seller to the Company. Upon the occurrence of an Event of Default as described under Sections 10.b., Seller shall have the option to either (a) declare the principal amount hereof and all accrued but unpaid interest thereon to be immediately due and payable upon written notice from Seller to the Company, or (b) convert the principal balance of this Note into Common Units of the Company, which are free and clear of any restriction, lien or encumbrance of any kind, at a rate equal $274.20 per Common Unit, subject to adjustment for dividends, distributions, reclassifications, or similar events affecting the Company's Common Units (which adjustments are intended to put Seller in the same position with regard to its percentage ownership of the issued and outstanding equity of the Company as it would have been had the relevant event not occurred) (the "Conversion Price"). The number of Common Units to be issued upon such conversion shall be equal to the quotient obtained by dividing (i) the entire principal amount of this Note plus accrued interest by (ii) the Conversion Price. Upon the occurrence of an Event of Default as described under Section 10.d., the principal amount and all accrued but unpaid interest thereon will automatically become and be immediately due and payable without any declaration or other act on behalf of Seller.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, the Note, including the outstanding principal and accrued interest, shall automatically become immediately due and payable in full, without presentment, demand, protest, or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Investor may exercise any other right power or remedy permitted to it by law, either by suit in equity or by action at law, or both. Any payments, proceeds or recoveries received by Holder upon an Event of Default will be shared pro rata between the holders of all the Notes, according to the remaining outstanding principal amount of such Notes at the time of the Event of Default.
REMEDIES ON DEFAULT; ACCELERATION. Upon the occurrence and during the continuance of an Event of Default, the entire unpaid balance of principal and accrued interest on this Note may be accelerated and declared to be immediately due and payable by the Payee. Whether or not the Notes is accelerated or declared to be immediately due and payable by the Payee, the Company agrees to pay the maximum rate of interest permitted under New York law from the date any payment of principal and/or interest was due until the date payment of such amount is actually made. Unless waived by the written consent of persons holding 66-2/3 % or more in aggregate principal amount of the Notes of the Company issued under the Securities Purchase Agreement (including the Payee), the Payee and other holders of any of the Notes at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein, or for an injunction against a violation of any of the terms hereof, or in aid of the exercise of any power granted hereby or by law. In the event of an Event of Default, the Company agrees to pay to the holder of this Note such further amount as shall be sufficient to cover the cost and expense of collection, including, without limitation, reasonable attorneys' fees and expenses and reasonable costs of investigation. If the holder of any Note shall give any notice or take any action in respect of a claimed default, the Company will forthwith give written notice thereof to the holder of this Note at the time outstanding describing the notice or action and the nature of the claimed default. No course of dealing and no delay on the part of the holder of this Note or the holder of any other Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder's rights, powers and remedies. No right, power or remedy conferred hereby upon the holder hereof shall be exclusive of any other right, power or remedy referred to herein nor now or hereafter available at law, in equity, by statute or otherwise.
REMEDIES ON DEFAULT; ACCELERATION. (a) If an Event of Default with respect to the Company described in paragraph (a) or (b) of Section 5.1 has occurred, the applicable interest rate shall be increased to 10%.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, Holder ---------------------------------- will have, in addition to its rights and remedies under this Note and the Security Agreement, full recourse against any real, personal, tangible or intangible assets of the Company, and may pursue any legal or equitable remedies that are available to Holder, and may declare the entire unpaid principal amount of this Note and all unpaid accrued interest under this Note to be immediately due and payable in full.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, Oryx may declare the entire unpaid principal and accrued interest amount under this Note to be immediately due and payable in full and may pursue any legal or equitable remedies that are available to Oryx including, but not limited to, (i) the remedies of a secured creditor with respect to the Collateral under the California Uniform Commercial Code and (ii) the right to institute a suit or other action for recovery of the entire principal amount of and all accrued interest on this Note then due and owing from Debtor to Oryx.
REMEDIES ON DEFAULT; ACCELERATION. Upon any Event of Default, Lender will have, in addition to its rights and remedies under this Note and the Credit Agreement, full recourse against any real, personal, tangible or intangible assets of Borrower, and may pursue any legal or equitable remedies that are available to Lender, and may declare the entire unpaid principal amount of this Note and all unpaid accrued interest under this Note to be immediately due and payable in full.
