Common use of RIGHTS AND REMEDIES IN THE EVENT OF DEFAULT Clause in Contracts

RIGHTS AND REMEDIES IN THE EVENT OF DEFAULT. (a) Upon any Event of Default, and at any time thereafter, the Lender may declare in writing to the Borrower all or any part of the Outstanding Principal Balance and accrued interest thereon immediately due and payable, and upon such declaration the then Outstanding Principal Balance and such accrued interest shall automatically become immediately due and payable. (b) Set-off against all amounts owed by the Borrower to the Lender under this Agreement and the Note, any and all payments which may be due from Lender to Borrower under the Services Agreement. (c) Any funds received by the Lender with respect to the Loan shall be applied as follows: (i) first, to the payment of the reasonable and necessary expenses incurred by Lender in connection with the collection of amounts due hereunder; (ii) second, to the payment of interest accrued and unpaid on the Loan; and (iii) third, to the payment of Outstanding Principal Balance. Any remaining amounts shall be paid to the Borrower. (d) At the option of the Lender, the Borrower shall pay interest on (i) all amounts overdue by more than five Business Days and (ii) all amounts due by the Borrower, whether mature or not, after the occurrence of an Event of Default (until such time as the Event of Default may be cured), at a rate equal to the greater of (a) 7.50% per annum or (b) the prime interest rate plus 2.0% prevailing in the United States as of the date of the Event of Default, as published in the WALL STREET JOURNAL.

RIGHTS AND REMEDIES IN THE EVENT OF DEFAULT. (a) Upon any Event of Default, and at any time thereafter, the Lender may declare in writing to the Borrower all or any part of the Outstanding outstanding Principal Balance and accrued interest thereon immediately due and payable, and upon such declaration the then Outstanding outstanding Principal Balance and such accrued interest shall automatically become immediately due and payable. (b) Set-off against all amounts owed If, within 15 Business Days of a valid declaration by the Lender as set forth in clause 6.02(a) above the relevant default has not been cured by the Borrower (if capable of being cured), the Lender shall be entitled to exercise any or all of the rights of the Lender under this Agreement and the Note, any and all payments which may be due from Lender to Borrower under the Services Agreement. (c) Any funds received by the Lender with respect to the Loan shall be applied as follows: (i) first, to the payment of the reasonable and necessary expenses incurred by Lender in connection with the collection of amounts due hereunder, not to exceed US$50,000; (ii) second, to the payment of interest accrued and unpaid on the Loan; and (iii) third, to the payment of Outstanding outstanding Principal Balance. Any remaining amounts shall be paid to the Borrower. (d) At the option of the Lender, the Borrower shall pay interest on (i) all amounts overdue by more than five Business Days and (ii) all amounts due by the Borrower, whether mature or not, after the occurrence of an Event of Default (until such time as the Event of Default may be cured), at a rate equal to the greater of (ax) 7.507.0% per annum or (by) the prime interest rate plus 2.0% prevailing in the United States as of the date of the Event of Default, as published in the WALL STREET JOURNALWall Street Journal.

RIGHTS AND REMEDIES IN THE EVENT OF DEFAULT. (a) Upon any Event of Default, and at any time thereafter, the Lender may declare in writing to the Borrower all or any part of the Outstanding Principal Balance and accrued interest thereon immediately due and payable, and upon such declaration the then Outstanding Principal Balance and such accrued interest shall automatically become immediately due and payable. (b) Set-off against all amounts owed by the Borrower to the Lender under this Agreement and the Note, any and all payments which may be due from Lender to Borrower under the Services Agreement. (c) Any funds received by the Lender with respect to the Loan shall be applied as follows: (i) first, to the payment of the reasonable and necessary expenses incurred by Lender in connection with the collection of amounts due hereunder; (ii) second, to the payment of interest accrued and unpaid on the Loan; and (iii) third, to the payment of Outstanding Principal Balance. Any remaining amounts shall be paid to the Borrower. (d) At the option of the LenderLenders, the Borrower shall pay interest on (i) all amounts overdue by more than five Business Days and (ii) all amounts due by the Borrower, whether mature or not, after the occurrence of an Event of Default (until such time as the Event of Default may be cured), at a rate equal to the greater of (ax) 7.507.0% per annum or (by) the prime interest rate plus 2.0% prevailing in the United States as of the date of the Event of Default, as published in the WALL STREET JOURNAL.