Common use of Rights and Remedies of Bank Clause in Contracts

Rights and Remedies of Bank. Upon the occurrence of any Event of Default, Bank may, at its option, exercise any one or more of the following rights and remedies: (a) declare the Commitment and Bank's obligation to make the Loans to be terminated, and declare the entire unpaid principal amount of the Notes, all interest accrued and unpaid thereon, and all other accounts payable under this Agreement and the other Loan Documents to be accelerated, and to be immediately due and payable, whereupon the Notes, all such accrued interest, and all such amounts shall become and be immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any of the other Loan Documents to the contrary notwithstanding; (b) take possession or control of, store, lease, operate, manage, sell or otherwise dispose of all or any part of the Collateral; (c) notify all parties under the contracts and accounts forming all or any part of the Collateral to make any payments due to Borrower from such parties directly to Bank; (d) in Bank's own name, or in the name of Borrower, demand, collect, receive, sue xxx, and give receipts and releases for, any and all amounts due under such contracts and accounts; (a) endorse as the agent of Borrower any chattel paper, documents, or instruments forming all or any part of the Collateral; (f) make formal application for the transfer of all of Borrower's permits, licenses, approvals, agreements, and the like relating to the Collateral or to Borrower's business to Bank or to any assignee of Bank or to any purchaser of any of the Collateral; (g) take any other action which Bank deems necessary or desirable to protect and realize upon its security interest in the Collateral; and (h) in addition to the foregoing, and not in substitution therefor, exercise any one or more of the rights and remedies exercisable by Bank under other provisions of this Agreement, under the Notes, under any of the other Loan Documents, or provided by applicable law (including, without limitation, the Uniform Commercial Code as in effect in Virginia).

Rights and Remedies of Bank. Upon the occurrence of any an Event of Default, Bank may, at its optionwithout notice or demand, exercise in any one or more of jurisdiction in which enforcement hereof is sought, the following rights and remedies: , in addition to the rights and remedies of a secured party under the Uniform Commercial Code and all other rights and remedies available to Bank under applicable law, all such rights and remedies being cumulative and enforceable alternatively, successfully, successively or concurrently: (a) declare Declare the Commitment and Bank's obligation to make the Loans to be terminated, and declare the entire unpaid principal amount of the NotesNote, all interest Interest accrued and unpaid thereon, and all other accounts payable under this Agreement and the other Loan Documents to be accelerated, and Obligations to be immediately due and payable, whereupon payable and the Notes, all such accrued interest, and all such amounts same shall thereupon become and be immediately due and payable, payable without presentment, demand, protest demand or further notice of any kindprotest, all of which are hereby expressly waived waived. (b) Institute any proceeding or proceedings to enforce the Obligations and any Lien of Bank. (c) Take possession of the Collateral, and for that purpose, so far as Borrower may give authority therefor, enter upon the premises on which the Collateral or any part thereof may be situated and remove the same therefrom without any liability for suit, action or other proceeding by Borrower, anything contained herein BORROWER and its SUBSIDIARIES, if any, HEREBY WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND TO JUDICIAL HEARING WITH RESPECT TO REPOSSESSION OF COLLATERAL, and require Borrower, at Borrower's expense, to assemble and deliver the Collateral to such place or in places as Bank may designate. (d) Operate, manage and control the Collateral, or permit the Collateral or any of portion thereof to remain idle, or store the other Loan Documents to the contrary notwithstanding; (b) take possession or control ofsame, store, lease, operate, manage, and collect all rents and revenues therefrom and sell or otherwise dispose of any or all or any part of the Collateral; (c) notify all parties under the contracts and accounts forming all or any part of the Collateral to make any payments due to Borrower from such parties directly to Bank; (d) in Bank's own name, or in the name of Borrower, demand, collect, receive, sue xxx, and give receipts and releases for, any and all amounts due under such contracts and accounts; (a) endorse as the agent of Borrower any chattel paper, documents, or instruments forming all or any part of the Collateral; (f) make formal application for the transfer of all of Borrower's permits, licenses, approvals, agreements, and the like relating to the Collateral or to Borrower's business to Bank or to any assignee of Bank or to any purchaser of any of the Collateral; (g) take any other action which Bank deems necessary or desirable to protect and realize upon its security interest in the Collateral; and (h) in addition to the foregoing, and not in substitution therefor, exercise any one or more of the rights and remedies exercisable by Bank under other provisions of this Agreement, under the Notes, under any of the other Loan Documents, or provided by applicable law (including, without limitation, toll, transfer or reassign any license) upon such terms and under such conditions at Bank, in its reasonable discretion, may determine, all without any notice or demand, and purchase or acquire any of the Uniform Commercial Code as in effect in Virginia)Collateral at any such sales or other disposition, all to the extent permitted by applicable law. (e) With respect to any instruments, accounts, contract rights or other debts payable to Borrower or its Subsidiaries, if any, securing the Obligations, notify any account debtors and other obligors to make payments thereon

Rights and Remedies of Bank. Upon the occurrence of any an Event of Default, Bank may, at its optionwithout notice or demand, exercise in any one or more of jurisdiction in which enforcement hereof is sought, the following rights and remedies: , in addition to the rights and remedies of a secured party under the Uniform Commercial Code and all other rights and remedies available to Bank under applicable law, all such rights and remedies being cumulative and enforceable alternatively, successively or concurrently: (a) declare Declare the Commitment and Bank's obligation to make the Loans to be terminated, and declare the entire unpaid principal amount of the NotesNote, all interest accrued and unpaid thereon, and all other accounts payable under this Agreement and the other Loan Documents to be accelerated, and Obligations to be immediately due and payable, whereupon payable and the Notes, all such accrued interest, and all such amounts same shall thereupon become and be immediately due and payable, payable without presentment, demand, protest demand or further notice of any kindprotest, all of which are hereby expressly waived waived. (b) Institute any proceeding or proceedings to enforce the Obligations and any Lien of Bank. (c) Take possession of the Collateral, and for that purpose, so far as Borrower may give authority therefor, enter upon the premises on which the Collateral or any part thereof may be situated and remove the same therefrom without any liability for suit, action or other proceeding by Borrower, anything contained herein BORROWER and its SUBSIDIARIES, if any, HEREBY WAIVING ANY AND ALL RIGHTS TO PRIOR NOTICE AND TO JUDICIAL HEARING WITH RESPECT TO REPOSSESSION OF COLLATERAL, and require Borrower, at Borrower’s expense, to assemble and deliver the Collateral to such place or in places as Bank may designate. (d) Operate, manage and control the Collateral, or permit the Collateral or any of portion thereof to remain idle, or store the other Loan Documents to the contrary notwithstanding; (b) take possession or control ofsame, store, lease, operate, manage, and collect all rents and revenues therefrom and sell or otherwise dispose of any or all or any part of the Collateral; (c) notify all parties under the contracts and accounts forming all or any part of the Collateral to make any payments due to Borrower from such parties directly to Bank; (d) in Bank's own name, or in the name of Borrower, demand, collect, receive, sue xxx, and give receipts and releases for, any and all amounts due under such contracts and accounts; (a) endorse as the agent of Borrower any chattel paper, documents, or instruments forming all or any part of the Collateral; (f) make formal application for the transfer of all of Borrower's permits, licenses, approvals, agreements, and the like relating to the Collateral or to Borrower's business to Bank or to any assignee of Bank or to any purchaser of any of the Collateral; (g) take any other action which Bank deems necessary or desirable to protect and realize upon its security interest in the Collateral; and (h) in addition to the foregoing, and not in substitution therefor, exercise any one or more of the rights and remedies exercisable by Bank under other provisions of this Agreement, under the Notes, under any of the other Loan Documents, or provided by applicable law (including, without limitation, sell, transfer or reassign any license) upon such terms and under such conditions as Bank, in its reasonable discretion, may determine, all without any notice or demand, and purchase or acquire any of the Uniform Commercial Code Collateral at any such sale or other disposition, all to the extent permitted by applicable law. Borrower shall have all risk of loss of the Collateral. Bank shall have no liability or duty, either before or after the occurrence of an Event of Default, on account of loss of or damage to, to collect or enforce any of its rights against, the Collateral, to collect any income accruing on the Collateral, or to preserve rights against account Borrowers or other parties with prior interests in the Collateral. If Bank actually receives any notices requiring action with respect to Collateral in Bank’s possession, Bank shall take reasonable steps to forward such notices to Borrower. Borrower is responsible for responding to notices concerning the Collateral, voting the Collateral, and exercising rights and options, calls and conversions of the Collateral. Bank’s sole responsibility is to take such action as is reasonably requested by Borrower in effect writing, however, Bank is not responsible to take any action that, in VirginiaBank’s sole judgment, would affect the value of the Collateral as security for the Obligations adversely. While Bank is not required to take certain actions, if action is needed, in Bank’s sole discretion, to preserve and maintain the Collateral, Borrower authorizes Bank to take such actions, but Bank is not obligated to do so. (e) Enforce Borrower’s rights against account debtors and other parties obligated on Collateral, including, but not limited to, the right to: (a) notify and/or require Borrower to notify any or all account debtors and other parties obligated on Collateral to make payments directly to Bank or in care of a post office lock box under the sole control of Bank established at Borrower’s expense subject to Bank’s customary arrangements and charges therefor, and to take any or all action with respect to Collateral as Bank shall determine in its sole discretion, including, without limitation, the right to demand, collect, sxx for and receive any money or property at any time due, payable or receivable on account thereof, compromise and settle with any person liable thereon, and extend the time of payment or otherwise change the terms thereof, without incurring liability or responsibility to Borrower; (b) require Borrower to segregate and hold in trust for Bank and, on the day of Borrower’s receipt thereof, transmit to Bank in the exact form received by Borrower (except for such assignments and endorsements as may be required by Bank), all cash, checks, drafts, money orders and other items of payment constituting Collateral or proceeds of Collateral; and/or (c) establish and maintain at Bank a “Repayment Account,” which shall be under the exclusive control of and subject to the sole order of Bank and which shall be subject to the imposition of such customary charges as are imposed by Bank from time to time upon such accounts, for the deposit of cash, checks, drafts, money orders and other items of payments constituting Collateral or proceeds of Collateral from which Bank may, in its sole discretion, at any time and from time to time, withdraw all or any part. Bank’s collection and enforcement of Collateral against account debtors and other persons obligated thereon shall be deemed to be commercially reasonable if Bank exercises the care and follows the procedures that Bank generally applies to the collection of obligations owed to Bank. All cash and non-cash proceeds of the Collateral may be applied by Bank upon Bank’s actual receipt of cash proceeds against such of the Obligations, matured or unmatured, as Bank shall determine in Bank’s sole discretion.

Rights and Remedies of Bank. Upon the occurrence of any Event of Defaultthe aforementioned events of default and at any time thereafter, provided such default has not been cured, or whenever the Bank mayshall deem itself insecure with respect to the loans made hereunder due to any act or failure to act by Borrower or due to a determination by the Bank respecting the operations, prospects or financial condition of Borrower, all of the loans made hereunder and all other indebtedness secured hereby shall become immediately due and payable at its optionthe Bank's option without notice to Borrower, and the Bank may proceed to enforce payment of same and to exercise any one or more all rights and remedies afforded to the Bank by the Uniform Commercial Code of the following state in which Bank's office identified above is located, or otherwise provided the Bank, and further, in addition to such rights and remedies: (a) declare , the Commitment and BankBank shall also have the right to apply in reduction of the sums secured hereby, by way of set-off, the then balance of any account with the Bank in Borrower's obligation name, all without any notice to make the Loans Borrower of any kind whatsoever. To the full extent, if any, permitted by applicable law, Borrower agrees to be terminatedpay, and declare the entire unpaid principal amount of the Notesindemnify Bank against, all interest accrued costs, fees and unpaid thereon, expenses (including reasonable attorneys' fees) incurred by Bank in enforcing rights respecting and all other accounts payable under this Agreement and the other Loan Documents to be accelerated, and to be immediately due and payable, whereupon the Notes, all such accrued interest, and all such amounts shall become and be immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, anything contained herein or in any of the other Loan Documents to the contrary notwithstanding; (b) take possession or control of, store, lease, operate, manage, sell or otherwise dispose of all or any part of the Collateral; (c) notify all parties under the contracts and accounts forming all or any part of the Collateral to make any payments due to Borrower from such parties directly to Bank; (d) in Bank's own name, or in the name of Borrower, demand, collect, receive, sue xxx, and give receipts and releases for, any and all amounts due under such contracts and accounts; (a) endorse as the agent of Borrower any chattel paper, documents, or instruments forming all or any part of the Collateral; (f) make formal application for the transfer of all of Borrower's permits, licenses, approvals, agreements, and the like relating to the Collateral or to Borrower's business to Bank or to any assignee of Bank or to any purchaser of realizing upon any of the Collateral; (g) take any other action which Bank deems necessary or desirable to protect and realize upon its security interest in the Collateral; and (h) in addition to the foregoing, and not in substitution thereforany and all claims, exercise demands, judgments, penalties, fines, liabilities, costs, damages and expenses incurred by Bank, directly or indirectly, from the existence of any one Hazardous Material upon or more of the rights and remedies exercisable by Bank under other provisions of this Agreement, under the Notes, under emanating from any of the other Loan DocumentsCollateral, or provided including abatement and cleanup costs and any fines imposed by applicable law (including, without limitation, the Uniform Commercial Code as in effect in Virginia)reason thereof.