Common use of RIGHTS OF BANK UPON DEFAULT Clause in Contracts

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence of an Event of Default described in Section 11.1, Bank at its option may: (a) declare the Obligations of Borrower immediately due and payable (except upon the occurrence of any Event of Default described in Section 11.1(g), the Obligations shall automatically become due and payable), without presentment, notice, protest or demand of any kind for the payment of all or any part of the Obligations (all of which are expressly waived by Borrower) and exercise all of its rights and remedies against Borrower and any Collateral provided in this Agreement, the Notes, the other Loan Documents or any other agreement between Borrower and Bank, at law or in equity and (b) exercise all rights granted to a secured party under the Ohio Uniform Commercial Code or otherwise. Upon the occurrence of an Event of Default, or in the event of non-payment of the Loan when due in the case of a demand Loan, Bank may take possession of the Collateral, or any part thereof, and Borrower hereby grants Bank authority to enter upon any premises on which the Collateral may be situated, and remove the Collateral from such premises or use such premises, together with the materials, supplies, books and records of Borrower, to maintain possession and/or the condition of the Collateral and to prepare the Collateral for sale. Borrower shall, upon demand by Bank, assemble the Collateral and make it available at a place designated by Bank which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sales or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of Borrower shown at the beginning of this Agreement at least 5 days prior to the time of such sale or disposition. Bank shall have the widest possible latitude to preserve and protect the Collateral and Bank's security interest therein, and Bank, at its option, shall have the right to appointment of a receiver for the preservation, possession, protection and disposition of all or any part of the Collateral and the collection and protection for Bank of any proceeds of use or disposition of the Collateral and to do any other thing and exercise any other right or remedy which Bank may, with or without judicial process, do or exercise.

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence of an Event of Default described in Section 11.19.1, the Bank at its option may: (a) after delivery of at least five (5) days prior written notice of the Bank's intent to accelerate, declare the Obligations of the Borrower immediately due and payable (except upon the occurrence of any Event of Default described in Section 11.1(g), the Obligations shall automatically become due and payable), without presentment, notice, protest or demand of any kind for the payment of all or any part of the Obligations (all of which are expressly waived by Borrower) and exercise all of its rights and remedies against the Borrower and any Collateral provided herein, in this Agreement, the Notes, the other Loan Documents or any other agreement between Borrower and Bank, at law or in equity and (b) exercise all rights granted to a secured party under the Ohio Uniform Commercial Code or otherwise. Upon the occurrence of an Event of Default, or in the event of non-payment of the Loan when due in the case of a demand Loan, Bank may take possession of the Collateral, or any part thereof, and Borrower hereby grants Bank authority to enter upon any premises on which the Collateral may be situated, and remove the Collateral from such premises or use such premises, together with the materials, supplies, books and records of Borrower, to maintain possession and/or the condition of the Collateral and to prepare the Collateral for sale. Borrower shall, upon demand by Bank, assemble the Collateral and make it available at a place designated by Bank which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sales or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of the Borrower shown at the beginning of this Agreement at least 5 ten (10) days prior to the time of such sale or disposition. Bank shall have the widest possible latitude to preserve and protect the Collateral and Bank's security interest therein, and Bank, at its option, shall have the right to appointment of a receiver for the preservation, possession, protection and disposition of all or any part of the Collateral and the collection and protection for Bank of any proceeds of use or disposition of the Collateral and to do any other thing and exercise any other right or remedy which Bank may, with or without judicial process, do or exercise.

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence and during the continuance of an Event of Default described in Section 11.110.1, the Bank at its option may: (a) declare the Obligations of the Borrower immediately due and payable (except upon the occurrence of any Event of Default described in Section 11.1(g), the Obligations shall automatically become due and payable), without presentment, notice, protest or demand of any kind for the payment of all or any part of the Obligations (all of which are expressly waived by Borrower) and exercise all of its rights and remedies against the Borrower and any Collateral provided herein or in this Agreement, the Notes, the other Loan Documents or any other agreement between Borrower and Bank, at law or in equity Bank and (b) exercise all rights granted to a secured party under the Ohio Uniform Commercial Code or otherwise. Upon the occurrence and during the continuance of an Event of Default, or in the event of non-payment of the Loan when due in the case of a demand Loan, Bank may take possession of the Collateral, or any part thereof, and Borrower hereby grants Bank authority to enter upon any premises on which the Collateral may be situated, and remove the Collateral from such premises or use such premises, together with the materials, supplies, books and records of Borrower, to maintain possession and/or the condition of the Collateral and to prepare the Collateral for sale. Borrower shall, upon demand by Bank, assemble the Collateral and make it available at a place designated by Bank which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sales or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of the Borrower shown at the beginning of this Agreement at least 5 ten (10) days prior to the time of such sale or disposition. Bank shall have the widest possible latitude to preserve and protect the Collateral and Bank's security interest therein, and Bank, at its option, shall have the right to appointment of a receiver for the preservation, possession, protection and disposition of all or any part of the Collateral and the collection and protection for Bank of any proceeds of use or disposition of the Collateral and to do any other thing and exercise any other right or remedy which Bank may, with or without judicial process, do or exercise.

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence of an Event of Default described in Section 11.110.1, or at any time in the sole discretion of the Bank if the Loan is due on demand, the Bank at its option may: (a) declare the Obligations of the Borrower immediately due and payable (except upon the occurrence of any Event of Default described in Section 11.1(g), the Obligations shall automatically become due and payable), without presentment, notice, protest or demand of any kind for the payment of all or any part of the Obligations (all of which are expressly waived by Borrower) and exercise all of its rights and remedies against Borrower and any Collateral provided herein, in this Agreement, the Notes, the other Loan Documents or any other agreement between Borrower and Bank, at law or in equity and (b) exercise all rights granted to a secured party under the Ohio Uniform Commercial Code or otherwise. Upon the occurrence of an Event of Default, or in the event of non-payment of the 107 19 Loan when due in the case of a demand Loan, Bank may take possession of the Collateral, or any part thereof, and Borrower hereby grants Bank authority to enter upon any premises on which the Collateral may be situated, and remove the Collateral from such premises or use such premises, together with the materials, supplies, books and records of Borrower, to maintain possession and/or the condition of the Collateral and to prepare the Collateral for sale. Borrower shall, upon demand by Bank, assemble the Collateral and make it available at a place designated by Bank which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sales or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of the Borrower shown at the beginning of this Agreement at least 5 days prior to the time of such sale or disposition. Bank shall have the widest possible latitude to preserve and protect the Collateral and Bank's security interest therein, and Bank, at its option, shall have the right to appointment of a receiver for the preservation, possession, protection and disposition of all or any part of the Collateral and the collection and protection for Bank of any proceeds of use or disposition of the Collateral and to do any other thing and exercise any other right or remedy which Bank may, with or without judicial process, do or exercise.

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence of an Event of --------------------------- Default described in Section 11.19.1, or at any time in the sole discretion of the Bank if the Loan is due on demand, the Bank at its option may: (a) declare the Obligations of the Borrower immediately due and payable (except upon the occurrence of any Event of Default described in Section 11.1(g), the Obligations shall automatically become due and payable), without presentment, notice, protest or demand of any kind for the payment of all or any part of the Obligations (all of which are expressly waived by Borrower) and exercise all of its rights and remedies against the Borrower and any Collateral provided herein, in this Agreement, the Notes, the other Loan Documents or any other agreement between Borrower and Bank, at law or in equity and equity; (b) exercise all rights granted to a secured party under the Ohio Uniform Commercial Code or otherwise; and (c) declare a default under any or all Lytton Loans. Upon the occurrence of an Event of Default, or in the event of non-payment of the a Loan when due in the case of a demand Loan, Bank may take possession of the Collateral, or any part thereof, and Borrower hereby grants Bank authority to enter upon any premises on which the Collateral may be situated, and remove the Collateral from such premises or use such premises, together with the materials, supplies, books and records of Borrower, to maintain possession and/or the condition of the Collateral and to prepare the Collateral for sale. Borrower shall, upon demand by Bank, assemble the Collateral and make it available at a place designated by Bank which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bank will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any private sales or other intended disposition thereof is to be made. The requirement of reasonable notice shall be met if such notice is mailed, postage prepaid, to the address of the Borrower shown at the beginning of this Agreement at least 5 days prior to the time of such sale or disposition. Bank shall have the widest possible latitude to preserve and protect the Collateral and Bank's security interest therein, and Bank, at its option, shall have the right to appointment of a receiver for the preservation, possession, protection and disposition of all or any part of the Collateral and the collection and protection for Bank of any proceeds of use or disposition of the Collateral and to do any other thing and exercise any other right or remedy which Bank may, with or without judicial process, do or exercise.