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, 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.

RIGHTS OF BANK UPON DEFAULT. Upon the occurrence of an Event of Default described in Section 11.1under the Loan Documents, Bank may, at its option may: option, without notice, and in addition to its remedies under the Loan Documents, do the following: (a) declare Proceed to exercise any and all of the Obligations Borrower’s rights under the Pledged Note and/or any Collateral Document for such period of Borrower immediately due and payable (except upon time as Bank may deem appropriate, with or without the occurrence bringing of any Event legal action in or the appointment of Default described any receiver by any court; (b) Do all other acts which Bank may deem necessary or proper to protect Bank’s security interest in Section 11.1(g)the Pledged Note and the Collateral Documents; (c) Sell the Pledged Note and/or any Collateral Document in any manner permitted by the Uniform Commercial Code (the “Code”) as enacted in the State of California; provided however, that any such sale shall be of the Obligations shall automatically become due Pledged Note and/or any Collateral Document in its entirety. Upon any such sale, as applicable, Bank may bid for and payable)purchase the Pledged Note and/or any Collateral Document and apply the proceeds of any sale to the expenses of such sale (including, without presentmentlimitation, noticeattorneys’ fees) first, protest and the remainder, if any, as set forth in the Loan Documents; and (d) Proceed by suit 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, suits at law or in equity or by any other appropriate proceeding or remedy to enforce payment of the Pledged Note and/or any Collateral Document and the performance of any term, covenant, condition, or agreement contained herein or therein, and institution of such a suit or suits shall not abrogate the rights of Bank to pursue any other remedies herein granted or to pursue any other remedy available to Bank either at law or in equity. (be) exercise all rights granted to a secured party under In addition, and without limiting the Ohio Uniform Commercial Code or otherwise. Upon generality of the occurrence of foregoing, if an Event of Default, or in the event of non-payment of Default under the Loan when due in the case of a demand LoanDocuments shall have occurred, Bank may take possession exercise as to the Pledged Note and/or any Collateral Document all of the Collateralrights, powers, and remedies of the owner thereof, including, without limitation, the following: (i) the right to declare the entire unpaid balance of the Pledged Note and/or any Collateral Document immediately due and payable if the same may be accelerated in accordance with the terms of such Pledged Note and the right to proceed against any guarantor of, or any part thereofcollateral securing, 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 Pledged Note; (ii) the right to appointment of a receiver for receive the preservation, possession, protection and disposition of all unpaid balance or any part thereof or any interest becoming due and payable thereupon of the Pledged Note and/or any Collateral Document, and the collection and protection for Bank of any proceeds of use or disposition upon receipt of the entire unpaid indebtedness evidenced thereby to execute, acknowledge, and deliver, in its own name and on behalf of the Borrower, a satisfaction of the Pledged Note and/or any Collateral Document, or an assignment thereof in form to be recorded, and to do retain for its own use the sums so received by it and to apply such sums on account of the Indebtedness; and (iii) the right to settle, compromise or release the Pledged Note or any other thing and exercise amount due thereunder, or any other right Collateral Document, in its own name or remedy which Bank may, with or without judicial process, do or exercisethe name of the Borrower.

RIGHTS OF BANK UPON DEFAULT. Upon If the occurrence Assignor shall commit a default pursuant to Section 7.01 hereof or if any of an Event of Default described the events stipulated in Section 11.17.01 hereof shall happen and which if capable of remedy is not remedied within a period of seven (7) days from the date of notice by the Bank requesting remedy of the same or is not remedied within the time specifically stipulated thereof (if any) in respect of the event in question, the Secured Amounts and all other sums payable under this Assignment shall become and be deemed to be, notwithstanding anything contained herein to the contrary, forthwith due and payable and whereupon the Bank at its option may: shall be entitled without further notice to the Assignor to:- (a) declare terminate the Obligations licence hereinbefore referred to and to enter upon and take possession 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 Property or any part thereof and to deal with all the rights and interest of the Obligations (Bank in relation to the Property or otherwise in all of which are expressly waived by Borrower) respects as the person absolutely 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 beneficially entitled thereto; (b) exercise or enforce all or any of the rights granted to a secured party title interest and benefits of the Assignor under the Ohio Uniform Commercial Code Sale and Purchase Agreement and in or otherwiseto the Property; (c) let or lease the Property or any part thereof for such tenancy or term of years at such rent and upon such terms and conditions as the Bank shall in its absolute discretion think fit PROVIDED ALWAYS that the Bank may without prejudice to the right aforesaid continue to let lease or demise the Property or any part thereof to such occupants as the Bank shall in its absolute discretion determine and shall be entitled to collect all rentals or such increased rentals as the case may be and other charges thereto notwithstanding any other provision of this Assignment; (d) sell, transfer, assign and charge or in any manner whatsoever dispose of or deal in the Property as the absolute unencumbered owner thereof at such price or prices and whether by way of public auction or private treaty with or without advertisement or valuation and in such other manner and upon such other terms and conditions as the Bank shall in its absolute discretion think fit free from any interest of the Assignor hereunder or otherwise and to apply the proceeds of sale in or towards the satisfaction of the Secured Amounts and other monies due or agreed to be payable to the Bank hereunder and all costs of and occasioned by such sale, the payment to the relevant authorities of all quit rents assessments rates and other service charges and maintenance fees payable in respect of the Property and all costs expenses dues and fees including the Bank’s solicitors costs on a solicitor and client basis and fees of any valuer or real estate agent and the Bank shall only pay to the Assignor or such other person or party entitled thereto the balance if any, of the proceeds of such sale after deduction of all the Secured Amounts and other monies aforesaid and all costs of and occasioned by such sale and no assignee or purchaser from the Bank shall be concerned to ascertain whether or not any such default has actually arisen so as to entitle the Bank to exercise its powers of sale or assignment. Upon The Assignor hereby expressly agrees covenants and undertakes to do and execute all acts deeds instruments and things which the occurrence Bank may require or stipulate for the purpose of an Event of Default, effecting and or completing anything and or any transaction mentioned in this Section or in the event of non-payment of Sale and Purchase Agreement and in or 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 exerciseProperty.

RIGHTS OF BANK UPON DEFAULT. Upon If the occurrence Customer and/or the Assignor the shall commit a default pursuant to Section 7.01 hereof or if any of an Event of Default described the events stipulated in Section 11.17.01 hereof shall happen and which if capable of remedy is not remedied within a period of seven (7) days from the date of notice by the Bank requesting remedy of the same or is not remedied within the time specifically stipulated thereof (if any) in respect of the event in question, the Secured Amounts and all other sums payable under this Assignment shall become and be deemed to be, notwithstanding anything contained herein to the contrary, forthwith due and payable and whereupon the Bank at its option may: shall be entitled without further notice to the Customer and/or the Assignor to:- (a) declare terminate the Obligations license hereinbefore referred to and to enter upon and take possession 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 Property or any part thereof and to deal with all the rights and interest of the Obligations (Bank in relation to the Property or otherwise in all of which are expressly waived by Borrower) respects as the person absolutely 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 beneficially entitled thereto; (b) exercise or enforce all or any of the rights granted to a secured party title interest and benefits of the Assignor under the Ohio Uniform Commercial Code Sale and Purchase Agreement and in or otherwiseto the Property; (c) let or lease the Property or any part thereof for such tenancy or term of years at such rent and upon such terms and conditions as the Bank shall in its absolute discretion think fit PROVIDED ALWAYS that the Bank may without prejudice to the right aforesaid continue to let lease or demise the Property or any part thereof to such occupants as the Bank shall in its absolute discretion determine and shall be entitled to collect all rentals or such increased rentals as the case may be and other charges thereto notwithstanding any other provision of this Assignment; (d) sell, transfer, assign and charge or in any manner whatsoever dispose of or deal in the Property as the absolute unencumbered owner thereof at such price or prices and whether by way of public auction or private treaty with or without advertisement or valuation and in such other manner and upon such other terms and conditions as the Bank shall in its absolute discretion think fit free from any interest of the Customer and/or the Assignor hereunder or otherwise and to apply the proceeds of sale in or towards the satisfaction of the Secured Amounts and other monies due or agreed to be payable to the Bank hereunder and all costs of and occasioned by such sale, the payment to the relevant authorities of all quit rents assessments rates and other service charges and maintenance fees payable in respect of the Property and all costs expenses dues and fees including the Bank’s solicitors costs on a solicitor and client basis and fees of any valuer or real estate agent and the Bank shall only pay to the Customer and/or the Assignor or such other person or party entitled thereto the balance if any, of the proceeds of such sale after deduction of all the Secured Amounts and other monies aforesaid and all costs of and occasioned by such sale and no assignee or purchaser from the Bank shall be concerned to ascertain whether or not any such default has actually arisen so as to entitle the Bank to exercise its powers of sale or assignment. Upon The Customer and/ or the occurrence Assignor hereby expressly agrees covenants and undertakes to do and execute all acts deeds instruments and things which the Bank may require or stipulate for the purpose of an Event of Default, effecting and or completing anything and or any transaction mentioned in this Section or in the event of non-payment of Sale and Purchase Agreement and in or 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 exerciseProperty.

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.