SECURITY AND DEFAULT. 9.1 You undertake to XX Xxxx that either:
SECURITY AND DEFAULT. MCA by its signature below and through its execution of credit and security or other agreements required by the Bank acknowledges and agrees that all outstanding limited liability company interests in the Company which are owned by MCA and/or its assignees, including AC, (the "MCA Interest") are collateral for, and secure, all of the Loans which Company will obtain from the Bank. Should Company default in its repayment of any Loan amount due to Bank at the time of the Loan's maturity date, MCA and AC (MCA's Guarantor) jointly and severally agree to repay any such Loan amount and accrued interest then due. Should MCA default in repayment of such amounts, then the Bank may obtain the MCA Interest which secures the Loan and sell it to pay any amounts due to the Bank on the Loans. M-I will have the right of first refusal to purchase the MCA Interest from the Bank. Any excess money from the sale of MCA Interest will be returned to MCA. If there is insufficient money from the sale of MCA Interest to pay the amounts due under the Loans, then AC as MCA's Guarantor will pay the difference.
SECURITY AND DEFAULT. 18.1. If Sublessee shall default in the payment of rent or other payments required of Sublessee hereunder, and if Sublessee shall fail to cure said default within seven (7) business days after receipt of written notice of said default from Sublessor (or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately); or if Sublessee shall default in the performance or observance of any other agreement or condition on its part to be performed or observed, and if Sublessee shall fail to cure said default within thirty (30) days after notice thereof or such longer period as shall be reasonably required so long as the Sublessee shall be diligently pursuing such cure after receipt of written notice of said default from Sublessor (or if such notice shall adversely affect the rights of the Sublessor in any bankruptcy or receivership, then immediately); or if any person shall levy upon, or take this leasehold interest or any part hereof, upon execution, attachment, or their process of law; or if Sublessee shall make an assignment of its property for the benefit of creditors; or if Sublessee shall file voluntary bankruptcy; or if any bankruptcy or insolvency proceedings shall be commenced by Sublessee or an involuntary bankruptcy shall be filed against the Sublessee which remains undischarged for a period of sixty (60) days; or if a receiver, trustee, or assignee shall be appointed for the whole or any part of the Sublessee's property (which events are referred to herein as "Defaults" or singularly as a "Default"), then in any of said cases, Sublessor lawfully then or at any time thereafter, and without further notice or demand, (a) enter into and upon the Subleased Premises, or any part hereof in the name of the whole, and hold the Subleased Premises as if this Sublease had not been made, and expel Sublessee and those claiming under it, and remove its or their property without being taken or deemed to be guilty of any manner of trespass whereupon the term of this Sublease shall terminate; or (b) send written notice of such termination to Sublessee, whereupon Sublessee shall immediately and forthwith vacate the Subleased Premises and deliver same to Sublessor in a good, clear and tenantable condition. Sublessee hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Sublessee being evicted or dispossessed for any cause, or in the event Sublessor te...
SECURITY AND DEFAULT
