Whenever an Event of Default shall have happened and be subsisting, in addition to any other rights or remedies provided herein, the Note, by law or otherwise:
Whenever an Event of Default shall have happened and be subsisting, in addition to any other rights or remedies provided herein, the Note, by law or otherwise: (a) The amount of such default, in the event the Recipient defaults on the Repayment Amount, shall bear interest at eight percent (8%) per annum ("Default Interest Rate"), from the date of the default until the date of the payment thereof, and all the costs incurred by the OSGCIC in curing such default including, but not limited to, court costs all other reasonable costs and expenses (including reasonable attorney's fees) shall be repaid by the Recipient to the OSGCIC as a part of the Repayment Amount.
Whenever an Event of Default shall have occurred and be continuing, the Company hereby irrevocably authorizes each Bank to set off the Obligations owed to it (including, without limitation, any participation in the Obligations of other Banks purchased pursuant to Section 7.10 or 7.11) against all deposits and credits of the Company with, and any and all claims of the Company against, such Bank. Such right shall exist whether or not the Agent shall have made any demand hereunder or under any other Loan Document, whether or not such indebtedness, or any part thereof, or deposits and credits held for the account of the Company is or are matured or unmatured, and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or remedy available to the Banks. Each Bank agrees that, as promptly as is reasonably possible after the exercise of any such setoff right, it shall notify the Agent and the Company of its exercise of such setoff right; PROVIDED, HOWEVER, that the failure of any Bank to provide such notice shall not effect the validity of the exercise of such setoff rights. Nothing in this Agreement shall be deemed a waiver or prohibition of or restriction on any rights of banker's lien, setoff and counterclaim available to any Bank pursuant to law.
Whenever an Event of Default shall exist, the Secured Party may, at its option and without demand or notice, except to the extent notice is required under the Promissory Note, declare all or any part of the Secured Obligations immediately due and payable, and the Secured Party may exercise, in addition to the rights and remedies granted hereby, all rights and remedies of a secured party under the Uniform Commercial Code or any other applicable law. The Secured Party shall be entitled to recover its attorneys' fees, service tax thereon, and all costs incurred by such attorneys, to the extent permitted by law.
Whenever an Event of Default exists and the Majority ---------- Lenders so request, Borrower shall, at its expense provide to Agent (and, at the request of a Lender, Agent will provide to such Lender) with appraisals or updates thereof of any or all of the Collateral from an appraiser, and prepared on a basis, satisfactory to Agent, such appraisals and updates to include, without limitation, information required by applicable law and regulation and by the internal policies of the Lenders.
Whenever an Event of Default shall have occurred and be continuing, the Borrower hereby irrevocably authorizes each Lender to set off the Obligations owed to such Lender against all deposits and credits of the Borrower with, and any and all claims of the Borrower against, such Lender, excluding deposits of the Borrower with such Lender which the Borrower holds in escrow or in trust for the benefit of third parties, whether or not the Obligations owed to such Lender, or any part thereof, shall be then due.
Whenever an Event of Default shall have occurred ------ and be continuing, the Company hereby irrevocably authorizes each Bank to set off the Indebtedness of the Company to such Bank under this Agreement (including any Indebtedness owing under any Side Letter), the Notes and the other Loan Documents against all deposits and credits of the Company with, and any and all claims of the Company against, such Bank (excluding deposits of the Company with such Bank which the Company holds in escrow or in trust for the benefit of other Persons), whether or not said Indebtedness of the Company to such Bank, or any part thereof, shall be then due.
Whenever an Event of Default is in existence under this Note, the entire balance outstanding hereunder and all other liabilities, indebtedness and obligations of Borrower to Bank (however acquired or evidenced) shall, at the option of Bank, become forthwith due and payable, without presentment, notice, protest or demand of any kind (all of which are expressly waived by Borrower) for the payment of the whole or any part hereof. Whenever an Event of Default is in existence under this Note (whether or not Bank has accelerated payment of this Note), or after maturity or after judgment has been rendered on this Note, to the extent permitted by law, the rate of interest on the unpaid principal shall, at the option of Bank, be increased to four percent (4%) over the rate which would otherwise be applicable (the “Default Rate”). Failure at any time to exercise either of the aforesaid options or any other rights of Bank hereunder shall not constitute a waiver thereof, nor shall it be a bar to exercise of either of the aforesaid options or rights at a later date.
Whenever an Event or Event of Default exists, the Borrowers shall, at their expense and upon the Lender's request, provide the Lender with appraisals or updates thereof of any or all of the Collateral from an appraiser acceptable to Lender.
Whenever an Event of Default shall exist, the Lender may exercise, in addition to the rights and remedies granted hereby, all rights and remedies of a secured party under the Uniform Commercial Code or any other applicable law. All remedies afforded to the Lender by reason of this Agreement are separate and cumulative remedies. Borrower hereby waives all requirements of law, if any, relating to the marshalling of assets which would be applicable in connection with the enforcement by the Lender of its remedies hereunder, absent this waiver.
