Common use of Consequences of Events of Default Clause in Contracts

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph). (ii) If an Event of Default of the type described in subparagraph 3(a)(ii5(a)(iii) has occurred occurred, the aggregate principal amount of the Note Notes (together with all accrued interest thereon and all other amounts due and payable in connection therewithwith respect thereto) shall become immediately due and payable without any action on the part of the Companyholders of the Notes, and Maker the Company shall immediately pay to the Company holders of the Notes all amounts due and payable with respect to the Note. If an Event of Default Notes. (iii) Each holder of the type described in subparagraph 3(a)(iNotes shall also have any other rights which such holder may have been afforded under any contract or agreement at any time and any other rights which such holder may have pursuant to applicable law. (iv) has occurred and continued for 5 days, the The Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company holder hereof may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker the Company hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his his/her successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii4(a)(i) has occurred occurred, the Lender may declare all of the outstanding principal amount of the Note (together with all accrued and unpaid interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all of the outstanding principal amount of and accrued and unpaid interest on the Note. If an Event of Default of the type described in subparagraph 4(a)(ii) or 4(a)(iii) has occurred, the aggregate principal amount of the Note (together with all accrued and unpaid interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the CompanyLender, and Maker Borrower shall immediately pay to the Company Lender all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. MakerBorrower, or his its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company Lender may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker Borrower hereunder. In the event that Maker ▇▇▇▇▇▇▇▇ fails to pay any amounts due hereunder when due, Maker Borrower shall pay to the CompanyLender, in addition to such amounts due, all costs of collection, including reasonable attorneys ▇▇▇▇▇▇’s attorneys’ fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 days, the Company may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. Maker, or his her successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. (i) If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred and is continuing, then the aggregate principal amount of the this Note (together with all accrued interest thereon and all other amounts due and payable in connection therewithwith respect thereto) shall will become immediately due and payable without any action on the part of the Company, and Maker shall immediately pay to the Company all amounts due and payable with respect to the Note. . (ii) If an any Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 daysis continuing, the interest rate on this Note will increase immediately by an increment of 6 percentage points (i.e., 600 basis points), to the extent permitted by applicable law. Any such increase of the interest rate resulting from the operation of this Section 4(b)(ii) will terminate as of the close of business on the next date on which no Event of Default exists (subject to subsequent increases pursuant to this Section). (iii) The Company will also have any other rights which the Company may declare all have been afforded under any contract or agreement at any portion time and any other rights which the Company may have pursuant to applicable law, subject to the limitation set forth in Section 14 of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the this Note. Maker, or his successors and assigns, The Employee hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunderthereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunderthe Employee thereunder. In If the event that Maker Employee fails to pay any amounts due hereunder when due, Maker then the Employee shall pay to the Company, in addition to such the amounts due, all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate principal amount of the Note (together with all accrued interest thereon and all other amounts payable in connection therewith) shall become immediately due and payable without any action on the part of the CompanyLender, and Maker Borrower shall immediately pay to the Company Lender all amounts due and payable with respect to the Note. If an Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued continues for 5 days, the Company Lender may declare all or any portion of the outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due in connection therewith) due and payable and demand immediate payment of all or any portion of the outstanding principal amount of the Note. MakerBorrower, or his its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company Lender may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker Borrower hereunder. In the event that Maker Borrower fails to pay any amounts due hereunder when due, Maker Borrower shall pay to the CompanyLender, in addition to such amounts due: (i) interest accruing on a daily basis at a rate equal to 15% per annum, on the sum of the unpaid principal amount of this Note then outstanding, and (ii) all costs of collection, including reasonable attorneys fees.

Consequences of Events of Default. If an Upon the occurrence of any Event of Default of the type described in subparagraph 3(a)(ii) has occurred the aggregate foregoing clause 3.1(c), the unpaid principal amount of the Note (owing under this Note, together with all accrued and unpaid interest thereon and all other amounts due and payable in connection therewith) with respect thereto, shall automatically become immediately due and payable payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any action on kind, all of which are hereby expressly waived by the part of Company and the Company, and Maker shall Company will immediately pay to the Company Holder all amounts due and payable with respect to the this Note. If an Upon the occurrence and during the continuance of any other Event of Default of the type described in subparagraph 3(a)(i) has occurred and continued for 5 daysDefault, the Company may Holder of this Note may, by written notice to the Company, declare all or any portion of the outstanding unpaid principal amount of the owing under this Note to be due and payable, whereupon such unpaid principal amount (together with all accrued and unpaid interest thereon and all other amounts due in connection therewithand payable with respect thereto) shall automatically become immediately due and payable, without any other notice of any kind and without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Company and the Company will immediately pay to the Holder of this Note all such amounts declared to be due and payable and demand immediate payment with respect to this Note. The provisions of all or any portion this Section 3.2 are subject to the terms of the outstanding principal amount of the Note. Maker, or his successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest and demand, dishonor and nonpayment of this Note, and expressly agrees that this Note, or any payment hereunder, may be extended from time to time and that the Company may accept security for this Note or release security for this Note, all without in any way affecting the liability of Maker hereunder. In the event that Maker fails to pay any amounts due hereunder when due, Maker shall pay to the Company, in addition to such amounts due, all costs of collection, including reasonable attorneys feesSubordination Agreement.