DEFAULT AND ACCELERATION Clause Samples

DEFAULT AND ACCELERATION. (a) Upon the occurrence and during the continuance of any Event of Default, and at any time and from time to time thereafter, in addition to any other rights or remedies available to Lender under this Note, at law, or in equity: (i) Borrower shall pay interest on the outstanding principal and interest at an interest rate equal to the Default Rate. (ii) Lender may, at its option, take such action, without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower and/or in and to any collateral that secures this Note; including, without limitation, declaring Borrower’s obligations under this Note to be immediately due and payable (including any accrued and unpaid interest and any other amounts owing by Borrower under this Note). (b) Upon the occurrence of any Insolvency Event (as defined in Paragraph 6(f)(vii)), all of Borrower’s obligations under this Note (including any accrued and unpaid interest and any other amounts owing by Borrower under this Note) shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, notwithstanding anything to the contrary contained herein. (c) If any payment owing from Borrower to Lender under this Note is not received by Lender within five (5) days following its due date, Borrower shall pay to Lender an additional sum equal to four percent (4%) of the overdue amount as a late charge (the “Late Charge”). The Late Charge shall be paid to Lender within five (5) days after the date incurred, and any failure to pay the Late Charge within thirty (30) days after the date incurred shall be an Event of Default hereunder. (d) ▇▇▇▇▇▇▇▇ recognizes that any failure by Borrower to timely make the payments provided for herein, or any other Event of Default hereunder, will cause Lender to incur costs not contemplated by this Note (including, without limitation, processing and accounting charges, loss of use of funds, and frustration to Lender in meeting its other financial commitments), and that the damages caused thereby would be extremely difficult and impractical to ascertain. Borrower hereby agrees that, if any such event should occur, the Default Rate (if applicable) and the Late Charge (if applicable), represent a fair and reasonable estimate of the damages and costs to Lender, considering all the circumstances existing on the date of this Note. The parties further agree that proof of actual damages would be...

DEFAULT AND ACCELERATION. So long as an Event of Default exists, Lender may, at its option, without notice or demand to Borrower, declare the Debt immediately due and payable. All remedies hereunder, under the Loan Documents and at law or in equity shall be cumulative. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security for the Debt or to defend against any claims asserted by Borrower arising from or related to the Loan Documents, ▇▇▇▇▇▇▇▇ also agrees to pay to Lender on demand all costs of collection or defense incurred by ▇▇▇▇▇▇, including reasonable attorneys’ fees for the services of counsel whether or not suit be brought.

DEFAULT AND ACCELERATION. Upon the occurrence of any one or more of the following events of default: (a) Customer fails to pay any amount when due under this Agreement or under any other instrument evidencing any other indebtedness of any Customer to Bank, (b) any representation or warranty made under this Agreement or information provided by Customer in connection with this Agreement is or was false or fraudulent in any material respect, (c) a material adverse change occurs in Customer's financial condition, (d) Customer fails to timely observe or perform any of the covenants or duties contained in this Agreement, (e) any guaranty of Customer's obligations under this Agreement is revoked or becomes unenforceable for any reason or any such guarantor dies, or (f) an event of default occurs under any security agreement securing payment under this Agreement, then, at Bank's option, and upon written or verbal notice to any Customer, Bank's obligation to make Loans under this Agreement shall terminate and this total unpaid balance shall become immediately due and payable without [o], demand, protest, or further notice of any kind, all of which are hereby expressly waived by Customer. Bank's obligation to make Loans under this Agreement will automatically terminate and the total unpaid balance shall automatically become due and payable in the event any Customer or guarantor becomes the subject of bankruptcy or other insolvency proceedings. Bank's receipt of any payment on this Agreement after the occurrence of an event of default shall not constitute a waiver of the default of the Bank's rights and remedies upon such default. All Customer's and guarantors agree to pay all costs of collecting before and after judgment, including reasonable attorneys' fees (including those incurred in successful defenses or settlement of any counterclaim brought by Customer or incident to any action or proceeding involving Customer brought pursuant to the United State Bankruptcy Code) providing, however, that if Arizona law is applicable to this Agreement and if the Credit Line is $10,000 or less. Customer agrees to pay court costs, expenses and reasonable attorneys' fees if the Loans are referred for collection to an attorney other than a salaried employee of Bank. Bank may amend the terms of this Agreement including the Credit Line, from time to time, and will mail to Customer at Customer's last known address shown on the records of Bank, advance written notice of any such amendment. To the extent permit...

DEFAULT AND ACCELERATION. The occurrence of any of the following shall constitute an event of default under this Agreement (each an “Event of Default”): (a) the Borrower fails to make any payment of principal when due and payable under this Agreement or fails to make any payment of interest within 5 Business Days of when such payment is due and payable under this Agreement; (b) the Borrower otherwise defaults in the performance or compliance with the provisions of this Agreement and such default continues for thirty (30) days after the Borrower receives written notice of such default from Lender; (c) Borrower’s failure to maintain its status as a real estate investment trust; (d) if an Event of Default as defined in the Existing Loan Agreement occurs and remains continuing; (e) any proceeding shall be instituted by or against the Borrower seeking to adjudicate it a bankrupt or insolvent, or seeking liquidating, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it) that is being diligently contested in good faith, such proceeding shall remain undismissed or unstayed for a period of sixty (60) days, or the court in such proceeding shall have entered a decree or order granting the relief sought in such proceeding (an “Insolvency Event of Default”); or (f) the Borrower dissolves or is dissolved, or ceases business operations. Upon an Event of Default, other than an Insolvency Event of Default, then the unpaid balance of the Loan shall, at the option of Lender, mature and then become immediately payable. The unpaid balance hereunder shall automatically mature and become immediately payable in the case of an Insolvency Event of Default. Any election to accelerate the outstanding balance of the Loan shall not preclude any other rights or remedies that Lender may have at law or equity, and the non-exercise of such right to accelerate the outstanding balance of the Loan, as set forth above, shall not constitute a waiver or the right to do so at any future time or for any other Event of Default.

DEFAULT AND ACCELERATION. (a) The whole of the principal sum of this Note, (b) interest, default interest, late charges and other sums, as provided in this Note, the Security Instrument or the Other Security Documents (defined below), (c) all other monies agreed or provided to be paid by Borrower in this Note, the Security Instrument or the Other Security Documents, (d) all sums advanced pursuant to the Security Instrument to protect and preserve the Property (defined below) and the lien and the security interest created thereby, and (e) all sums advanced and costs and expenses incurred by Lender in connection with the Debt (defined below) or any part thereof, any renewal, extension, or change of or substitution for the Debt or any part thereof, or the acquisition or perfection of the security therefor, whether made or incurred at the request of Borrower or Lender (all the sums referred to in (a) through (e) above shall collectively be referred to as the "Debt") shall without notice become immediately due and payable at the option of Lender if any payment required in this Note is not paid on or prior to the date when due or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Security Instrument or any of the Other Security Documents (collectively, an "Event of Default").

DEFAULT AND ACCELERATION. Borrower shall be in default upon the occurrence of any one or more of the events enumerated in Section A.4 above. Upon the occurrence of an Event of Default, Lender may, at its option, declare the entire unpaid balance of principal and interest on this Promissory Note, as well as the unpaid principal and interest on any other indebtedness or liability of Borrower to Lender, immediately due and payable without notice or demand. NOTICE OF ASSIGNMENT: Obligations under this Promissory Note have been pledged to CoBank, ACB, as administrative agent (“Administrative Agent”) for the benefit of

DEFAULT AND ACCELERATION. Borrower shall be in default upon the occurrence of any one or more of the events enumerated in Section A.4 above. Upon the occurrence of an Event of Default, Lender may, at its option, declare the entire unpaid balance of principal and interest on this Promissory Note, as well as the unpaid principal and interest on any other indebtedness or liability of Borrower to Lender, immediately due and payable without notice or demand. NOTICE OF ASSIGNMENT: Obligations under this Promissory Note have been pledged to CoBank, ACB, as administrative agent (“Administrative Agent”) for the benefit of certain lenders from time to time (collectively, the “Banks ”) to Lender under that certain Credit Agreement dated as of April 17, 2017, by and among the Lender, Administrative Agent, any Guarantors hereafter party thereto and the Banks (as amended, restated, modified, or supplemented from time to time hereafter, the "Credit Agreement"), and may be transferred or assigned to the Administrative Agent. In the event of such a transfer or assignment, the Administrative Agent will receive all of the rights, powers, and remedies of Lender. Any transfer of this Promissory Note, other than to the Administrative Agent, will violate the rights of the Administrative Agent as secured party unless the Administrative Agent consents to such transfer in writing.

DEFAULT AND ACCELERATION. If I fail to pay any installment when due the entire unpaid indebtedness, at the option of the Employer, may become immediately due and payable.

DEFAULT AND ACCELERATION. The whole of the principal sum of this Note, together with all interest accrued and unpaid thereon, all Deferred Interest and interest accrued and unpaid thereon, and all other sums due under the Mortgage (hereinafter defined), the Loan Documents (as hereinafter defined) and this Note (all such sums hereinafter collectively referred to as the “Debt”) shall without notice become immediately due and payable at the option of Lender if any payment due on the Maturity Date is not paid on such date or if any other payment required in this Note is not paid on or before the date when due, or if any Event of Default (as defined in the Mortgage) occurs, or on the happening of any other default, after the expiration of any applicable notice and grace periods, herein or under the terms of the Mortgage or other Loan Documents (hereinafter collectively an “Event of Default”), and further provided that the Debt shall automatically become immediately due and payable, without notice or any exercise of any option on the part of Lender, if an Event of Default of the type set forth in Section 22(h) of the Mortgage occurs with respect to Borrower. All of the terms, covenants and conditions contained in the Mortgage and the other Loan Documents are hereby made part of this Note to the same extent and with the same force as if they were fully set forth herein. In the event that it should become necessary to employ counsel to collect the Debt or to protect or foreclose the security hereof, B▇▇▇▇▇▇▇ also agrees to pay reasonable attorneys’ fees for the services of such counsel whether or not suit be brought.