Demand by Lender. Upon an Event of Default under any of the Loan Documents, all of the Guaranteed Obligations shall be due and payable by the Guarantor to Lender, immediately upon Lender's written demand therefor. Payment by Guarantor shall be made to Lender in immediately available funds at ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇; Attention: Collections, or at any other address in Providence, Rhode Island, Hartford, Connecticut, or otherwise that may be specified in writing from time to time by Lender. If acceleration of the time for payment of the Obligations is stayed, or demand for payment thereof is precluded upon injunction or the bankruptcy, insolvency or reorganization of Borrower or Lender is otherwise stayed, enjoined or precluded from exercising its rights and remedies pursuant to the Loan Documents, then, the entire amount of the Guaranteed Obligations shall nevertheless be due and payable by Guarantor to Lender on demand by Lender. If payment in full of the Guaranteed Obligations is not made to Lender within ten (10) days after demand, the entire amount of the outstanding Guaranteed Obligations shall bear interest at the Default Rate specified in the Note Receivable Promissory Note; provided, however, that notwithstanding any provision hereof or in any other Loan Document to the contrary, the parties intend that any interest for which the Guarantor is charged or is obligated to pay shall not exceed the maximum rate or amount of interest permitted under applicable law.
Appears in 2 contracts
Sources: Payment Guaranty and Subordination Agreement (Cr Resorts Capital S De R L De C V), Payment Guaranty and Subordination Agreement (Cr Resorts Capital S De R L De C V)