Common use of Events of Default Remedies on Default Clause in Contracts

Events of Default Remedies on Default. 8.1 Each of the following specified events hereby constitutes and is herein referred to individually as an “Event of Default”: 8.1.1 Borrower’s failure to make (or cause to be made) any payments to Lender hereunder or under any other Loan Document or and Related Transaction Documents when the same are due; or 8.1.2 Default in the due and timely observance or performance of any of the Affirmative Covenants described in Section 7 above; or 8.1.3 Suspension by Borrower of its business operations; or 8.1.4 If Borrower should become insolvent, or file bankruptcy proceedings; or 8.1.5 Borrower experiences a Change of Control event. 8.2 At Lender’s option, upon the occurrence of any Event of Default, and at any time thereafter if such Event of Default shall then be continuing: 8.2.1 Unless such Event of Default is as described in Section 8.1.1 and Section 8.1.2 above and, upon written notice by Lender, is cured within thirty (30) days of Borrower’s receipt of such written notice by Lender, the Indebtedness may, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower, be forthwith declared due and payable, if not otherwise then due and payable (anything herein or in the Note or other agreement, contract, indenture, document or instrument contained to the contrary notwithstanding) and the Maturity Date shall be accelerated accordingly and Lender’s commitments hereunder shall be terminated. 8.2.2 Lender may pursue the remedies afforded to it hereunder or under any of the documents executed in connection herewith, or any other remedy afforded to it by law or equity, and Lender may, at its option, do and perform all other acts and things necessary for the proper preservation and protection of its rights hereunder.

Events of Default Remedies on Default. 8.1 Each Any failure of the following specified events hereby constitutes Assignor to comply with the provisions of this Agreement and is herein referred to individually as any Event of Default under the Loan Agreement shall be considered an “Event of Default”” hereunder. Upon and at any time after the occurrence of an Event of Default Lender shall have, at its option, the right, power and authority to exercise and enforce any or all of the following rights and remedies: 8.1.1 Borrower’s failure (a) To terminate the permission granted to make Assignor to collect as aforesaid the Government Support Revenues, and then and thereafter, to demand, collect, receive, ▇▇▇ for, attach and levy the Government Support Revenues, to give proper receipts, and acquittances therefor, and after deducting all necessary and proper costs and expenses of collection (including reasonable attorneys' fees) as determined by Lender, to apply the net proceeds thereof, together with any funds of Assignor deposited with Lender, to all or cause to be made) any payments to Lender hereunder or under any other Loan Document or and Related Transaction Documents when the same are due; or 8.1.2 Default in the due and timely observance or performance of any of the Affirmative Covenants described Obligations in Section 7 above; orsuch order as Lender determines; 8.1.3 Suspension (b) Without regard to the adequacy of the security, with or without any action or proceedings, through any person or by Borrower of its business operations; or 8.1.4 If Borrower should become insolventany agent, or file bankruptcy proceedingsby a receiver to be appointed by court, to make, modify, cancel, accept cancellation or enforce the rights of Borrower under any Government Support Agreements now in effect or hereafter in effect; or 8.1.5 Borrower experiences a Change and otherwise to do any act or incur any costs or expense as Lender deems proper to protect the security hereof, as fully and to the same extent as Assignor could do, and in any such event to apply the Government Support Revenues so collected to payment of Control event. 8.2 At Lender’s optionthe Obligations, upon in such order as Lender may determine, including the occurrence payment of reasonable attorneys' fees; provided, however, that the acceptance by Lender of this Assignment, with all of the rights, powers, privileges and authority so created, shall not at any time or in any event obligate Lender to appear in or defend any action or proceeding relating to the Government Support Agreements or to the Projects, or to take any action hereunder, or to expend any money, incur any expenses or perform or discharge any obligation, duty or liability under the Government Support Agreements, or to assume any obligation or responsibility for any Government Support Revenues delivered to Assignor by any Government Support Provider and not assigned, whether delivered to Lender or not; and provided further that the collection of the Government Support Revenues and application as aforesaid shall not cure or waive any Event of Default, waive, modify or affect any notice of default under the Loan Documents or invalidate any act done pursuant to such notice, and the right to exercise such right or remedy, once exercised, shall continue, notwithstanding that the collection and application of Government Support Revenues Proceeds may have cured the Event of Default giving rise to the right or remedy. If Lender shall thereafter elect to discontinue the exercise of any such right or remedy, the same or any other right or remedy hereunder may be reasserted at any time thereafter if such and from time to time following any subsequent Event of Default shall then be continuing: 8.2.1 Unless such Event of Default is as described in Section 8.1.1 and Section 8.1.2 above and, upon written notice by Lender, is cured within thirty (30) days of Borrower’s receipt of such written notice by Lender, the Indebtedness may, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower, be forthwith declared due and payable, if not otherwise then due and payable (anything herein or in the Note or other agreement, contract, indenture, document or instrument contained to the contrary notwithstanding) and the Maturity Date shall be accelerated accordingly and Lender’s commitments hereunder shall be terminatedDefault. 8.2.2 Lender may pursue the remedies afforded to it hereunder or under any of the documents executed in connection herewith, or any other remedy afforded to it by law or equity, and Lender may, at its option, do and perform all other acts and things necessary for the proper preservation and protection of its rights hereunder.