Common use of Events of Default Remedies Clause in Contracts

Events of Default Remedies. Each of the following constitutes a default by Borrowers under this document: (a) the failure of Borrowers to perform any warranty or agreement contained in this document or in any instrument securing payment of this Loan or related to this Loan; (b) a default by Borrowers under any other promissory note executed by the Borrowers, or any one or more of them, and payable to the Lender; (c) if any statement or report furnished by the Borrowers to the Lender is false in any material respect; (d) if any Collateral is lost, stolen, substantially damaged, destroyed, or, without the Lender's prior written consent, sold or encumbered; (e) if any of the Borrowers die, is dissolved or its existence is terminated, declares insolvency, is declared insolvent, is the subject of any proceeding under any bankruptcy or insolvency law, or is the subject of any proceeding under any state or federal farm or agricultural debt mediation law; (f) any failure by Borrowers to plant as described in the Crop Planning Information section, to plant the seeds, cultivate, and harvest the resulting crops in due season and in a good and farmer like manner, or to properly care for or protect any of the Collateral; (g) the Lender, in good faith, deems itself insecure or determines that the prospect of Borrowers’ payment of this Loan or the prospect of Borrowers’ performance of this or any other instrument securing this Loan or relating to it is impaired, (h) any Borrowers’ use of any loan proceeds or Collateral for an unlawful purpose, and (i) any failure by Borrowers to satisfy, to Lender’s satisfaction, each condition set out in Borrowers’ Loan Commitment. Upon the occurrence of any one or more events of default, at Lender's option, all Loans outstanding shall become immediately due and payable, without notice to or demand upon Borrowers and Lender shall have all remedies available to it at law or equity, including all of the remedies as to the Collateral of a secured party under the Uniform Commercial Code, including which shall permit Lender to demand immediate payment of all Obligations under the Loans, refuse further loans and cancel future disbursements, and exercise all remedies available to it hereunder including the right to proceed against any or all Collateral, and under any applicable law (all such remedies shall be taken and construed as cumulative).

Events of Default Remedies. Each of the following constitutes a default by Borrowers under this document: (a) the failure of Borrowers to perform any warranty or agreement contained in this document or in any instrument securing payment of this Loan or related to this Loan; (b) a default by Borrowers under any other promissory note executed by the Borrowers, or any one or more of them, and payable to the Lender; (c) if any statement or report furnished by the Borrowers to the Lender is false in any material respect; (d) if any Collateral is lost, stolen, substantially damaged, destroyed, or, without the Lender's prior written consent, sold or encumbered; (e) if any of the Borrowers die, is dissolved or its existence is terminated, declares insolvency, is declared insolvent, is the subject of any proceeding under any bankruptcy or insolvency law, or is the subject of any proceeding under any state or federal farm or agricultural debt mediation law; (f) any failure by Borrowers to plant as described in the Crop Planning Information section, to plant the seeds, cultivate, and harvest the resulting crops in due season and in a good and farmer like manner, or to properly care for or protect any of the Collateral; (g) the Lender, in good faith, deems itself insecure or determines that the prospect of Borrowers’ payment of this Loan or the prospect of Borrowers’ performance of this or any other instrument securing this Loan or relating to it is impaired, (h) any Borrowers’ use of any loan proceeds or Collateral for an unlawful purpose, and (i) any failure by Borrowers to satisfy, to Lender’s satisfaction, each condition set out in Borrowers’ Loan Commitment. Upon the The occurrence of any one or more events of defaultthe following shall constitute an event of default under this Instrument: (a) any failure by Borrower to pay when due any amount required by the Note or this Instrument; (b) any failure by Borrower to perform any of its obligations under this Instrument which continues for a period of thirty (30) days after notice of such failure by Lender to Borrower (but no such notice or grace period shall apply in the case of any such failure which could, in Lender’s judgment, absent immediate exercise by Lender of a right or remedy under this Instrument, result in harm to Lender, impairment of the Note or this Instrument; or (c) the occurrence of any event of default under the note. At any time during the existence of an Event of Default, Lender, at Lender's ’s option, all Loans outstanding shall become may declare the Indebtedness to be immediately due and payablepayable without further demand, without notice to or demand upon Borrowers and Lender shall have all may invoke the power of sale and any other remedies available to it at permitted by applicable law or equityprovided in this Instrument or the Note, including including, but not limited to, commencing an action to appoint a receiver or specifically enforce any of the covenants hereto, sell the Mortgaged Property or any portion thereof or exercise any or all of the remedies as available to the Collateral of a secured party under the Uniform Commercial Code. Borrower acknowledges that the power of sale granted in this Instrument may be exercised by Lender without prior judicial hearing. Lender shall be entitled to collect all costs and expenses incurred in pursuing such remedies, including attorneys’ fees, costs of documentary evidence, abstracts and title reports. If Lender directs the Trustee to invoke the power of sale, Lender shall send to Borrower, in the manner provided in Section 27, notice of Lender’s election to cause the Mortgaged Property to be sold. Trustee shall give notice of sale and shall sell the Mortgaged Property according to the laws of the State of Mississippi to the highest and best bidder during legal hours, at any front door of the county courthouse of the county in which the Mortgaged Property is situated after having advertised for three consecutive weeks preceding the sale in a newspaper published in the county where the Mortgaged Property is situated, or if none is so published, then in some newspaper having general circulation therein, and by posting notice for the same time at the courthouse of the same county or in accordance with such other laws of the State of Mississippi governing sales of land under deeds of trust in force at the time the publication of said notice has begun. The advertisement and the notice shall permit Lender disclose the original Borrower in this Instrument. Borrower waives the provisions of Miss. Code ▇▇▇. § 89-1-55 as far as this section restricts the right of Trustee to demand immediate payment offer at sale more than 160 acres at a time, and Trustee may offer the Mortgaged Property as a whole, regardless of how it is described. If the Mortgaged Property is situated in two or more counties or in two judicial districts of the same county, then the Trustee shall have power, in case the Trustee is directed to foreclose under this Instrument, to select in which county, or judicial district, the sale of all Obligations the Mortgaged Property shall be made, and the selection shall be binding upon the Borrower and the Lender and all persons claiming through or under them, whether by contract or by law. Should the Lender be a corporation or an unincorporated association, then any officer thereof may declare the Borrower to be in default as provided herein and request the Trustee to sell the Mortgaged Property. The Trustee may sell the Mortgaged Property at the time and place and under the Loansterms designated in the notice of sale in one or more parcels and in such order as the Lender may determine. The Trustee may postpone sale of all or any parcel of the Mortgaged Property by public announcement subject to the provisions of Miss. Code ▇▇▇. § 11-5-99 which sets forth the procedural requirements for the continuation of a sale. The Lender or Lender’s designee may purchase the Mortgaged Property at any sale. Trustee shall deliver to the purchaser at the sale, refuse further loans within a reasonable time after the sale, a deed conveying the Mortgaged Property so sold without any express or implied covenant or warranty. The recitals in Trustee’s deed shall be prima facie evidence of the truth of the statements made in those recitals. Trustee shall apply the proceeds of the sale in the following order: (a) to all costs and cancel future disbursementsexpenses of the sale, including Trustee’s fees not to exceed 5% of the gross sales price, attorneys’ fees and costs of title evidence; (b) to the Indebtedness in such order as Lender, in Lender’s discretion, directs; and (c) the excess, if any, to the person or persons legally entitled to it. Each right and remedy provided in this Instrument and the Note is district form all other rights or remedies under this Instrument or the Note or afforded by applicable law, and exercise all remedies available to it hereunder including the right to proceed against any or all Collateral, and under any applicable law (all such remedies each shall be taken cumulative and construed as cumulative)may be exercised concurrently, independently or successively, in any order.

Events of Default Remedies. Each of the following constitutes a default by Borrowers under this document: (a) the failure of Borrowers to perform any warranty or agreement contained in this document or in any instrument securing payment of this Loan or related to this Loan; (b) a default by Borrowers under any other promissory note executed by the Borrowers, or any one or more of them, and payable to the Lender; (c) if any statement or report furnished by the Borrowers to the Lender is false in any material respect; (d) if any Collateral is lost, stolen, substantially damaged, destroyed, or, without the Lender's prior written consent, sold or encumbered; (e) if any of the Borrowers die, is dissolved or its existence is terminated, declares insolvency, is declared insolvent, is the subject of any proceeding under any bankruptcy or insolvency law, or is the subject of any proceeding under any state or federal farm or agricultural debt mediation law; (f) any failure by Borrowers to plant as described in the Crop Planning Information section, to plant the seeds, cultivate, and harvest the resulting crops in due season and in a good and farmer ▇▇▇▇▇▇ like manner, or to properly care for or protect any of the Collateral; (g) the Lender, in good faith, deems itself insecure or determines that the prospect of Borrowers’ payment of this Loan or the prospect of Borrowers’ performance of this or any other instrument securing this Loan or relating to it is impaired, (h) any Borrowers’ use of any loan proceeds or Collateral collateral for an unlawful purpose, and (i) any failure by Borrowers to satisfy, to Lender’s satisfaction, each condition set out in Borrowers’ Loan Commitment. Upon the occurrence of any one or more events of default, at Lender's option, all Loans outstanding unpaid Obligations shall become immediately due and payable, without notice to or demand upon Borrowers and Lender shall have all remedies available to it at law or equity, including all of the remedies as to the Collateral of a secured party under the Uniform Commercial Code, including which shall permit Lender to demand immediate payment of all Obligations under the Loans, refuse further loans and cancel future disbursements, and exercise all remedies available to it hereunder including the right to proceed against any or all Collateral, and under any applicable law (all such remedies shall be taken and construed as cumulative).

Events of Default Remedies. Each of the following constitutes a default by Borrowers under this document: (a) the failure of Borrowers to perform any warranty or agreement contained in this document or in any instrument securing payment of this Loan or related to this Loan; (b) a default by Borrowers under any other promissory note executed by the Borrowers, or any Any one or more of themthe following shall constitute an Event of Default under this Agreement: (a) Borrower's failure (i) to pay all or any part of the principal or interest hereunder on the date due and payable, and payable or (ii) to comply with any agreement or covenant set forth in this Agreement, or (iii) to comply with the Lender; (c) if any statement or report furnished by the Borrowers to the Lender is false in terms of any material respectcontract to which Borrower is a party and any agreement pursuant to which Borrower has incurred indebtedness, or (iv) to comply with any law to which Borrower is subject; or (db) if any Collateral is lost, stolen, substantially damaged, destroyed, or, without the Lender's prior written consent, sold or encumbered; (e) if any of the Borrowers die, is dissolved or its existence is terminated, declares insolvency, is declared Borrower becomes insolvent, is or becomes the subject of any case or proceeding under any bankruptcy or insolvency law, or is the subject of any proceeding under any state or federal farm or agricultural debt mediation law; (f) any failure by Borrowers to plant as described in the Crop Planning Information section, to plant the seeds, cultivate, and harvest the resulting crops in due season and in a good and farmer like manner, or to properly care for or protect any of the Collateral; (g) the Lender, in good faith, deems itself insecure or determines that the prospect of Borrowers’ payment of this Loan or the prospect of Borrowers’ performance of this United States Bankruptcy Code or any other instrument securing this Loan or law relating to it is impaired, the reorganization or restructuring of debt (han "Insolvency Event"); or (c) any Borrowers’ use representation made to Sand Hill in this Agreement, the Warrant issued of even date herewith, or any loan proceeds information given to Sand Hill by or Collateral for an unlawful purpose, and on behalf of Borrower shall be incorrect in any material respect when made; or (id) any failure by Borrowers to satisfy, to Lender’s satisfaction, each the occurrence of a material adverse change in the financial or other condition set out in Borrowers’ Loan Commitmentof Borrower. Upon the occurrence of any one or more events an Event of defaultDefault hereunder, all unpaid principal, accrued interest and other amounts owing hereunder shall, at Lender's optionthe option of Sand Hill, all Loans outstanding shall become be immediately due collectible by or on behalf of Sand Hill, and payable, without notice to or demand upon Borrowers and Lender shall have all remedies available to it at law or equity, including Sand Hill may exercise all of the remedies as to the Collateral rights of a secured party under the California Uniform Commercial Code. In each case, including which Sand Hill shall permit Lender have a right to demand immediate payment dispose of the Collateral in any commercially reasonable manner, and shall have a royalty-free license to use any name, trademark, advertising matter or any property of a similar nature to complete production of, advertisement for, and disposition of any Collateral and Sand Hill shall have a license to enter into, occupy and use Borrower's premises and the Collateral without charge to exercise any of Sand Hill's rights or remedies under this Agreement. Effective upon the occurrence of an Event of Default, Borrower irrevocably appoints Sand Hill (and any of Sand Hill's designated employees or agents) as Borrower's true and lawful attorney in fact to: endorse Borrower's name on any checks or other forms of payment; make, settle and adjust all claims under and decisions with respect to Borrower's policies of insurance; settle and adjust disputes and claims respecting accounts receivable with account debtors; execute and deliver all notices, instruments and agreements in connection with the perfection of the security interest granted in this Agreement; and sell, lease or otherwise dispose of all Obligations under or any part of the Loans, refuse further loans and cancel future disbursementsCollateral. The appointment of Sand Hill as Borrower's attorney in fact, and exercise each of Sand Hill's rights and powers, being coupled with an interest, is irrevocable until all remedies available amount owing to it hereunder including the right to proceed against any or all Collateral, and under any applicable law (all such remedies shall be taken and construed as cumulative)Sand Hill have been repaid in full.

Events of Default Remedies. Each of the following constitutes a default by Borrowers under this document: (a) the failure of Borrowers to perform any warranty or agreement contained in this document or in any instrument securing payment of this Loan or related to this Loan; (b) a default by Borrowers under any other promissory note executed by the Borrowers, or any one or more of them, and payable to the Lender; (c) if any statement or report furnished by the Borrowers to the Lender is false in any material respect; (d) if any Collateral is lost, stolen, substantially damaged, destroyed, or, without the Lender's prior written consent, sold or encumbered; (e) if any of the Borrowers die, is dissolved or its existence is terminated, declares insolvency, is declared insolvent, is the subject of any proceeding under any bankruptcy or insolvency law, or is the subject of any proceeding under any state or federal farm or agricultural debt mediation law; (f) any failure by Borrowers to plant as described in the Crop Planning Information section, to plant the seeds, cultivate, and harvest the resulting crops in due season and in a good and farmer like manner, or to properly care for or protect any of the Collateral; (g) the Lender, in good faith, deems itself insecure or determines that the prospect of Borrowers’ payment of this Loan or the prospect of Borrowers’ performance of this or any other instrument securing this Loan or relating to it is impaired, (h) any Borrowers’ use of any loan proceeds or Collateral collateral for an unlawful purpose, and (i) any failure by Borrowers to satisfy, to Lender’s satisfaction, each condition set out in Borrowers’ Loan Commitment. Upon the occurrence of any one or more events of default, at Lender's option, all Loans outstanding unpaid Obligations shall become immediately due and payable, without notice to or demand upon Borrowers and Lender shall have all remedies available to it at law or equity, including all of the remedies as to the Collateral of a secured party under the Uniform Commercial Code, including which shall permit Lender to demand immediate payment of all Obligations under the Loans, refuse further loans and cancel future disbursements, and exercise all remedies available to it hereunder including the right to proceed against any or all Collateral, and under any applicable law (all such remedies shall be taken and construed as cumulative).