Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------ (a) Upon the occurrence of an Event of Default under Section 11.1(i), the Note shall immediately and automatically become due and payable in full without notice, presentment, demand, protest or other action of any kind, all of which Borrower hereby expressly waives, and Lender shall, in addition to the foregoing and all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgage and the other Loan Documents, have the right, but not the obligation, to pursue one or more of the remedies set forth in Section 12.1(b), concurrently or successively, it being the intent hereof that all of such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other. (b) Upon the occurrence of any Event of Default, Lender shall, in addition to all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgages and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies, concurrently or successively, it being the intent hereof that all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other: (i) Withhold further disbursement of the proceeds of the Loan (if any); (ii) Declare the Note to be immediately due and payable; (iii) Use and apply any monies deposited by Borrower with Lender, regardless of the purpose for which the same was deposited, to cure any default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; and (iv) Exercise or pursue any other right or remedy permitted under this Agreement or any of the other Loan Documents or conferred upon Lender by operation of Law. NON-WAIVER OF REMEDIES ---------------------- 12.2 No waiver of any breach or default of any provision of this Agreement or any other Loan Document shall constitute or be construed as a waiver by Lender of any subsequent or prior breach or default or of any breach or default of any other provision of this Agreement or such other Loan Document.
Appears in 1 contract
Sources: Revolving Credit Agreement (Ambassador Apartments Inc)
Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------
(a) Upon the occurrence of an Event of Default under Section 11.1(i), the Note shall immediately and automatically become due and payable in full without notice, presentment, demand, protest or other action of any kind, all of which Borrower hereby expressly waives, and Lender shall, in addition to the foregoing and all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgage and the other Loan Documents, have the right, but not the obligation, to pursue one or more of the remedies set forth in Section 12.1(b), concurrently or successively, it being the intent hereof that all of such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other.
(b) 11.1 Upon the occurrence of any Event of Default, subject only to any notice requirement and grace period expressly provided in the Notes, the Security Agreements, or any other Loan Documents, if any, the Lender shall, in addition shall be entitled to all other of its rights and remedies conferred upon Lender by hereunder, at law or in equity and by under the terms of the NoteNotes, the Mortgages Security Agreements, and any of the other Loan Documents, have including, without limitation, the right but not to declare the obligation to pursue any one or more outstanding principal balance of the following remediesNotes, concurrently or successivelythe accrued interest thereon, it being and all other obligations of the intent hereof that all such remedies shall be cumulative and that no such remedy shall be Borrower to the exclusion of any other:
(i) Withhold further disbursement of Lender under this Agreement, the proceeds of the other Loan (if any);
(ii) Declare the Note Documents or otherwise to be immediately due and payable;
(iii) Use and apply any monies deposited by Borrower with Lender, regardless of the purpose for which the same was depositedwithout presentment, to cure any default demand, protest or to apply on account other notice of any indebtedness under kind, all of which are hereby expressly waived, anything in this Agreement which is due and owing to Lender; and
(iv) Exercise or pursue any other right or remedy permitted under this Agreement Agreement, the Notes or any of the other Loan Documents to the contrary notwithstanding, and the Lender's obligation to make any additional Advances hereunder shall be permanently terminated.
11.2 All of the remedies herein given to Lender or conferred upon otherwise available to it shall be cumulative and may be exercised concurrently. Failure to exercise any of the remedies herein provided shall not constitute a waiver thereof by Lender, nor shall use of any such remedies prevent the subsequent or concurrent resort to any other remedy or remedies which shall be vested in Lender by operation of Law. NON-WAIVER OF REMEDIES ----------------------
12.2 No waiver of any breach or default of any provision of this Agreement or at law or in equity. To be effective, any other Loan Document shall constitute or be construed as a waiver by Lender of must be in writing and such waiver shall be limited in its effect to the condition or default specified therein; but no such waiver shall extend to any subsequent or prior breach condition or default or of impair any breach or default of any other provision of this Agreement or such other Loan Documentright consequent thereon.
Appears in 1 contract
Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------
(a) 11.1 Upon the occurrence of an any Event of Default under Section 11.1(i)Default, subject only to any cure period(s) expressly provided in the Note or the Security Agreements, the Note Lender shall be entitled to all of its rights or remedies hereunder, at law or in equity and under the Note, the Security Agreements and any other Loan Document, including, without limitation, the right to declare the outstanding principal balance of the Note, the accrued interest thereon, and all other obligations of the Borrower to the Lender under this Agreement or otherwise to be immediately and automatically become due and payable in full payable, without notice, presentment, demand, protest or other action notice of any kind, all of which Borrower are hereby expressly waiveswaived, anything in this Agreement or in the Note to the contrary notwithstanding, and Lender shall, in addition the Lender's obligation to the foregoing and all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgage and the other Loan Documents, have the right, but not the obligation, to pursue one or more make any additional Advances hereunder shall be permanently terminated.
11.2 All of the remedies set forth in Section 12.1(b), concurrently herein given to Lender or successively, otherwise available to it being the intent hereof that all of such remedies shall be cumulative and that no may be exercised concurrently. Failure to exercise any of the remedies herein provided shall not constitute a waiver thereof by Lender, nor shall use of any such remedies prevent the subsequent or concurrent resort to any other remedy or remedies which shall be to the exclusion of any other.
(b) Upon the occurrence of any Event of Default, Lender shall, vested in addition to all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgages and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies, concurrently or successively, it being the intent hereof that all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other:
(i) Withhold further disbursement of the proceeds of the Loan (if any);
(ii) Declare the Note to be immediately due and payable;
(iii) Use and apply any monies deposited by Borrower with Lender, regardless of the purpose for which the same was deposited, to cure any default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; and
(iv) Exercise or pursue any other right or remedy permitted under this Agreement or at law or in equity. To be effective, any of the other Loan Documents or conferred upon Lender by operation of Law. NON-WAIVER OF REMEDIES ----------------------
12.2 No waiver of any breach or default of any provision of this Agreement or any other Loan Document shall constitute or be construed as a waiver by Lender of must be in writing and such waiver shall be limited in its effect to the condition or default specified therein; but no such waiver shall extend to any subsequent or prior breach condition or default or of impair any breach or default of any other provision of this Agreement or such other Loan Documentright consequent thereon.
Appears in 1 contract
Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------
(a) 12.1 Upon the occurrence of an any Event of Default Default, subject only to any notice requirement and grace period expressly provided in the Note or Security Agreement, Lender shall be entitled to all of its rights or remedies hereunder, at law or in equity and under Section 11.1(i)the Note, the Note shall Security Agreement and any other Loan Document, including, without limitation, the right to declare the outstanding principal balance of the Note, the accrued interest thereon, and all other obligations of Borrower to Lender under this Agreement to be immediately and automatically become due and payable in full payable, without notice, presentment, demand, protest or other action notice of any kind, all of which Borrower are hereby expressly waiveswaived, anything in this Agreement or in the Note to the contrary notwithstanding, and Lender's obligation to make any additional Advances hereunder shall be permanently terminated.
12.2 Lender shallmay proceed directly against any Guarantor, in addition to the foregoing with or without exercising its rights against Borrower and all other remedies conferred upon Lender by law obtain judgment against any such Guarantor, which liability shall be joint and by the terms of the Note, the Mortgage and the other Loan Documents, have the right, but not the obligation, to pursue several if there be more than one or more Guarantor.
12.3 All of the remedies set forth in Section 12.1(b), concurrently herein given to Lender or successively, otherwise available to it being the intent hereof that all of such remedies shall be cumulative and that no may be exercised concurrently. Failure to exercise any of the remedies herein provided shall not constitute a waiver thereof by Lender, nor shall use of any such remedies prevent the subsequent or concurrent resort to any other remedy or remedies which shall be to the exclusion of any other.
(b) Upon the occurrence of any Event of Default, Lender shall, vested in addition to all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgages and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies, concurrently or successively, it being the intent hereof that all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other:
(i) Withhold further disbursement of the proceeds of the Loan (if any);
(ii) Declare the Note to be immediately due and payable;
(iii) Use and apply any monies deposited by Borrower with Lender, regardless of the purpose for which the same was deposited, to cure any default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; and
(iv) Exercise or pursue any other right or remedy permitted under this Agreement or at law or in equity. To be effective, any of the other Loan Documents or conferred upon Lender by operation of Law. NON-WAIVER OF REMEDIES ----------------------
12.2 No waiver of any breach or default of any provision of this Agreement or any other Loan Document shall constitute or be construed as a waiver by Lender of must be in writing and such waiver shall be limited in its effect to the condition or default specified therein; but no such waiver shall extend to any subsequent or prior breach condition or default or of impair any breach or default of any other provision of this Agreement or such other Loan Documentright consequent thereon.
Appears in 1 contract
Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------LENDER
(a) Upon the occurrence and during the continuation of an Event of Default under Section 11.1(i10.1(i), (q), (r) and (s), the Note shall immediately and automatically become due and payable in full without notice, presentment, demand, protest or other action of any kind, all of which Borrower hereby expressly waives, and Lender shall, in addition to the foregoing and all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgage and or the other Loan Documents, have the right, but not the obligation, to pursue one or more of the remedies set forth in Section 12.1(b11.1(b), concurrently or successively, it being the intent hereof that all of such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other.
(b) Upon the occurrence and during the continuation of any Event of Default, Lender shall, in addition to all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgages Mortgage, and the other Loan Documents, have the right but not the obligation to pursue any one or more of the following remedies, concurrently or successively, it being the intent hereof that all such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other:
(i) Take any action which, in Lender's sole judgment, is necessary or appropriate to effect observance and performance of the covenants, agreements and obligations of Borrower under this Agreement, or the other Loan Documents, as the case may be. Without limiting the generality of the foregoing, and for the purpose aforesaid, upon the occurrence and during the continuation of an Event of Default, Borrower hereby irrevocably appoints and constitutes Lender its lawful attorney in fact with full power of substitution, and agrees that Lender shall be entitled to (A) pay, settle or compromise all existing bills and claims the nonpayment of which might result in liens against the Project or take such other action as Lender shall determine to prevent such bills and claims from resulting in liens against the Project, (B) execute all applications and certificates which may be required by any of the Loan Documents, (C) prosecute and defend all actions or proceedings connected with or relating to the Project, (D) take possession of and operate the Project and (E) do any and every act which Borrower may do in its own behalf; it being understood and agreed that the foregoing power of attorney shall be a power coupled with an interest and cannot be revoked;
(ii) Withhold further disbursement of the proceeds of the Loan (if any);
(iiiii) Declare the Note to be immediately due and payable;
(iiiiv) Use and apply any monies deposited by Borrower Borrower, with Lender, regardless of the purpose for which the same was deposited, to cure any default or to apply on account of any indebtedness under this Agreement which is due and owing to Lender; and
(iv) Exercise or pursue any other right or remedy permitted under this Agreement or any of the other Loan Documents or conferred upon Lender by operation of Law. NON-WAIVER OF REMEDIES ----------------------
12.2 No waiver of any breach or default of any provision of this Agreement or any other Loan Document shall constitute or be construed as a waiver by Lender of any subsequent or prior breach or default or of any breach or default of any other provision of this Agreement or such other Loan Document.,
Appears in 1 contract
Lenders Remedies in Event of Default. REMEDIES CONFERRED UPON LENDER ------------------------------
(a) Upon the occurrence of an Event of Default under Section 11.1(i), the Note shall immediately and automatically become due and payable in full without notice, presentment, demand, protest or other action of any kind, all of which Borrower hereby expressly waives, and Lender shall, in addition to the foregoing and all other remedies conferred upon Lender by law and by the terms of the Note, the Mortgage and the other Loan Documents, have the right, but not the obligation, to pursue one or more of the remedies set forth in Section 12.1(b), concurrently or successively, it being the intent hereof that all of such remedies shall be cumulative and that no such remedy shall be to the exclusion of any other.
(b) 11.1 Upon the occurrence of any Event of Default, subject only to any notice requirement and grace period expressly provided in the Notes, the Security Agreements, or any other Loan Documents, if any, the Lender shall, in addition shall be entitled to all other of its rights and remedies conferred upon Lender by hereunder, at law or in equity and by under the terms of the NoteNotes, the Mortgages Security Agreements, and any of the other Loan Documents, have including, without limitation, the right but not to declare the obligation to pursue any one or more outstanding principal balance of the following remediesNotes, concurrently or successivelythe accrued interest thereon, it being and all other obligations of the intent hereof that all such remedies shall be cumulative and that no such remedy shall be Borrower to the exclusion of any other:
(i) Withhold further disbursement of Lender under this Agreement, the proceeds of the other Loan (if any);
(ii) Declare the Note Documents or otherwise to be immediately due and payable;
(iii) Use and apply any monies deposited by Borrower with Lender, regardless of the purpose for which the same was depositedwithout presentment, to cure any default demand, protest or to apply on account other notice of any indebtedness under kind, all of which are hereby expressly waived, anything in this Agreement which is due and owing to Lender; and
(iv) Exercise or pursue any other right or remedy permitted under this Agreement Agreement, the Notes or any of the other Loan Documents to the contrary notwithstanding, and the Lender's obligation to make any additional Advances hereunder shall be permanently terminated.
11.2 Lender may proceed directly against the Guarantor, with or conferred upon without exercising its rights against the Borrower, and obtain judgments against the Guarantor.
11.3 All of the remedies herein given to Lender or otherwise available to it shall be cumulative and may be exercised concurrently. Failure to exercise any of the remedies herein provided shall not constitute a waiver thereof by Lender, nor shall use of any such remedies prevent the subsequent or concurrent resort to any other remedy or remedies which shall be vested in Lender by operation of Law. NON-WAIVER OF REMEDIES ----------------------
12.2 No waiver of any breach or default of any provision of this Agreement or at law or in equity. To be effective, any other Loan Document shall constitute or be construed as a waiver by Lender of must be in writing and such waiver shall be limited in its effect to the condition or default specified therein; but no such waiver shall extend to any subsequent or prior breach condition or default or of impair any breach or default of any other provision of this Agreement or such other Loan Documentright consequent thereon.
Appears in 1 contract
Sources: Loan Agreement (Century Electronics Manufacturing Inc)