Common use of Occurrence of Event of Default Clause in Contracts

Occurrence of Event of Default. Upon the occurrence of any Event of Default, Bank may, at its option, declare the unpaid principal of and accrued interest on the Note to be immediately due and payable without notice of any kind (including, without limitation, notice of intent to accelerate and notice of acceleration) whereupon the same shall forthwith become due and payable. Bank may thereupon enforce payment of the Note and pursue any rights and remedies provided in the Security Agreement or other Loan Documents or otherwise available at law.