Common use of Procedure on Default Clause in Contracts

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the Line of Credit due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of the Pledge and Security Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Line of Credit under this Master Promissory Note and the Credit Agreement shall be deemed paid-in-full and the Creditor shall have no further claims against the Debtor with respect to the Line of Credit.

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the Line of Credit entire Obligation hereby secured immediately due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of the Pledge and Security this Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Line of Obligation under the Credit under this Agreement and the Master Promissory Note and the Credit Agreement shall be deemed paid-in-full and the Creditor shall have no further claims against the Debtor with respect to the Line of Credit.Obligation. 12

Procedure on Default. Upon the occurrence of an event of default, and at any time thereafter, Creditor may elect to declare the Line of Credit entire Obligation immediately due and payable and after notice of default has expired, at any time thereafter, without further notice, Creditor may take possession of the Collateral pursuant to the terms of the Pledge and Security Agreement. At such time that Creditor elects to take possession of the Collateral, Debtor shall give Creditor its full and complete cooperation in immediately transferring the Collateral to Creditor. At such time as the Collateral has been transferred by Debtor to Creditor the entire Line of Credit Obligation under this Agreement and the Master Promissory Note and the Credit Agreement shall be deemed paid-in-in- full and the Creditor shall have no further claims against the Debtor with respect to the Line of CreditObligation.