Common use of Remedies After an Event of Default Clause in Contracts

Remedies After an Event of Default. (a) Upon any occurrence of an Event of Default, the Authority or its agent may: (1) make no further disbursements under the Grant; and (2) take whatever action at law or in equity may appear necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the Grantee under this Agreement. (b) Upon an occurrence of an Event of Default under paragraph (a) or (b) of Section 4.01, the Authority may: (1) by written notice to the Grantee, demand repayment from the Grantee, in accordance with Section 1.04 hereof, of all or a portion of amounts previously disbursed under the Grant, whereupon such amounts shall become due and payable, without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Grantee; and (2) take whatever action at law or in equity may appear necessary or desirable to enforce ▇▇▇▇▇▇▇'s obligation under Section 1.04 to repay all or a portion of the Grant proceeds and to recover ▇▇▇▇▇ proceeds. No remedy herein conferred upon or reserved to the Authority is intended to be exclusive of any other remedy or remedies, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Upon the occurrence of an Event of Default and at any time thereafter, the Authority or its agent may, at its option, exercise any and all of the rights and remedies available to it.