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2 <br />477332v4 EL185-40 <br />late charge fee shall not be deemed a waiver of the Lender’s right to declare an Event of Default <br />and exercise its rights and remedies as provided for in the Loan Agreement and the Security <br />Documents. <br /> <br />Each Monthly Installment and other payments made under this Note shall be applied as <br />follows: (i) first, to be applied against and pay interest which has accrued and remains unpaid on <br />the date the payment is received; then (ii) to be applied against and pay unpaid late charges and <br />any other charges, including attorneys’ fees and protective advances; and then (iii) all remaining <br />amounts, if any, shall be applied against and reduce the then outstanding principal balance of this <br />Note. <br /> <br />If an Event of Default shall occur hereunder or under the Loan Agreement or any <br />Security Document and any cure period provided for in the Loan Agreement or such Security <br />Document has expired, the Borrower agrees to pay a default rate of interest equal to ten percent <br />(10.00%) per annum as the applicable interest rate of this Note, and the entire principal amount <br />outstanding, accrued interest and any other charges due hereon shall at once become due and <br />payable at the option of the Lender or the holder hereof. Any failure of the Lender to exercise its <br />right to increase the interest rate by the default rate of interest set forth above or its option to <br />accelerate this Note at any time shall not constitute a waiver of the right to exercise the same <br />right to increase the interest rate or accelerate at any subsequent time. Notwithstanding anything <br />contained herein to the contrary, the default rate of interest hereon shall never exceed the highest <br />rate permitted by law. <br /> <br />The Borrower may prepay the principal under this note at any time and from time to time, <br />in whole or in part, without premium or penalty. No partial prepayment shall postpone the due <br />date of any Monthly Installment or reduce the amount of any such Monthly Installment unless <br />the Lender agrees otherwise in writing. <br /> <br />All sums payable to the Lender under this Note shall be paid in immediately available <br />funds. <br /> <br />The Borrower promises to pay all costs in connection with the enforcement of this Note, <br />including but not limited to, those costs, expenses and attorneys’ fees of Lender whether or not <br />suit is filed with respect thereto and whether or not such cost or expense is paid or incurred or to <br />be paid or incurred prior to or after the entry of judgment or for the pursuance of, or defense of, <br />any litigation, appellate, bankruptcy or insolvency proceeding. <br /> <br />Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, <br />guarantors and endorsers hereof. This Note shall be binding upon Borrower, its successors and <br />assigns. <br /> <br />The remedies of Lender, as provided herein and in the Loan Agreement and the Security <br />Documents, shall be cumulative and concurrent and may be pursued singly, successively or <br />together, at the sole discretion of Lender, and may be exercised as often as occasion therefor <br />shall occur; and the failure to exercise any such right or remedy shall in no event be construed as <br />a waiver or release thereof.