Upon the occurrence of an Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may at his option, but subject to the Subordination Agreement by written notice to the Maker (a) declare the entire principal amount of this Note, together with all accrued interest thereon and all other amounts payable hereunder, immediately due and payable and/or (b) exercise any or all of its rights, powers or remedies under applicable law.