Common use of DEFAULT; ACCELERATION OF OBLIGATION Clause in Contracts

DEFAULT; ACCELERATION OF OBLIGATION. Purchaser will be deemed to be in default under this Note and the principal sum of this Note, together with all interest accrued thereon, will immediately become due and payable in full: (a) upon Purchaser's failure to make any payment when due under this Note; (b) upon the filing by or against Purchaser of any voluntary or involuntary petition in bankruptcy or any petition for relief under the federal bankruptcy code or any other state or federal law for the relief under the federal bankruptcy code or any other state or federal law for the relief of debtors; or (c) upon the execution by Purchaser of an assignment for the benefit of creditors or the appointment of a receiver, custodian, trustee or similar party to take possession of Purchaser's assets or property. In addition Purchaser will be deemed to be in default under this Note and the principal and interest will become due and payable in full (1) thirty (30) days following any transfer of the Shares (except (A) a transfer to the Company, or (B) a transfer to Immediate Family as set forth in Section 3(c)(vi) of the Purchase Agreement), (ii) ninety (90) days following the date Purchaser voluntarily terminates his employment or consulting relationship with the Company or (iii) six (6) months following the date Purchaser's employment or consulting relationship with the Company is terminated (other than voluntarily) for any reason (including death or disability), with or without cause. Purchaser also agrees that in connection with any termination of Purchaser's employment or consulting relationship, for any reason, whether voluntary or involuntary, if the Company exercises its Repurchase Option to repurchase all or some of the Shares under the Purchase Agreement, then the Company may cancel the appropriate amount of indebtedness due under this Note as payment for such repurchased Shares.

DEFAULT; ACCELERATION OF OBLIGATION. Purchaser will be deemed to be in default under this Note and the principal sum of this Note, together with all interest accrued thereon, will immediately become due and payable in full: : (a) upon Purchaser's failure to make any payment when due under this Note; (b) upon the filing by or against Purchaser of any voluntary or involuntary petition in bankruptcy or any petition for relief under the federal bankruptcy code or any other state or federal law for the relief under the federal bankruptcy code or any other state or federal law for the relief of debtors; or (c) upon the execution by Purchaser of an assignment for the benefit of creditors or the appointment of a receiver, custodian, trustee or similar party to take possession of Purchaser's assets or property. In addition Purchaser will be deemed to be in default under this Note and the principal and interest will become due and payable in full (1) thirty (30) days following any transfer of the Shares (except (A) a transfer to the Company, or (B) a transfer to Immediate Family as set forth in Section 3(c)(vi) of the 15 Purchase Agreement), (ii) ninety (90) days following the date Purchaser voluntarily terminates his employment or consulting relationship with the Company or (iii) six (6) months following the date Purchaser's employment or consulting relationship with the Company is terminated (other than voluntarily) for any reason (including death or disability), with or without cause. Purchaser also agrees that in connection with any termination of Purchaser's employment or consulting relationship, for any reason, whether voluntary or involuntary, if the Company exercises its Repurchase Option to repurchase all or some of the Shares under the Purchase Agreement, then the Company may cancel the appropriate amount of indebtedness due under this Note as payment for such repurchased Shares.