Common use of Default Payment Clause in Contracts

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company to the Holder under this Note, the Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Agreement and the other Related Agreements and all obligations and liabilities of each Company under the Purchase Agreement and the other Related Agreements, to require the Companies, jointly and severally, to make a Default Payment (“Default Payment”). The Default Payment shall be one hundred twenty-five percent (125%) of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notes, the Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notes. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment pursuant to this Section 3.3.

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company to the Holder under this Note, the Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Security Agreement and the other Related Ancillary Agreements and all obligations and liabilities of each Company under the Purchase Security Agreement and the other Related Ancillary Agreements, to require the Companies, jointly and severally, to make a Default Payment (“Default Payment”). The Default Payment shall be one hundred twenty-five percent (125%) 112% of the outstanding principal amount of the Note, plus accrued but unpaid interestinterest under this Note, all other fees then remaining unpaidarising under this Note, the Security Agreement or any other Ancillary Agreement (other than the Term Note or any Minimum Borrowing Note), and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Agreement, Security Agreement and/or the Ancillary Agreements (other Related Agreementsthan the Term Note or any Minimum Borrowing Note), then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of this Note, and any remaining balance of the NotesDefault Payment shall be retained by the Holder. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.3.

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company the Companies to the Holder under this Note, the Purchase Security Agreement and/or any other Related Ancillary Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Security Agreement and the other Related Ancillary Agreements and all obligations and liabilities of each Company the Companies under the Purchase Security Agreement and the other Related Ancillary Agreements, to require the Companies, jointly and severally, to make a Default Payment (“Default Payment”). The Default Payment shall be one hundred twenty-five thirty percent (125130%) of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Security Agreement, and/or the other Related Ancillary Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notesthis Note. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.34.3.

Default Payment. Following the occurrence and during the continuance of --------------- an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company the Companies to the Holder under this Note, the Purchase Security Agreement and/or any other Related Ancillary Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Security Agreement and the other Related Ancillary Agreements and all obligations and liabilities of each Company the Companies under the Purchase Security Agreement and the other Related Ancillary Agreements, to require the Companies, jointly and severally, to make a Default Payment (“Default Payment”"DEFAULT PAYMENT"). The Default Payment shall be one hundred twenty-five twenty percent (125120%) of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Security Agreement, and/or the other Related Ancillary Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notesthis Note. The Default Payment shall be due and payable immediately on within three (3) business days of the date that the Holder has demanded payment of the Default Payment pursuant to this Section 3.3.

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company to the Holder under this Note, the Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Agreement and the other Related Agreements and all obligations and liabilities of each Company under the Purchase Agreement and the other Related Agreements, to require the Companies, jointly and severally, to make a Default Payment (“Default Payment”"DEFAULT PAYMENT"). The Default Payment shall be one hundred twenty-five percent (125%) % of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notesthis Note. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.32.3.

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company to the Holder under this Note, the Securities Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Securities Purchase Agreement and the other Related Agreements and all obligations and liabilities of each the Company under the Securities Purchase Agreement and the other Related Agreements, to require the CompaniesCompany, jointly and severally, to make a Default Payment (“Default Payment”). The Default Payment shall be one hundred twenty-five percent (125%) 130% of the outstanding principal amount Principal Amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Securities Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notesthis Note. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.3.

Default Payment. Following the occurrence and during the continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company to the Holder under this Note, the Purchase Security Agreement and/or any other Related Ancillary Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Security Agreement and the other Related Ancillary Agreements and all obligations and liabilities of each the Company under the Purchase Security Agreement and the other Related Ancillary Agreements, to require the Companies, jointly and severally, Company to make a Default Payment (“Default Payment”). The Default Payment shall be one hundred twenty-five percent (125%) 112% of the outstanding principal amount of the Note, plus accrued but unpaid interestinterest under this Note, all other fees then remaining unpaidarising under this Note or the Security Agreement or any other Ancillary Agreement (other than the Revolving Note and any Minimum Borrowing Note), and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Security Agreement, and/or the other Related AgreementsAncillary Agreements (other than the Revolving Note and any Minimum Borrowing Note), then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of this Note, and any remaining balance of the NotesDefault Payment shall be retained by the Holder. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.34.3.

Default Payment. Following the occurrence and during the ---------------- continuance of an Event of Default, the Holder, at its option, may demand repayment in full of all obligations and liabilities owing by each Company Garwood to the Holder under this Notethxx Xxxe, the Purchase Agreement and/or any other Related Agreement and/or may elect, in addition to all rights and remedies of the Holder under the Purchase Agreement and the other Related Agreements and all obligations and liabilities of each Company Garwood under the Purchase Agreement and Agrexxxxx xnd the other Related Agreements, to require the Companies, jointly and severally, Garwood to make a Default Payment Paymenx (“Default Payment”"XXXAULT PAYMENT"). The Default Payment shall be one hundred twenty-five percent (125%) 130% of the outstanding principal amount of the Note, plus accrued but unpaid interest, all other fees then remaining unpaid, and all other amounts payable hereunder. The Default Payment shall be applied first to any fees due and payable pro rata, based on outstanding Principal Amounts, to the Holder and the other Purchasers pursuant to the Notesthis Note, the Purchase Agreement, and/or the other Related Agreements, then to accrued and unpaid interest due on this Note and then to the outstanding principal balance of the Notesthis Note. The Default Payment shall be due and payable immediately on the date that the Holder has demanded payment of the Default Payment exercised its rights pursuant to this Section 3.32.3.