Default Related Provisions Clause Samples
The "Default Related Provisions" clause defines the rights and remedies available to parties if one party fails to fulfill its contractual obligations, known as a default. Typically, this clause outlines what constitutes a default, the process for notifying the defaulting party, and the steps that may be taken, such as providing a cure period or triggering termination rights. Its core practical function is to establish a clear framework for addressing breaches, thereby protecting the interests of the non-defaulting party and ensuring predictability in the event of non-performance.
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Default Related Provisions. Following the occurrence and continuance of an Event of Default beyond any applicable cure period hereunder, the Borrower shall deliver to Holder the Borrower’s stock purchase warrant, for the purchase of 109,649 shares of the Borrower’s common stock, on the same terms and conditions, and exercise price of $1.14 per share, as the Stock Purchase Warrant issued to Current Asset Management LLC concurrently with the execution and delivery of this Note.
Default Related Provisions. The occurrence of any of the events set forth in Section 19 of the Security Agreement shall constitute an Event of Default ("EVENT OF DEFAULT") hereunder.
Default Related Provisions. Following the occurrence and continuance of an Event of Default beyond any applicable cure period hereunder, the Holder shall have the following remedies:
Default Related Provisions. Conversion Privileges. The conversion privileges set forth in Article III shall remain in full force and effect immediately from the date hereof and until this Note is paid in full.
Default Related Provisions. 4.1. Following the occurrence and during the continuance of an Event of Default, interest on this Note shall automatically be increased by two percent (2%) per month, and all outstanding Obligations, including unpaid interest, shall continue to accrue interest from the date of such Event of Default at such interest rate applicable to such Obligations until such Event of Default is cured or waived.
Default Related Provisions