Defaults by AOL Sample Clauses

Defaults by AOL. Upon any default by AOL in the timely payment of the full amount owed the Company with respect to any Shares to be purchased by AOL at the Initial Closing or any Additional Closing (each, an "AOL PAYMENT DEFAULT"), the Company, Aspen and Atlantis shall have the right to effect any or all of the following remedies: A. The Company shall have all remedies available at law or in equity upon any AOL Payment Default. Interest shall accrue on the amount of each AOL Payment Default at the Default Rate from the date due until the date paid in full. If any legal proceedings relating to an AOL Payment Default are commenced by the Company, the prevailing party in such proceedings shall be entitled to its reasonable attorneys' fees and costs in such proceeding. In addition, for the period commencing on the first day of the month in which any such AOL Payment Default first arises until such AOL Payment Default is fully cured by AOL, AOL and each of its Affiliates and Subsidiaries shall not be entitled to any dividends or other distributions in respect of any of their Company Securities, which dividends and distributions shall be applied to such AOL Payment Default and, only after such AOL Payment Default shall be fully cured by AOL, be paid to AOL and its Affiliates or Subsidiaries, as applicable. B. Notwithstanding anything to the contrary contained in subsection A hereof, immediately upon the occurrence of an AOL Payment Default, the Company shall notify each of Aspen and Atlantis of such AOL Payment Default, and, in addition to the Company's exercise of any additional remedy hereunder, Aspen and Atlantis shall each have the individual right, but not the obligation, to cure all or any portion of the AOL Payment Default and to receive from the Company, subject to Section 1.03 hereof, a number of Shares equal to the quotient obtained by dividing (i) the aggregate amount of the applicable AOL Payment Default that is paid by Aspen and/or Atlantis by (ii) the Stipulated Price (the "AOL DEFAULT SHARES"). Such right shall be exercised by delivering a written notice to the Company and AOL within five (5) Business Days after the date of the Company's notice delivered pursuant to this subsection, which exercise notice shall specify the number of Shares which Aspen or Atlantis, as applicable, is electing to purchase pursuant to this provision. If the aggregate amount of the elections made by Aspen and Atlantis pursuant to timely election notices exceeds the aggregate number of A...