Common use of Existence of Default under GZ Notes Clause in Contracts

Existence of Default under GZ Notes. Generation Zero acknowledges and agrees that, but for this Agreement, (i) the GZ Notes are in default and that an Event of Default under the GZ Notes has occurred, (ii) the full unpaid principal of the GZ Notes is due and payable, and (iii) the 60 day period referenced in Section 6.11 of the operating agreement of URL Holding has passed, entitling the Directors of URL Holding to cancel Generation Zero’s shares in URL Holding, issue shares to Collateral Agent and participate in a consensual foreclosure.

Existence of Default under GZ Notes. Generation Zero acknowledges and agrees that, but for this Agreement, that (i) the GZ Notes are in default and that an Event of Default under the GZ Notes has occurred, (ii) the full unpaid principal and accrued but unpaid interest of the GZ Notes is due and payable, and (iii) the 60 day period referenced in Section 6.11 of the operating agreement of URL Holding has passed, entitling the Directors of URL Holding to cancel Generation Zero’s shares in URL Holding, issue shares to Collateral Agent and participate in conduct a non- consensual foreclosure.

Existence of Default under GZ Notes. Generation Zero acknowledges and agrees that, but for this Agreement, that (i) the GZ Notes are in default and that an Event of Default under the GZ Notes has occurred, (ii) the full unpaid principal and accrued but unpaid interest of the GZ Notes is due and payable, (iii) Generation Zero’s opportunity to purchase a 30-day extension, as described in the GZ Notes, has expired, and (iiiiv) the 60 day period referenced in Section 6.11 of the operating agreement of URL Holding has passed, entitling the Directors of URL Holding to cancel Generation Zero’s shares in URL Holding, issue shares to Collateral Agent and participate in a consensual foreclosure.