Common use of Prepayment Procedures Clause in Contracts

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Secured Note pursuant to Sections 3.3 or 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price and the time at which Purchaser shall thereafter not be entitled to deliver a Notice of Conversion for the Secured Note) as follows: (i) A prepayment pursuant to Section 3.3, the "prepayment date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration Default; and (iii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date and on the effective date of a prepayment or redemption of the Secured Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the prepayment/redemption price to Purchaser of the Secured Note subject to prepayment or redemption. Should Purchaser not receive payment of any amounts due on prepayment or redemption of its Secured Note by reason of the Company`s failure to make payment at the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the greater of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys` fees and costs, whether or not suit or other formal proceedings are instituted.

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Secured Note pursuant to Sections 3.3 or 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price and the time at which Purchaser shall thereafter not be entitled to deliver a Notice of Conversion for the Secured Note) or Pre-Payment Price as follows: (i) A prepayment pursuant to Section 3.3, the "prepayment datePrepayment Date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration Default; and (iii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date and (if the Company has elected to repay in cash the remaining principal balance of the Note) or on the effective date of a prepayment repayment or redemption a portion of the Secured principal balance of the Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the prepaymentrepayment/redemption price to each Purchaser of the Secured Note subject to prepayment or redemption. Should any Purchaser not receive payment of any amounts due on prepayment or redemption of its Secured Note by reason of the Company`s Company's failure to make payment at within three business days of the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the greater lesser of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys` ' fees and costs, whether or not suit or other formal proceedings are instituted.

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Secured Bridge Note pursuant to Sections 3.3 or Section 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price and the time at which Purchaser shall thereafter not be entitled to deliver a Notice of Conversion for the Secured Note) as follows: (i) A prepayment pursuant to Section 3.3, the "prepayment date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration DefaultEvent; and (iiiii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date and on the effective date of a prepayment repayment or redemption of the Secured Bridge Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the prepaymentrepayment/redemption price to each Purchaser of the Secured Bridge Note subject to prepayment or redemption. Should any Purchaser not receive payment of any amounts due on prepayment or redemption of its Secured Bridge Note by reason of the Company`s Company's failure to make payment at the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the greater lesser of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys` ' fees and costs, whether or not suit or other formal proceedings are instituted.