Common use of Remedies Upon an Event of Default Clause in Contracts

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 7 contracts

Samples: Marizyme, Inc., Marizyme, Inc., Marizyme Inc

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Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, ; provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), or 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereofhereof (provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

Appears in 4 contracts

Samples: Freight Technologies, Inc., Indonesia Energy Corp LTD, Freight Technologies, Inc.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days for all other Events of DefaultDefault (the relevant period, providedthe “Applicable Cure Period”), provided however, that there shall be no cure period for an Event of Default described in Section Sections 2.1(a), 2.1(d), 2.1(i), 2.1(j) or 2.1(k)) hereof, the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 3 contracts

Samples: Gse Systems Inc, Gse Systems Inc, Gse Systems Inc

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 3 contracts

Samples: Wisa Technologies, Inc., Wisa Technologies, Inc., Summit Wireless Technologies, Inc.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, ; provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i2.1(g), 2.1(j) or 2.1(k2.1(h), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereofhereof (provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

Appears in 2 contracts

Samples: Indonesia Energy Corp LTD, Indonesia Energy Corp LTD

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days following the Company becoming aware of such Event of Default or the Holder notifying the Company in writing of the occurrence of such Event of Default, whichever is earlier, for an Event of Default described in Section 2.1(a), 2.1(c), 2.1(d), 2.1(i), or 2.1(m) or for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days following the Company becoming aware of such Event of Default or the Holder notifying the Company in writing of the occurrence of such Event of Default, whichever is earlier, for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j2.1(k) or 2.1(k2.1(t), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 2 contracts

Samples: COMSovereign Holding Corp., COMSovereign Holding Corp.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within the later of (i) the applicable cure period set forth in Section 2.1 above, (ii) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (iiiii) ten (10) Business Days for all other Events of Default, ; provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), or 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereofhereof (provided all payments shall be subject to the provisions of the Purchase Agreement with respect to the holders of the Other Notes).

Appears in 1 contract

Samples: Phoenix Motor Inc.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s 's failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten fifteen (1015) Business Days for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: Seelos Therapeutics, Inc.

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Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within the later of (i) the applicable cure period set forth in Section 2.1 above, (ii) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (iiiii) ten (10) Business Days for all other Events of Default, ; provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i2.1(g), 2.1(j) or 2.1(k2.1(h), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: Phoenix Motor Inc.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 2.4 of this Note, or (ii) ten five (105) Business Days for all other Events of Default, ; provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(iSections 2.1(g), 2.1(j) or 2.1(k2.1(h), the Maker shall be obligated to pay to the Holder the Mandatory Default Premium Amount, which Mandatory Default Premium Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: Convertible Promissory Note (Cyber App Solutions Corp.)

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with [Section 7.1(c) )] of the Purchase Agreement or Section 4.2 of this Note, or (ii) ten (10) Business Days for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: Marizyme Inc

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two (2) Business Days for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten fifteen (1015) Business Days for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j) or 2.1(k), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: Seelos Therapeutics, Inc.

Remedies Upon an Event of Default. (a) Upon the occurrence of any Event of Default that has not been remedied within (i) two three (23) Business Days following the Company becoming aware of such Event of Default or the Holder notifying the Company in writing of the occurrence of such Event of Default, whichever is earlier, for an Event of Default described in Section 2.1(a), 2.1(c), 2.1(d), 2.1(i), or 2.1(m) or for an Event of Default occurring by the Company’s failure to comply with Section 7.1(c) of the Purchase Agreement or Section 4.2 3.2 of this Note, or (ii) ten (10) Business Days following the Company becoming aware of such Event of Default or the Holder notifying the Company in writing of the occurrence of such Event of Default, whichever is earlier, for all other Events of Default, provided, however, that there shall be no cure period for an Event of Default described in Section 2.1(i), 2.1(j2.1(k) or 2.1(k2.1(t), the Maker shall be obligated to pay to the Holder the Mandatory Default Amount, which Mandatory Default Amount shall be earned by the Holder on the date the Event of Default giving rise thereto occurs and shall be due and payable on the earlier to occur of the Maturity Date, upon conversion, redemption or prepayment of this Note or the date on which all amounts owing hereunder have been accelerated in accordance with the terms hereof.

Appears in 1 contract

Samples: COMSovereign Holding Corp.

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