Remedies Upon Events of Default. (a) If any Event of Default shall have occurred and be continuing, the Collateral Agent may exercise on behalf of Secured Party all the rights of a secured party under the Uniform Commercial Code (whether or not in effect in the jurisdiction where such rights are exercised) and, in addition, without being required to give any notice, except as herein provided or as may be required by mandatory provisions of law, shall: (i) deliver, or instruct the Securities Intermediary to deliver, all Collateral consisting of shares of Common Stock (or security entitlements in respect thereof) (but not in excess of the number thereof deliverable under the Stock Purchase Agreement at such time) to Secured Party on the date of the Acceleration Amount Notice relating to such Event of Default (the “Default Settlement Date”) in satisfaction of Pledgor’s obligations to deliver Common Stock (or security entitlements in respect thereof) under the Stock Purchase Agreement, whereupon Secured Party shall hold such shares of Common Stock (or security entitlements in respect thereof) absolutely free from any Lien, claim or right of any kind, including any equity or right of redemption of Pledgor that may be waived or any other right or claim of Pledgor, and Pledgor, to the extent permitted by law, hereby specifically waives all rights of redemption, stay or appraisal that it has or may have under any law now existing or hereafter adopted; and (ii) if such delivery shall be insufficient to satisfy in full all of the obligations of Pledgor under the Stock Purchase Agreement or hereunder, sell all of the remaining Collateral, or such lesser portion thereof as may be necessary to generate proceeds sufficient to satisfy in full all of the obligations of Pledgor under the Stock Purchase Agreement or hereunder, at public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery, and at such price or prices as the Collateral Agent may deem satisfactory. Pledgor covenants and agrees that it will execute and deliver such documents and take such other action as the Collateral Agent deems necessary or advisable in order that any such sale may be made in compliance with law. Upon any such sale the Collateral Agent shall have the right to deliver, assign and transfer to the buyer thereof the Collateral so sold. Each buyer at any such sale shall hold the Collateral so sold absolutely and free from any Lien, claim or right of any kind, inclu...
Remedies Upon Events of Default. Upon the occurrence and during the continuance of any Event of Default with respect to a Borrower, the Administrative Agent shall at the request, or may with the consent, of the Lenders entitled to make such request, upon notice to such Borrower (i) declare the obligation of each Lender to make Advances to such Borrower to be terminated, whereupon such obligation of each Lender shall forthwith terminate, provided, that any such request or consent pursuant to this clause (i) shall be made solely by Lenders having Percentages in the aggregate of not less 66-2/3%; and (ii) declare the Advances made to such Borrower, all interest thereon and all other amounts payable by such Borrower under this Agreement and the other Loan Documents to be forthwith due and payable, whereupon such Advances, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Borrower, provided, that any such request or consent pursuant to this clause (ii) shall be made solely by the Lenders holding at least 66-2/3% of the then aggregate unpaid principal amount of the Advances owing by such Borrower, provided, that if such Event of Default is an Event of Default pursuant to subsection (f) of Section 8.01, then (A) the obligation of each Lender to make Advances to such Borrower shall automatically be terminated and (B) the Advances made to such Borrower, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by each Borrower.
Remedies Upon Events of Default. Upon the occurrence of and during the continuance of each and every Event of Default:
Remedies Upon Events of Default. Upon the occurrence of an ------------------------------- Event of Default as herein defined, except for an Event of Default under Section 14.1(d) hereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of two-thirds of the Preferred Shares then outstanding, (a) the holders of two-thirds of the Preferred Shares then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in the Articles and (b) the holders of two-thirds of the Preferred Shares then outstanding may require the Company immediately to redeem, at $3.75 per Series A Preferred Share, $4.50 per Series B Preferred Share and $5.125 per Series C Preferred Share (appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes hereafter effected) plus all dividends unpaid and accumulated or accrued thereon, if any, to the date of such redemption, including in the case of the Series C Preferred Shares, all Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares then outstanding, and thereupon the Company shall be obligated to redeem all Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares then outstanding. Upon the occurrence of an Event of Default under Section 14.1(d) hereof, and so long as such Event of Default continues unremedied, then, unless such Event of Default shall have been waived by the holders of two-thirds of the Series C Preferred Shares then outstanding, (a) the holders of two-thirds of the Preferred Shares then outstanding shall be entitled to designate a majority of the Board of Directors of the Company as provided in the Articles and (b) the holders of two-thirds of the Series C Preferred Shares then outstanding may require the Company immediately to redeem, at $5.125 per Series C Preferred Share (appropriately adjusted to reflect stock splits, stock dividends, reorganizations, consolidations and similar changes hereafter effected) plus all dividends unpaid and accumulated or accrued thereon, if any, to the date of such redemption, including, in the case of the Series C Preferred Shares, all Series C Preferred Shares then outstanding, and thereupon the Company shall be obligated to redeem all Series C Preferred Shares then outstanding.
Remedies Upon Events of Default. For so long as any Convertible Note remains outstanding, upon the occurrence of an Event of Default as herein defined, and so long as such Event of Default continues unremedied, then, each holder of any Convertible Notes will be entitled by notice to declare the principal of and any accrued interest on the Convertible Notes, to be immediately due and payable, and thereupon the Convertible Notes, including both outstanding principal and accrued but unpaid interest will become immediately due and payable; provided, however, that when any Event of Default described in Section 7.01(e) hereof has occurred, the Convertible Notes will immediately become due and payable without presentment, demand or notice of any kind.
Remedies Upon Events of Default. Upon the occurrence and during the continuance of any Event of Default, then, and in any such event, the Administrative Agent shall at the request, or may with the consent, of the Majority Lenders, upon notice to the Borrower (i) declare the Commitments and the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) declare the Notes, all interest thereon and all other amounts payable under this Agreement to be forthwith due and payable, whereupon the Notes, all such interest and all such amounts shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that in the event of an actual or deemed entry of an order for relief with respect to the Borrower under the Federal Bankruptcy Code, (A) the Commitments and the obligation of each Lender to make Advances shall automatically be terminated and (B) the Notes, all such interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.
Remedies Upon Events of Default. Upon the occurrence of an Event of Default as herein defined, and so long as such Event of Default continues unremedied, then the holders of at least 67% of the aggregate principal amount of the Notes then outstanding shall be entitled by notice to declare the principal of and any accrued interest on the Notes to be immediately due and payable, and thereupon the Notes, including both principal and interest, shall become immediately due and payable (provided, however, that, when any Event of Default described in Section 12.1(c), (d) or (e) hereof has occurred, the Notes shall immediately become due and payable without presentment, demand or notice of any kind).
Remedies Upon Events of Default. Section 7.1.
Remedies Upon Events of Default. If any Event of Default occurs and is continuing:
Remedies Upon Events of Default. (a) During the continuation of an Event of Default (as defined in Section 3.1 of the Note) then, in addition to having all the rights and remedies of a secured party under the Uniform Commercial Code in effect in the State of New York (the “UCC”), the Pledgee may, without being required to give any notice to the Pledgor, take any or all of the following actions: (i) apply the cash (if any) then held by it hereunder pursuant hereto to the payment in full of the Obligations, (ii) deliver to the Pledge Agent the written notice set forth in, and in the form of, Exhibit B hereto, take possession of the Pledged Collateral, and, at any time following the Pledgor’s written consent pursuant to Section 9-620 of the UCC, take ownership of such amount of the Pledged Collateral which represents an amount equal to the unsatisfied Obligations, and (iii) sell the Pledged Collateral as described below.
