Common use of Acceleration Right Clause in Contracts

Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the Holders. At any time after the earlier of the Agent’s and the Holders’ receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of Default, the Required Holders may require the Companies to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the Companies, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Required Holders are requiring the Companies to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes shall automatically, and without any action on behalf of the Agent or any Holder, be redeemed by the Companies. All Notes subject to redemption by the Companies pursuant to this Section 10.2 shall be redeemed by the Companies at a price equal to the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest and accrued and unpaid Late Charges (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon an Event of Default Redemption, the Companies shall deliver the applicable Event of Default Redemption Price to the Holders within five (5) Business Days after the Companies’ receipt of the Event of Default Redemption Notice. In the event of a redemption of less than all of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 2 contracts

Samples: Securities Purchase Agreement (Qsgi Inc.), Securities Purchase Agreement (Qsgi Inc.)

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Acceleration Right. (ai) Promptly after having knowledge of the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof via email, facsimile email and overnight courier (an “Event of Default Notice”) to the Agent and the HoldersLender. At any time after the earlier of the AgentLender’s and the Holders’ receipt of an Event of Default Notice and the Agent Lender and the any other Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Lender or such other Holders may require the Companies Borrower to redeem all or any portion of the Notes this Subordinated Note (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes this Subordinated Note that the Required Lender or any other Holders are requiring the Companies Borrower to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c10(a)(ii) or Section 10.1(dand (iii), the Notes Subordinated Notes, in whole, shall automatically, and without any action on behalf of the Agent Lender or any Holderother Holders, be redeemed by the CompaniesBorrower. All The Subordinated Notes subject to redemption by the Companies pursuant to this Section 10.2 shall be redeemed by the Companies Borrower at a price equal to one hundred five percent (105%) of the outstanding principal amount of the Subordinated Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest and accrued and unpaid Late Charges interest (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (bii) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Lender within five (5) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In the event of a redemption of less than all of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 2 contracts

Samples: Note (Midwest Energy Emissions Corp.), Financing Agreement (Midwest Energy Emissions Corp.)

Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies Borrower Representative shall deliver written notice thereof via email, facsimile and overnight courier (an "Event of Default Notice") to the Agent and the HoldersAgent. At any time after the earlier of the Agent’s 's and the Holders' receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Agent, at the Request of the Required Holders Holders, may require the Companies Borrowers to redeem all or any portion of the Notes (an "Event of Default Redemption") by delivering written notice thereof (the "Event of Default Redemption Notice") to the CompaniesBorrower Representative, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Agent, at the request of the Required Holders are Holders, is requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Notes, in whole, shall automatically, and without any action on behalf of the Agent or any HolderAgent, be redeemed by the CompaniesBorrowers. All Notes subject to redemption by the Companies Borrowers pursuant to this Section 10.2 shall be redeemed by the Companies Borrowers at a price equal to the outstanding principal amount of the Notes, plus the accrued and unpaid interest, Yield Maintenance Premium, plus accrued and unpaid Interest and accrued and unpaid Late Charges and all other amounts due under the Transaction Documents (the "Event of Default Redemption Price"). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrowers shall deliver the applicable Event of Default Redemption Price to the Holders Agent within five three (53) Business Days after the Companies’ Borrower Representative's receipt of the Event of Default Redemption Notice. In the event case of a redemption an Event of Default Redemption of less than all of the principal of the Notes, the Companies Borrowers shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (SOCIAL REALITY, Inc.)

Acceleration Right. (a) Promptly after having knowledge of the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof in accordance with Section 8.3(c) via email, facsimile email and overnight courier (an “Event of Default Notice”) to the Agent and the HoldersLender. At any time after the earlier of the AgentLender’s and the Holders’ receipt of an Event of Default Notice and the Agent Lender and the any other Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Lender or such other Holders may require the Companies Borrower to redeem all or any portion of the Notes Secured Note and LC Note (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes Secured Note and LC Note that the Required Lender or any other Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Secured Notes and LC Notes, in whole, shall automatically, and without any action on behalf of the Agent Lender or any Holderother Holders, be redeemed by the CompaniesBorrower. All The Secured Notes subject to redemption by the Companies pursuant to this Section 10.2 and LC Notes shall be redeemed by the Companies Borrower at a price equal to one hundred five percent (105%) of the outstanding principal amount of the Secured Notes and LC Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest and accrued and unpaid Late Charges all other amounts due under the Secured Notes Documents (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Lender within five (5) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In the event of a redemption of less than all of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (Midwest Energy Emissions Corp.)

Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies Borrowers shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the Holders. At any time after the earlier of the Agent’s and the Holders’ receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Holders may require the Companies Borrowers to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrowers, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Required Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Notes, in whole, shall automatically, and without any action on behalf of the Agent or any Holder, be redeemed by the CompaniesBorrowers. All Notes subject to redemption by the Companies Borrowers pursuant to this Section 10.2 shall be redeemed by the Companies Borrowers at a price equal to the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest and accrued and unpaid Late Charges (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers Lenders or Holders, as applicable, to purchase additional Notes and Shares under this Agreement and make readvances with respect to Revolving Notes shall irrevocably terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrowers shall deliver the applicable Event of Default Redemption Price to the Holders Agent within five three (53) Business Days after the CompaniesBorrowers’ receipt of the Event of Default Redemption Notice. In the event case of a redemption an Event of Default Redemption of less than all of the principal of the Notes, the Companies Borrowers shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (Unigene Laboratories Inc)

Acceleration Right. (a) Promptly after having knowledge of the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent Lender and the Holdersany other Holder. At any time after the earlier of the AgentLender’s and the Holders’ or any other Holder’s receipt of an Event of Default Notice and the Agent and the Holders Lender o any other Holder becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Holders Lender or such other Holder may require the Companies Borrower to redeem all or any portion of the Notes New Note together with such other amounts as shall then be due and owning thereunder (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes New Note together with such other amounts as shall then be due and owning thereunder that the Required Holders Lender or any other Holder are requiring the Companies Borrower to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c8.1(c) or Section 10.1(d8.1(d), the Notes New Note, in whole, together with such other amounts as shall then be due and owning thereunder shall automatically, and without any action on behalf of the Agent Lender or any other Holder, be redeemed by the CompaniesBorrower. All Notes subject to redemption by the Companies pursuant to this Section 10.2 The New Note shall be redeemed by the Companies Borrower at a price equal to one hundred percent (100%) of the outstanding principal amount of the Notes, plus the Yield Maintenance PremiumNew Note, plus accrued and unpaid Interest interest, if any, and accrued and unpaid Late Charges all other amounts due under the Transaction Documents except for any amounts due pursuant to the Restructured Profit Share (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default The Restructured Profit Share, which is “non-recourse” as described in Section 10.1(c) or Section 10.1(d)2.4, shall remain subject to the agreement terms of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement until full and make readvances with respect to Revolving Notes shall terminatefinal payment. (b) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Lender within five (5) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In the event of a redemption of less than all of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Unsecured Debt Restructuring Agreement (Midwest Energy Emissions Corp.)

Acceleration Right. (a) Promptly after having knowledge of the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof in accordance with Section 8.3(c) via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the HoldersLender. At any time after the earlier of the AgentLender’s and the Holders’ receipt of an Event of Default Notice and the Agent Lender and the any other Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Lender or such other Holders may require the Companies Borrower to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes Note that the Required Lender or any other Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Note, in whole, shall automatically, and without any action on behalf of the Agent Lender or any Holderother Holders, be redeemed by the CompaniesBorrower. All Notes subject to redemption by the Companies pursuant to this Section 10.2 The Note shall be redeemed by the Companies Borrower at a price equal to one hundred five percent (105%) of the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest and accrued and unpaid Late Charges all other amounts due under the Transaction Documents (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Lender within five (5) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In The redemption obligations herein are subject to the event of a redemption of less than all terms of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemedIntercreditor Agreement.

Appears in 1 contract

Samples: Financing Agreement (Midwest Energy Emissions Corp.)

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Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the Holders. At any time after the earlier of the Agent’s and the Holders’ receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Holders may require the Companies Borrower to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Required Holders are requiring the Companies Borrower to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Notes, in whole, shall automatically, and without any action on behalf of the Agent or any Holder, be redeemed by the CompaniesBorrower. All Notes subject to redemption by the Companies Borrower pursuant to this Section 10.2 shall be redeemed by the Companies Borrower at a price equal to the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest and accrued and unpaid Late Charges Charges, Yield Maintenance Premium and all other amounts due under the Transaction Documents (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Agent within five three (53) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In the event case of a redemption an Event of Default Redemption of less than all of the principal of the Notes, the Companies Borrower shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (Wave2Wave Communications, Inc.)

Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies Borrowers shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the Holders. At any time after the earlier of the Agent’s and the Holders’ receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Holders may require the Companies Borrowers to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrowers, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Required Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Notes, in whole, shall automatically, and without any action on behalf of the Agent or any Holder, be redeemed by the CompaniesBorrowers. All Notes subject to redemption by the Companies Borrowers pursuant to this Section 10.2 shall be redeemed by the Companies Borrowers at a price equal to the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest and accrued and unpaid Late Charges (the “Event of Default Redemption Price”); provided, however, if the applicable Event of Default is a Triggering Event, the price for redemption of the Notes shall be equal to the greater of (i) an amount equal to the sum of one hundred fifteen percent (115%) of the outstanding principal amount of the Notes, plus accrued and unpaid interest, plus accrued and unpaid Late Charges and (ii) an amount equal to the product of (A) the number of Conversion Shares into which the principal amount and all accrued and unpaid interest outstanding under the Notes may, without giving effect to any limitations set forth in Section 4 of the Notes, be converted as of the date of the Triggering Event pursuant to the terms of the Notes, multiplied by (B) the Weighted Average Price (as defined in the Notes) for one (1) share of Common Stock as of the date of the Triggering Event (the “Triggering Event Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the any agreement of the Buyers Lenders or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall irrevocably terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrowers shall deliver the applicable Event of Default Redemption Price or Triggering Event Redemption Price, as applicable, to the Holders Agent within five three (53) Business Days after the CompaniesBorrowers’ receipt of the Event of Default Redemption Notice. In the event case of a redemption an Event of Default Redemption of less than all of the principal of the Notes, the Companies Borrowers shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (Unigene Laboratories Inc)

Acceleration Right. (a) Promptly after the occurrence of an Event of Default, the Companies Borrowers shall deliver written notice thereof via email, facsimile and overnight courier (an “Event of Default Notice”) to the Agent and the Holders. At any time after the earlier of the Agent’s and the Holders’ receipt of an Event of Default Notice and the Agent and the Holders becoming aware of an Event of Default, the Required Holders may require the Companies Borrowers to redeem all or any portion of the Notes (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrowers, which Event of Default Redemption Notice shall indicate the portion of the Notes that the Required Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the Notes Notes, in whole, shall automatically, and without any action on behalf of the Agent or any Holder, be redeemed by the CompaniesBorrowers. All Notes subject to redemption by the Companies Borrowers pursuant to this Section 10.2 shall be redeemed by the Companies Borrowers at a price equal to the outstanding principal amount of the Notes, plus the Yield Maintenance Premium, plus accrued and unpaid Interest interest (including (i) the Make-Whole Interest, if applicable, (ii) if any Event of Default described in Section 10.1(c) or Section 10.2 shall occur prior to the one-year anniversary of the Closing Date, any interest that would accrue and be payable during the period from the date of such Event of Default through and including such one-year anniversary, and (iii) if any Event of Default described in Section 10.1(c) or Section 10.1(d) shall occur on or after the one-year anniversary of the Closing Date and prior to the Maturity Date, any interest that would accrue and be payable during the period from the date of such Event of Default through and including the Maturity Date) and accrued and unpaid Late Charges (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default described in Section 10.1(c) or Section 10.1(d), the agreement of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement and make readvances with respect to Revolving Notes shall terminate. (b) Upon In the case of an Event of Default Redemption, the Companies Borrowers shall deliver the applicable Event of Default Redemption Price to the Holders within five three (53) Business Days after the CompaniesBorrowers’ receipt of the Event of Default Redemption Notice. In the event case of a redemption an Event of Default Redemption of less than all of the principal of the Notes, the Companies Borrowers shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Financing Agreement (Jamba, Inc.)

Acceleration Right. (a) Promptly after having knowledge of the occurrence of an Event of Default, the Companies Borrower shall deliver written notice thereof via email, facsimile email and overnight courier (an “Event of Default Notice”) to the Agent Lender and the Holders. At any time after the earlier of the AgentLender’s and the Holders’ receipt of an Event of Default Notice and the Agent Lender and the any other Holders becoming aware of an Event of DefaultDefault which has not been cured or waived, the Required Lender or such other Holders may require the Companies Borrower to redeem all or any portion of the Notes Unsecured Note (an “Event of Default Redemption”) by delivering written notice thereof (the “Event of Default Redemption Notice”) to the CompaniesBorrower, which Event of Default Redemption Notice shall indicate the portion of the Notes Unsecured Note that the Required Lender or any other Holders are requiring the Companies Borrowers to redeem; provided, that upon the occurrence of any default or Event of Default described in Section 10.1(c9.1(c) or Section 10.1(d9.1(d), the Notes Unsecured Notes, in whole, shall automatically, and without any action on behalf of the Agent Lender or any Holderother Holders, be redeemed by the CompaniesBorrower. All Notes subject to redemption by the Companies pursuant to this Section 10.2 The Unsecured Note shall be redeemed by the Companies Borrower at a price equal to one hundred five percent (105%) of the outstanding principal amount of the Notes, plus the Yield Maintenance PremiumUnsecured Note, plus accrued and unpaid Interest interest, if any, and accrued and unpaid Late Charges all other amounts due under the Transaction Documents except for any amounts due pursuant to the Profit Share (the “Event of Default Redemption Price”). Upon the delivery of an Event of Default Redemption Notice and upon the occurrence of any default or Event of Default The Profit Share, which is “non-recourse” as described in Section 10.1(c) or Section 10.1(d)2.4, shall remain subject to the agreement terms of the Buyers or Holders, as applicable, to purchase additional Notes under this Agreement until full and make readvances with respect to Revolving Notes shall terminatefinal payment. (b) Upon In the case of an Event of Default Redemption, the Companies Borrower shall deliver the applicable Event of Default Redemption Price to the Holders Lender within five (5) Business Days after the Companies’ Borrower’s receipt of the Event of Default Redemption Notice. In the event of a redemption of less than all of the principal of the Notes, the Companies shall promptly cause to be issued and delivered to the Holders new Notes (in accordance with Section 2.7) representing the outstanding principal which has not been redeemed.

Appears in 1 contract

Samples: Unsecured Note Financing Agreement (Midwest Energy Emissions Corp.)

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