Common use of Default Under Basic Documents Clause in Contracts

Default Under Basic Documents. (a) The failure to make any payment of principal, interest or expenses when due or within any applicable grace period under that certain Promissory Note, dated November 8, 2005, in the principal amount of Dollars ($ ) made by the undersigned to the order of SPI, that certain Promissory Note dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan Acquisition Corp. (“Vulcan”) to the order of LPI Media, Inc. (“LPI”), or that certain Promissory Note (Escrow) dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan to the order of LPI (collectively, the “Companion Notes”); or (b) the failure in the performance or observance of any of the terms or conditions of any mortgage, deed of trust, security agreement or other agreement securing, guaranteeing or otherwise pertaining to this Note or any Companion Note (including but not limited to any Basic Document but excluding the APA, as defined below) after giving effect to any applicable curative period which may be contained therein. This Note shall automatically become due and payable, without notice or demand and without the need for any action or election by the holder hereof, upon the occurrence at any time of any of the following events of default:

Default Under Basic Documents. (a) The failure to make any payment of principal, interest or expenses when due or within any applicable grace period under that certain Promissory NoteNote (Escrow), dated November 8, 2005, in the principal amount of Dollars ($ ) made by the undersigned to the order of SPI, that certain Promissory Note dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan Acquisition Corp. (“Vulcan”) to the order of LPI Media, Inc. (“LPI”), or that certain Promissory Note (Escrow) dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan to the order of LPI (collectively, the “Companion Notes”); or (b) the failure in the performance or observance of any of the terms or conditions of any mortgage, deed of trust, security agreement or other agreement securing, guaranteeing or otherwise pertaining to this Note or any Companion Note (including but not limited to any Basic Document but excluding the APA, as defined below) after giving effect to any applicable curative period which may be contained therein. This Note shall automatically become due and payable, without notice or demand and without the need for any action or election by the holder hereof, upon the occurrence at any time of any of the following events of default:

Default Under Basic Documents. (a) The failure to make any payment of principal, interest or expenses when due or within any applicable grace period under that certain Promissory NoteNote (Escrow), dated November 8, 2005, in the principal amount of Dollars ($ ) made by the undersigned to the order of SPI, LPI; that certain Promissory Note dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan SpecPub Acquisition Corp. (“VulcanSPAC”) to the order of LPI MediaSpecPub, Inc. (“LPISPI”), ; or that certain Promissory Note (Escrow) dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan SPAC to the order of LPI SPI (collectively, the “Companion Notes”); or (b) the failure in the performance or observance of any of the terms or conditions of any mortgage, deed of trust, security agreement or other agreement securing, guaranteeing or otherwise pertaining to this Note or any Companion Note (including but not limited to any Basic Document but excluding the APA, as defined below) after giving effect to any applicable curative period which may be contained therein. This Note shall automatically become due and payable, without notice or demand and without the need for any action or election by the holder hereof, upon the occurrence at any time of any of the following events of default:

Default Under Basic Documents. (a) The failure to make any payment of principal, interest or expenses when due or within any applicable grace period under that certain Promissory Note, dated November 8, 2005, in the principal amount of Dollars ($ ) made by the undersigned to the order of SPI, LPI; that certain Promissory Note dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan SpecPub Acquisition Corp. (“VulcanSPAC”) to the order of LPI MediaSpecPub, Inc. (“LPISPI”), ; or that certain Promissory Note (Escrow) dated November 8, 2005 in the principal amount of Dollars ($ ) made by PNO and Vulcan SPAC to the order of LPI SPI (collectively, the “Companion Notes”); or (b) the failure in the performance or observance of any of the terms or conditions of any mortgage, deed of trust, security agreement or other agreement securing, guaranteeing or otherwise pertaining to this Note or any Companion Note (including but not limited to any Basic Document but excluding the APA, as defined below) after giving effect to any applicable curative period which may be contained therein. This Note shall automatically become due and payable, without notice or demand and without the need for any action or election by the holder hereof, upon the occurrence at any time of any of the following events of default: