Common use of Effects of Event of Default Clause in Contracts

Effects of Event of Default. The Company agrees, for the benefit of the holders of Senior Indebtedness, that in the event that a Note is declared due and payable before its maturity because of the occurrence of an Event of Default, (i) the Company will give prompt notice in writing of such happening to the holders of Senior Indebtedness and (ii) all Senior Indebtedness shall forthwith become immediately due and payable upon demand, regardless of the expressed maturity thereof.

Appears in 5 contracts

Samples: Securities Purchase Agreement (Gensia Sicor Inc), Securities Purchase Agreement (Krauses Furniture Inc), Securities Purchase Agreement (Worms & Co Inc)

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Effects of Event of Default. The Company agrees, for the benefit of the holders of Senior Indebtedness, that in the event that a any Note is declared due and payable before its maturity because of the occurrence of an Event of Default, (i) the Company will give prompt notice in writing of such happening to the holders of Senior Indebtedness and (ii) all Senior Indebtedness shall forthwith become immediately due and payable upon demand, regardless of the expressed maturity thereofIndebtedness.

Appears in 1 contract

Samples: Note Purchase Agreement (Q Med Inc)

Effects of Event of Default. The Company agrees, for the benefit of --------------------------- the holders of Senior Indebtedness, that in the event that a Note is declared due and payable before its maturity because of the occurrence of an Event of Default, (ia) the Company will give prompt notice in writing of such happening to the holders of Senior Indebtedness and (iib) all Senior Indebtedness shall forthwith become immediately due and payable upon demand, regardless of the expressed maturity thereof.

Appears in 1 contract

Samples: Securities Purchase Agreement (Gensia Sicor Inc)

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Effects of Event of Default. The Company agrees, for the benefit of the holders of Senior Indebtedness, that in the event that a Note is declared due and payable before its maturity because of the occurrence of an Event of Default, (i) the Company will give prompt notice in writing of such happening to the holders of Senior Indebtedness and (ii) all Senior Indebtedness shall forthwith become immediately due and payable upon demandin full at the option of the holder(s) thereof (or otherwise as provided by the terms thereof), regardless of the expressed maturity thereof.

Appears in 1 contract

Samples: Securities Purchase Agreement (America Service Group Inc /De)

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