Mandatory Default Amount. The definition of “Mandatory Default Amount” set forth in Section 1 of the Note is deleted in its entirety and hereby replaced with the following:
Mandatory Default Amount. The Investor agrees to waive most of the $12 million Mandatory Default Amount otherwise payable under the Note at a small fraction of the amount due in exchange for a settlement payment of $1,100,000 that the Issuer agrees to pay in shares of common stock of the Issuer (“Settlement Shares”).
Mandatory Default Amount. Upon the payment in full of the Mandatory Default Amount, the Holder shall promptly surrender this Debenture to or as directed by the Company. In connection with such acceleration described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Debenture until such time, if any, as the Holder receives full payment pursuant to this Section 8(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.
Mandatory Default Amount. The parties hereby amend the Notes such that the term "Mandatory Default Amount" shall be modified and read as follows:
