Payment Event of Default. The Borrower may, at any time or from time to time, prepay Loans in whole or in part without premium or penalty. Both principal and interest are payable to such account or accounts as the Lender may direct, in United States Dollars and same day funds, free and clear or, and without deduction for, any and all taxes, levies, imposts, deductions, charges, withholdings and liabilities with respect thereto. If any of the following events (each, an "Event of Default") shall occur: (a) the failure of the Borrower to pay within 30 days after the date when due any interest owed hereunder, (b) the failure of the Borrower to observe the covenants in Section 7 hereof, (c) the merger Agreement is terminated pursuant to Section 8.3(a) or 8.4(a) thereof, (d) after any termination of the Merger Agreement, the Borrower merges or consolidates or there is a sale of all or substantially all assets of the Borrower and its Subsidiaries, immediately after which merger, consolidation or sale the stockholders of the Borrower immediately prior to consummation thereof own less than a majority of the equity of the surviving company or the company to which such assets shall have been transferred, (e) the Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or (f) any proceeding shall be instituted by or against the Borrower seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted against it (but not instituted by it), such proceeding shall remain undismissed or unstayed for a period of 60 days, or the Borrower shall take any action to authorize any of the actions set forth above in this clause (f); then, in the case of an Event of Default described in clause (f), the Loans made under this Agreement shall be immediately due and payable, whereupon all principal of and interest on all Loans made under this Agreement shall become and be forthwith immediately due and payable; and in the case of any other Event of Default t...
Payment Event of Default. See Section
Payment Event of Default. Following the occurrence of any Payment Event of Default and in addition to all other rights and remedies provided by this Agreement or applicable law, for each payment not timely made under this Agreement, the applicable Minimum Interest multiple will be increased by 0.015 on the Payoff Date; provided that for the first two Payment Events of Default and for purposes of this Section 8.2 only, Company will have 15 days to cure such instances of a Payment Event of Default without a corresponding increase to the Minimum Interest multiple. The applicable Minimum Interest multiple will be increased regardless of whether Lender notifies Company of any Payment Event of Default. If Company has not fully cured such Payment Event of Default at the end of such 15 day period, the applicable Minimum Interest multiple will increase as described above. Beginning with the third Payment Event of Default and continuing with each Payment Event of Default thereafter, the applicable Minimum Interest multiple will increase by 0.015 on the Payoff Date upon the occurrence of each such Payment Event of Default regardless of whether or not such Payment Event of Default is subsequently cured.
Payment Event of Default. The Note Amount and all accrued and unpaid interest shall be due and payable on the earlier of (i) the 365th calendar day after the date of this Note and (ii) the occurrence of an Event of Default. Subject to the terms hereof, payments of the amounts due under this Note shall be made to the Company at its address set forth in Section 7 hereof, or such other place or places as may be specified by the Company in a written notice to the Maker at least ten (10) Business Days prior to the payment date or to the order of the Company. If any payment on this Note becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day. The Maker shall have the right at any time or from time to time to prepay this Note in whole or in part without penalty or premium. If this Note is paid in full, the Maker may require the Company to surrender this Note.
Payment Event of Default. Any event (other than a Payment Event of ---------------------------- Default) the occurrence of which entitles one or more Persons to accelerate the maturity of any Senior Indebtedness.
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Payment Event of Default. 1.1 This Note shall bear interest at a rate equal to eight percent (8%) per annum from the date hereof until either (i) at the option of the Trust, the principal amount of this Note has been converted into the Common Stock (as hereinafter defined) or (ii) paid in full, on the Demand Date. The interest accrued on this Note shall be payable or convertible into the Common Stock (as hereinafter defined) on the first anniversary of the date of this Note (the "First Anniversary Interest Payment Date"). Payments of the amounts due under this Note shall be made to the Trust at its address set forth in Section 4 hereof, or such other place or places as may be specified by the Trust in a written notice to the Maker at least ten (10) Business Days prior to the payment date or to the order of the Trust.
1.2 If any payment on this Note becomes due and payable on a day other than a Business Day, the due date thereof shall be extended to the next succeeding Business Day.
1.3 The failure of the Maker to timely pay amounts due under this Note within five (5) Business Days after notice of said nonpayment shall have been given by or on behalf of the Trust to the Maker shall be an "Event of Default." In the event of an Event of Default or if it shall become necessary at any time or from time to time to enforce the payment of this Note or any of the provisions hereof, whether or not any legal action is instituted for such purpose, the Maker agrees to pay (in addition to all other sums to be paid hereunder) the reasonable attorneys' fees, costs and expenses thereby incurred by the Trust solely related to the collection hereunder.
1.4 The Maker shall have the right at any time or from time to time to prepay this Note in whole or in part without penalty or premium. Upon prepayment of part of the principal amount of this Note, the Maker may require the Trust to present this Note for notation of such payment and, if this Note is paid in full, require the holder to surrender this Note.
1.5 If the Maker fails to timely pay any amount payable hereunder, then the unpaid principal balance shall bear interest from the due date until paid at the rate of ten percent (10%) per annum.
Payment Event of Default. Pursuant to Section 2.21(a) of the Credit Agreement, Borrowers are required, when any Borrower sells or otherwise disposes of any Collateral other than Inventory in the Ordinary Course of Business, to repay the Advances in an amount equal to the net proceeds of such sale. Borrowers informed Agent and the lenders that during the 2013 fiscal year Borrowers received approximately $211,000 in net proceeds from the disposition of non-Inventory Collateral which were not remitted to repay the Advances. Pursuant to Sections 10.1 and 10.5 of the Credit Agreement, an Event of Default has occurred and is continuing by virtue of the Borrower's failure to repay outstanding Obligations (the "Payment Event of Default"; and together with the Lease Event of Default, collectively the "Known Existing Defaults'');
Payment Event of Default. If the Nationwide Non-Payment Event of Default is of a nature which cannot reasonably be cured within a 30-day period, then such 30- day period shall be extended to 60 days if the cure to such Nationwide Non- Payment Event of Default has been commenced and is being diligently pursued. Nationwide agrees that it shall not take any Acceleration Actions with respect to the Nationwide Obligations before the expiration of such 30-day or 60-day period, as the case may be. In the event the Lenders shall timely cure any Nationwide Non-Payment Event of Default as provided in this Section 3(b), Nationwide shall be deemed to have forever waived any Event of Default under the Loan Documents by reason of the occurrence of such Nationwide Non-Payment Event of Default and Nationwide shall not take any Acceleration Actions with respect to the Nationwide Obligations by reason of the occurrence of such Nationwide Non-Payment
Payment Event of Default. Upon the occurrence of a Payment Event of Default with respect to a particular Issue,
