Common use of Payment of Notes; Satisfaction of Obligations Clause in Contracts

Payment of Notes; Satisfaction of Obligations. (i) The Company shall pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes. (ii) If there has occurred and is continuing any Event of Default, defined below, under Sections 6(a)(i)(A) or 6(a)(i)(B) hereof, then to the extent lawful, the Company shall pay interest (including interest accruing after the commencement of any proceeding under any Bankruptcy Law) on all unpaid amounts outstanding under the Notes (including overdue installments of principal or interest) at the Default Rate, compounded quarterly. (iii) Subject to performance by all other parties thereto of their respective obligations thereunder, the Company shall satisfy in all material respects all of its obligations under the Transaction Documents.

Appears in 2 contracts

Samples: Senior Subordinated Convertible Note (Eftc Corp/), Allonge to Senior Subordinated Exchangeable Note (Eftc Corp/)

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Payment of Notes; Satisfaction of Obligations. (i) The Company shall pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes. (ii) If there has occurred and is continuing any Event of Default, defined below, under Sections 6(a)(i)(A8(a)(i)(A) or 6(a)(i)(B8(a)(i)(B) hereof, then to the extent lawful, the Company shall pay interest (including interest accruing after the commencement of any proceeding under any Bankruptcy Law) on all unpaid amounts outstanding under the Notes (including overdue installments of principal or interest) at a rate of interest equal to the Default Ratethen current rate of interest plus 2%, compounded quarterly. (iii) Subject to performance by all other parties thereto of their respective obligations thereunder, the Company shall satisfy in all material respects all of its obligations under the Transaction Documents.

Appears in 2 contracts

Samples: Senior Subordinated Exchangeable Note (Eftc Corp/), Senior Subordinated Exchangeable Note (Eftc Corp/)

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