Common use of Payment of Secured Instrument Clause in Contracts

Payment of Secured Instrument. (A) If the Obligee has made a loan hereunder to the Company and the Subsidiaries on the Issuance Date, the following provisions shall be applicable: The then outstanding principal amount of the Secured Instrument shall be due and payable, and shall be paid in full by the Company and the Subsidiaries, on the Maturity Date. In addition: (a) a principal installment in an amount designated in writing by the Obligee in its sole discretion to the Company on or before December 2, 1997, not to exceed the lesser of (x) the outstanding amount due under the Secured Instrument and (y) $5,000,000, shall be due with respect to the Secured Instrument on December 31, 1997, provided that if the Obligee shall fail to designate any amount by such date, the amount of such installment shall be the lesser of (x) the out- standing amount due under the Secured Instrument and (y) $5,000,000, and (b) in the event of any acceleration of the maturity of any of the principal of the Secured Instrument pursuant to the provisions of Section 8 hereof or pursuant to the terms of the Secured Instrument, such accelerated principal shall be immediately due and payable. The principal of the Secured Instrument may be prepaid in whole or in part, from time to time, without premium or penalty. On any date that any principal is due and payable hereunder, anything herein to the contrary notwithstanding, all accrued and unpaid interest with respect to such principal likewise shall be due and payable on such date. (B) If no loan is made hereunder prior to the issu- ance of the Preferred Stock pursuant to the Investment Agree- ment, the obligations evidenced by the Secured Instrument shall be due and payable in accordance with the terms of the relevant Transaction Document.

Payment of Secured Instrument. (A) If the Obligee has made a loan hereunder to the Company and the Subsidiaries on the Issuance Date, the following provisions shall be applicable: The then outstanding principal amount of the Secured Instrument shall be due and payable, and shall be paid in full by the Company and the Subsidiaries, on the Maturity Date. In addition: (a) a principal installment in an amount designated in writing by the Obligee in its sole discretion to the Company on or before December 2, 1997, not to exceed the lesser of (x) the outstanding amount due under the Secured Instrument and (y) $5,000,000, shall be due with respect to the Secured Instrument on December 31, 1997, provided that if the Obligee shall fail to designate any amount by such date, the amount of such installment shall be the lesser of (x) the out- standing outstanding amount due under the Secured Instrument and (y) $5,000,000, and (b) in the event of any acceleration of the maturity of any of the principal of the Secured Instrument pursuant to the provisions of Section 8 hereof or pursuant to the terms of the Secured Instrument, such accelerated principal shall be immediately due and payable. The principal of the Secured Instrument may be prepaid in whole or in part, from time to time, without premium or penalty. On any date that any principal is due and payable hereunder, anything herein to the contrary notwithstanding, all accrued and unpaid interest with respect to such principal likewise shall be due and payable on such date. (B) If no loan is made hereunder prior to the issu- ance issuance of the Preferred Stock pursuant to the Investment Agree- mentAgreement, the obligations evidenced by the Secured Instrument shall be due and payable in accordance with the terms of the relevant Transaction Document.