Common use of Prepayment Procedures Clause in Contracts

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Note pursuant to Sections 3.3 or 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price or Pre-Payment Price as follows: (i) A prepayment pursuant to Section 3.3, the "Prepayment Date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration Default; and (iii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date (if the Company has elected to repay in cash the remaining principal balance of the Note) or on the effective date of a repayment or redemption a portion of the principal balance of the Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the repayment/redemption price to each Purchaser of the Note subject to redemption. Should any Purchaser not receive payment of any amounts due on redemption of its Note by reason of the Company's failure to make payment within three business days of the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the lesser of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys' fees and costs, whether or not suit or other formal proceedings are instituted.

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Secured Note pursuant to Sections 3.3 or 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price or Pre-Payment Price and the time at which Purchaser shall thereafter not be entitled to deliver a Notice of Conversion for the Secured Note) as follows: (i) A prepayment pursuant to Section 3.3, the "Prepayment Dateprepayment date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration Default; and (iii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date (if the Company has elected to repay in cash the remaining principal balance of the Note) or and on the effective date of a repayment prepayment or redemption a portion of the principal balance of the Secured Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the repaymentprepayment/redemption price to each Purchaser of the Secured Note subject to prepayment or redemption. Should any Purchaser not receive payment of any amounts due on prepayment or redemption of its Secured Note by reason of the Company's Company`s failure to make payment within three business days of at the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the lesser greater of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys' ` fees and costs, whether or not suit or other formal proceedings are instituted.

Prepayment Procedures. (a) Any permitted prepayment or redemption of the Bridge Note pursuant to Sections 3.3 or Section 3.4 above shall be deemed to be effective and consummated (for purposes of determining the Formula Price or Pre-Payment Price as follows: (i) A prepayment pursuant to Section 3.3, the "Prepayment Date" specified therein; (ii) A redemption pursuant to Section 3.4(a), the date of consummation of the applicable Sale Event or the Registration DefaultEvent; and (iiiii) A redemption pursuant to Section 3.4(b), three (3) Business Days following the date of consummation of the applicable Financing (meaning closing and funding). (b) On the Maturity Date (if the Company has elected to repay in cash the remaining principal balance of the Note) or and on the effective date of a repayment or redemption a portion of the principal balance of the Bridge Note as specified in Section 3.5(a) above, the Company shall deliver by wire transfer of funds the repayment/redemption price to each Purchaser of the Bridge Note subject to redemption. Should any Purchaser not receive payment of any amounts due on redemption of its Bridge Note by reason of the Company's failure to make payment within three business days of at the times prescribed above for any reason, the Company shall pay to the applicable holder on demand (x) interest on the sums not paid when due at an annual rate equal to the lesser of (I) the maximum lawful rate and (II) 18% per annum, compounded at the end of each thirty (30) days, until the applicable holder is paid in full and (y) all costs of collection, including, but not limited to, reasonable attorneys' fees and costs, whether or not suit or other formal proceedings are instituted.