Repayment of Loan Amount. 4.1 On the Maturity Date and thereafter until full repayment of the Loan, the Lender shall have the right to demand for repayment of all or part of the aggregate Loan Amount and Interest accrued at any time and the Borrower shall on receipt of a notice of demand by the Lender, immediately repay the Lender such amount of the Loan Amount due and owing to such Lender within fourteen (14) Business Days of the date of the notice of demand. In the event that the Borrower fails to pay the Loan Amount within fourteen (14) days of the notice of demand, the Lender shall have full discretion and rights to seek take legal and equitable action against the Borrower for the full or partial repayment of the Loan Amount and the Lender may rescind this Agreement by giving written notice to the Borrower whereupon this Agreement shall absolutely cease and determine in accordance with the terms and conditions of this Agreement governing such determination. 4.2 Notwithstanding clause 4.1 above, if an Event of Default shall occur, the Lender may at its option, by notice to the Borrower declare the Loan Amount and Interest accrued to be, and such Loan Amount and Interest accrued shall thereupon become, immediately due and payable by the Borrower to the Lender (“Redemption Right”). Upon the occurrence of an Event of Default, the Lender may rescind this Agreement by giving written notice to the Borrower whereupon this Agreement shall absolutely cease and determine in accordance with the terms and conditions of this Agreement governing such determination. The following are Events of Default (“Event of Default”):
Appears in 5 contracts
Samples: Loan Agreement (Piestro, Inc.), Loan Agreement (Abundant Robots, Inc.), Loan Agreement (Abundant Robots, Inc.)
