Common use of Right to Require Prepayment Clause in Contracts

Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by Holder, for any reason (other than because such issuance would exceed Holder's Reserved Amount, for which failure Holder shall have the remedies set forth in Article V) to issue shares of Common Stock within ten (10) business days after the expiration of the Delivery Period with respect to any conversion of this Debenture, then Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.C) to the Corporation, to have all or any portion of Holder's outstanding Debentures prepaid by the Corporation for cash at the Default Amount. If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

Appears in 2 contracts

Samples: Securities Purchase Agreement (Accent Software International LTD), Securities Purchase Agreement (Accent Software International LTD)

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Right to Require Prepayment. If the Corporation fails, and such --------------------------- failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by Holder, for any reason (other than because such issuance would exceed Holder's Reserved Amount or its allocated portion of the Cap Amount, for which failure failures Holder shall have the remedies set forth in Article VArticles V and VII) to issue shares of Common Stock within ten (10) business days after the expiration of the Delivery Period with respect to any conversion of this Debenture, then Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.C) to the Corporation, to have all or any portion of Holder's outstanding Debentures prepaid by the Corporation for cash at the Default AmountAmount (as defined in Article VIII.B). If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Default Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

Appears in 1 contract

Samples: Convertible Term Debenture (Knickerbocker L L Co Inc)

Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by Holder, for any reason (other than because such issuance would exceed Holder's Reserved Amount or its allocated portion of the Cap Amount, for which failure failures Holder shall have the remedies set forth in Article VArticles V and VII) to issue shares of Class A Common Stock within ten (10) business days after the expiration of the Delivery Period with respect to any conversion of this Debenture, then Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.C) to the Corporation, to have all or any portion of Holder's outstanding Debentures prepaid by the Corporation for cash at the Default Amount. If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

Appears in 1 contract

Samples: Convertible Term Debenture (Base Ten Systems Inc)

Right to Require Prepayment. If the Corporation fails, and such failure --------------------------- continues uncured for five (5) business days after the Corporation has been notified thereof in writing by the Holder, for any reason (other than because such issuance would exceed such Holder's allocated portion of the Reserved Amount or Cap Amount, for which failure Holder failures the Holders shall have the remedies set forth in Article VArticles IV and VI, respectively) to issue shares of Common Stock within ten (10) 10 business days after the expiration of the Delivery Period with respect to any conversion of this Debenturethe Debentures, then the Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.CVII.C) to the Corporation, to have all or any portion of such Holder's outstanding Debentures prepaid by the Corporation for cash cash, at the Default AmountAmount (as defined in Article VII.B). If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Default Notice, then such Holder shall be entitled to the remedies provided in Article VIII.C.VII.C.

Appears in 1 contract

Samples: Securities Purchase Agreement (Knickerbocker L L Co Inc)

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Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by the Holder, for any reason (other than because such issuance would exceed such Holder's allocated portion of the Reserved Amount or Cap Amount, for which failure Holder failures the Holders shall have the remedies set forth in Article VArticles IV and VI, respectively) to issue shares of Common Stock within ten (10) 10 business days after the expiration of the Delivery Period with respect to any conversion of this Debenturethe Notes, then the Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.CVII.C) to the Corporation, to have all or any portion of such Holder's outstanding Debentures Notes prepaid by the Corporation for cash cash, at the Default AmountAmount (as defined in Article VII.B). If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Default Notice, then such Holder shall be entitled to the remedies provided in Article VIII.C.VII.C.

Appears in 1 contract

Samples: Convertible Note Agreement (Merlin Software Technologies International Inc)

Right to Require Prepayment. If the Corporation fails, and such failure continues uncured for five (5) business days after the Corporation has been notified thereof in writing by Holder, for any reason (other than because such issuance would exceed Holder's Reserved Amount or its allocated portion of the Cap Amount, for which failure failures Holder shall have the remedies set forth in Article VArticles V and VII) to issue shares of Common Stock or Warrants within ten (10) business days after the expiration of the Delivery Period with respect to any conversion of this Debenture, then Holder may elect at any time and from time to time prior to the Default Cure Date for such Conversion Default, by delivery of a Default Notice (as defined in Article VIII.C) to the Corporation, to have all or any portion of Holder's outstanding Debentures prepaid by the Corporation for cash at cash, the Default AmountAmount (as defined in Article VIII.B). If the Corporation fails to pay such Default Amount within five (5) business days after its receipt of a Prepayment Notice, then Holder shall be entitled to the remedies provided in Article VIII.C.

Appears in 1 contract

Samples: Convertible Term Debenture (Fastcomm Communications Corp)

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