Examples of Major Trigger Event in a sentence
At any time following the occurrence of any Event of Default resulting from a Major Trigger Event, upon written notice given by Xxxxxx to Borrower, interest shall accrue on the Outstanding Balance beginning on the date the applicable Event of Default occurred at an interest rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law (“Default Interest”).
Failure to reduce the Outstanding Balance by $250,000.00 in a given month will be considered a Major Trigger Event under the Note.
Following a Major Trigger Event, Xxxxxx will have the right to convert all or any portion of the Outstanding Balance of the Note into Common Stock at the Common Stock Redemption Price, and all provisions in the Transaction Documents relating to the delivery of Redemption Shares will apply to the delivery of shares of Common Stock pursuant to this conversion right.
The Company acknowledges and agrees that a Major Trigger Event (as defined in the First Forbearance Note) has occurred under the First Forbearance Note, that Investor has applied the Trigger Effect (as defined in the First Forbearance Note) with respect to such Trigger Event and that such Trigger Effect is fully earned, and that it does not contest the occurrence of the Major Trigger Event or the application of the Trigger Effect.
Failure to timely make a Mandatory Prepayment will be considered a Major Trigger Event.