Common use of Consequences of Events of Default Clause in Contracts

Consequences of Events of Default. (a) At any time or times following the occurrence and during the continuance of an Event of Default, the Investor may elect, by written notice to the Borrowers (an “Event Notice”), to require the Borrowers to purchase all or any portion of the outstanding principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal to 100% of such outstanding principal amount plus all accrued but unpaid interest thereon and other amounts then owing to the Investor under the Loan Documents, through the date of purchase. The aggregate amount payable pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowers. (b) Upon the occurrence of any Bankruptcy Event with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the Investor. (c) In connection with any Event of Default, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration may be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Consequences of Events of Default. Subject to Section 3: (ai) At If any time or times following the occurrence and during the continuance of an Event of DefaultDefault of the type described in Section 4(a)(i) has occurred and is continuing, the Investor holder of this Note may elect, by written notice to the Borrowers (an “Event Notice”), to require the Borrowers to purchase declare all or any portion of the outstanding principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) to 100% be immediately due and payable and may demand immediate payment of such all or any portion of the outstanding principal amount plus of this Note (together with all such other amounts then due and payable). If the holder of this Note demands immediate payment of all or any portion of this Note, the Company shall immediately pay to such holder all amounts due and payable with respect to this Note. (ii) If an Event of Default of the type described in Section 4(a)(ii) has occurred, the aggregate principal amount of this Note (together with all accrued but unpaid interest thereon and all other amounts then owing due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holder of this Note, and the Company shall immediately pay to the Investor under the Loan Documents, through the date holder of purchase. The aggregate amount this Note all amounts due and payable pursuant with respect to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowersthis Note. (biii) Upon the occurrence The holder of any Bankruptcy Event with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note shall also have any other rights which such holder may have been afforded under any contract or agreement at any time and any other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the Investorrights which such holder may have pursuant to applicable law. (civ) In connection with any Event of DefaultThe Company hereby waives diligence, the Investor need not provide and the Borrowers hereby waive any presentment, protest and demand and notice of protest and demand, protest or other notice dishonor and nonpayment of any kind (other than the Event Notice)this Note, and the Investor may immediately enforce expressly agrees that this Note, or any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration payment hereunder, may be rescinded extended from time to time and annulled by that the Investor at holder hereof may accept security for this Note or release security for this Note, all without in any time prior to payment way affecting the liability of the Company hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Consequences of Events of Default. (ai) At When any time Event of Default has occurred and is continuing, the interest rate on this Senior Note shall increase to the Default Interest Rate. Any increase of the interest rate resulting from the operation of this clause shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this clause), provided, however, that nothing herein shall prevent subsequent increases of the interest rate to the Default Interest Rate upon any subsequent Defaults or times following Events of Default by the occurrence and during the continuance of Company. (ii) If an Event of DefaultDefault of the type described in Section 4(a)(iv) has occurred, the Investor may elect, by written notice to the Borrowers (an “Event Notice”), to require the Borrowers to purchase all or any portion of the outstanding aggregate principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal to 100% of such outstanding principal amount plus Senior Note (together with all accrued but unpaid interest thereon and all other amounts then owing due and payable with respect thereto) shall become immediately due and payable without any action on the part of the Noteholder, and the Company shall immediately pay to the Investor under the Loan Documents, through the date of purchase. The aggregate amount Noteholder all amounts due and payable pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowershereunder. (biii) Upon If any Event of Default has occurred (other than under Section 4(a)(iv)), the occurrence of any Bankruptcy Event with respect Noteholder may declare this Senior Note to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall be immediately become due and payable in full in dollars in cash and may demand immediate payment of the Unpaid Principal Amount (free of any claim of subordinationtogether with all accrued and unpaid interest and all other amounts due and payable with respect thereto), without any action by the Investor. (civ) In connection with If any Event of Default, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration may be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair Default shall occur and be continuing, the Noteholder may proceed to protect and enforce its rights under the Senior Note by exercising such remedies as are available to such Noteholder in respect thereof, under applicable Law, whether for specific performance of any right consequent theretocovenant or other agreement contained in this Senior Note or otherwise; no remedy is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy conferred herein or now or hereafter existing at Law or in equity or by statute or otherwise. (v) If an Event of Default or Default shall occur and be continuing, payments by the Company of amounts due to the Noteholder shall be made in the following order or priority: (A) all accrued unpaid past due interest on the Senior Notes; (B) all accrued unpaid interest due on the Senior Notes; and (C) the principal amount due under the Senior Notes.

Consequences of Events of Default. (ai) At If any time or times following Event of Default has occurred and is continuing, then the occurrence and during interest rate on the continuance Note shall increase automatically by an increment of five percentage points effective as of the date of the Event of Default. Any increase of the interest rate resulting from the operation of this subsection shall terminate as of the close of business on the date on which no Event of Default exists (subject to subsequent increases pursuant to this subsection). (ii) If an Event of DefaultDefault of the type described in SECTION 10.1(iv) has occurred, then the Investor may electaggregate outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holders of the Note, by written notice and the Borrowers shall immediately pay to the Borrowers holders of the Note all amounts due and payable with respect to the Note. (iii) If an “Event Notice”of Default (other than under SECTION 10.1(iv)) has occurred and is continuing, to require then any holder or holders of the Borrowers to purchase Note then outstanding may declare all or any portion of the outstanding principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal the Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) to 100% be immediately due and payable and may demand immediate payment of such all or any portion of the outstanding principal amount plus of the Note (together with all accrued but unpaid interest thereon and such other amounts then owing to the Investor under the Loan Documents, through the date of purchasedue and payable) owned by such holder or holders. The aggregate amount payable pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price give prompt written notice of any such demand to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery other holders of the Event NoticeNote, each of which may demand immediate payment of all or any portion of such holder's Note. If any holder or holders of the Note demand immediate payment of all or any portion of the Note, the Borrowers shall immediately pay to such holder or holders all amounts due and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowers. (b) Upon the occurrence of any Bankruptcy Event payable with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the InvestorNote. (civ) In connection with If any Event of DefaultDefault has occurred and is continuing, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice amount of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies Workstream Administrative Expenses permitted to be paid hereunder and all other remedies available to it under applicable law. Any such declaration may shall be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent theretoreduced as described in SECTION 6.1.

Consequences of Events of Default. i. If any Event of Default has occurred and continued, then the interest rate on the Note shall increase immediately by an increment of three percentage points (a) At 3%). Any increase of the interest rate resulting from the operation of this subsection shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subsection). ii. If any time Event of Default has occurred and is continuing, the Borrower, the Company and its Subsidiaries shall immediately suspend all payments required to be suspended pursuant to SECTION 7.10 hereof. Any such payments may be resumed only when no such Event of Default exists or times following the occurrence and during the continuance of would be caused by making such payments. iii. If an Event of DefaultDefault of the type described in SECTION 9.1(IV) has occurred, then the Investor may electaggregate outstanding principal amount of the Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holder(s) of the Note, by written notice and the Borrower shall immediately pay to the Borrowers holder(s) of the Note all amounts due and payable with respect to the Note. iv. If an Event of Default (an “Event Notice”other than under SECTION 9.1(IV)) has occurred and is continuing, to require then any holder or holders of the Borrowers to purchase Note then outstanding may declare all or any portion of the outstanding principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal the Note held by it (together with all accrued interest thereon and all other amounts due and payable with respect thereto) to 100% be immediately due and payable and may demand immediate payment of such all or any portion of the outstanding principal amount plus of the Note held by it (together with all accrued but unpaid interest thereon and such other amounts then owing to the Investor under the Loan Documents, through the date of purchasedue and payable). The aggregate amount payable Borrower shall give prompt written notice of any such demand to any other holders of the Note, each of which may demand immediate payment of all or any portion of such holder's Note. If any holder or holders of the Note demand immediate payment of all or any portion of the Note pursuant to this paragraph, the preceding sentence is referred Borrower shall immediately pay to as the “Event Price.” The Borrowers shall jointly such holder or holders all amounts due and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowers. (b) Upon the occurrence of any Bankruptcy Event payable with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the Investorsuch Note. (c) In connection with any Event of Default, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration may be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Consequences of Events of Default. (a) At If any time or times following Event of Default has occurred, the occurrence and during interest rate of the continuance Note shall increase by the lesser of three percent (3%) per annum until paid. (b) If an Event of DefaultDefault of the type described in Section 8.1(d) has occurred, then the Investor may electaggregate outstanding principal amount of the Note and any notes issued in exchange for any Securities (together with all accrued interest thereon and all other amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holders thereof, by written notice and the Company shall immediately pay to the Borrowers holders of the Note all amounts due and payable with respect thereto. (c) If an “Event Notice”)of Default (other than under Section 8.1(d) has occurred and is continuing, to require then the Borrowers to purchase holder of the Note and the holders of any notes issued in exchange for any Securities then outstanding may declare all or any portion of the outstanding principal amount of this Note, as indicated the Note and any notes issued in such Event Notice, exchange for a purchase price in dollars in cash equal any Securities (together with all accrued interest thereon and all other amounts due and payable with respect thereto) to 100% be immediately due and payable and may demand immediate payment of such all or any portion of the outstanding principal amount plus of the Note and any notes issued in exchange for any Securities (together with all such other amounts then due and payable) owned by such holder or holders. The Company shall give prompt written notice of any such demand to the other holders of any notes issued in exchange for any Securities, each of which may demand immediate payment of all or any portion of such holder’s Note and any notes issued in exchange for any Securities. If the holder of the Note and the holders of any notes issued in exchange for any Securities demand immediate payment of all or any portion of the Note and any notes issued in exchange for any Securities, the Company shall immediately pay to such holder or holders all amounts due and payable with respect thereto. (d) If, as a result of an Event of Default of the type described in Section 8.1(n), then the aggregate outstanding principal amount of the Note and any notes issued in exchange for any Securities (together with all accrued but unpaid interest thereon and all other amounts then owing due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holders thereof, and the Company shall immediately (i) pay to the Investor under holder of such Note and the Loan Documents, through holders of any notes issued in exchange for any Securities all amounts due and payable with respect thereto and (ii) purchase all of the date of purchase. The aggregate amount payable outstanding Purchased Membership Units pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price to the Investor (free terms of any claim of subordination) no later than the 5th Trading Day following the date of delivery Article 12 of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the BorrowersLMC Operating Agreement. (be) Upon If, as a result of an Event of Default of the occurrence of any Bankruptcy Event with respect to type described in Section 8.1(i) or 8.1(d), the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall immediately become fails to pay when due and payable in (whether at maturity or otherwise) the full in dollars in cash (free amount of interest then accrued on any Note, or the full amount of any claim of subordinationprincipal payment (together with any applicable premium) on any Note, and such failure continues for six (6) months, in addition to the consequences set forth in Section 8.2(a)-(c), without any action C3 and C3 II, pursuant to the Irrevocable Springing Proxy, shall be permitted to vote the Membership Units held by LMT to elect the Investorboard of managers of the Company. (c) In connection with any Event of Default, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration may be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Consequences of Events of Default. (ai) At If any time Event of Default has occurred the interest rate on this Note shall increase immediately to the lesser of 18% or times following the occurrence and during the continuance of highest interest rate permitted by law. (ii) If an Event of DefaultDefault of the type described in subparagraph 3(a)(iv) has occurred, the Investor may electaggregate principal amount of this Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) shall become immediately due and payable without any action on the part of the holders of this Note, by written notice and the Company shall immediately pay to the Borrowers holders of this Note all amounts due and payable with respect to this Note. (an “iii) If any Event Notice”of Default has occurred (other than under subparagraph 3(a)(iv)), to require the Borrowers to purchase holder of this Note may declare all or any portion of the outstanding principal amount of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal Note (together with all accrued interest thereon and all other amounts due and payable with respect thereto) to 100% be immediately due and payable and may demand immediate payment of such all or any portion of the outstanding principal amount plus of this Note (together with all accrued but unpaid interest thereon and such other amounts then owing to the Investor under the Loan Documents, through the date of purchase. The aggregate amount payable pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly due and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowerspayable). (biv) Upon the occurrence The holder of any Bankruptcy Event with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note shall also have any other rights which such holder may have been afforded under any contract or agreement at any time and any other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the Investorrights which such holder may have pursuant to applicable law. (cv) In connection with any Event of DefaultThe Company hereby waives diligence, the Investor need not provide and the Borrowers hereby waive any presentment, protest and demand and notice of protest and demand, protest or other notice dishonor and nonpayment of any kind (other than the Event Notice)this Note, and the Investor may immediately enforce expressly agrees that this Note, or any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration payment hereunder, may be rescinded extended from time to time and annulled by that the Investor at holder hereof may accept security for this Note or release security for this Note, all without in any time prior to payment way affecting the liability of the Company hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.

Consequences of Events of Default. (a) At If any time or times following Event of Default has occurred and is continuing, then the occurrence and during interest rate on this Note shall become the continuance Overdue Rate to the extent permitted by law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph). (b) If an Event of DefaultDefault of the type described in SECTION 7(f), (g), (i), (j), (m), (o) OR (p) has occurred, then the Investor may electaggregate outstanding Principal Amount of this Note (together with all accrued interest thereon and all other amounts due and payable with respect hereto) shall become immediately due and payable without any action on the part of the Holder, by written notice and the Debtor/Payor shall immediately pay to the Borrowers Holder all amounts due and payable with respect to this Note. (c) If an “Event Notice”of Default (other than under SECTION 7(f), to require (g), (i), (j), (m), (o) OR (p) has occurred and is continuing, then the Borrowers to purchase Holder in its sole discretion may declare all or any portion of the outstanding principal amount Principal Amount, (together with all accrued interest thereon and all other amounts due and payable with respect hereto) to be immediately due and payable and may demand immediate payment of all or any portion of the outstanding Principal Amount, (together with all accrued interest thereon and all other amounts then due and payable). If the Holder demands immediate payment of all or any portion of this Note, as indicated in such Event Notice, for a purchase price in dollars in cash equal to 100% of such outstanding principal amount plus all accrued but unpaid interest thereon and other amounts then owing the Debtor/Payor shall immediately pay to the Investor under the Loan Documents, through the date of purchase. The aggregate amount Holder all amounts due and payable pursuant to the preceding sentence is referred to as the “Event Price.” The Borrowers shall jointly and severally pay the Event Price to the Investor (free of any claim of subordination) no later than the 5th Trading Day following the date of delivery of the Event Notice, and upon receipt thereof the Investor shall deliver the original Note so repurchased to the Borrowers. (b) Upon the occurrence of any Bankruptcy Event with respect to the Company or WHI, all outstanding principal and accrued but unpaid interest on this Note and other amounts then owing under the Loan Documents shall immediately become due and payable in full in dollars in cash (free of any claim of subordination), without any action by the InvestorNote. (c) In connection with any Event of Default, the Investor need not provide and the Borrowers hereby waive any presentment, demand, protest or other notice of any kind (other than the Event Notice), and the Investor may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Any such declaration may be rescinded and annulled by the Investor at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereto.