Common use of Event of Default; Default Interest Clause in Contracts

Event of Default; Default Interest. (a) Any failure by the Company to (i) make any payment for the repurchase of any principal amount of the Note required to be repurchased on any Repurchase Date in accordance with the provisions of this Agreement or (ii) make payment of any interest payable on any Repurchase Date in accordance with the provisions of this Agreement if such failure to pay interest continues for a period of 30 days, shall be an “Event of Default” as defined in, and for purposes of, the Note. (b) For the avoidance of doubt, if on or after the date hereof, the Note becomes due and payable pursuant to Section 2.5 of the Note, then the interest accrued up to the date on which the Note becomes due and payable pursuant to Section 2.5 of the Note (the “Acceleration Date”) shall be calculated at the Original Rate for any period prior to and until the Rate Adjustment Date and the Adjusted Rate for any period after the Rate Adjustment Date. (c) Any amounts that are payable but not punctually paid by the Company in accordance with this Agreement (including any principal or interest due but not paid on the Acceleration Date), shall accrue interest from the relevant due date at the rate per annum equal to (i) for any period prior to and until the Rate Adjustment Date, the Original Rate plus two percent, or (ii) for any period after the Rate Adjustment Date, the Adjusted Rate plus two percent, in each case subject to the enforceability thereof under applicable Law.