Common use of Events of Default and Remedies Therefor Clause in Contracts

Events of Default and Remedies Therefor. Section 6.01. Events of Default 49 Section 6.02. Remedies; Rights of Noteholders 50 Section 6.03. Right of Noteholders to Direct Proceedings 51 Section 6.04. Vesting of Remedies 51 Section 6.05. Notice of Event of Default 51 Section 6.06. Proof of Claims 52 Section 6.07. Application of Moneys 52 Section 6.08. Waiver 52 Section 6.09. Discontinuance of Default Proceedings 52 Section 6.10. Termination of Proceedings 53 Section 7.01. Insurance Policy Collateralizing the Disbursement 53 Section 7.02. Terms of Insurance Policy 53 Section 7.03. Missed Payment under Proceeds Disbursing Agreement 53 Section 7.04. Obligor Payment Grace Period 53 Section 7.05. Notification of Special Redemption 54 Section 7.06. Payment of Series 2023-A Notes on Next Note Payment Date 54 Section 7.07. Trustee to File Claim Notices 54 Section 7.08. Marketing of Collateral 54 Section 7.09. Proof of Loss 54 Section 7.10. Claim Acceptance and Payment 55 Section 7.11. Collection Costs and Recoveries Subsequent to Proof of Loss 55 Section 7.12. Recoveries Deposited to Recovery Fund 56 Section 7.13. Conditions Precedent to Payment 56 Section 7.14. Redemption of Series 2023-A Notes on Special Redemption Date 57 Section 7.15. Monitor Acting on behalf of Named Insured 57 Section 7.16. Insurance Policy Incorporated by Reference 57

Events of Default and Remedies Therefor. 13 Section 6.016.1. Events of Default 49 13 Section 6.026.2. Remedies; Rights Notice to Holders 14 Section 6.3. Acceleration of Maturities 15 SECTION 7. AMENDMENTS, WAIVERS AND CONSENTS 15 Section 7.1. Consent Required 15 Section 7.2. Solicitation of Noteholders 50 15 Section 6.037.3. Right Effect of Noteholders Amendment or Waiver 15 SECTION 8. INTERPRETATION OF AGREEMENT, DEFINITIONS 16 Section 8.1. Definitions 16 SECTION 9. MISCELLANEOUS 19 Section 9.1. Note Register 19 Section 9.2. Exchange of Notes 20 Section 9.3. Loss, Theft, Etc. of Notes 20 Section 9.4. Powers and Rights Not Waived; Remedies Cumulative 20 Section 9.5. Notices 20 Section 9.6. Successors and Assigns 21 Section 9.7. Integration and Severability 21 Section 9.8. Like Treatment of Holders 21 Section 9.9. Governing Law 21 Section 9.10. Captions 22 Section 9.11. Brokerage Fees 22 Section 9.12. Intentionally Left Blank 22 Section 9.13. Possible Future Notes 22 ATTACHMENTS TO NOTE AGREEMENT: Schedule I Name and Address of Purchasers Schedule 5.5 Indebtedness of the Company Schedule 8.1 Stockholders of the Company Exhibit A Form of 13.75% Senior Secured Bridge Note Due April [ ], 2000 Exhibit B Form of Warrant Exhibit C Closing Certificate of the Company Exhibit D Form of Company Legal Opinion Exhibit E Form of Security Agreement METAWAVE COMMUNICATIONS CORPORATION NOTE AGREEMENT RE: $29,000,000 13.75% SENIOR SECURED BRIDGE NOTES DUE APRIL 28, 2000 Dated as of April 27, 1998 To the Purchasers named in Schedule I attached hereto that are signatories to Direct Proceedings 51 Section 6.04. Vesting of Remedies 51 Section 6.05. Notice of Event of Default 51 Section 6.06. Proof of Claims 52 Section 6.07. Application of Moneys 52 Section 6.08. Waiver 52 Section 6.09. Discontinuance of Default Proceedings 52 Section 6.10. Termination of Proceedings 53 Section 7.01. Insurance Policy Collateralizing this Agreement Ladies and Gentlemen: The undersigned, Metawave Communications Corporation, a Delaware corporation (the Disbursement 53 Section 7.02. Terms of Insurance Policy 53 Section 7.03. Missed Payment under Proceeds Disbursing Agreement 53 Section 7.04. Obligor Payment Grace Period 53 Section 7.05. Notification of Special Redemption 54 Section 7.06. Payment of Series 2023-A Notes on Next Note Payment Date 54 Section 7.07. Trustee to File Claim Notices 54 Section 7.08. Marketing of Collateral 54 Section 7.09. Proof of Loss 54 Section 7.10. Claim Acceptance and Payment 55 Section 7.11. Collection Costs and Recoveries Subsequent to Proof of Loss 55 Section 7.12. Recoveries Deposited to Recovery Fund 56 Section 7.13. Conditions Precedent to Payment 56 Section 7.14. Redemption of Series 2023-A Notes on Special Redemption Date 57 Section 7.15. Monitor Acting on behalf of Named Insured 57 Section 7.16. Insurance Policy Incorporated by Reference 57"Company") agrees with each Purchaser as follows: