Common use of Rights and Remedies Upon an Event of Default Clause in Contracts

Rights and Remedies Upon an Event of Default. Upon the occurrence of any Event of Default specified in this Article III, this Note shall become immediately due and payable, and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, the greater of (i) an amount equal to the Principal Amount then outstanding plus accrued interest (including any Default Interest) through the date of full repayment multiplied by 125% (collectively the “Default Amount”) or (ii) the “parity value” of the Default Amount, where parity value means (a) the highest number of shares of Common Stock issuable upon conversion of such Default Amount in accordance with the terms of this Note (without giving effect to any beneficial ownership limitations contained in this Note), treating the date that the respective Event of Default occurs as the “Conversion Date” for purposes of determining the Conversion Price, multiplied by (b) the volume weighted average price for the Common Stock on the date that the respective Event of Default occurs (the “Default Parity Amount”), plus, in each such case, all costs, including, without limitation, legal fees and expenses, of collection, all without demand, presentment or notice, all of which hereby are expressly waived by the Borrower. The Holder may convert the greater of the (i) Default Amount or (ii) Default Parity Amount into Common Stock pursuant to the terms of this Note (including but not limited to the conversion formula set forth in this Note as well as all other provisions of this Note). The Holder shall be entitled to exercise all other rights and remedies available at law or in equity.