Sharing of Collateral. Upon the occurrence of any Event of Default (as defined herein), and if the Secured Parties proceed to exercise any rights with respect to the Collateral, the Secured Parties shall share the Collateral and the proceeds of such Collateral ratably in proportion to the principal and accrued interest then outstanding under the Notes, without priority of one over the other.
Appears in 18 contracts
Sources: Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc), Security Agreement (Digital Lightwave Inc)
Sharing of Collateral. Upon the occurrence of any Event of Default (Default, as defined herein)in Section 5, and if the Secured Parties proceed to exercise any rights with respect to the Collateral, the Secured Parties shall share the Collateral and the proceeds of such Collateral ratably in proportion to the principal and accrued interest then outstanding under the Notesratably, without priority of one over the other.
Appears in 4 contracts
Sources: Security Agreement (Bonds.com Group, Inc.), Convertible Note and Warrant Purchase Agreement (Mechanical Technology Inc), Security Agreement (Mitek Systems Inc)
Sharing of Collateral. Upon the occurrence of any Event of Default (as defined hereinin Notes), and if the Secured Parties proceed to exercise any rights with respect to the Collateral, the Secured Parties shall share the Collateral and the proceeds of such Collateral ratably in proportion to the principal and accrued interest then outstanding under the Notesratably, without priority of one over the other.
Appears in 2 contracts
Sources: Security Agreement (Unity Wireless Corp), Security Agreement (Unity Wireless Corp)
Sharing of Collateral. Upon the occurrence of any Event of Default (Default, as defined herein)in Section 7, and if the Secured Parties proceed to exercise any rights with respect to the Collateral, the Secured Parties shall share the Collateral and the proceeds of such Collateral ratably in proportion to the principal and accrued interest then outstanding under the Notesratably, without priority of one over the other.
Appears in 1 contract