Trigger Effect definition

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by five percent (5%) for each occurrence of any Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred; provided that the Trigger Effect may only be applied three (3) times hereunder with respect to Trigger Events.

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Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Event of Default occurred by (a) fifteen percent (15%) for each occurrence of any Major Trigger Event, or (b) ten percent (10%) for each occurrence of any Minor Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Event of Default occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Event of Default occurred; provided, however, that the Trigger Effect may only be applied up to three (3) time with respect to a Major Trigger Event and up to three (3) times with respect to a Minor Trigger Event; provided, further, that the Trigger Effect will not apply to any Trigger Event pursuant to Section 4.1(j).

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by (a) fifteen percent (15%) for each occurrence of any Major Trigger Event, or (b) five percent (5%) for each occurrence of any Minor Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred; provided that the Trigger Effect may only be applied three (3) times hereunder with respect to Major Trigger Events and three (3) times hereunder with respect to Minor Trigger Events.

Examples of Trigger Effect in a sentence

At any time following the occurrence of any Trigger Event, Lender may, at its option, increase the Outstanding Balance by applying the Trigger Effect (subject to the limitation set forth below).
Company acknowledges and agrees that as of the date of any future Trigger Events (as defined in each of the Outstanding Notes) under the Outstanding Notes, if any, the Trigger Effect (as defined in each of the Outstanding Notes) for each such Trigger Event shall be fully earned and added to the Outstanding Balance (as defined in each of the Outstanding Notes) of the applicable note as of the date of such Trigger Event.
The Company acknowledges and agrees that a Major Trigger Event (as defined in the First Forbearance Note) has occurred under the First Forbearance Note, that Investor has applied the Trigger Effect (as defined in the First Forbearance Note) with respect to such Trigger Event and that such Trigger Effect is fully earned, and that it does not contest the occurrence of the Major Trigger Event or the application of the Trigger Effect.
Moreover, Lender hereby waives the application of the Trigger Effect and any of the other remedies set forth in Section 4 of the Note, including without limitation any Default Interest or other fees and expenses applicable to Trigger Events or Events of Default that may have heretofore occurred (the “Waiver”).
Notwithstanding the foregoing, for purposes of this Note, if a Trigger Event has been cured by Borrower or waived by Lender or an Event of Default has been waived by Lender, then, unless otherwise agreed to by Lender and Borrower, Lender shall no longer have any rights or remedies granted to it upon the occurrence of a Trigger Event or an Event of Default hereunder (except for any Trigger Effect that has already been applied and will remain in effect).

More Definitions of Trigger Effect

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by: (a) twenty percent (20%) following the occurrence of a Major Trigger Event; and (b) five percent (5%) following the occurrence of a Minor Trigger Event.

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by (a) fifteen percent (15%) for each occurrence of any Major Trigger Event, or (b) five percent (5%) for each occurrence of any Minor Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred; provided that the Trigger Effect may only be applied one (1) time hereunder with respect to Major T▇▇▇▇▇▇ Events and one (1) time hereunder with respect to Minor Trigger Events; and provided further that the Trigger Effect shall not apply to any Trigger Event pursuant to Section 4.1(a) hereof.

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by (a) ten percent (10%) for each occurrence of any Major Trigger Event, or (b) five percent (5%) for each occurrence of any Minor Trigger Event, and then adding the resulting product to the Outstanding Balance as of the date the applicable Trigger Event occurred, with the sum of the foregoing then becoming the Outstanding Balance under this Note as of the date the applicable Trigger Event occurred; provided that the Trigger Effect may only be applied three (3) times hereunder with respect to Major Trigger Events and three (3) times hereunder with respect to Minor Trigger Events; and provided further that the Trigger Effect shall not apply to any Trigger Event pursuant to Section 4.1(j) hereof. In the event Lender has applied three (3) Trigger Effects for Major Trigger Events, then any subsequent Major Trigger Events will be considered Minor Trigger Effects for purposes of the Trigger Effect.

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by ten percent (10%)

Trigger Effect means: (a) with respect to the first Trigger Event occurring hereunder, multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by fifteen percent (15%), and then adding the resulting product to the Outstanding Balance, and (b) with respect to the second Trigger Event occurring hereunder, multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by fifteen percent (15%), and then such resulting amount being immediately due and payable in cash by Borrower to Lender; provided, however, the amount of such cash payment will not exceed $175,000.00.

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by ten percent (10%) following the occurrence of a Trigger Event. This Security Agreement (this “Agreement”), dated as of February 23, 2023, is executed by Intrusion Inc., a Delaware corporation (“Debtor”), in favor of Streeterville Capital, LLC, a Utah limited liability company (“Secured Party”). ▇. ▇▇▇▇▇▇ has issued to Secured Party a certain Secured Promissory Note of even date herewith, as may be amended from time to time, in the original face amount of $1,400,000.00 (the “Note”). B. In order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Agreement and to grant Secured Party a security interest in the Collateral (as defined below).

Trigger Effect means multiplying the Outstanding Balance as of the date the applicable Trigger Event occurred by ten percent (10%) following the occurrence of a Trigger Event. EXHIBIT B This Security Agreement (this “Agreement”), dated as of January 2, 2024, is executed by Intrusion Inc., a Delaware corporation (“Debtor”), in favor of ▇▇▇▇▇▇▇ ▇▇▇▇▇, a Texas resident (“Secured Party”). ▇. ▇▇▇▇▇▇ has issued to Secured Party a certain Secured Promissory Note of even date herewith, as may be amended from time to time, in the original face amount of $1,080,000.00 (the “Note”). ▇. ▇▇ order to induce Secured Party to extend the credit evidenced by the Note, Debtor has agreed to enter into this Agreement and to grant Secured Party a security interest in the Collateral (as defined below).

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