ALL TRADING ON A PRINCIPAL MARKET.
4.5.
DEFAULT UNDER RELATED AGREEMENT.
THE OCCURRENCE OF AN EVENT OF
DEFAULT UNDER AND AS DEFINED IN THE SECURITY AGREEMENT.
5
ARTICLE V
DEFAULT PAYMENTS
5.1.
DEFAULT PAYMENT.
IF AN EVENT OF DEFAULT OCCURS AND IS CONTINUING
BEYOND ANY APPLICABLE CURE PERIOD, THE HOLDER, AT ITS OPTION, MAY ELECT, IN
ADDITION TO ALL RIGHTS AND REMEDIES OF HOLDER UNDER THE SECURITY AGREEMENT AND
ALL OBLIGATIONS OF BORROWER UNDER THE SECURITY AGREEMENT, TO REQUIRE THE
BORROWER TO MAKE A DEFAULT PAYMENT ("DEFAULT PAYMENT").
THE DEFAULT PAYMENT
SHALL BE 105% OF THE OUTSTANDING PRINCIPAL AMOUNT OF THE NOTE, PLUS ACCRUED BUT
UNPAID INTEREST, ALL OTHER FEES THEN REMAINING UNPAID, AND ALL OTHER AMOUNTS
PAYABLE HEREUNDER. THE DEFAULT PAYMENT SHALL BE APPLIED, AT THE HOLDER'S
DISCRETION, FIRST ANY FEES DUE AND OWING TO HOLDER, THEN TO ACCRUED AND UNPAID
INTEREST AND THEN PRINCIPAL OUTSTANDING UNDER THIS NOTE.
5.2.
DEFAULT PAYMENT DATE AND DEFAULT NOTICE PERIOD.
THE DEFAULT
PAYMENT SHALL BE DUE AND PAYABLE ON THE FIFTH BUSINESS DAY AFTER THE DATE
WRITTEN NOTICE IS SENT FROM THE HOLDER TO THE BORROWER OF AN EVENT OF DEFAULT AS
DEFINED IN ARTICLE IV ("DEFAULT PAYMENT DATE").
THE PERIOD BETWEEN THE DATE OF
THE WRITTEN NOTICE FROM THE HOLDER TO THE BORROWER OF AN EVENT OF DEFAULT AND
THE DEFAULT PAYMENT DATE SHALL BE THE "DEFAULT NOTICE PERIOD."
IF DURING THE
DEFAULT NOTICE PERIOD, THE BORROWER CURES THE EVENT OF DEFAULT, THE EVENT OF
DEFAULT WILL NO LONGER EXIST AND ANY RIGHTS THE HOLDER HAD PERTAINING TO THE
EVENT OF DEFAULT WILL NO LONGER EXIST.
IF THE EVENT OF DEFAULT IS NOT CURED
DURING THE DEFAULT NOTICE PERIOD, ALL AMOUNTS PAYABLE HEREUNDER SHALL BE DUE AND
PAYABLE ON THE DEFAULT PAYMENT DATE, ALL WITHOUT FURTHER DEMAND, PRESENTMENT OR
NOTICE, OR GRACE PERIOD, ALL OF WHICH HEREBY ARE EXPRESSLY WAIVED.
5.3.
DEFAULT INTEREST RATE.
FOLLOWING THE OCCURRENCE AND DURING THE
CONTINUANCE OF AN EVENT OF DEFAULT, THE THEN CURRENT INTEREST RATE ON THIS NOTE
SHALL AUTOMATICALLY BE INCREASED BY FIVE PERCENT (5%) PER ANNUM AND ALL
OUTSTANDING OBLIGATIONS, INCLUDING UNPAID INTEREST, SHALL CONTINUE TO ACCRUE
INTEREST FROM THE DATE OF SUCH EVENT OF DEFAULT AT SUCH DEFAULT INTEREST RATE
APPLICABLE TO SUCH OBLIGATIONS UNTIL SUCH EVENT OF DEFAULT IS CURED OR WAIVED.
5.4.
CUMULATIVE REMEDIES.
THE REMEDIES UNDER THIS NOTE SHALL BE
CUMULATIVE.
ARTICLE VI
MISCELLANEOUS
6.1.
FAILURE OR INDULGENCE NOT WAIVER.
NO FAILURE OR DELAY ON THE PART
OF THE HOLDER HEREOF IN THE EXERCISE OF ANY POWER, RIGHT OR PRIVILEGE HEREUNDER
SHALL OPERATE AS A WAIVER THEREOF, NOR SHALL ANY SINGLE OR PARTIAL EXERCISE OF
ANY SUCH POWER, RIGHT OR PRIVILEGE PRECLUDE OTHER OR FURTHER EXERCISE THEREOF OR
OF ANY OTHER RIGHT, POWER OR PRIVILEGE.
ALL RIGHTS AND REMEDIES EXISTING
HEREUNDER ARE CUMULATIVE TO, AND NOT EXCLUSIVE OF, ANY RIGHTS OR REMEDIES
OTHERWISE AVAILABLE.
6.2.
NOTICES.
ANY NOTICE HEREIN REQUIRED OR PERMITTED TO BE GIVEN
SHALL BE IN WRITING AND PROVIDED IN ACCORDANCE WITH THE TERMS OF THE