Defaults and Remedies Clause Example with 6 Variations from Business Contracts
This page contains Defaults and Remedies clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Defaults and Remedies. 6.1 Events of Default. Any of the following events shall be considered an "Event of Default" with respect to each Note: (a) The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note, (i) for more than two (2) days after demand for payment therefor by the Requisite Noteholders following the Note becoming due and payable pursuant to the terms and conditions of the Notes, or (ii) after a date fixed by acceleration or otherwise; (b) The Company shal...l make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or within thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement or the Notes within fifteen (15) days after written notice from the Requisite Noteholders to perform or observe such obligation. 6.2 Remedies. Upon the occurrence of an Event of Default under Section 6.1 hereof, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, the entire unpaid principal and accrued and unpaid interest on the Notes shall, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such Notes and exercise any and all other remedies granted to them at law, in equity or otherwise.View More
Variations of a "Defaults and Remedies" Clause from Business Contracts
Defaults and Remedies. 6.1 Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each the Note: (a) The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note, (i) Note for more than two (2) five (5) days after demand such payments are due; (b) The Company ceases to negotiate in good faith with respect to a strategic acquisition of Lender or terminates, for payment therefor any reason, or breaches an...y agreement entered into by the Requisite Noteholders following Company for the Note becoming due and payable pursuant to the terms and conditions acquisition of the Notes, or (ii) after a date fixed by acceleration or otherwise; (b) Lender; (c) The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) (d) Within thirty (30) twenty (20) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or within thirty (30) twenty (20) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement or the Notes other Transaction Documents within fifteen (15) ten (10) days after written notice from the Requisite Noteholders Lender to perform or observe such obligation. obligation; (f) A Change of Control Event with respect to the Company shall have occurred; (g) Any money judgment, writ or similar final process shall be entered or filed against the Company or any Subsidiary or any of their property or other assets for more than $250,000, and shall remain unvacated, unbonded, unappealed, unsatisfied, or unstayed for a period of 60 calendar days; (h) A default by the Company under any one or more obligations (including, without limitation, any office lease or pre-existing loan currently outstanding) in an aggregate monetary amount in excess of $100,000 for more than 90 calendar days after the due date, unless the Company is contesting the validity of such obligation in good faith and has segregated cash funds equal to not less than one-half of the contested amount; or (i) Any material representation or warranty of the Company made in the Agreement which is false or misleading in any material respect as of the Execution Date, except to the extent such representation or warranty is made as of a different date in which case such representation or warranty shall have been false or misleading in any material respect as of such date. 6.2 Remedies. Upon the occurrence of an Event of Default under Section 6.1 hereof, hereof in addition to the remedy set forth in Section 7 of the Note, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Lender, the entire unpaid principal and accrued and unpaid interest on the Notes Note shall, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders the Lender may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such Notes the Note and exercise any and all other remedies granted to them at law, in equity or otherwise. View More
Defaults and Remedies. 6.1 (a) Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each this Note: (a) (i) The Company shall default in the timely payment of any part of the principal or unpaid accrued interest on the Note, (i) for more than two (2) days Note after demand for payment therefor by the Requisite Noteholders following the Note becoming same shall become due and payable pursuant to the terms and conditions of the Notes, payable, whethe...r at maturity or (ii) after at a date fixed for prepayment or by acceleration or otherwise; (b) (ii) The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or of any substantial part of the properties of the Company, or the Company or its respective directors managers or majority stockholders members shall take any action looking to the dissolution or liquidation of the Company; (c) or (iii) Within thirty (30) 60 days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or dismissed or, within thirty (30) 60 days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement or the Notes within fifteen (15) days after written notice from the Requisite Noteholders to perform or observe such obligation. 6.2 vacated. 4 (b) Remedies. Upon the occurrence of an Event of Default under Section 6.1 7(a) hereof, at the option and upon written notice from the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Lender, the entire unpaid principal and accrued and unpaid interest on the Notes this Note shall, without presentment, demand, protest, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders the Lender may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such the Notes and exercise any and all other remedies granted to them a lender at law, in equity or otherwise. In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys' fees and court costs incurred by the Lender in enforcing and collecting this Note 8. Security. This Note is a general unsecured obligation of the Company. View More
Defaults and Remedies. 6.1 (a) Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each this Note: (a) (i) The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note, (i) Note for more than two (2) 30 days after demand for payment therefor by the Requisite Noteholders following the Note becoming same shall become due and payable pursuant to payable, whether during the terms and conditions of the No...tes, 24 month repayment period or (ii) after a date fixed by acceleration or otherwise; (b) (ii) The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or of any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) 4 (iii) Within thirty (30) 30 days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or dismissed or, within thirty (30) 30 days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) (iv) The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement Note, or any other agreement with the Notes Lender, within fifteen (15) 30 days after written notice from the Requisite Noteholders Lender to perform or observe such the obligation. 6.2 (b) Remedies. Upon the occurrence of an Event of Default under Section 6.1 8(a) hereof, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Lender, the entire unpaid principal and accrued and unpaid interest on the Notes this Note shall, without presentment, demand, protest, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders the Lender may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such Notes this Note and exercise any and all other remedies granted to them it at law, in equity or otherwise. View More
Defaults and Remedies. 6.1 (a) Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each this Note: (a) The (i)The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note, (i) Note for more than two (2) 30 days after demand for payment therefor by the Requisite Noteholders following the Note becoming same shall become due and payable pursuant to payable, whether during the terms and conditions of the... Notes, 24 month repayment period or (ii) after a date fixed by acceleration or otherwise; (b) The 3 (ii)The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or of any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) Within thirty (30) (iii)Within 30 days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or dismissed or, within thirty (30) 30 days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) The (iv)The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement Note, or any other agreement with the Notes Lender, within fifteen (15) 30 days after written notice from the Requisite Noteholders Lender to perform or observe such the obligation. 6.2 (b) Remedies. Upon the occurrence of an Event of Default under Section 6.1 8(a) hereof, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Lender, the entire unpaid principal and accrued and unpaid interest on the Notes this Note shall, without presentment, demand, protest, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders the Lender may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such Notes this Note and exercise any and all other remedies granted to them it at law, in equity or otherwise. View More
Defaults and Remedies. 6.1 7.1 Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each this Note: 5 (a) The Company shall default in the payment of any part of the principal or unpaid accrued interest on the Note, (i) Note for more than two (2) thirty (30) days after demand for payment therefor by the Requisite Noteholders following the Note becoming same shall become due and payable pursuant to the terms and conditions of the Notes, payable, whe...ther at maturity or (ii) after at a date fixed for prepayment or by acceleration or otherwise; (b) The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or of any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or dismissed or, within thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company or any of its subsidiaries is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 Five Hundred Thousand Dollars ($500,000) or more; or 17 (f) (e) The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement Note, or the Notes any other agreement with Intrexon, within fifteen (15) thirty (30) days after written notice from the Requisite Noteholders Intrexon to perform or observe such the obligation. 6.2 7.2 Remedies. Upon the occurrence of an Event of Default under Section 6.1 7.1 hereof, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Intrexon, the entire unpaid principal and accrued and unpaid interest on the Notes this Note shall, without presentment, demand, protest, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders Intrexon may, immediately and without expiration of any period of grace, enforce payment of all amounts due and owing under such Notes this Note and exercise any and all other remedies granted to them it at law, in equity or otherwise. View More
Defaults and Remedies. 6.1 3.1. Events of Default. Any of the The following events shall be considered an "Event Events of Default" Default with respect to each this Note: (a) 3.1.1. The Company shall default in the payment of any part of the principal Principal Amount of or unpaid accrued interest on the Note, (i) for more than two (2) days Note after demand for payment therefor by the Requisite Noteholders following the Note becoming same shall become due and payable pursuant to the terms and conditions of the Notes..., payable, whether at maturity or (ii) after at a date fixed for prepayment or by acceleration or otherwise; (b) 3.1.2. The Company shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts as they become due, or shall file a voluntary petition for bankruptcy, or shall file any petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, dissolution or similar relief under any present or future statute, law or regulation, or shall file any answer admitting the material allegations of a petition filed against the Company in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of the Company, or of all or of any substantial part of the properties of the Company, or the Company or its respective directors or majority stockholders shall take any action looking to the dissolution or liquidation of the Company; (c) 3.1.3. Within thirty (30) days after the commencement of any proceeding against the Company seeking any bankruptcy reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or dismissed or, within thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated; (d) 3.1.4. Within thirty (30) days after the Company becomes involved in litigation that threatens to materially and adversely affect the Company's business, operations, assets, results of operations or prospects, if the Company's involvement has not terminated by such date in a manner that does not prospects; and could not reasonably be expected to materially and adversely affect the Company's business, operations, assets, results of operations or prospects; (e) Any default or defined event of default that has not otherwise been cured or forgiven within fifteen (15) days after written notice to the Company from the applicable lender of such default or defined event of default shall occur under any agreement to which the Company is a party that evidences indebtedness for borrowed money by the Company (excluding trade payables) of $50,000 or more; or 17 (f) 3.1.5. The Company shall fail to observe or perform any other obligation to be observed or performed by it under this Agreement Note or any other agreement with the Notes Holder, within fifteen (15) thirty (30) days after written notice from the Requisite Noteholders Holder to perform or observe such the obligation. 6.2 3.2. Remedies. Upon the occurrence of an Event of Default under Section 6.1 3.1 hereof, at the option and upon the declaration of the majority in interest of the aggregate outstanding principal amount of the Notes, Holder, the entire unpaid principal Principal Amount of and accrued and unpaid interest on the Notes this Note shall, without presentment, demand, protest, protest or notice of any kind, all of which are hereby expressly waived, be forthwith due and payable, and such Requisite Noteholders the Holder may, immediately and without expiration of any period of grace, grace enforce payment of all amounts due and owing under such Notes this Note and exercise any and all other remedies granted to them it at law, in equity or otherwise. View More
