Default Clause Example with 9 Variations from Business Contracts
This page contains Default 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.
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) or 12(c)), this Note shall accelerate and all Loan Amount and unpaid accrued interest shall become due, payable and collectible. The occurrence of any one or more of the following shall constitute an "Event of Default" her...eunder: (a) The Company fails to pay timely any of the Loan Amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; (b) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note.View More
Variations of a "Default" Clause from Business Contracts
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 5(c) or 12(c)), 5(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the following shall c...onstitute an "Event of Default" hereunder: Default": (a) The Company fails to pay timely any of the Loan Amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; (b) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (b) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 4(c) or 12(c)), 4(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the following shall c...onstitute an "Event of Default" hereunder: Default": (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; payable; (b) The Company shall default in its performance of any covenant under the Agreement and such default shall constitute a material breach of the Agreement; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company. EMulate Therapeutics, Inc.Convertible Promissory Note – Blain TrustConfidential 8. Waiver. The Company hereby waives demand, notice, presentment, protest and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. dishonor. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 4(c) or 12(c)), 4(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the following shall c...onstitute an "Event of Default" hereunder: Default": (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; payable; (b) The Company shall default in its performance of any covenant under the Agreement and such default shall constitute a material breach of the Agreement; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company. EMulate Therapeutics, Inc.ConfidentialConvertible Promissory Note – Kingma 8. Waiver. The Company hereby waives demand, notice, presentment, protest and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. dishonor. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note Majority Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 6(c) or 12(c)), 6(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the ...following shall constitute an "Event of Default" hereunder: Default": (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; payable; (b) The Company shall default in its performance of any covenant under the Agreement and such default shall constitute a material breach of the Agreement; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company. EMulate Therapeutics, Inc.ConfidentialPage 3 of 4Convertible Promissory Note 6. Waiver. The Company hereby waives demand, notice, presentment, protest and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. dishonor. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note Requisite Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 7(c) or 12(c)), 7(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. During the existence of any Event of Def...ault, at the election of the Requisite Holders, by five (5) calendar days written notice to the Company, the outstanding principal balance and any unpaid accrued interest under this Note and each of the other Notes shall be converted into shares of Common Stock at a conversion price equal to the Cap Price. The occurrence of any one or more of the following shall constitute an "Event Event of Default" hereunder: Default: (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable payable; (b) The Company shall default in its performance of any covenant under the Agreement or within five (5) business days thereafter; (b) any Note; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) calendar days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note Requisite Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 7(c) or 12(c)), 7(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the... following shall constitute an "Event Event of Default" hereunder: Default: (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable payable; (b) The Company shall default in its performance of any covenant under the Agreement or within five (5) business days thereafter; (b) any Note; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note Holder and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 7(c) or 12(c)), 7(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the following ...shall constitute an "Event Event of Default" hereunder: Default: (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable payable; (b) The Company shall default in its performance of any covenant under the Agreement or within five (5) business days thereafter; (b) any Note; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) 60 days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 4(c) or 12(c)), 4(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the following shall c...onstitute an "Event of Default" hereunder: Default": (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable or within five (5) business days thereafter; payable; (b) The Company shall default in its performance of any covenant under the Agreement and such default shall constitute a material breach of the Agreement; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
Default. If there shall be any Event of Default (as defined below) hereunder, at the option and upon the declaration of the Lender of this Note Requisite Holders and upon written notice to the Company (which election and notice shall not be required in the case of an Event of Default under Section 12(b) 7(c) or 12(c)), 7(d)), this Note shall accelerate and all Loan Amount principal and unpaid accrued interest shall become due, payable due and collectible. payable. The occurrence of any one or more of the... following shall constitute an "Event Event of Default" hereunder: Default: (a) The Company fails to pay timely any of the Loan Amount principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this Note on the date the same becomes due and payable payable; (b) The Company shall default in its performance of any covenant under the Agreement or within five (5) business days thereafter; (b) any Note; (c) The Company files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or takes any corporate action in furtherance of any of the foregoing; or (c) (d) An involuntary petition is filed against the Company (unless such petition is dismissed or discharged within sixty (60) days) calendar days under any bankruptcy statute now or hereafter in effect, or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession, custody or control of any property of the Company and is not removed within sixty (60) days from the date of such appointment. (d) If the Company shall admit in writing to its inability to pay its debts as they mature and Lender has elected to not convert this Note. (e) If a judgment creditor shall file or commence any levy of attachment, execution or other similar process against the assets of the Company valued in excess of $100,000 which potential loss is not covered by insurance or which proceeding is not being contested in good faith by the Company, provided however, that such event shall not be an Event of Default if the Company cures such event within sixty (60) days after receiving notice of the Event of Default contemplated under this subsection. (f) If the Company commits fraud at any time in connection with this Note. Company. View More
