Events of Default Clause Example from Business Contracts

Events of Default. The occurrence of any of the following shall constitute an "Event of Default" under this Note: (a) The Company shall fail to pay: (i) any Principal Balance or Interest payment on the due date hereunder; or (ii) any other payment required under the terms of this Note on the date due and, in the case of this clause (ii) only, such payment shall not have been made within five (5) Business Days of the Company's receipt of the Holder's written notice to the Company of such failure to pay; (b) The Com...pany shall fail to observe or perform any other covenant, obligation, condition or agreement contained in this Note; (c) The Company shall: (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or any part of its assets or property; (ii) be unable, or admit in writing its inability, to pay its debts generally as they mature; (iii) make a general assignment for the benefit of its or any of its subsidiaries creditors; (iv) adopt a plan of liquidation or dissolution or otherwise resolve to be or be dissolved or liquidated; (v) become insolvent (as such term may be defined or interpreted under any applicable statute); (vi) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it; or (vii) take any action for the purpose of effecting any of the foregoing; (d) Proceedings instituted by a third party for the appointment of a receiver, trustee, liquidator or custodian of the Company or any part of its assets or property, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within sixty (60) days of commencement; or La Rosa Holdings Corp. – Unsecured Subordinated Promissory Note 3 (e) If this Note shall cease to be, or be asserted by the Company not to be, a legal, valid and binding obligation of the Company enforceable in accordance with its terms. View More