Events of Default Clause Example from Business Contracts

Events of Default. The occurrence and continuance of any of the following shall constitute an "Event of Default" hereunder: (a) Failure to Pay. The Borrower fails to pay any principal amount of the Loan when due. (b) Breach of Representations and Warranties. Any representation or warranty made by the Borrower to the Noteholder herein contains an untrue or misleading statement of a material fact as of the date made. (c) Bankruptcy; Insolvency. (i) The Borrower institutes a voluntary case seeking relief under any la...w relating to bankruptcy, insolvency, reorganization, or other relief for debtors, or equivalent thereof under applicable law. (ii) An involuntary case is commenced seeking the liquidation or reorganization of the Borrower under any law relating to bankruptcy or insolvency, and such case is not dismissed or vacated within 60 days of its filing. (iii) The Borrower makes a general assignment for the benefit of its creditors. (iv) The Borrower is unable, or admits in writing its inability, to pay its debts as they become due. (v) A case is commenced against the Borrower or its assets seeking attachment, execution, or similar process against all or a substantial part of its assets, and such case is not dismissed or vacated within 60 days of its filing. 2 (d) Failure to Give Notice. The Borrower fails to give the notice of Event of Default specified in 6. View More