Events of Default Clause Example with 6 Variations from Business Contracts

Events of Default. If any of the following events take place before prior to the earlier of (x) any conversion pursuant to Section 3 or on (y) the Maturity Date payment in full of the obligations evidenced by this Note (each, an "Event of Default"), Payee at its option may may, so long as such event exists, declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and paya...ble without any declaration in the case of an Event of Default specified in clause (iii) (b), (c), (d), or (v), (e), below: (i) (a)The Company fails shall fail to make pay when due any principal payment of on the full amount due under this Note upon the tender of such Note following the Maturity Date; (ii) A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; (iii) Company is adjudicated bankrupt or insolvent; (iv) Any of Company's property is sequestered by or in consequence of a court order date hereunder and such order remains in effect for more than thirty (30) days; o (v) payment shall not have been made within two (2) Business Days thereafter; (b)The Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 (vi) Proceedings (c)Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; (vii) (d)The Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of the Company or of all or any part substantially all of its property; (viii) An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) days; (ix) 8 (e)The Company dissolves, liquidates or ceases business activity, or transfers any major portion all or substantially all of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Any an unaffiliated third party; (f)Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note; or (g)The Company materially breaches any of its agreements set forth in this Note, unless such breach is capable of cure, in which case the Subscription Agreement or the Offering Documents. Company shall have fifteen (15) days to cure such breach following written notice from Payee. View More

Events of Default. If any of the following events take place before or on the Maturity Date (each, an "Event of Default"), Payee at its option may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below: (i) Company fails to make payment of the full amount due u...nder this Note upon the tender of such Note following the Maturity Date and such payment is not made within thirty (30) days of the Maturity Date; (ii) A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; (iii) Company is adjudicated bankrupt or insolvent; (iv) Any of Company's property is sequestered by or in consequence of a court order and such order remains in effect for more than thirty (30) days; o (v) Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 (vi) Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; 4 (vii) Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; (viii) An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) days; (ix) Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note, the Subscription Agreement or the Offering Documents. Upon the occurrence of an Event of Default, and in addition to any other rights and remedies the Noteholder may have pursuant to this Note, the holders of a majority of the face value of all of the issued and outstanding Notes as to which there is a default will have the right to elect a number of members of the Company's Board of Directors equal to a majority of the Board; provided, however, that the Noteholder acknowledges that the Company will be required to amend is Certificate of Incorporation to provide for, among other things, granting the Noteholders the right to vote for the election of Directors pursuant to this provision and that the approval of this amendment, and the rights it shall bestow on the Noteholders, shall only be upon the approval of a majority of the Company's shareholders. In connection therewith, the Company's management and Board shall take reasonable steps to seek such approval from the shareholders at the Company's next Annual Meeting of Shareholders, tentatively scheduled for October 2019. View More

Events of Default. If any of the following events take place before or on the Maturity Date (each, an "Event of Default"), Payee at its option may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below: (i) Company (i)Company fails to make payment of the full a...mount due under this Note upon the tender of such Note following the Maturity Date; (ii) A Date, which failure to make payment continues for a period of five (5) days after receipt by the Company of notice from the Noteholder of such default; or (ii)A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; or (iii) Company is adjudicated bankrupt or insolvent; (iv) Any or (iv)Any of Company's property is sequestered by or in consequence of a court order and such order remains in effect for more than thirty (30) 30 days; o (v) Company or (v)Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 (vi) Proceedings law, or -4- (vi)Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; (vii) Company commencement. (vii)Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; (viii) An or (viii)An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) 30 days; (ix) Company or (ix)Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Any (x)Company breaches any covenant or agreement on its part contained in this Note or the Subscription Agreement and such breach has not been remedied within ten (10) days after receipt by the Company of notice from the Noteholder of such default; or (xi)Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note, the Subscription Agreement or the Offering Documents. Documents and such breach has not been remedied within fifteen (15) days after receipt by the Company of notice from the Noteholder of such default. View More

Events of Default. If any of the following events take place before or on the Maturity Date (each, an "Event of Default"), Payee at its option may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below: (i) Company fails to make payment of the full amount due u...nder this Note upon the tender of such Note following the Maturity Date; or (ii) A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; or 3 (iii) Company is adjudicated bankrupt or insolvent; or (iv) Any of Company's property is sequestered by or in consequence of a court order and such order remains in effect for more than thirty (30) 30 days; o or (v) Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 law, or (vi) Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; commencement. (vii) Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; or (viii) An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) 30 days; or (ix) Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Company breaches any covenant or agreement on its part contained in this Note or the Securities Purchase Agreement and does not cure such breach within 10 Business Days; or (xi) Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note, the Subscription Securities Purchase Agreement or the Offering Documents. other offering documents, schedules and exhibits related thereto. View More

Events of Default. If any of the following events take place before or on the Maturity Date (each, an "Event of Default"), Payee at its option may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below: (i) Company fails to make payment of the full amount due u...nder this Note upon the tender of such Note following the Maturity Date; or (ii) A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; or (iii) Company is adjudicated bankrupt or insolvent; or (iv) Any of Company's property is sequestered by or in consequence of a court order and such order remains in effect for more than thirty (30) 30 days; o or 3 (v) Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 law, or (vi) Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; commencement. (vii) Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; or (viii) An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) 30 days; or (ix) Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Company breaches any covenant or agreement on its part contained in this Note or the Securities Purchase Agreement; or (xi) Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note, the Subscription Securities Purchase Agreement or the Offering Documents. other offering documents, schedules and exhibits related thereto. View More

Events of Default. If any of the following events take place before or on the Maturity Date (each, an "Event of Default"), Payee at its option may declare all principal and accrued and unpaid interest thereon and all other amounts payable under this Note immediately due and payable; provided, however, that this Note shall automatically become due and payable without any declaration in the case of an Event of Default specified in clause (iii) or (v), below: (i) Company fails to make payment of the full amount due u...nder this Note upon the tender of such Note following the Maturity Date; or (ii) A receiver, liquidator or trustee of Company or any substantial part of Company's assets or properties is appointed by a court order; or (iii) Company is adjudicated bankrupt or insolvent; or (iv) Any of Company's property is sequestered by or in consequence of a court order and such order remains in effect for more than thirty (30) 30 days; o or (v) Company files a petition in voluntary bankruptcy or requests reorganization under any provision of any bankruptcy, reorganization or insolvency law or consents to the filing of any petition against it under such law; 4 law, or 2 (vi) Proceedings for the appointment of a receiver, trustee or custodian of the Company or of all or a substantial part of the assets or property thereof, 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; commencement. (vii) Company makes a formal or informal general assignment for the benefit of its creditors, or admits in writing its inability to pay debts generally when they become due, or consents to the appointment of a receiver or liquidator of Company or of all or any part of its property; or (viii) An attachment or execution is levied against any substantial part of Company's assets that is not released within thirty (30) 30 days; or (ix) Company dissolves, liquidates or ceases business activity, or transfers any major portion of its assets other than in the ordinary course of business; provided that this paragraph (ix) shall not apply to any contemplated real estate transaction; or (x) Company breaches any covenant or agreement on its part contained in this Note or the Securities Purchase Agreement; or (xi) Any material inaccuracy or untruthfulness of any representation or warranty of the Company set forth in this Note, the Subscription Securities Purchase Agreement or the Offering Documents. other offering documents, schedules and exhibits related thereto. View More