Events of Default Clause Example from Business Contracts

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 30 days; 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, 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. (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 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 Securities Purchase Agreement or other offering documents, schedules and exhibits related thereto. View More