Events of Default Clause Example with 12 Variations from Business Contracts
This page contains Events of 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.
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 Failure to Pay. The Maker fails to pay (a) any principal amount of the Loan when due; or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 Breach of Representations and Warranties. Any representation or warranty made or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on the date as of which such representation or warranty was made ...or deemed made. 4 6.3 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Variations of a "Events of Default" Clause from Business Contracts
Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder: 6.1 9.1 Failure to Pay. The Maker Borrower fails to pay (a) any principal amount of the Loan when due; due or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 five (5) days after written notice to the Borrower. 9.2 Continued Service. It shall be deemed to be an Event of Default if (i) Michael Feinsod is no longer serving as the Company's Chairman of the Boa...rd or (ii) if Michael Feinsod engages in any business that could be deemed to be in competition with the Company; provided that, Mr. Feinsod shall be permitted to be a passive investor in companies engaged in the cannabis industry provided that he has no greater than a 20% equity interest in such ventures and is not employed by or acting as an officer or director of such entity and such passive activities shall not constitute an Event of Default under Section 9.2 (ii) of this Note. 9.3 Breach of Representations and Warranties. Any representation or warranty made or deemed made by the Maker Borrower to the Noteholder herein herein, the Purchase Agreement or in the Security Agreement is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made. 4 6.3 9.4 Breach of Covenants. The Borrower fails to observe or perform (a) any covenant, condition or agreement contained in Section 7 or 8 of this Note or (b) any other material covenant, obligation, condition or agreement contained in this Note, the Purchase Agreement or the Security Agreement and such failure continues for ten (10) days after written notice to the Borrower. 9.5 Cross-Defaults. The Borrower fails to pay when due any of its Debt (other than Debt arising under this Note but including any failure to pay under any of the other Notes) or any interest or premium thereon when due (whether by scheduled maturity, acceleration, demand or otherwise) and such failure continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt. 9.6 Bankruptcy. (a) the Maker Borrower commences any case, proceeding or other action (i) under any existing or future law Law relating to bankruptcy, insolvency, reorganization, reorganization or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker Borrower makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker Borrower any case, proceeding or other action of a nature referred to in clause (a) Section 9.6(a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 sixty (60) days; (c) there is commenced against the Maker Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty (60) days from the entry thereof; (d) the Maker Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), Section 9.6(a), Section 9.6 (b) or (c) Section 9.6 (c), above; or (e) the Maker Borrower is generally not, or is shall be unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder: 6.1 9.1. Failure to Pay. The Maker Borrower fails to pay (a) any principal amount of the Loan when due; due or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 two (2) days following written notice to the Borrower. 9.2. Breach of Representations and Warranties. Any representation or warranty made or deemed made by the Maker Borrower to the Noteholder herein... is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made. 4 6.3 9.3. Breach of Covenants. The Borrower fails to observe or perform (a) any covenant, condition or agreement contained set forth herein and such failure continues after the applicable grace period, if any. 13 9.4. Bankruptcy. (a) the Maker Borrower commences any case, proceeding or other action (i) under any existing or future law Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker Borrower makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker Borrower any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 days; Section 9.4(a) above; (c) there is commenced against the Maker Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 thirty (30) days from the entry thereof; (d) the Maker Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) Section 9.4(a), Section 9.4(b) or (c) Section 9.4(c) above; or (e) the Maker Borrower is generally not, or is shall be unable to, or admits in writing its inability to, pay its debts Debts as they become due. 6.4 9.5. Judgments. A judgment One or decree is more judgments or decrees shall be entered against the Maker Borrower and all of such judgment judgments or decree has decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 15 thirty (30) days from the entry thereof. 6.5 Default. thereof, other than such judgments or decrees set forth in Schedule 9.6. 9.6. Restatements of Financial Statements. The Maker Borrower shall be issue a restatement of any financial statements filed with the SEC previously or in default under, the future. 14 10. Remedies. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may at its option, by written notice to the Borrower (a) terminate its commitment to make any Advances hereunder; (b) declare the entire principal amount of this Note, together with all accrued interest thereon and all other amounts payable hereunder, immediately due and payable; and/or (c) exercise any or all of its rights, powers or remedies under applicable Law; provided, however that, if an Event of Default described in Section 9.4 shall have received notice occur, the principal of default with respect to, and accrued interest on the Loan shall become immediately due and payable without any note, agreement, notice, declaration or instrument to which Maker shall be a party and such notice other act on the part of default shall not have been rescinded or waived within five days from the date given. Noteholder. View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 5.1 Failure to Pay. The Maker fails to pay (a) any principal amount of the Loan when due; or (b) interest or within ten calendar days after the date Noteholder gives notice that the amount is due. 5.2 Late Fee. If any other amount when installment payable under this Note (including the final installment due and such failure continues for [5] days. 6.2 Breach of Representations and Warranties. Any represent...ation or warranty made or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on the date as Maturity Date) is not received by Noteholder on or prior to ten calendar days after the same is due (without regard to any applicable cure or notice period, and regardless of which whether notice of the failure to pay has been given), Maker shall pay to Noteholder upon demand an amount equal to two percent (2%) of such representation or warranty was made or deemed made. 4 6.3 unpaid sum to defray the expenses incurred by Maker in handling and processing such delinquent payment and to compensate Maker for the loss of the use of such delinquent payment. 3 5.3 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it him or its his debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its his assets, or the Maker makes a general assignment for the benefit of its his creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 sixty days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its his assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its his consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its his inability to, to pay its his debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 5.1 Failure to Pay. The Maker fails to pay (a) any principal amount of principal or interest due under the Loan when due; or (b) interest or within ten calendar days after the date Noteholder gives notice that the amount is due. 5.2 Late Fee. If any other amount when installment payable under this Note (including the final installment due and such failure continues for [5] days. 6.2 Breach of Representatio...ns and Warranties. Any representation or warranty made or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on the date as Maturity Date) is not received by Noteholder on or prior to ten calendar days after the same is due (without regard to any applicable cure or notice period, and regardless of which whether notice of the failure to pay has been given), Maker shall pay to Noteholder upon demand an amount equal to two percent (2%) of such representation or warranty was made or deemed made. 4 6.3 unpaid sum to defray the expenses incurred by Maker in handling and processing such delinquent payment and to compensate Maker for the loss of the use of such delinquent payment. 3 5.3 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it him or its his debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its his assets, or the Maker makes a general assignment for the benefit of its his creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 sixty days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its his assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its his consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its his inability to, to pay its his debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 5.1 Failure to Pay. The Maker fails to pay (a) any principal amount of the Loan when due; or (b) interest or any other amount when is due and such failure default continues for [5] days. 6.2 Breach of Representations and Warranties. Any representation or warranty made or deemed made by ten (10) calendar days after the Maker to date the Noteholder herein gives notice that the amount is incorrect in past due.... 5.2 Late Fee. If any material respect installment payable under this Note (including the final installment due on the date as Maturity Date) is not received by Noteholder on or prior to ten (10) calendar days after the same is due (without regard to any applicable cure or notice period, and regardless of which whether notice of the failure to pay has been given), Maker shall pay to Noteholder upon demand an amount equal to two percent (2%) of such representation or warranty was made or deemed made. 4 6.3 unpaid sum to defray the expenses incurred by Maker in handling and processing such delinquent payment and to compensate Maker for the loss of the use of such delinquent payment. 3 5.3 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 sixty (60) days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty (60) days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 Judgments. A judgment 5.4 Change of Control. Consummation of a sale, in one or decree is entered against a series of related transactions, of the Maker and such judgment (whether by merger, reorganization, consolidation, sale of all or decree has not been vacated, discharged, stayed substantially all of the Maker's assets or bonded pending appeal within 15 days from sale, directly or indirectly, of at least 50% of the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice Maker's equity interests) to an unaffiliated third-party of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given. Maker. View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 7.1 Failure to Pay. The Maker Borrower fails to pay (a) any principal amount of the Loan when due; or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 sixty (60) days after written notice to the Borrower. 7.2 Breach of Representations and Warranties. Any representation or warranty made or deemed made by the Maker Borrower to the Noteholder herein is incorrect in any ma...terial respect on the date as of which such representation or warranty was made or deemed made. 4 6.3 7.3 Bankruptcy. (a) the Maker Borrower commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker Borrower makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker Borrower any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 90 days; 3 (c) there is commenced against the Maker Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 90 days from the entry thereof; (d) the Maker Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker Borrower is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 7.4 Judgments. A judgment or decree is entered against the Maker Borrower and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 90 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 5.1 Failure to Pay. The Maker fails to pay (a) any principal amount of the Loan when due; or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 Breach of Representations and Warranties. Any representation or warranty made or deemed made by within ten calendar days after the Maker to date the Noteholder herein gives notice that the amount is incorrect in due. 5.2 Late Fee.... If any material respect installment payable under this Note (including the final installment due on the date as Maturity Date) is not received by Noteholder on or prior to ten calendar days after the same is due (without regard to any applicable cure or notice period, and regardless of which whether notice of the failure to pay has been given), Maker shall pay to Noteholder upon demand an amount equal to two percent (2%) of such representation or warranty was made or deemed made. 4 6.3 unpaid sum to defray the expenses incurred by Maker in handling and processing such delinquent payment and to compensate Maker for the loss of the use of such delinquent payment. 3 5.3 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged or unbonded for a period of 60 sixty days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 5.1 Failure to Pay. The Maker fails to pay (a) any principal amount of the Loan when due; or (b) interest or any other amount when due and such failure continues for [5] days. 6.2 due. 5.2 Adverse Change. A material adverse change occurs in Maker's financial condition, or Holder believes the prospect of payment or performance of this Note is impaired. 5.3 Breach of Representations and Warranties. Any repre...sentation or warranty made or deemed made by the Maker to the Noteholder Holder herein is incorrect in any material respect on the date as of which such representation or warranty was made or deemed made. 4 6.3 made; 5.4 Breach of Use of Funds. The Maker uses any part of the Loan for uses outside of those specified in Section 7; 5.5 Breach of Covenants. The Maker fails to observe or perform any material covenant, obligation, condition or agreement contained in this Note other than that specified in Section 5.1 and such failure continues for 10 calendar days after written notice to the Maker; 5.6 Default Under Other Obligations. The Maker or any subsidiary of Maker shall default on any of its obligations under any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that that (A) involves an obligation greater than $10,000, whether such indebtedness now exists or shall hereafter be created and (B) results in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable; 3 5.7 Actions and Judgments. Any monetary judgment, writ or similar final process shall be entered or filed against the Maker, any subsidiary or any of their respective property or other assets for more than $10,000, and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of forty-five (45) calendar days; provided, however, that any judgment which is covered by insurance or an indemnity from a creditworthy party (such creditworthiness as reasonably determined by the Holder) shall not be included in calculating the amount of such judgment, writ or final process so long as the Maker provides the Holder a written statement from such insurer or indemnity provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance or an indemnity and the Maker will receive the proceeds of such insurance or indemnity within forty-five (45) calendar days of the issuance of such judgment; 5.8 Bankruptcy. (a) the Maker commences any case, proceeding or other action (i) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) above which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, un-dismissed, undischarged or unbonded un-bonded for a period of 60 120 days; (c) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 120 days from the entry thereof; (d) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) or (c) above; or (e) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 (a) Failure to Pay. The Maker fails to pay (a) (i) any principal amount of the Loan this Note as and when due; or (b) interest (ii) accrued Interest or any other amount as and when due hereunder and fails to cure any unpaid amount within five (5) days of the date said amount was due. (b) Cross-Defaults. The Maker fails to pay when due any of its indebtedness (other than indebtedness under this Note) or any... interest or premium thereon as and when due (whether by scheduled maturity, acceleration, demand or otherwise) and such failure continues for [5] days. 6.2 after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness. (c) Breach of Representations Settlement Agreement. The Maker is in breach of or otherwise fails to comply with any of its obligations under the Settlement Agreement or any other agreements, notes or instruments executed and Warranties. Any representation delivered by it in connection therewith, or warranty made otherwise in connection with the Escrow Fund and fails to cure any such breach or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on compliance failure within five (5) days of the date as of which such representation breach or warranty was made or deemed made. 4 6.3 failure. 2 (d) Bankruptcy. (a) (i) the Maker commences any case, proceeding or other action (i) (A) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) (ii) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) (i) above which (i) (A) results in the entry of an order for relief or any such adjudication or appointment or (ii) (B) remains undismissed, undischarged or unbonded for a period of 60 sixty (60) days; (c) (iii) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty (60) days from the entry thereof; (d) (iv) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) (i), (ii) or (c) (iii) above; or (e) (v) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 (e) Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 thirty (30) days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
Events of Default. The occurrence of any of the following shall constitute an Event of Default hereunder: 6.1 (a) Failure to Pay. The Maker fails to pay (a) (i) any principal amount of the Loan this Note as and when due; or (b) interest (ii) accrued Interest or any other amount as and when due hereunder and fails to cure any unpaid amount within five (5) days of the date said amount was due. (b) Cross-Defaults. The Maker fails to pay when due any of its indebtedness (other than indebtedness under this Note) or any... interest or premium thereon as and when due (whether by scheduled maturity, acceleration, demand or otherwise) and such failure continues for [5] days. 6.2 after the applicable grace period, if any, specified in the agreement or instrument relating to such indebtedness. (c) Breach of Representations Settlement Agreement. The Maker is in breach of or otherwise fails to comply with any of its obligations under the Settlement Agreement or any other agreements, notes or instruments executed and Warranties. Any representation delivered by it in connection therewith or warranty made otherwise in connection with the Escrow Fund and fails to cure any such breach or deemed made by the Maker to the Noteholder herein is incorrect in any material respect on compliance failure within five (5) days of the date as of which such representation breach or warranty was made or deemed made. 4 6.3 failure. (d) Bankruptcy. (a) (i) the Maker commences any case, proceeding or other action (i) (A) under any existing or future law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (ii) (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Maker makes a general assignment for the benefit of its creditors; (b) 2 (ii) there is commenced against the Maker any case, proceeding or other action of a nature referred to in clause (a) (i) above which (i) (A) results in the entry of an order for relief or any such adjudication or appointment or (ii) (B) remains undismissed, undischarged or unbonded for a period of 60 sixty (60) days; (c) (iii) there is commenced against the Maker any case, proceeding or other action seeking issuance of a warrant of attachment, execution or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 30 sixty (60) days from the entry thereof; (d) (iv) the Maker takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (a), (b) (i), (ii) or (c) (iii) above; or (e) (v) the Maker is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due. 6.4 (e) Judgments. A judgment or decree is entered against the Maker and such judgment or decree has not been vacated, discharged, stayed or bonded pending appeal within 15 thirty (30) days from the entry thereof. 6.5 Default. The Maker shall be in default under, or shall have received notice of default with respect to, any note, agreement, or instrument to which Maker shall be a party and such notice of default shall not have been rescinded or waived within five days from the date given.View More
