Events of Default Clause Example with 4 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. (a) Events. The following occurrences shall constitute an "Event of Default" hereunder: (i) failure to pay principal and/or interest hereunder when due; or (ii) default by the Company under any material provision of this Note or the Subscription Agreement if such default is not substantially cured by the Company within thirty (30) days after the Holder has delivered the Company written notice of such default; or (iii) the institution by the Company of proceedings to be adjudicated as bankrupt or... insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or (iv) if, within sixty (60) days after the commencement of an action against the Company (and service of process in connection therewith on the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been resolved in favor of the Company or if, within sixty (60) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated. (b) Remedies. Upon the occurrence of an Event of Default, and so long as such Event of Default shall continue, the Holder may (i) declare the entire principal balance hereunder, and all accrued and unpaid interest, immediately due and payable and (ii) exercise any and all of its rights and remedies granted herein, by applicable law, or which the Holder may otherwise have against the Company or otherwise.View More
Variations of a "Events of Default" Clause from Business Contracts
Events of Default. (a) Events. The following occurrences If any of the events specified in this Section 4 shall constitute occur (herein individually referred to as an "Event of Default" hereunder: Default"), the Holder of this Note may, provided such condition exists, declare the entire Loan Amount and Interest Amount hereon immediately due and payable, by written notice to the Company: (i) Any failure to pay principal and/or interest hereunder when due; or (ii) default by the Company under to pay any material pr...ovision of the Loan Amount or Interest Amount on this Note or the Subscription Agreement if when due hereunder, and such default is not substantially cured by failure continues for ten (10) days after written notice to the Company within thirty (30) days after the Holder has delivered the Company written notice of such default; thereof; or (iii) the (ii) The institution by the Company of proceedings to be adjudicated adjudicate the Company as bankrupt or insolvent, or the consent by it the Company to the institution of bankruptcy or insolvency proceedings against it or such proceedings; the filing by it the Company of a petition or petition, answer or consent seeking reorganization or release under the federal Bankruptcy Act, Act or any other applicable federal or state law, or the consent by it the Company to the filing of any such petition or petition; the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of any substantial part of its property, property; or the making by it of an assignment by the Company for the benefit of creditors, or the taking of any corporate action by the Company in furtherance of any such action; or (iv) if, within sixty (60) days after the (iii) The commencement of an action against the Company (and service of process in connection therewith on the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, regulation; unless, (a) within sixty (60) days after such commencement, the action shall not have has been resolved in favor of the Company, or all orders or proceedings thereunder affecting the operations or the business of the Company have been stayed; provided, however, that the stay of any such order or if, proceeding has not thereafter been set aside, or (b) within sixty (60) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, without the consent or acquiescence of the Company thereto, such appointment shall not have been is vacated. (b) Remedies. Upon the occurrence of an Event of Default, and so long as such Event of Default shall continue, the Holder may (i) declare the entire principal balance hereunder, and all accrued and unpaid interest, immediately due and payable and (ii) exercise any and all of its rights and remedies granted herein, by applicable law, or which the Holder may otherwise have against the Company or otherwise.View More
Events of Default. (a) Events. The following occurrences If any of the events specified in this Section shall constitute occur (herein individually referred to as an "Event of Default" hereunder: (i) failure Default"), the Holder may, so long as such condition exists, in addition to pay any other right, power or remedy granted to the Holder under this Note, the Stock Purchase Agreement, or applicable law, either by suit in equity or by action at law, or both, declare the entire principal and/or interest hereunder ...when due; amount and all other amounts immediately due and payable, without presentment, demand or (ii) default by notice of any kind, all of which are expressly waived, provided, however, that upon the Company under occurrence of any material provision Event of Default described in Section 1(c) or 1(d) hereof, the entire principal amount and all other amounts shall automatically become due and payable: (a) Payment of the principal of this Note shall be delinquent for a period of five days or more after the Subscription Agreement if such default is not substantially cured by due date thereof; (b) If the Company within thirty (30) shall fail to observe any covenant or other provision contained in this Note (other than with respect to payment), the Stock Purchase Agreement and such failure of observance shall be continuing for 10 days after the Holder has delivered the Company given written notice of such default; or (iii) the thereof; (c) The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Company, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or (iv) if, (d) If, within sixty (60) 45 days after the commencement of an action against the Company (and service of process in connection therewith on the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been resolved in favor of the Company or if, within sixty (60) days after all orders or proceedings thereunder affecting the appointment operations or the business of the Company stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if there is appointed without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated. (b) Remedies. Upon the occurrence of an Event of Default, and so long as such Event of Default shall continue, the Holder may (i) declare the entire principal balance hereunder, and all accrued and unpaid interest, immediately due and payable and (ii) exercise any and all of its rights and remedies granted herein, by applicable law, or which the Holder may otherwise have against the Company or otherwise.View More
Events of Default. (a) Events. The Upon the occurrence of any of the following occurrences shall constitute specified events (each an "Event of Default" hereunder: (i) failure Default"), unless such Event of Default shall have been waived or cured prior to pay principal and/or interest hereunder when due; or (ii) the exercise of the remedies set forth below: 7.1 Payments. Any default by the Company in the payment when due of any principal and unpaid accrued interest under any material provision of this Note or the... Subscription Agreement if such default is not substantially cured by the Company within thirty (30) ten (10) days after the Holder holder of such Note has delivered given the Company written notice of such default; 5 7.2 Representations and Warranties. Any representation or (iii) warranty made by the Company herein shall prove to have been incorrect in any material respect on or as of the date made and remains unremedied for a period of thirty (30) days after any Investor provides the Company with written notice of such breach; 7.3 Post Closing Covenants. The failure of Company to satisfy any of the post-closing covenants set forth in Section 6 hereof within the time-periods set forth therein. 7.4 Institution of Bankruptcy Proceedings. The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee trustee, or other similar official official, of the Company, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or (iv) if, 7.5 Continuation of Bankruptcy Proceedings. If, within sixty (60) thirty (30) days after the commencement of an action against the Company (and service of process in connection therewith on the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been resolved in favor of the Company or all orders or proceedings thereunder affecting the operations or the business of the Company stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if, within sixty (60) thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated. (b) Remedies. Upon vacated; Then, and in any such event, and at any time thereafter, if any events shall be continuing, the occurrence of an Event of Default, and so long as such Event of Default Investor shall continue, have the Holder may (i) option to declare the entire principal balance hereunder, amount of the Note, and all accrued and but unpaid interest, interest thereon, to be immediately due and payable and (ii) exercise any and all of its rights and remedies granted herein, by applicable law, or which upon written notice to the Holder may otherwise have against the Company or otherwise. Company. View More
Events of Default. (a) Events. The Upon the occurrence of any of the following occurrences shall constitute specified events (each an "Event of Default" hereunder: (i) failure Default"), unless such Event of Default shall have been waived or cured prior to pay principal and/or interest hereunder when due; or (ii) the exercise of the remedies set forth below: 8.1 Payments. Any default by the Company in the payment when due of any principal and unpaid accrued interest under any material provision of this Note or the... Subscription Agreement if such default is not substantially cured by the Company within thirty (30) ten (10) days after the Holder holder of such Note has delivered given the Company written notice of such default; 8.2 Representations and Warranties. Any representation or (iii) warranty made by the Company herein shall prove to have been incorrect in any material respect on or as of the date made and remains unremedied for a period of thirty (30) days after any Investor provides the Company with written notice of such breach; 8.3 Post Closing Covenants. The failure of Company to satisfy any of the post-closing covenants set forth in Section 6 hereof within the time-periods set forth therein. 8.4 Institution of Bankruptcy Proceedings. The institution by the Company of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under the federal Bankruptcy Act, or any other applicable federal or state law, or the consent by it to the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee trustee, or other similar official official, of the Company, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the taking of corporate action by the Company in furtherance of any such action; or (iv) if, 8.5 Continuation of Bankruptcy Proceedings. If, within sixty (60) thirty (30) days after the commencement of an action against the Company (and service of process in connection therewith on the Company) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such action shall not have been resolved in favor of the Company or all orders or proceedings thereunder affecting the operations or the business of the Company stayed, or if the stay of any such order or proceeding shall thereafter be set aside, or if, within sixty (60) thirty (30) days after the appointment without the consent or acquiescence of the Company of any trustee, receiver or liquidator of the Company or of all or any substantial part of the properties of the Company, such appointment shall not have been vacated. (b) Remedies. Upon vacated; 6 Then, and in any such event, and at any time thereafter, if any events shall be continuing, the occurrence of an Event of Default, and so long as such Event of Default Investor shall continue, have the Holder may (i) option to declare the entire principal balance hereunder, amount of the Notes, and all accrued and but unpaid interest, interest thereon, to be immediately due and payable and (ii) exercise any and all of its rights and remedies granted herein, by applicable law, or which upon written notice to the Holder may otherwise have against the Company or otherwise. Company. View More
