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Events of Default Contract Clauses (4,519)
Grouped Into 90 Collections of Similar Clauses From Business Contracts
This page contains Events of Default clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder ("Event of Default"): (a) If Maker shall fail to pay when due any payment of the Principal Amount, interest or other amount payable on this Note, provided that Maker has not cured such payment within fifteen (15) calendar days of written notice of non-payment from the Holder. (b) If, pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relat...ing to insolvency or relief of debtors (a "Bankruptcy Law"), Maker shall (i) commence a voluntary case or proceeding; (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing its inability to pay its debts as they become due. (c) If a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker in an involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of its properties; or (iii) orders the liquidation of Maker. (d) If Maker enters into any of the following: (i) any merger with or into, acquisition of the equity interests of, consolidation with, or other similar transaction; (ii) the sale, transfer, lease, license or other disposition of all or substantially all of its assets; or (iii) any transaction or series of related transactions pursuant to which any third party person or "group" (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) becomes the "beneficial owner" (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of a majority of the total voting power of Maker's then outstanding securities.
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TRULI TECHNOLOGIES, INC. contract
Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder ("Event of Default"): (a) If Maker shall fail to pay when due any payment of the Principal Amount, Amount or interest or other amount payable on this Note, provided that Maker has not cured such payment within fifteen (15) five (5) calendar days of written notice of non-payment from the Holder. Lender. (b) If, pursuant to or within the meaning of the United States Bankruptcy Code or any other... federal or state law relating to insolvency or relief of debtors (a "Bankruptcy Law"), Maker shall (i) commence a voluntary case or proceeding; (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing its inability to pay its debts as they become due. (c) If a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker in an involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of its properties; or (iii) (ill) orders the liquidation of Maker. (d) If Maker enters into any of the following: (i) any merger with or into, acquisition of the equity interests of, consolidation with, or other similar transaction; (ii) the sale, transfer, lease, license or other disposition of all or substantially all of its assets; or (iii) any transaction or series of related transactions pursuant to which any third party person or "group" (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) becomes the "beneficial owner" (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of a majority of the total voting power of Maker's then outstanding securities. Notwithstanding the foregoing, any merger, acquisition or other consolidation previously announced by the Maker on or prior to the date hereof shall not be an Event of Default under this Note. (e) If Maker shall incur any indebtedness or sell any equity or equity linked securities after the date hereof without the consent of Lender.
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Boston Therapeutics, Inc. contract
Events of Default. The occurrence of any one or more of the following events shall constitute an event of default hereunder ("Event of Default"): (a) If Maker shall fail to pay when due any payment of the Principal Amount, Amount or interest or other amount payable on this Note, provided that Maker has not cured and such payment within fifteen (15) calendar failure continues for ten (10) business days of written notice of non-payment from the Holder. following such due date. 1 (b) If, pursuant to or within the mea...ning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a "Bankruptcy Law"), Maker shall (i) commence a voluntary case or proceeding; (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee, receiver, assignee, liquidator or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing its inability to pay its debts as they become due. (c) If a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against Maker in an involuntary case; (ii) appoints a trustee, receiver, assignee, liquidator or similar official for Maker or substantially all of its properties; or (iii) orders the liquidation of Maker. (d) If Maker enters into any of the following: (i) any merger with or into, merger, acquisition of the its equity interests of, consolidation with, interests, consolidation, or other similar transaction; (ii) the sale, transfer, lease, license or other disposition of all or substantially all of its assets; or (iii) any transaction or series of related transactions pursuant to which any third party person or "group" (as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) becomes the "beneficial owner" (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of a majority of the total voting power of Maker's then outstanding securities. (e) If any lender(s) of Maker accelerates any indebtedness of Maker following a default by Maker.
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TRULI TECHNOLOGIES, INC. contract
Events of Default. For purposes of this Agreement, the term "Event of Default" shall mean and refer to any of the following: a.Failure of Borrower to perform or observe any covenant set forth in this Agreement, or to perform or observe any other term, condition, covenant, warranty, agreement or other provision contained in this Agreement, where such failure continues for fifteen (15) days after receipt of written notice from Lender specifying such failure; b.Any representation or warranty made or furnished by Borr...ower in writing in connection with this Agreement and the Note or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or in connection with this Agreement is false, incorrect or incomplete in any material respect at the time it is furnished; or c.Occurrence of any other Event of Default as defined in the Note.
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OZOP SURGICAL CORP. contract
Events of Default. For purposes of this Agreement, the term "Event of Default" shall mean and refer to any of the following: a.Failure (a) Failure of Borrower to perform or observe any covenant set forth in this Agreement, or to perform or observe any other term, condition, covenant, warranty, agreement or other provision contained in this Agreement, where such failure continues for fifteen (15) twenty (20) business days after receipt of written notice from Lender specifying such failure; b.Any (b) Any representat...ion or warranty made or furnished by Borrower in writing in connection with this Agreement, the Notes or the Intercreditor Agreement and the Note or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or in connection with this Agreement is false, incorrect or incomplete in any material respect at the time it is furnished; or c.Occurrence (c) Occurrence of any other Event of Default as defined in the Note.
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Super League Gaming, Inc. contract
Events of Default. For purposes of this Agreement, the term "Event of Default" shall mean and refer to any of the following: a.Failure of Borrower to perform or observe any covenant set forth in this Agreement, or to perform or observe any other term, condition, covenant, warranty, agreement or other provision contained in this Agreement, where such failure continues for fifteen (15) days after receipt of written notice from Lender specifying such failure; Agreement; b.Any representation or warranty made or furnis...hed by Borrower in writing in connection with this Agreement and the Note or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or in connection with this Agreement is false, incorrect or incomplete in any material respect at the time it is furnished; or c.Occurrence of any other Event of Default as defined in the Note.
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AquaMed Technologies, Inc. contract
Events of Default. For purposes of this Agreement, the term "Event of Default" shall mean and refer to any of the following: a.Failure a. Failure of Borrower ILAL to perform or observe any covenant set forth in this Agreement, or to perform or observe any other term, condition, covenant, warranty, agreement or other provision contained in this Agreement, where such failure continues for fifteen (15) days after receipt of written notice from Lender specifying such failure; b.Any Agreement; b. Any representation or ...warranty made or furnished by Borrower ILAL in writing in connection with this Agreement and the Note or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or in connection with this Agreement is false, incorrect or incomplete in any material respect at the time it is furnished; or c.Occurrence c. Occurrence of any other Event of Default as defined in the Note.
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Events of Default. An "Event of Default" shall occur hereunder: (a) if the Company shall default in the payment of the Principal Amount or any Interest on this Note, when and as the same shall become due and payable and after written demand for payment thereof has been made and such amount remains unpaid for 30 business days after the date of such notice; (b) if the Company shall default in the due observance or performance of any covenant, representation, warranty, condition or agreement on the part of the Compan...y to be observed or performed pursuant to the terms hereof or pursuant to the terms of the Purchase Agreement, and such default is not remedied or waived within the time periods permitted therein, or if no cure period is provided therein, within 30 business days after the Company receives written notice of such default; or (c) if the Company shall commence any proceeding in bankruptcy or for dissolution, liquidation, winding-up, composition or other relief under state or federal bankruptcy laws, or if such proceedings are commenced against the Company, or a receiver or trustee is appointed for the Company or a substantial part of its property, and such proceeding or appointment is not dismissed or discharged within 120 calendar days after its commencement. 2 6. Acceleration. If an Event of Default under Section 5(c) above occurs, then the Principal Amount and all accrued and unpaid Interest on this Note shall automatically become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are expressly waived. If any other Event of Default occurs and is continuing, the Holder may declare the Principal Amount and all accrued and unpaid Interest on this Note to be due and payable immediately only upon written notice to the Company. Upon any such declaration of acceleration, such Principal Amount and Interest shall become immediately due and payable, and the Holder shall be entitled to exercise all of its rights and remedies hereunder and under the Purchase Agreement whether at law or in equity. The failure of the Holder to declare this Note due and payable shall not be a waiver of its right to do so, and the Holder shall retain the right to declare this Note due and payable unless the Holder shall execute a written waiver.
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SMART FOR LIFE, INC. contract
Events of Default. An "Event of Default" shall occur hereunder: (a) if the Company shall default in the payment of the Principal Amount or any Interest on this Note, Debenture, when and as the same shall become due and payable and after written demand for payment thereof has been made and such amount remains unpaid for 30 business days after the date of such notice; (b) if the Company shall default in the due observance or performance of any covenant, representation, warranty, condition or agreement on the part of... the Company to be observed or performed pursuant to the terms hereof or pursuant to the terms of the Purchase Agreement, and such default is not remedied or waived within the time periods permitted therein, or if no cure period is provided therein, within 30 business days after the Company receives written notice of such default; or (c) if the Company shall commence any proceeding in bankruptcy or for dissolution, liquidation, winding-up, composition or other relief under state or federal bankruptcy laws, or if such proceedings are commenced against the Company, or a receiver or trustee is appointed for the Company or a substantial part of its property, and such proceeding or appointment is not dismissed or discharged within 120 calendar days after its commencement. 2 6. Acceleration. If an Event of Default under Section 5(c) above occurs, then the Principal Amount and all accrued and unpaid Interest on this Note Debenture shall automatically become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are expressly waived. If any other Event of Default occurs and is continuing, the holders of not less than a majority of the then-outstanding aggregate Principal Amount of the Debentures (the "Requisite Holders"), even without the consent of the Holder of this Debenture, may declare the Principal Amount and all accrued and unpaid Interest on this Note Debenture to be due and payable immediately only upon written notice to the Company. Upon any such declaration of acceleration, such Principal Amount and Interest shall become immediately due and payable, and the Holder shall be entitled to exercise all of its rights and remedies hereunder and under the Purchase Agreement whether at law or in equity. The failure of the Holder to declare this Note Debenture due and payable shall not be a waiver of its right to do so, and the Holder shall retain the right to declare this Note Debenture due and payable unless the Holder shall execute a written waiver. The Holder agrees that it cannot, and will not, seek to exercise any remedy against the Company without the consent of the Requisite Holders.
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SMART FOR LIFE, INC. contract
Events of Default. The occurrence of an Event of Default (as defined in the Loan Agreement) shall be an Event of Default hereunder.
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Ecoark Holdings, Inc. contract
Events of Default. The occurrence of an Event of Default (as defined in the Loan Agreement) shall be constitute an Event event of Default hereunder. default under this Agreement.
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SPAR GROUP INC contract
Events of Default. The occurrence of an any Event of Default (as defined in the Loan Agreement) shall be constitute an Event of Default hereunder.
Found in
Owens Realty Mortgage, Inc. contract
Events of Default. (a) The following shall constitute events of default (each an "Event of Default"): i. default shall be made in the payment of any installment of principal or interest on the Loan Amount or any other sum secured hereby when due and the Borrower fails to cure such default within ten (10) days after written notice of default is sent to the Borrower; ii. there is a material default by the Borrower in the observance or performance of any non-monetary covenant or agreement contained herein and the Bor...rower fails to cure such default within thirty (30) days after written notice of default is sent to the Borrower (or within such other longer time period as may be therein specifically provided); iii. failure of the Borrower to comply in any way with the obligations, terms, covenants or conditions contained in this Agreement, or breach by the Borrower of any obligations, covenant, representation or warranty contained in this Agreement that is not cured within thirty (30) days from the date the Lenders delivers notice of such failure or breach to the Borrower; iv. filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Borrower, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof, or if the Borrower shall cease or suspend the conduct of its usual business or if the Borrower shall become, or in light of its usual business conditions is likely to become, insolvent and is unable to pay its debts or liabilities as they fall due; v. a petition to a court of competent jurisdiction shall be filed for the entry of an order, judgment or decree approving a petition filed against the Borrower seeking any reorganization, dissolution or similar relief under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such petition shall remain unvacated or not removed for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; or any trustee, receiver or liquidator of the Borrower or of all or any part of the assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of the Borrower and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); 5 vi. a writ of execution or attachment or any similar process shall be issued or levied against all of the Borrower's assets, or any judgment involving monetary damages shall be entered against the Borrower which shall become a lien on all of the Borrower's assets and such execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; vii. the Borrower ceases or threatens to cease to carry on its business; or viii. the Borrower admits its inability to pay its debts upon their falling due. (b) If, at any time, an Event of Default shall occur, all obligations under this Agreement shall become immediately due and payable without presentment, demand or protest, all of which are hereby waived by the Borrower.
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Orgenesis Inc. contract
Events of Default. (a) The following shall constitute events of default (each an "Event of Default"): i. (i) default shall be made in the payment of any installment of principal or interest on the Loan Amount or any other sum secured hereby Advance when due and payable under this Agreement and the Borrower fails to cure such default within ten (10) days after receipt of a written notice of default from the Lender or its authorized agent is sent to received by the Borrower; ii. (ii) there is a material default by t...he Borrower in the observance or performance of any non-monetary material covenant or agreement contained herein and the Borrower fails to cure such default within thirty (30) days after written notice of default from the Lender or its authorized agent is sent to received by the Borrower (or within such other longer time period as may be therein specifically provided); iii. (iii) failure of the Borrower to comply in any way with the obligations, terms, covenants or conditions contained in this Agreement, or breach by the Borrower of any obligations, covenant, representation or warranty contained in this Agreement that is not cured within thirty (30) days from the date receipt of a written notice from a Lender or its authorized agents by Borrower, which written notice will state the Lenders delivers notice of such specific failure or breach to by the Borrower; iv. (iv) filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Borrower, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof, or if the Borrower shall cease or suspend the conduct of its usual business or if the Borrower shall become, or in light of its usual business conditions is likely to become, insolvent and is unable to pay its debts or liabilities as they fall due; v. 5 (v) a petition to a court of competent jurisdiction shall be filed for the entry of an order, judgment or decree approving a petition filed against the Borrower seeking any reorganization, dissolution or similar relief under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such petition shall remain unvacated or not removed for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; or any trustee, receiver or liquidator of the Borrower or of all or any part of the assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of the Borrower and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); 5 vi. (vi) for debts or judgments in excess of One Hundred Thousand Dollars and No Cents ($100,000.00) in face amount, a writ of execution or attachment or any similar process shall be issued or levied against all of the Borrower's assets, or any judgment involving monetary damages shall be entered against the Borrower which shall become a lien on all of the Borrower's assets and such execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; vii. or (vii) the Borrower ceases or threatens to cease to carry on its business; or viii. the Borrower admits its inability to pay its debts upon their falling due. primary business line for ninety (90) consecutive days. (b) Accelerated Payment; No Presentment. If, at any time, an Event of Default shall occur, occur and is not be timely remedied, then the unpaid amount of all obligations under this Agreement Advances shall become immediately due and payable without presentment, demand or protest, all of which are hereby waived by the Borrower.
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Events of Default. (a) The following shall constitute events of default (each an "Event of Default"): i. (i) default shall be made in the payment of any installment of principal or interest on the Loan Amount or any other sum secured hereby Advance when due and payable under this Agreement and the Borrower fails to cure such default within ten (10) days after receipt of a written notice of default from the Lender or its authorized agent is sent to received by the Borrower; ii. (ii) there is a material default by t...he Borrower in the observance or performance of any non-monetary material covenant or agreement contained herein and the Borrower fails to cure such default within thirty (30) days after written notice of default from the Lender or its authorized agent is sent to received by the Borrower (or within such other longer time period as may be therein specifically provided); iii. (iii) failure of the Borrower to comply in any way with the obligations, terms, covenants or conditions contained in this Agreement, or breach by the Borrower of any obligations, covenant, representation or warranty contained in this Agreement that is not cured within thirty (30) days from the date receipt of a written notice from a Lender or its authorized agents by Borrower, which written notice will state the Lenders delivers notice of such specific failure or breach to by the Borrower; iv. (iv) filing of a petition in bankruptcy or the commencement of any proceedings under any bankruptcy laws by or against the Borrower, which filing or proceeding, is not dismissed within sixty (60) days after the filing or commencement thereof, or if the Borrower shall cease or suspend the conduct of its usual business or if the Borrower shall become, or in light of its usual business conditions is likely to become, insolvent and is unable to pay its debts or liabilities as they fall due; v. (v) a petition to a court of competent jurisdiction shall be filed for the entry of an order, judgment or decree approving a petition filed against the Borrower seeking any reorganization, dissolution or similar relief under any present or future federal, state or other statute, law or regulation relating to bankruptcy, insolvency or other relief for debtors, and such petition shall remain unvacated or not removed for an aggregate of sixty (60) days (whether or not consecutive) from the first date of entry thereof or rejected by such court; or any trustee, receiver or liquidator of the Borrower or of all or any part of the assets, or of any or all of the royalties, revenues, rents, issues or profits thereof, shall be appointed without the consent or acquiescence of the Borrower and such appointment shall remain unvacated and unstayed for an aggregate of sixty (60) days (whether or not consecutive); 5 vi. (vi) for debts or judgments in excess of One Hundred Thousand Dollars and No Cents ($100,000.00) in face amount, a writ of execution or attachment or any similar process shall be issued or levied against all of the Borrower's assets, or any judgment involving monetary damages shall be entered against the Borrower which shall become a lien on all of the Borrower's assets and such execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within sixty (60) days after its entry or levy; vii. or (vii) the Borrower ceases or threatens to cease to carry on its business; or viii. the Borrower admits its inability to pay its debts upon their falling due. primary business line for ninety (90) consecutive days. (b) Accelerated Payment; No Presentment. If, at any time, an Event of Default shall occur, occur and is not be timely remedied, then the unpaid amount of all obligations under this Agreement Advances shall become immediately due and payable without presentment, demand or protest, all of which are hereby waived by the Borrower.
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HotApp Blockchain Inc. contract
Events of Default. The Holder is hereby authorized to declare all or any part of the entire outstanding Principal Indebtedness of this Note plus all Interest accrued thereon, immediately due and payable upon the occurrence and during the continuation of any of the following events (each, an "Event of Default"): (a) the failure of Borrower to pay the entire Principal Indebtedness of this Note and all accrued Interest hereon on the applicable Due Date, which failure is not cured by Borrower within five (5) Business ...Days after written notice of such failure to pay has been given by the Holder to Borrower; or (b) the filing by Borrower of any petition for relief under the United States Bankruptcy Code or any similar federal or state statute, or Borrower's consent to or acquiescence in any such filing by a third party, or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or (d) the making by Borrower of an application for the appointment of a custodian, trustee or receiver for, or of a general assignment for the benefit of creditors by, Borrower, or Borrower's consent to or acquiescence in any such application by a third party or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or (f) the dissolution, winding up, or termination of the business or cessation of operations of Borrower (including any transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of Borrower pursuant to the provisions of Borrower's charter documents), or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or 4. Prepayment. All payments shall be applied first to Interest and then to Principal Indebtedness. Borrower shall be permitted to prepay any amounts contemplated under this Note in full or in part prior to the Due Date.
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Boxlight Corp contract
Events of Default. The Holder is hereby authorized to declare all or any part of the entire outstanding Principal Indebtedness of this Note plus all Interest accrued thereon, immediately due and payable upon the occurrence and during the continuation of any of the following events (each, an "Event of Default"): (a) the failure of Borrower to pay the entire Principal Indebtedness of this Note when the same shall be due and all accrued Interest hereon on the applicable Due Date, payable, which failure is not cured b...y the Borrower within five (5) Business Days ten (10) days after written notice of such failure to pay has been given by the Holder to the Borrower; or (b) the filing by the Borrower of any petition for relief under the United States Bankruptcy Code or any similar federal or state statute, or the Borrower's consent to or acquiescence in any such filing by a third party, or the Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; (c) an involuntary petition is filed against the Borrower (unless such petition is dismissed or (d) the making by Borrower of an application for the appointment of discharged within 60 days) under any bankruptcy statute now or hereafter in effect, or a custodian, trustee or receiver for, or of a general assignment receiver, trustee, assignee for the benefit of creditors by, Borrower, (or other similar official) is appointed to take possession, custody or Borrower's consent to or acquiescence in control of any such application by a third party or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any property of the foregoing; Borrower; or (f) (d) the dissolution, winding up, or termination of the business or cessation of operations of the Borrower (including any transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of the Borrower pursuant to the provisions of Borrower's its charter documents), or the Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or 4. Prepayment. All payments shall be applied first to Interest and then to Principal Indebtedness. Borrower shall be permitted to prepay any amounts contemplated under this Note in full or in part prior to the Due Date. foregoing.
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Exactus, Inc. contract
Events of Default. The Holder is hereby authorized to declare all or any part of the entire outstanding Principal Indebtedness of this Deferred Payment Note plus all Interest accrued thereon, thereon (the "Indebtedness") immediately due and payable upon the occurrence and during the continuation of any of the following events (each, an "Event of Default"): (a) the failure of Borrower to pay the entire Principal Indebtedness of this Deferred Payment Note and all accrued Interest hereon on the applicable Due Maturit...y Date, which failure is not cured by Borrower within five (5) Business Days after written notice of such failure to pay has been given by the Holder to Borrower; or (b) the breach by Borrower of any material covenant or agreement on its part to be performed under the Purchase Agreement or any document, instrument or agreement executed and delivered in connection with the transactions contemplated by the Purchase Agreement, which breach, if capable of being cured, is not cured by Borrower within thirty (30) days after written notice of such breach describing in reasonable detail the nature of the alleged breach has been given by Holder to Borrower; or (c) the filing by Borrower of any petition for relief under the United States Bankruptcy Code or any similar federal or state statute, or Borrower's consent to or acquiescence in any such filing by a third party, or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or (d) the making by Borrower of an application for the appointment of a custodian, trustee or receiver for, or of a general assignment for the benefit of creditors by, Borrower, or Borrower's consent to or acquiescence in any such application by a third party or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or (e) the insolvency of Borrower or the failure of Borrower generally to pay its debts as such debts become due; or (f) the dissolution, winding up, or termination of the business or cessation of operations of Borrower (including any transaction or series of related transactions deemed to be a liquidation, dissolution or winding up of Borrower pursuant to the provisions of Borrower's charter documents), or Borrower shall take any corporate action for the purpose of effecting, approving, or consenting to any of the foregoing; or 4. (g) the occurrence of any "Event of Default" under and as defined in any document, instrument or agreement executed and delivered in connection with the transactions contemplated by the Purchase Agreement that has not been cured within any applicable cure period or waived by the Holder. DEFERRED PAYMENT NOTEPage 3 6. Prepayment. All payments shall be applied first to Interest and then to Principal Indebtedness. Borrower shall be permitted to prepay any amounts contemplated under this Deferred Payment Note in full or in part prior to the Due Date. Maturity Date, provided that each partial prepayment shall be applied to the remaining Installments in the inverse order of maturity.
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xG TECHNOLOGY, INC. contract
Events of Default. Each of the following occurrences shall be an "Event of Default": (a) Payment Default. Tenant's failure to pay Rent within five (5) calendar days after Tenant's receipt of Landlord's written notice that the same is due; provided, however, Landlord shall not be obligated to provide written notice of monetary default more than twice in any calendar year, and each subsequent monetary default shall be an Event of Default if not received within five (5) days after the same is due; (b) Abandonment. Te...nant abandons the Premises or any substantial portion thereof, or fails to continuously operate its business in the Premises, abandonment being defined as Tenant's vacation of the Premises and failure to meet one (1) or more lease obligations, and such conditioned is not remedied within ten (10) days after written notice to Tenant; 14 (c) Estoppel/Financial Statement/Commencement Date Letter. Tenant fails to provide: (i) any estoppel certificate after Landlord's written request therefor pursuant to Section 26(e); (ii) any financial statement after Landlord's written request therefor pursuant to Section 26(q); or (iii) the Confirmation of Commencement Date in the form of Exhibit F as required by Section 3, and such failure shall continue for five (5) calendar days after Landlord's second (2nd) written notice thereof to Tenant; (d) Insurance. Tenant fails, within five (5) calendar days following written notice from Landlord, to procure, maintain and deliver to Landlord evidence of the insurance policies and coverages as required under Section 11(b); (e) Mechanic's Liens. Tenant fails to pay and release of record, or diligently contest and bond around, any mechanic's lien filed against the Premises or the Project for any work performed, materials furnished, or obligation incurred by or at the request of Tenant, within the time and in the manner required by Section 8(c); (f) Other Defaults. Tenant's failure to perform, comply with, or observe any other agreement or obligation of Tenant under this Lease and the continuance of such failure for a period of thirty (30) calendar days or more after Landlord has delivered to Tenant written notice thereof; provided, however, if such default is of the type which cannot reasonably be cured within thirty (30) days, then Tenant shall have such longer time as is reasonably necessary provided Tenant commences to cure within ten (10) days after receipt of written notice from Landlord and diligently prosecutes such cure to completion within sixty (60) days of such notice; and (g) Insolvency. The filing of a petition by or against Tenant (the term "Tenant" shall include, for the purpose of this Section 17(g), any guarantor of Tenant's obligations hereunder): (1) in any bankruptcy or other insolvency proceeding; (2) seeking any relief under any state or federal debtor relief law; (3) for the appointment of a liquidator or receiver for all or substantially all of Tenant's property or for Tenant's interest in this Lease; or (4) for the reorganization or modification of Tenant's capital structure; however, if such a petition is filed against Tenant, then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within ninety (90) calendar days after the filing thereof.
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Events of Default. Each of the following occurrences shall be an "Event of Default": (a) Payment Default. Tenant's failure to pay Rent within five (5) calendar days after Tenant's receipt of Landlord's Landlord has delivered written notice to Tenant that the same is due; provided, however, Landlord shall not be obligated to provide written notice of monetary default more than twice in any calendar year, and each subsequent monetary default shall be an Event of Default shall occur hereunder without any obligation o...f Landlord to give any notice if not received within five (5) days after the same is due; (b) Abandonment. Tenant abandons the Premises or any substantial portion thereof, or fails to continuously operate its business in the Premises, abandonment being defined as Tenant's vacation of the Premises and failure to meet one (1) or more lease obligations, and such conditioned is not remedied within ten (10) days after written notice to Tenant; 14 (c) Estoppel/Financial Statement/Commencement Date Letter. Tenant fails to provide: (i) pay Rent when due and, during the 12 month interval preceding such failure, Landlord has given Tenant written notice of failure to pay Rent on one or more occasions; (b) Intentionally Omitted. (c) Estoppel. Tenant fails to provide any estoppel certificate after Landlord's written request therefor pursuant to Section 26(e); (ii) any financial statement after Landlord's written request therefor pursuant to Section 26(q); or (iii) the Confirmation of Commencement Date in the form of Exhibit F as required by Section 3, 25(e) and such failure shall continue for five (5) calendar days after Landlord's second (2nd) written notice thereof to Tenant; Tenant which second written notice shall be delivered in an envelope or wrapper conspicuously marked "TIME SENSITIVE IMMEDIATE RESPONSE REQUIRED"; 19 (d) Insurance. Tenant fails, within five (5) calendar days following written notice from Landlord, fails to procure, maintain and deliver to Landlord evidence of the insurance policies and coverages as required under Section 11(b); 11(a); (e) Mechanic's Liens. Tenant fails to pay and release of record, or diligently contest and bond around, any mechanic's lien filed against the Premises or the Project for any work performed, materials furnished, or obligation incurred by or at the request of Tenant, within the time and in the manner required by Section 8(c); 8(d); (f) Other Defaults. Tenant's failure to perform, comply with, or observe any other agreement or obligation of Tenant under this Lease and the continuance of such failure for a period of thirty (30) calendar more than 30 days or more after Landlord has delivered to Tenant written notice thereof; thereof provided, however, that if the nature of Tenant's failure to perform is such default is of the type which cannot reasonably be cured within that more than thirty (30) days, days are reasonably required to cure, then Tenant such failure to perform shall be deemed to have such longer time as is reasonably necessary provided been cured if Tenant commences to cure such performance within ten (10) days after receipt of written notice from Landlord said thirty (30) day period and thereafter diligently prosecutes pursues such cure to completion within sixty (60) days of such notice; a reasonable time; and (g) Insolvency. The filing of a petition by or against Tenant (the term "Tenant" shall include, for the purpose of this Section 17(g), any guarantor of Tenant's obligations hereunder): hereunder) (1) in any bankruptcy or other insolvency proceeding; (2) seeking any relief under any state or federal debtor relief law; (3) for the appointment of a liquidator or receiver for all or substantially all of Tenant's property or for Tenant's interest in this Lease; or (4) for the reorganization or modification of Tenant's capital structure; or (5) in any assignment for the benefit of creditors proceeding; however, if such a petition is filed against Tenant, then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within ninety (90) calendar 90 days after the filing thereof.
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Shattuck Labs, Inc. contract
Events of Default. Each of the following occurrences shall be an "Event of Default": (a) Payment Default. Tenant's failure to pay Rent within five (5) calendar ten (10) days after Tenant's receipt of Landlord's written notice Landlord notifies Tenant that the same is due; unpaid and overdue; provided, however, Landlord shall not be obligated to provide written such notice of monetary default more than twice in two (2) times during any given calendar year. If such notice has been given two (2) times during any give...n calendar year, and each subsequent monetary default then for the balance of said calendar year, Tenant's failure to pay Rent within ten (10) days after the same is due (without notice thereof) shall be an Event of Default if not received within five (5) days after the same is due; Default; (b) Abandonment. Tenant abandons the Premises or any substantial portion thereof, or fails to continuously operate its business in the Premises, abandonment being defined as Tenant's vacation of the Premises and failure to meet one (1) for a period of sixty (60) or more lease obligations, and consecutive days, provided that such conditioned vacation is not remedied within ten (10) days after written notice due to strikes, riots, acts of God, shortages of labor or materials, war, acts of terrorism, governmental laws, regulations, or restrictions, or any other causes of any kind whatsoever which are beyond the control of Tenant; 14 (c) Estoppel/Financial Statement/Commencement Date Letter. Tenant fails to provide: (i) any estoppel certificate after Landlord's written request therefor pursuant to 19 Section 26(e); (ii) any financial statement after Landlord's written request therefor pursuant to Section 26(q); 26(q), if Tenant is obligated under Section 26(q) to provide the same; or (iii) the Confirmation of Commencement Date in the form of Exhibit F as required by Section 3, and such failure shall continue for five (5) calendar days Business Days after Landlord's second (2nd) written notice thereof to Tenant; (d) Insurance. Tenant fails, within five (5) calendar days following written notice from Landlord, fails to procure, maintain and deliver to Landlord evidence of the insurance policies and coverages as required under Section 11(b); 11(a) and such failure continues for five (5) Business Days after Landlord's request; (e) Mechanic's Liens. Tenant fails to pay and release of record, or diligently contest and bond around, any mechanic's lien filed against the Premises or the Project for any work performed, materials furnished, or obligation incurred by or at the request of Tenant, within the time and in the manner required by Section 8(c); (f) Other Defaults. Tenant's failure to perform, comply with, or observe any other agreement or obligation of Tenant under this Lease and the continuance of such failure for a period of thirty (30) calendar days or more after Landlord has delivered to Tenant written notice thereof; provided, however, if such default is of the type which cannot reasonably be cured within thirty (30) days, then Tenant shall have thereof or for such longer time period as is reasonably necessary to cure such failure, provided that Tenant commences to cure such failure within ten (10) days after receipt of written notice from Landlord said thirty (30) day period and thereafter diligently prosecutes pursues such cure to completion within completion, but in no event will such period be extended for more than sixty (60) days of such notice; additional days; and (g) Insolvency. The filing of a petition by or against Tenant (the term "Tenant" shall include, for the purpose of this Section 17(g), any guarantor of Tenant's obligations hereunder): (1) in any bankruptcy or other insolvency proceeding; (2) seeking any relief under any state or federal debtor relief law; (3) for the appointment of a liquidator or receiver for all or substantially all of Tenant's property or for Tenant's interest in this Lease; or (4) for the reorganization or modification of Tenant's capital structure; however, if such a petition is filed against Tenant, then such filing shall not be an Event of Default unless Tenant fails to have the proceedings initiated by such petition dismissed within ninety (90) one hundred twenty (120) calendar days after the filing thereof.
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Cray Inc. contract
Events of Default. Each of the following shall constitute an "Event of Default" hereunder: a. The Borrower shall (i) voluntarily terminate operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator in respect of such Borrower, as the case may be, or of all or a substantial part of the assets of such Borrower, as the case may be, (ii) admit in writing its inability, to pay debts as the debts become due, (iii) make a general assignment for t...he benefit of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (v) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or applicable state bankruptcy laws or (vii) take any corporate action for the purpose of effecting any of the foregoing; or b. Default in the performance of any other obligation under this Note and such failure continues for ten (10) days after written notice to Borrower. If any Event of Default shall occur, then, at any time thereafter while such Event of Default is continuing, the Holder by written notice to the Borrower may declare the Balance to be immediately due and payable.
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Events of Default. Each of the following shall constitute an "Event of Default" hereunder: a. The Borrower shall (i) voluntarily terminate operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator in respect of such Borrower, as the case may be, or of all or a substantial part of the assets of such Borrower, as the case may be, (ii) admit in writing its inability, to pay debts as the debts become due, (iii) make a general assignment for t...he benefit of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (v) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or applicable state bankruptcy laws or (vii) take any corporate action for the purpose of effecting any of the foregoing; or b. Default in the performance of any other obligation under this Note, the Purchase Agreement, the security agreements or any other document issued or executed in connection with this Note and such failure continues for ten (10) days after written notice to Borrower. If any Event of Default shall occur, occur under Section 4(a), then, at the Balance and Accrued Interest hereunder shall become immediately due and payable without any time thereafter while such notice, declaration or other act on the part of the Holder. If any Event of Default is shall occur and be continuing, the Holder by written notice to the Borrower may declare the Balance to be immediately due and payable. payable and shall have all of the rights and remedies of a secured party under the UCC and other applicable laws with respect to all of the collateral security granted to the Holder pursuant to the security documents entered into in connection with the Purchase Agreement.
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Events of Default. Each of the following shall constitute an "Event of Default" hereunder: a. (a) The Borrower shall fail to pay any principal, interest or other amount payable hereunder on the applicable due date; (b) The Borrower shall (i) voluntarily terminate operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator in respect of such Borrower, as the case may be, Borrower or of all or a substantial part of the assets of such the Borr...ower, as the case may be, (ii) admit in writing its inability, to pay debts as the debts become due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect), (v) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or applicable state bankruptcy laws or (vii) take any corporate action for the purpose of effecting any of the foregoing; or b. (c) Default in the performance of any other obligation under this Note or the Subscription Agreement and such failure continues for ten (10) five (5) days after written notice to Borrower. Borrower; or (d) Any representation, warranty or statement made or furnished to the Lender by or on behalf of the Borrower proves to be false or erroneous in a material respect when made or furnished. If any Event of Default shall occur, then, at any time thereafter while such Event of Default is continuing, the Holder Lender by written notice to the Borrower (the "Default Notice") may declare the Balance entire unpaid principal amount of this Note, together with all accrued and unpaid interest thereon, to be immediately due and payable. payable immediately.
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ORANGEHOOK, INC. contract
Events of Default. The term "Event of Default" shall mean any of the events set forth in this Section 3: (a) the Company shall default in the performance of, or violate any material covenants and agreements contained in this Note or the Subscription Agreement, including without limitation, the failure to pay amounts due under this Note on its Maturity Date, or any of the other Notes on their Maturity Date; (b) any representation, warranty or certification made by or on behalf of the Company in this Note or the Sub...scription Agreement shall have been incorrect in any material respect when made; (c) there shall be a dissolution, termination of existence, suspension or discontinuance of the Company's business for a continuous period of twenty (20) days or it ceases to operate as going concern; (d) if the Company shall: (i) admit in writing its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) consent to the appointment of a receiver, trustee, custodian or similar official, for the Company or any material portion of the property or assets of the Company; (iv) on a petition in bankruptcy filed against it, be adjudicated a bankrupt; or (v) file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any State, district or territory thereof; (e) if a court of competent jurisdiction shall enter an order, judgment, or decree appointing, without the consent of the Company, a receiver of the whole or any substantial part of the Company's assets, and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of entry thereof; (f) if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the whole or any substantial part of the Company's assets and such custody or control shall not be terminated or stayed within sixty (60) days from the date of assumption of such custody or control; or 3 (g) the Company shall default in any of its obligations under any other promissory note, indenture or 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 of the Company in an amount exceeding $50,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable. If any Event of Default described in clause (d) of Section 3 shall occur, the Principal Amount of this Note, together with all accrued and unpaid Interest shall automatically be and become immediately due and payable, without notice or demand. If any Event of Default (other than any Event of Default described in clause (d) of Section 3) shall occur for any reason, whether voluntary or involuntary, the Holder may, upon written notice to the Company, declare all or any portion of the outstanding Principal Amount, together with all accrued and unpaid Interest, to be due and payable, whereupon the full unpaid Principal Amount hereof, together with all accrued and unpaid Interest shall be so declared due and payable shall be and become immediately due and payable if default is not cured by the Company within ten (10) business days of receipt of written notice, without further notice, demand, or presentment.
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Events of Default. The term "Event of Default" shall mean any of the events set forth in this Section 3: (a) the Company shall default in the performance of, or violate any material covenants and agreements contained in this Note Note, the Revolving Credit Agreement or the Subscription Agreement, Security Agreement (as defined under the Revolving Credit Agreement), including without limitation, the failure to pay amounts due under this Note on its Maturity Date, or any of the other Notes on their Maturity Date; (b...) any representation, warranty or certification made by or on behalf of the Company in this Note Note, the Revolving Credit Agreement or the Subscription Security Agreement shall have been incorrect in any material respect when made; (c) there shall be a dissolution, termination of existence, suspension or discontinuance of the Company's business for a continuous period of twenty (20) 60 days or it ceases to operate as going concern; 1 (d) if the Company shall: (i) admit in writing its inability to pay its debts generally as they become due; (ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) convey any material portion of the assets of the Company to a trustee, mortgage or liquidating agent or make an assignment for the benefit of creditors; (iv) consent to the appointment of a receiver, trustee, custodian or similar official, for the Company or any material portion of the property or assets of the Company; (iv) (v) on a petition in bankruptcy filed against it, be adjudicated a bankrupt; or (v) (vi) file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any State, district or territory thereof; (e) if a court of competent jurisdiction shall enter an order, judgment, or decree appointing, without the consent of the Company, a receiver of the whole or any substantial part of the Company's assets, and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) 60 days from the date of entry thereof; (f) if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the whole or any substantial part of the Company's assets and such custody or control shall not be terminated or stayed within sixty (60) 60 days from the date of assumption of such custody or control; or 3 (g) the Company shall default in any of its obligations under any other promissory note, indenture or 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 of the Company in an amount exceeding $50,000, $100,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable. payable; or (h) upon the (i) the merger or consolidation of Company (other than one in which stockholders of Company own a majority by voting power of the outstanding shares of the surviving or acquiring corporation); or (ii) a sale, lease, transfer, exclusive license or other disposition of all or substantially all of the assets of Company). If any Event of Default described in clause (d) of Section 3 shall occur, the Principal Amount of this Note, together with all accrued and unpaid Interest shall automatically be and become immediately due and payable, without notice or demand. If any Event of Default (other than any Event of Default described in clause (d) of Section 3) shall occur for any reason, whether voluntary or involuntary, the Holder Holder, may, upon written notice to the Company, declare all or any portion of the outstanding Principal Amount, together with all accrued and unpaid Interest, to be due and payable, whereupon the full unpaid Principal Amount hereof, 2 together with all accrued and unpaid Interest shall be so declared due and payable shall be and become immediately due and payable if default is not cured by the Company within ten (10) 10 business days of receipt of written notice, without further notice, demand, or presentment.
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Events of Default. The term "Event of Default" shall mean any of the events set forth in this Section 3: (a) the Company shall default in the performance of, or violate any material covenants and agreements contained in this Note or the Subscription Agreement, Note, including without limitation, the failure to pay the amounts due under this Note on its Maturity Date, or any of the other Notes on their Maturity Date; a monthly basis; (b) any representation, warranty or certification made by or on behalf of the Comp...any in this Note or the Subscription Agreement shall have been incorrect in any material respect when made; (c) there shall be a dissolution, termination of existence, suspension or discontinuance of the Company's business for a continuous period of twenty (20) forty-five (45) days or it ceases to operate as going concern; (d) (c) if the Company shall: (i) admit in writing its inability to pay its debts generally as they become due; (ii) file a voluntary petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) convey any material portion of the assets of the Company to a trustee, mortgage or liquidating agent or make an assignment for the benefit of creditors; (iv) consent to the appointment of a receiver, trustee, custodian or similar official, for the Company or any material portion of the property or assets of the Company; (iv) (v) on a petition in bankruptcy filed against it, be adjudicated a bankrupt; or (v) 1 (vi) file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any State, district or territory thereof; (e) or (vii) if a court of competent jurisdiction shall enter an order, judgment, or decree appointing, without the consent of the Company, a receiver of the whole or any substantial part of the Company's assets, and such order, judgment or decree shall not be vacated or set aside or stayed within sixty (60) 60 days from the date of entry thereof; (f) if, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the whole or any substantial part of the Company's assets and such custody or control shall not be terminated or stayed within sixty (60) days from the date of assumption of such custody or control; or 3 (g) the Company shall default in any of its obligations under any other promissory note, indenture or 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 of the Company in an amount exceeding $50,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable. thereof. If any Event of Default described in clause (d) (c) of Section 3 shall occur, the Principal Amount of this Note, together with all accrued and unpaid Interest shall automatically be and become immediately due and payable, without notice or demand. If any Event of Default (other than any Event of Default described in clause (d) (c) of Section 3) shall occur for any reason, whether voluntary or involuntary, the Holder Holder, may, upon written notice to the Company, declare all or any portion of the outstanding Principal Amount, together with all accrued and unpaid Interest, to be due and payable, whereupon the full unpaid Principal Amount hereof, together with all accrued and unpaid Interest shall be so declared due and payable shall be and become immediately due and payable if the default is not cured by the Company within ten (10) business three (3) days of receipt of written notice, except that notice for any payment default shall not be required to be given any more than two (2) times in any twelve (12) months period, without further notice, demand, or presentment.
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Level Brands, Inc. contract
Events of Default. If the Company shall (a) fail to make any payment due hereunder and such failure shall continue unremedied for a period of fifteen (15) days following receipt of written notice thereof from the Holder; (b) admit in writing its inability to pay its debts generally as they mature; (c) make a general assignment for the benefit of creditors; (d) be adjudicated a bankrupt or insolvent; (e) file a voluntary petition in bankruptcy or a petition or an answer seeking an arrangement with creditors; (f) ta...ke advantage of any bankruptcy, insolvency or readjustment of debt law or statute or file an answer admitting the material allegations of a petition filed against it in any proceeding under any such law; (g) apply for or consent to the appointment of a receiver, trustee or liquidator for all or substantially all of its assets; or (h) have an involuntary case commenced against it under the Federal bankruptcy laws, which case is not dismissed or stayed within sixty (60) days (each an "Event of Default"), then, at any time thereafter and unless such Event of Default shall have been cured or shall have been waived in writing by the Holder, the Holder may, by written notice to the Company, declare the entire unpaid principal amount of this Note then outstanding, together with accrued interest thereon, to be forthwith due and payable, whereupon the same shall become forthwith due and payable.
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Events of Default. If (a) the Company shall (a) fail to make any payment due hereunder pay the outstanding principal balance of this Note, and such failure accrued interest thereon, on the Maturity Date; (b) the Company shall continue unremedied for a period of fifteen (15) days following receipt of written notice thereof from the Holder; (b) admit in writing its inability to pay its debts generally as they mature; (c) make a general assignment for the benefit of creditors; (d) (c) the Company shall be adjudicated... a bankrupt or insolvent; (e) (d) the Company shall file a voluntary petition in bankruptcy or a petition or an answer seeking an arrangement with creditors; (f) (e) the Company shall take advantage of any bankruptcy, insolvency or readjustment of debt law or statute or file an answer admitting the material allegations of a petition filed against it in any proceeding under any such law; (g) (f) the Company shall apply for or consent to the appointment of a receiver, trustee or liquidator for all or substantially all of its assets; or (h) (g) the Company shall have an involuntary case commenced against it under the Federal bankruptcy laws, which case is not dismissed or stayed within sixty (60) days (each an "Event of Default"), then, at any time thereafter and unless such Event of Default shall have been cured or shall have been waived in writing by the Holder, the Holder may, by written notice to the Company, declare the entire unpaid principal amount of this Note then outstanding, together with accrued interest thereon, to be forthwith due and payable, whereupon the same shall become forthwith due and payable.
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