Common use of ACCELERATION - EVENTS OF DEFAULT Clause in Contracts

ACCELERATION - EVENTS OF DEFAULT. At the option of Dr. Leonard, the entire unpaid principal balanxx xxxxxxxer with interest then outstanding shall become immediately due and payable upon the occurrence of any of the following events of default (hereinafter "Events of Default") which are not cured in accordance with the provisions of Section 3: (i) failure to pay principal when due on this Note; (ii) failure to pay any interest on this Note 30 days after payment is due; (iii) failure to perform any other covenant of Omega under this Note, and such failure continues for 60 days after written notice by the holder; and (iv) the making of an assignment for the benefit of creditors, trust mortgage or composition with creditors or other arrangement of similar import by or the commencement of any proceedings under any bankruptcy or insolvency law, now or hereafter enacted, by or against, Omega or any endorser.

ACCELERATION - EVENTS OF DEFAULT. At the option of Dr. LeonardLongworth, the entire unpaid principal balanxx xxxxxxxer balaxxx xxxxxxxxr with interest then outstanding shall become immediately due and payable upon the occurrence of any of the following events of default (hereinafter "Events of Default") which are not cured in accordance with the provisions of Section 3: (i) failure to pay principal when due on this Note; (ii) failure to pay any interest on this Note 30 days after payment is due; (iii) failure to perform any other covenant of Omega under this Note, and such failure continues for 60 days after written notice by the holder; and (iv) the making of an assignment for the benefit of creditors, trust mortgage or composition with creditors or other arrangement of similar import by or the commencement of any proceedings under any bankruptcy or insolvency law, now or hereafter enacted, by or against, Omega or any endorser.

ACCELERATION - EVENTS OF DEFAULT. At the option of Dr. LeonardGray, the entire unpaid principal balanxx xxxxxxxer with balance herxxxxxx xith interest then outstanding shall become immediately due and payable upon the occurrence of any of the following events of default (hereinafter "Events of Default") which are not cured in accordance with the provisions of Section 3: (i) failure to pay principal when due on this Note; (ii) failure to pay any interest on this Note 30 days after payment is due; (iii) failure to perform any other covenant of Omega under this Note, and such failure continues for 60 days after written notice by the holder; and (iv) the making of an assignment for the benefit of creditors, trust mortgage or composition with creditors or other arrangement of similar import by or the commencement of any proceedings under any bankruptcy or insolvency law, now or hereafter enacted, by or against, Omega or any endorser.

ACCELERATION - EVENTS OF DEFAULT. At the option of Dr. LeonardHolt, the entire unpaid exxxxx xxpaid principal balanxx xxxxxxxer balance hereunder with interest then outstanding shall become immediately due and payable upon the occurrence of any of the following events of default (hereinafter "Events of Default") which are not cured in accordance with the provisions of Section 3: (i) failure to pay principal when due on this Note; (ii) failure to pay any interest on this Note 30 days after payment is due; (iii) failure to perform any other covenant of Omega under this Note, and such failure continues for 60 days after written notice by the holder; and (iv) the making of an assignment for the benefit of creditors, trust mortgage or composition with creditors or other arrangement of similar import by or the commencement of any proceedings under any bankruptcy or insolvency law, now or hereafter enacted, by or against, Omega or any endorser.