Acceleration of Due Date. The entire unpaid principal balance of this Note, together with all accrued and unpaid interest thereon, shall, at the election of Lender, become immediately due and payable upon the occurrence of any of the following, irrespective of the payment schedule set forth in Paragraph 1 of this Note:
(a) Any failure on the part of Borrower to make any payment under this Note when the same is due;
(b) Any failure on the part of Borrower to perform or observe any of his obligations under the Pledge Agreement or any other security instrument which secures this Note as and when performance is due;
(c) If at any time Borrower shall admit in writing his inability to pay his debts as they become due, or shall make any assignment for the benefit of any creditors, or shall file a petition seeking any reorganization, arrangement, composition, readjustment or similar release under any present or future statute, law or regulation, or on the filing or commencement of any petition, action, case or proceeding, voluntary or involuntary, under any state or federal law regarding bankruptcy or insolvency.
Acceleration of Due Date. The entire unpaid principal balance of this Note, together with all accrued and unpaid interest thereon, shall, at the election of the Lender, become immediately due and payable upon the occurrence of any of the following, irrespective of the payment date set forth in Paragraph 1 of this Note:
(a) If at any time the Borrower shall admit in writing its inability to pay debts as they become due, or shall make any assignment for the benefit of any creditors, or shall file a petition seeking any reorganization, arrangement, liquidation, dissolution or composition, readjustment or similar release under any present or future statute, law or regulation, or on the filing or commencement of any petition, action, case or proceeding, voluntary or involuntary, under any state or federal law regarding bankruptcy or insolvency.
(b) Borrower is in material breach of the terms of the Security Agreement or this Note.
Acceleration of Due Date. The entire unpaid principal balance of this Note and accrued interest thereon, shall, at the election of Lender, become immediately due and payable upon the occurrence of any of the following, irrespective of the Due Date as otherwise defined in this Note:
a. Any failure on the part of the Borrower to make any payment when due;
b. Any failure on the part of the Borrower (i) to perform or observe any of its obligations under the Deed of Trust securing this Note, and (ii) to commence and proceed diligently to cure such default within fifteen (15) days after the written notice thereof is given by Lender, or (iii) in any event to cure such default within thirty (30) days after the date on which such notice is given;
c. The destruction or condemnation of the real property subject to the Deed of Trust or Mortgage or any material portion thereof.
Acceleration of Due Date. Upon (i) the Borrower's voluntary termination of employment with the Company, other than for Good Reason, or (ii) termination by the Company of the Borrower's employment with the Company for Cause, the Holder may at any time thereafter declare, by written notice to the Borrower as provided in paragraph 5 hereof, the entire outstanding Principal Sum immediately due and payable. In addition, the entire outstanding Principal Sum shall automatically become due and payable upon the occurrence of any of the following events:
(a) the Borrower making an assignment for the benefit of creditors or (b) any petition being filed by or against the Borrower under any provision of any state or federal law or statute alleging that the Borrower is unable to pay debts as they mature or under any provision of the United States Bankruptcy Code. Upon the Principal Sum becoming due and payable pursuant to this Section 2, the Borrower shall immediately pay to the Holder the entire Principal Sum then outstanding.
Acceleration of Due Date. Solarise reserves the right to accelerate the due date for any payment by Buyer under any contract with Solarise and any other rights made available to creditors under applicable laws, including, without limitation, the right to retake possession of the goods or to stop goods in transit and demand payment before delivery.
Acceleration of Due Date. The entire unpaid principal balance of this Note, together with all accrued and unpaid interest thereon, if any, shall, at the election of Xxxxxx, become immediately due and payable upon the occurrence of any of the following, irrespective of the repayment schedule set forth in paragraph 1 of this Note:
a. Any failure on the part of Borrower to make any payment under this Note when the same is due or to perform any other material obligation imposed upon Borrower under this Note, including, without limitation, the payment of applicable withholding taxes;
b. Any failure on the part of Borrower to perform or observe any of his obligations under the Deed of Trust or any other deed of trust, mortgage or security instrument that secures this Note or encumbers the Property as and when performance is due;
c. Any failure by Borrower to apply any portion of the proceeds of the Loan to finance the Property;
d. If Borrower shall sell the Property;
e. If at any time Borrower shall admit in writing its inability to pay its debts as they become due, or shall make any assignment for the benefit of any creditors, or shall file a petition seeking any reorganization, arrangement, composition, readjustment or similar release under any present or future statute, law or regulation, or upon the filing or commencement by or against Borrower of any petition, action, case or proceeding, voluntary or involuntary, under any state or Federal law regarding bankruptcy or insolvency;
f. Thirty
Acceleration of Due Date. The entire unpaid principal balance of this NOTE and accrued interest thereon shall, at the election of the LENDER, become immediately due and payable upon the occurrence of any of the following, irrespective of the DUE DATE as otherwise defined in this NOTE:
a. Any failure on the part of the BORROWER to make any payment when the same is due;
b. Any failure on the part of the BORROWER (i) to perform or observe any of its obligations under the deed of trust securing this NOTE, and (ii) to commence and proceed diligently to cure such default within fifteen days after written notice thereof is given by XXXXXX, and in any event to cure such default within thirty days after the date on which such notice is given; Maxygen, Inc. Confidential Xxxxxxxxx Promissory Note April 22, 1999
c. The destruction or condemnation of the real property subject to the Deed of Trust or any material portion thereof;
d. The real property subject to the Deed of Trust is no longer BORROWER's PRINCIPAL RESIDENCE; or
e. If there is entered against BORROWER an order for relief under Title 11 of the United States Code (Bankruptcy).
Acceleration of Due Date. Bondowner Representative may declare the principal of the Loans immediately due and payable. All amounts due under the Notes and the other Loan Documents shall bear interest at the Default Rate from the date of default until paid.
Acceleration of Due Date. The entire unpaid principal balance of this Note, together with all accrued and unpaid interest thereon, if any, shall, at the election of Xxxxxx, become immediately due and payable upon the occurrence of any of the following, irrespective of the repayment schedule set forth in paragraph 1 of this Note:
a. Any failure on the part of Borrower to make any payment under this Note when the same is due or to perform any other material obligation imposed upon Borrower under this Note, including, without limitation, the payment of applicable withholding taxes;
b. Any failure on the part of Borrower to perform or observe any of his obligations under the Deed of Trust or any other deed of trust, mortgage or security instrument that secures this Note or encumbers the Property as and when performance is due;
c. Any failure by Borrower to apply any portion of the proceeds of the Loan to purchase the Property;
d. If at any time Borrower shall fail to certify to Lender, pursuant to Section 6 hereof or upon request by Xxxxxx, that Borrower reasonably expects to be entitled to and will in fact itemize its deductions for federal income tax purposes for each calendar year that any portion of the principal balance of this Note remains outstanding;
e. If Borrower shall sell the Property;
f. If at any time Borrower shall admit in writing its inability to pay its debts as they become due, or shall make any assignment for the benefit of any creditors, or shall file a petition seeking any reorganization, arrangement, composition, readjustment or similar release under any present or future statute, law or regulation, or upon the filing or commencement by or against Borrower of any petition, action, case or proceeding, voluntary or involuntary, under any state or Federal law regarding bankruptcy or insolvency;
g. Thirty
Acceleration of Due Date. Termination of this Agreement shall automatically accelerate the Due Date such that all outstanding invoices shall be due and payable as of the effective date of termination.
