Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, and payable, irrespective of any agreed maturity date, upon the happening of any of the following events of default ("Event of Default"): (a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default; (b) Upon the occurrence of any event of default described under the Security Agreement; (c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of default, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event of default, the thirty (30) day period shall be reasonably extended: (i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note; (ii) If Maker shall make an assignment for the benefit of creditors; (iii) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker; (iv) If Maker shall be adjudicated bankrupt or insolvent or admit in writing Maker's inability to pay Maker's debts as they become due; (v) If Maker shall apply for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect; (vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or (vii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;
Appears in 2 contracts
Samples: Promissory Note (Staar Surgical Company), Stock Pledge/Security Agreement (Staar Surgical Company)
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, due and payable, irrespective of any agreed maturity datematurity, upon the happening of any of the following events of default ("Event of DefaultEVENT OF DEFAULT"):
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default;
(b) Upon the occurrence of any event of default described under the Security Agreement;
(c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of defaultit, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event events of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event events of default, the thirty (30) day period shall be reasonably extended:extended (but not to exceed one hundred twenty days (120)):
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(ii) If Maker shall make an assignment for the benefit of creditors;
(iii) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(iv) If Maker shall be adjudicated bankrupt or becomes insolvent or admit as that terms is defined in writing Maker's inability to pay Maker's debts as they become dueSection 101(26) of Title 11 of the United States Code;
(v) If Maker maker shall (A) file a petition with the Bankruptcy Court under the Bankruptcy Code, or (B) otherwise file any petition or apply to any tribunal for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court Code orders relief against MakerMaker under the chapter of Bankruptcy Code under which the petition was filed, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or;
(vii) If any petition or application of the type described in Subparagraph (v)(A) above is filed against Maker, or any proceeding of the type described in Subparagraphs (v)(A) or (v)(B) above is commenced, and either (1) Maker, by any act, indicates his approval thereof, consent thereto, or acquiescence therein, or (2) an order is entered appointing any such custodian, trustee, receiver, or agent, adjudicating Maker bankrupt or insolvent, or approving such petition or application in any such proceeding, and any such order remains in effect for more than thirty (30) days;
(viii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;.
Appears in 1 contract
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, due and payable, irrespective of any agreed maturity date, upon the happening of any of the following events of default ("Event of Default"):default:
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled breach any condition or obligation imposed on Maker pursuant to a grace period the terms of thirty (30) days following written notice this Note, the Settlement Agreement And General Release of such event even date, or the Stock Pledge Agreement of default to cure said event of default;
(b) Upon the occurrence of any event of default described under the Security Agreement;
(c) If any of the following events constituting default occurseven date, provided, however, provided however that if any such event of default breach is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty fifteen (3015) days following written notice of such event of default to cure such event of default, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event of default, the thirty (30) day period shall be reasonably extended:
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(iib) If Maker shall make an assignment for the benefit of creditors;
(iiic) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(ivd) If Maker shall be adjudicated bankrupt or insolvent or admit in writing Maker's inability to pay Maker's debts as they become due;
(ve) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing;
(f) If any attachment, execution or other writ is levied on substantially all of the assets of Maker and remains in effect for more than five (5) days; or
(g) If Maker shall apply for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If . Maker shall notify Holder immediately if any petition is filed against Maker under event of default occurs. The existence of the Bankruptcy Code and either (A) pending chapter 11 bankruptcy case, In re Xxxxx X. Xxxxxx, no. ND01-13364RR before the United States Bankruptcy Court orders relief against Makerfor the Central District of California, or (B) such petition shall not be deemed an event of default for so long as Maker remains a debtor-in-possession, as per 11 U.S.C. Section 1107(a), in said case. Xxxxxx's remedies, in the event of any event of default which is not dismissed by cured within the Bankruptcy Court within thirty (30) days specified time period, are limited to those specified in paragraph 9 below and those specified in the Stock Pledge Agreement of the even date of filing; or
(vii) If any attachment, execution, or other writ is levied on substantially all of the assets of between Maker and remains in effect for more than fifteen (15) days;Holder.
Appears in 1 contract
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, and payable, irrespective of any agreed maturity date, upon the happening of any of the following events of default ("Event of Default"):
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default;
(b) Upon the occurrence of any event a default ------------------------- specified in Section 3 above, but subject in all events to the provisions of default described under the Security Agreement;
(c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of default, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event of default--------- Section 2 above, the thirty (30) day period principal amount of all indebtedness then owing hereunder --------- and all unpaid accrued interest thereon, together with any and all additional indebtedness owed by Maker and/or the Company to Payee, shall be reasonably extended:
(i) If become immediately due and payable, without notice, presentment or demand of any kind, all of which are expressly waived by each of Maker shall breach and the Company. In such event, Payee may proceed to satisfy such default by enforcing its rights under this Agreement in any non-monetary condition or obligation imposed on Maker manner provided by law, which may include, without limitation, proceeding against the Pledged Stock, the Guarantor and/or the Collateral pursuant to the terms provisions of this Note;
(ii) If Sections 5, 6 and 7 below. The amount involved in the default ------------------- shall include the costs and expenses, including attorneys' fees, incurred by Payee in enforcing its rights hereunder. Payee may exercise all of its rights and remedies concurrently or in such order as it may determine, and the failure of Payee to exercise any rights or remedies it may have upon a default hereunder shall not be deemed a waiver of any rights, or a release of the Company or Maker from any obligation hereunder, unless such waiver or release is given in writing by Payee, and, in such event, no such waiver shall be deemed to constitute a waiver of any succeeding default. In the event that Payee is precluded from enforcing any of its rights hereunder by virtue of the provisions of Section 2 --------- above, and for so long as the restrictions imposed under Section 2 shall --------- continue, neither the Company nor Maker shall incur any new interest bearing indebtedness for borrowed money, make any new capital expenditures, acquire any other company, whether as an assignment for the benefit acquisition of creditors;
(iii) If a custodian, trustee, receiverstock or assets, or agent is appointed or takes possession of substantially all of the property of Maker;
(iventer into any transaction specified in Section 3(b) If Maker shall be adjudicated bankrupt or insolvent or admit in writing Maker's inability to pay Maker's debts as they become due;
(v) If Maker shall apply for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or
(vii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;above. ------------
Appears in 1 contract
Samples: Subordinated Convertible Promissory Note, Security Agreement and Guarantee (Summa Industries)
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, due and payable, irrespective of any agreed maturity datematurity, upon the happening of any of the following events of default ("Event of Default"):
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default;
(b) Upon the occurrence of any event of default described under the Security Agreement;
(c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of defaultit, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event events of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event events of default, the thirty (30) day period shall be reasonably extended:extended (but not to exceed one hundred twenty days (120)):
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(ii) If Maker shall make an assignment for the benefit of creditors;
(iii) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(iv) If Maker shall be adjudicated bankrupt or becomes insolvent or admit as that terms is defined in writing Maker's inability to pay Maker's debts as they become dueSection 101(26) of Title 11 of the United States Code;
(v) If Maker shall (A) file a petition with the Bankruptcy Court under the Bankruptcy Code, or (B) otherwise file any petition or apply to any tribunal for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court Code orders relief against MakerMaker under the chapter of Bankruptcy Code under which the petition was filed, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or;
(vii) If any petition or application of the type described in Subparagraph (v)(A) above is filed against Maker, or any proceeding of the type described in Subparagraphs (v)(A) or (v)(B) above is commenced, and either (1) Maker, by any act, indicates his approval thereof, consent thereto, or acquiescence therein, or (2) an order is entered appointing any such custodian, trustee, receiver, or agent, adjudicating Maker bankrupt or insolvent, or approving such petition or application in any such proceeding, and any such order remains in effect for more than thirty (30) days;
(viii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;.
Appears in 1 contract
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, due and payable, irrespective of any agreed maturity date, upon the happening of any of the following events of default ("Event of Default"):default:
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled breach any condition or obligation imposed on Maker pursuant to a grace period the terms of thirty (30) days following written notice this Note, the Settlement Agreement And General Release of such event of default to cure said event of default;
(b) Upon the occurrence of any event of default described under even date, or the Security Agreement;
(c) If any Agreement of the following events constituting default occurseven date, provided, however, provided however that if any such event of default breach is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty fifteen (3015) days following written notice of such event of default to cure such event of default, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event of default, the thirty (30) day period shall be reasonably extended:
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(iib) If Maker shall make an assignment for the benefit of creditors;
(iiic) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(ivd) If Maker shall be adjudicated bankrupt or insolvent or admit in writing Maker's inability to pay Maker's debts as they become due;
(ve) if any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing;
(f) If any attachment, execution or other writ is levied on substantially all of the assets of Maker and remains in effect for more than five (5) days; or
(g) If Maker shall apply for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If . Maker shall notify Holder immediately if any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court orders relief against Maker, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days event of the date of filing; or
(vii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;default occurs.
Appears in 1 contract
Samples: P&r Note (Staar Surgical Company)
Acceleration Upon Default. At the option of Holder, all or any part of the indebtedness of Maker hereunder shall immediately become due, due and payable, irrespective of any agreed maturity datematurity, upon the happening of any of the following events of default ("Event ----- of Default"):): ----------
(a) If any part of the Principal Amount and/or interest thereon and/or late charges under this Note are not paid when due, provided, however, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure said event of default;
(b) Upon the occurrence of any event of default described under the Security Agreement;
(c) If any of the following events constituting default occurs, provided, however, that if any such event of default is reasonably susceptible of being cured, Maker shall be entitled to a grace period of thirty (30) days following written notice of such event of default to cure such event of defaultit, and further provided, that if such event of default is of such character as to reasonably require more than thirty (30) days to cure, Maker has promptly commenced to cure said event events of default within the thirty (30) day period and uses reasonable diligence thereafter in curing such event events of default, the thirty (30) day period shall be reasonably extended:extended (but not to exceed one hundred twenty days (120)):
(i) If Maker shall breach any non-monetary condition or obligation imposed on Maker pursuant to the terms of this Note;
(ii) If Maker shall make an assignment for the benefit of creditors;
(iii) If a custodian, trustee, receiver, or agent is appointed or takes possession of substantially all of the property of Maker;
(iv) If Maker shall be adjudicated bankrupt or becomes insolvent or admit as that terms is defined in writing Maker's inability to pay Maker's debts as they become dueSection 101(26) of Title 11 of the United States Code;
(v) If Maker shall (A) file a petition with the Bankruptcy Court under the Bankruptcy Code, or (B) otherwise file any petition or apply to any tribunal for or consent to the appointment of a custodian, trustee, receiver, intervenor, liquidator or agent of Maker, or commence any proceeding related to Maker under any bankruptcy or reorganization statute, or under any arrangement, insolvency, readjustment of debt, dissolution, or liquidation law of any jurisdiction, whether now or hereafter in effect;
(vi) If any petition is filed against Maker under the Bankruptcy Code and either (A) the Bankruptcy Court Code orders relief against MakerMaker under the chapter of Bankruptcy Code under which the petition was filed, or (B) such petition is not dismissed by the Bankruptcy Court within thirty (30) days of the date of filing; or;
(vii) If any petition or application of the type described in Subparagraph (v)(A) above is filed against Maker, or any proceeding of the type described in Subparagraphs (v)(A) or (v)(B) above is commenced, and either (1) Maker, by any act, indicates his approval thereof, consent thereto, or acquiescence therein, or (2) an order is entered appointing any such custodian, trustee, receiver, or agent, adjudicating Maker bankrupt or insolvent, or approving such petition or application in any such proceeding, and any such order remains in effect for more than thirty (30) days;
(viii) If any attachment, execution, or other writ is levied on substantially all of the assets of Maker and remains in effect for more than fifteen (15) days;.
Appears in 1 contract
