Common use of Company’s Default Clause in Contracts

Company’s Default. In the event of any default in the payment of ELITE’s compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for five (5) days after ELITE’s written notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for five (5) days after ELITE has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of if a receiver shall be appointed for the Company’s property, then upon the happening of any of such events, ELITE shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITE, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE provided for in this Agreement in the event of any default as set forth above and ELITE prevails in such litigation.

Company’s Default. In the event of any default in the payment of ELITE’s 's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for five (5) days after ELITE’s 's written notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for five (5) days after ELITE has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITE, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE provided for in this Agreement in the event of any default as set forth above and ELITE prevails in such litigation.

Company’s Default. In the event of any default in the payment of ELITE’s M&W's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for twenty five (525) days after ELITE’s written M&W's notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for twenty five (525) days after ELITE M&W has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE M&W shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITEM&W, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE M&W employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE M&W provided for in this Agreement in the event of any default as set forth above and ELITE M&W prevails in such litigation. Further, until M&W has received the cash or stock as described above in Section 4, M&W shall not be required to commence performing hereunder.

Company’s Default. In the event of any default in the payment of ELITE’s CCEC's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for twenty five (525) days after ELITE’s written CCEC's notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for twenty five (525) days after ELITE CCEC has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE CCEC shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITECCEC, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE CCEC employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE CCEC provided for in this Agreement in the event of any default as set forth above and ELITE CCEC prevails in such litigation. Further, until CCEC has received the first cash payment as described above in Section 4.1, CCEC shall not be required to commence performing hereunder.

Company’s Default. In the event of any default in the payment of ELITE’s CCEC's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for twenty five (525) days after ELITE’s written CCEC's notice thereof is received by Company; , in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for twenty five (525) days after ELITE CCEC has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE CCEC shall have the right, at its option, forthwith or thereafter to accelerate terminate this Agreement and recover all compensation, costs and expenses amounts then due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreementotherwise. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITECCEC, including court costs, costs (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) ), if ELITE CCEC employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE CCEC provided for in this Agreement in the event of any default as set forth above and ELITE CCEC prevails in such litigation. Further, until CCEC has received the first cash payment as described above in Section 4.1, CCEC shall not be required to commence performing hereunder.

Company’s Default. In the event of any default in the payment of ELITE’s HANOVER's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as and when the same becomes due and payable, and such default shall continue for five (5) business days after ELITE’s HANOVER ' s written notice thereof is received by Company; in the event of any material default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for five (5) business days after ELITE HANOVER has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE HANOVER shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITEHANOVER, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE HANOVER employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE HANOVER provided for in this Agreement in the event of any default as set forth above and ELITE HANOVER prevails in such litigation.

Company’s Default. In the event of any default in the payment of ELITE’s CCEC's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for twenty five (525) days after ELITE’s written CCEC's notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for twenty five (525) days after ELITE CCEC has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE CCEC shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITECCEC, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE CCEC employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE to CCEC provided for in this Agreement in the event of any default as set forth above and ELITE CCEC prevails in such litigation. Further, until CCEC has received the first cash and/or payment as described above in Section 4.1, CCEC shall not be required to commence performing hereunder.

Company’s Default. In the event of any default in the payment of ELITE’s CCEC's compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s 's part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when the same becomes due and payable, and such default shall continue for twenty-five (525) days after ELITE’s written CCEC's notice thereof is received by Company; in the event of any default in the performance of any of the CCEC's notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for twenty-five (525) days after ELITE CCEC has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s 's property, then upon the happening of any of such events, ELITE CCEC shall have the right, at its option, option forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITECCEC, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE CCEC employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE CCEC provided for in this Agreement in the event of any default as set forth above and ELITE CCEC prevails in such litigation. Further, until CCEC has received the first stock tranche as described above in Section 4.1(A), CCEC shall not be required to commence performing hereunder.

Company’s Default. In the event of any default in the payment of ELITEHANOVER’s compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as and when the same becomes due and payable, and such default shall continue for five (5) business days after ELITEHANOVER’s written notice thereof is received by Company; in the event of any material default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, complied with or abided by, and such default shall continue for five (5) business days after ELITE HANOVER has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all its debts or assign over all its assets for the payment thereof, of or if a receiver shall be appointed for the Company’s property, then upon the happening of any of such events, ELITE HANOVER shall have the right, at its option, forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITEHANOVER, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE HANOVER employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE HANOVER provided for in this Agreement in the event of any default as set forth above and ELITE HANOVER prevails in such litigation.

Company’s Default. In the event of any default in the payment of ELITE’s compensation to be paid to it pursuant to this Agreement, or any other charges or expenses on the Company’s part to be paid or met, or any part or installment thereof, at the time and in the manner herein prescribed for the payment thereof and as when and the same becomes due and payable, and such default shall continue for five (5) days after ELITE’s written notice thereof is received by Company; in the event of any default in the performance of any of the other covenants, conditions, restrictions, agreements, or other provisions herein contained on the part of the Company to be performed, kept, kept complied with or abided by, and such default shall continue for five (5) days after ELITE has given Company written notice thereof, or if a petition in bankruptcy is filed by the Company, or if the Company is adjudicated bankrupt, or if the Company shall compromise all of its debts or assign over all of its assets for the payment thereof, of if a receiver shall be appointed for the Company’s property, then upon the happening of any of such events, ELITE shall have the right, at its option, option forthwith or thereafter to accelerate all compensation, costs and expenses due or coming due hereunder and to recover the same from the Company by suit or otherwise and further, to terminate this Agreement. The Company covenants and agrees to pay all reasonable attorney fees, paralegal fees, costs and expenses due of ELITE, including court costs, (including such attorney fees, paralegal fees, costs and expenses incurred on appeal) if ELITE employs an attorney to collect the aforesaid amounts or to enforce other rights of ELITE provided for in this Agreement in the event of any default as set forth above and ELITE prevails in such litigation.