Default; Acceleration Sample Clauses
Default; Acceleration. (a) Any of the following shall constitute an “Event of Default” under this Note:
(i) the failure by the Company to pay any amounts required to be paid under this Note on or before the date on which such payment was due;
(ii) the breach or noncompliance by the Company of any of its material representations, warranties or covenants contained herein or in the Agreement;
(iii) the Company shall
(A) apply for or consent to the appointment of a receiver or trustee of the Company’s assets,
(B) make a general assignment for the benefit of creditors,
(C) file a petition or other request no matter how denominated (“Petition”) seeking relief under Title 11 of the United States Code or under any other federal or state bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute (“Bankruptcy Statute”), or
(D) file an answer admitting the material allegations of a Petition filed against it in any proceeding under any Bankruptcy Statute;
(iv) there shall have entered against the Company an order for relief under any Bankruptcy Statute; or
(v) a Petition seeking an order for relief under any Bankruptcy Statute is filed by any one other than the Company and without the Company’s consent or agreement which is not dismissed or stayed within 60 days after the date of such filing, or such Petition is not dismissed upon the expiration of any stay thereof.
(b) Upon the occurrence of an Event of Default, the unpaid principal amount evidenced by this Note (and any accrued but unpaid interest thereon) shall be immediately due and payable.
(c) Until the occurrence of an Event of Default, the principal amount evidenced by this Note shall bear interest at the Applicable Interest Rate and upon an Event of Default, any unpaid principal amount under this Note and any accrued but unpaid interest through the date of effectiveness of such Event of Default shall bear interest until paid at the Default Interest Rate.
Default; Acceleration. All outstanding principal together with accrued interest shall become immediately due and payable in full, subject to the limitations on recourse provided above, upon default in the payment of principal or interest due under this Note if such default is not remedied within thirty (30) days after receipt by the Band of written notice thereof as provided in the Development Agreement.
Default; Acceleration. Subject to Section 12, at the option of each Lender and, subject to Sections 6 and 12, at the option of each Executive Lender, this Loan Agreement and the indebtedness evidenced hereby shall become due and payable without further notice or demand, and notwithstanding any prior waiver of any breach or default or other indulgence, upon the occurrence any of the following (each, an “Event of Default”):
(a) the failure by any Loan Party to pay when due any amount due under the Loan or Executive Loan, as applicable;
(b) any breach or failure to perform any of the other terms of this Loan Agreement after the earlier of (i) knowledge thereof by the Borrower or (ii) notice thereof to Borrower and such breach or failure continues unremedied for ten (10) business days; provided that such ten (10) business day cure period shall not apply with respect to the other clauses of this Section 9;
(c) any representation, warranty or other statement made or deemed made by or on behalf of any Loan Party pursuant to or in connection with this Loan Agreement shall be incorrect in any material respect as of the date made or deemed made (except that such materiality qualifier shall not be applicable to any representations or warranties that already are qualified or modified as to materiality or “material adverse effect” in the text thereof, which representations and warranties shall be true and correct in all respects subject to such qualification);
(d) any act by, against, or relating to any Loan Party or any subsidiary of any Loan Party, or its property or assets, which act constitutes the application for, consent to, or sufferance of the appointment of a receiver, trustee or other Person, pursuant to court action or otherwise, over all, or any part of such Loan Party’s or subsidiary’s property;
(e) any assignment for the benefit of the creditors of any Loan Party or any subsidiary of any Loan Party, or the occurrence of any other involuntary liquidation of any Loan Party or any subsidiary of any Loan Party; the failure by any Loan Party or any subsidiary of any Loan Party to generally pay the debts of such Person as they mature; adjudication of bankruptcy or insolvency relative to such Loan Party or any subsidiary of any Loan Party; filing by any Loan Party or any subsidiary of any Loan Party under, or the entry of an order for relief or similar order with respect to any Loan Party in any proceeding pursuant to, Title 11 of the United States Code entitled “bankruptcy” (the “Ban...
Default; Acceleration. The occurrence of any of the following shall constitute an "Event of Default":
(a) The breach by the Maker of any of the terms or provisions contained in this Note or any of the Notes, including without limitation the failure to pay when due (whether at the date hereof or at a date fixed for prepayment hereof or by acceleration hereof or otherwise) any principal, interest, charges or other amounts hereunder or failure to perform hereunder or under any of the Notes and such breach shall continue unremedied for five business days; or
(b) If the Maker
(i) shall commence any case or proceeding or other action relating to it under any bankruptcy, insolvency or other similar law or seek reorganization, arrangement, readjustment of its debts, dissolution, liquidation, winding-up, composition or any other relief under any bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or any other similar act or law, of any jurisdiction, domestic or foreign, now or hereafter existing; or
(ii) shall admit the material allegations of any petition or pleading in connection with any such case or proceeding; or
(iii) makes an application for, or consents or acquiesces to, the appointment of a receiver, conservator, trustee or similar officer for the Maker or for all or a substantial part of the Maker's property; or
(iv) makes a general assignment for the benefit of creditors; or
(v) is unable or admits in writing its inability to pay its debts as they mature; or
(c) Commencement of any case or proceeding or the taking of any other action against the Maker in bankruptcy, insolvency, or similar law or seeking reorganization, arrangement, readjustment of its debts, liquidation, dissolution, winding-up, composition or for any other relief under any bankruptcy, insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt or any other similar act of law of any jurisdiction, domestic or foreign, now or hereafter existing; or the appointment of a receiver, conservator, trustee or similar officer for the Maker or for all or a substantial part of the Maker's property; or the issuance of a warrant of attachment, execution or similar process against any substantial part of the property of the Maker; and the continuance of any of such events for sixty (60) days undismissed, unbonded or undischarged; or
(d) An event of default shall occur under (i) the Senior Loan Agreement (as defined in the Se...
Default; Acceleration. In the event that: (i) the Buyer shall fail to pay any principal hereunder for a period of five (5) days after such payment is due; or (ii) the Buyer shall fail to observe or perform any of the covenants of the Buyer contained herein
Default; Acceleration. Upon the occurrence and during the continuance of an Event of Default (subject to any applicable notices and grace periods), Lender may, at its option, declare the entire unpaid principal balance of this Note, all accrued interest thereon and all other sums due by Borrower under this Note or under the Receivables Loan Agreement to Lender to become immediately due and payable in advance of its stated maturity. In addition, upon the occurrence of such an Event of Default (subject to any applicable notices and grace periods), Lender, through Agent, may exercise its rights and remedies set forth in the Receivables Loan Agreement, the Loan Documents at law or in equity, all of which are cumulative and concurrent.
Default; Acceleration. The occurrence of any of the following events shall be an "EVENT OF DEFAULT" under this Note and the Pledge Agreement:
(a) If Maker shall fail to make a payment of principal or interest under this Note when due, and such failure shall continue more than ten (10) days after Payee gives Maker written notice thereof; or
(b) If Maker shall fail to make any other payment, or fail to perform any other obligation of Maker, under this Note or the Pledge Agreement, other than obligations within the scope of clause (a) of this Section, and such failure shall continue more than ten (10) days after Payex xxxes Maker written notice thereof; or
(c) If Maker's employment with Payee shall terminate (voluntarily or involuntarily) for any reason; or
(d) If there shall be filed by or against Maker any petition under the United States Bankruptcy Code or any similar federal or state statute; or
(e) Commencement of any proceeding under any federal or state statute or rule providing for the relief of debtors, composition of creditors, arrangement, reorganization, receivership, liquidation or any similar event by or against Maker; or
(f) The breach of any representation or warranty contained in the Pledge Agreement. Upon the occurrence of an Event of Default, the unpaid principal with interest and all other sums evidenced by this Note shall, at the option of Payee and in Payex'x xiscretion, become immediately due and payable. Upon the occurrence of an Event of Default, the Payee shall also have Payee's rights and remedies available under the Pledge Agreement, this Note and any other rights or remedies available at law or equity.
Default; Acceleration. It shall be a default ("DEFAULT") under this Note in the event that: (a) any principal, interest or other amount of money due under this Note is not paid in full within ten (10) days after the same is due, regardless of how such amount may have become due; or (b) there shall occur any Event of Default (as such term is defined in the Loan Agreement). Upon the occurrence of a Default, the holder hereof shall have the right to declare the unpaid principal balance and accrued but unpaid interest on this Note at once due and payable (and upon such acceleration, the same shall be at once due and payable without presentation, demand, protest or notice of any kind, which are all hereby waived by Maker, and this Note shall thereafter bear interest at the Past Due Rate), to foreclose any liens and security interests securing payment hereof and to exercise any of its other rights, powers and remedies under this Note, under any other Loan Document, or at law or in equity. All of the rights, remedies, powers and privileges (together, "RIGHTS") of the holder hereof provided for in this Note and in any other Loan Document are cumulative of each other and of any and all other Rights at law or in equity. The resort to any Right shall not prevent the concurrent or subsequent employment of any other appropriate Right. No single or partial exercise of any Right shall exhaust it, or preclude any other or further exercise thereof, and every Right may be exercised at any time and from time to time. No failure by the holder hereof to exercise, nor delay in exercising any Right, including but not limited to the right to accelerate the maturity of this Note, shall be construed as a waiver of any Default or as a waiver of the Right. Without limiting the generality of the foregoing provisions, the acceptance by the holder hereof from time to time of any payment under this Note which is past due or which is less than the payment in full of all amounts due and payable at the time of such payment, shall not ( constitute a waiver of or impair or extinguish the right of the holder hereof to accelerate the maturity of this Note or to exercise any other Right at the time or at any subsequent time, or nullify any prior exercise of any such Right, or ( constitute a waiver of the requirement of punctual payment and performance or a novation in any respect. If any holder of this Note retains an attorney in connection with any Default or at the Maturity Date or to collect, enforce or defend this...
Default; Acceleration. Lender shall have the optional right to declare the amount of the total unpaid balance hereof to be due and forthwith payable in advance of the maturity date of any sum due or installment, as fixed herein, after notice and cure rights have been given in accordance with the terms and conditions in the Mortgage securing this Note, upon the occurrence of any material failure to perform in accordance with any of the terms and conditions in the Mortgage securing this Note.
Default; Acceleration. This Note is secured by that certain Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated as of March 10, 2015 by Borrower for the benefit of Lender, recorded in Xxxxx County, Florida, and that certain Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated as of March 10, 2015 by Borrower for the benefit of Lender, recorded in Clay County, Florida (collectively, the “Mortgages”). Upon the occurrence and during the continuance of an “Event of Default” (as defined in either of the Mortgages), then, or at any time thereafter, the whole of the unpaid principal hereof, together with accrued and outstanding interest and all other sums required to be paid under this Note or the Mortgages (including the prepayment premium hereinafter described) shall, at the election of Lender and with prior notice of such election, become due and payable. Lender’s election may be exercised at any time after any such event, and the acceptance of one or more payments hereon from any person thereafter shall not constitute a waiver of Lender’s election, or of its option to make such election.