Default on Note Sample Clauses
The "Default on Note" clause defines the circumstances under which a borrower is considered to have defaulted on a promissory note or similar debt instrument. Typically, this clause outlines specific events such as missed payments, insolvency, or breaches of other obligations that trigger a default. Once a default occurs, the lender may have the right to accelerate repayment, impose penalties, or pursue legal remedies. The core function of this clause is to clearly establish what constitutes a default and the consequences, thereby protecting the lender’s interests and providing a framework for addressing non-payment or other breaches.
Default on Note. The Pledgor is in default pursuant to Section 4 of the Note. Any singular Event of Default shall allow Holder, jointly, to exercise the rights in Section 5 of this Agreement.
Default on Note. Failure of Pledgor to make any payment under the Note when due.
Default on Note. Any one or more of the following events constitutes an event of default (“Event of Default”):
(a) The failure to pay within five (5) days after the due date any amount due under the Note or the failure to perform any other obligation due under the Note;
(b) A breach of or the failure to perform any of the terms of this Pledge Agreement, including, without limitation, the covenants contained in Section 4;
(c) The occurrence of a default under any agreement of Visualant evidencing an obligation of Visualant to Secured Party or for borrowed money;
(e) Any representation or warranty by Pledgor whether oral or written contains material misrepresentations or errors, and/or Pledgor violates any of the representations, warranties or covenants in the Purchase Agreement or breaches the Security Agreement;
(f) Any of Pledgor’s own loans, guarantees, indemnifications, promises or other debt liabilities to any third party or parties (1) become subject to a demand of early repayment or performance due to a default on the part of Pledgor; or (2) become due but are not capable of being repaid or performed in a timely manner by Pledgor;
(g) Any approval, license, permit or authorization of government agencies that makes this Pledge Agreement enforceable, legal and effective is withdrawn, terminated, invalidated or substantively changed;
(i) Any other circumstances that may affect the ability of Secured Party to exercise its right under the Pledge. For the absence of doubt, any breach of any representations, warranties, covenants, or agreements contained in the Purchase Agreement, the Note, this Pledge Agreement, or the Security Agreement (individually or collectively) shall be an Event of Default of all of the agreements.
Default on Note. The Pledgor is in default pursuant to Section 5 of the Note.
Default on Note. Failure of the Borrower to make payment when due --------------- on the Note.