Common use of Event of Default Defined Clause in Contracts

Event of Default Defined. The occurrence of any one or more of the following events shall be an “Event of Default” under this Pledge Agreement: (a) The Borrower shall be in default of the Borrower’s obligations under the Note. (b) The Borrower shall fail or omit to observe, perform or satisfy or be in compliance with any term, provision, covenant or agreement in respect of any of the Pledge Obligations. (c) Any representation or warranty made or furnished to the Lender by the Borrower pursuant hereto shall prove to have been false in any material respect when made or furnished. (d) The Borrower shall, or shall attempt to, encumber, subject to any further lien, sell, transfer or otherwise dispose of any of the Pledged Collateral or any interest therein, except as may be permitted herein. (e) All or any part of the Pledged Collateral shall be attached, levied upon or seized in any legal proceedings, or held by virtue of any security interest or distress, and such attachment, levy or seizure shall not be discharged within a period of thirty (30) days, unless (i) the Borrower shall contest such attachment, levy or seizure diligently and in good faith by appropriate proceedings, and the Lender shall reasonably determine that such contest will not endanger the security interest granted herein, and (ii) the Borrower shall provide to the Lender a bond in the full amount of the claim giving rise to such attachment, levy or seizure.

Event of Default Defined. The occurrence For purposes of this Agreement, an "Event of Default" shall exist hereunder upon the happening of any one or more of the following events shall be an “Event of Default” under this Pledge Agreementevents: (a) The Borrower shall be in default any misrepresentation by Borrowers as to any material matter hereunder or under any of the Borrower’s obligations under other Loan Documents; or delivery thereunder by Borrowers of any schedule, statement, resolution, report, certificate, notice or writing to InterCept in respect of the Note.Loan that is untrue in any material respect on the date as of which the facts set forth therein are stated or certified; (b) The Borrower an Event of Default (as defined therein) shall fail occur under the Note or omit to observe, perform or satisfy or be in compliance with any term, provision, covenant or agreement in respect of any of the Pledge Obligations.Loan Agreement; (c) Any representation or warranty made or furnished to the Lender by Pledgor from and after the Borrower pursuant hereto shall prove to have been false in any material respect when made or furnished. (d) The Borrower date hereof shall, or shall attempt to, encumber, subject to any further lienpledge or security interest, sell, transfer transfer, hedge against, or otherwise dispose of any of the Pledged Collateral or any interest therein, therein without the consent of InterCept (except as may be permitted herein.by the terms of this Agreement); (ed) All all or any part of the Pledged Collateral shall be attached, attached or levied upon or seized in any legal proceedings, or held by virtue of any security interest lien or distress, and the Pledgor fails to cause such attachment, levy or seizure shall not to be discharged released or dismissed within a period of thirty (30) days, unless days of the occurrence of same; (ie) the Borrower Pledgor shall contest such attachment, levy or seizure diligently fail to pay promptly all taxes and in good faith by appropriate proceedings, and assessments upon any of the Lender shall reasonably determine that such contest will not endanger the security interest granted herein, and Pledged Collateral; or (iif) the Borrower shall provide Pledgor fails to perform any of its obligations, covenants or agreements under this Agreement, the Lender a bond in the full amount Note or any of the claim giving rise to such attachment, levy or seizureother Loan Documents.

Event of Default Defined. The occurrence of any one or more of the following events shall be an “"Event of Default” " under this Pledge Agreement: (a) The Borrower Parent shall be in default of the Borrower’s Parent's obligations under the NoteAgreement, Rescission Agreement, Note or any of the other collateral documents contemplated under the Agreement. (b) The Borrower Parent shall fail or omit to observe, perform or satisfy or be in compliance with any term, provision, covenant or agreement in respect of any of the Pledge Obligations. (c) Any representation or warranty made or furnished to the Lender Xxxxxx by the Borrower Parent pursuant hereto shall prove to have been false in any material respect when made or furnished. (d) The Borrower Parent shall, or shall attempt to, encumber, subject to any further lien, sell, transfer or otherwise dispose of any of the Pledged Collateral or any interest therein, except as may be permitted herein. (e) All or any part of the Pledged Collateral shall be attached, levied upon or seized in any legal proceedings, or held by virtue of any security interest or distress, and such attachment, levy or seizure shall not be discharged within a period of thirty (30) days, unless (i) the Borrower Parent shall contest such attachment, levy or seizure diligently and in good faith by appropriate proceedings, and the Lender Xxxxxx shall reasonably determine that such contest will not endanger the security interest granted herein, and (ii) the Borrower Parent shall provide to the Lender Xxxxxx a bond in the full amount of the claim giving rise to such attachment, levy or seizure.