Common use of Event of Default Upon Notice Clause in Contracts

Event of Default Upon Notice. If any of the events described in the items below has occurred with respect to the Borrower, all of the Borrower’s debts under this Agreement payable to the Lender shall become due and payable upon notice to the Borrower from the Lender, and the Borrower shall immediately pay the principal of the Loan and the interest and Break Funding Costs and any other payment obligation that the Borrower owes pursuant to this Agreement in accordance with the provisions of Section 14: (a) If the Borrower has defaulted in performing when due its payment obligations under this Agreement in whole or in part; (b) If any representations and warranties set forth in Section 15 has been found to be untrue in any material respects on the date made or deemed to be made; (c) Except for the cases described in the preceding two items, if the Borrower breached any of its obligations under this Agreement, and such breach has not been remedied for 14 or more Business Days after notice of such breach from the Lender to the Borrower; (d) If any order or notice of attachment (sashiosae), provisional attachment (xxxx-sashiosae), preservative attachment (hozen-sashiosae), or provisional disposition (xxxx-shobun) (including similar procedure taken outside Japan) has been sent out or auction procedures (keibaitetuzukl) have been commenced with respect to anything that is the subject of security offered by the Borrower; (e) If any of the Borrower’s debts other than those under this Agreement, in aggregate amount exceeding ¥10,000,000, has become due and payable; (f) If any of the Borrower’s guaranty obligations for the benefit of a third party, in aggregate amount exceeding ¥10,000,000, has become due and payable, and the Borrower is unable to perform such obligations; or (g) If the Borrower has suspended its business or received dispositions such as suspension of business or others from the competent government authority. (h) Except for the cases described in each preceding item, if a reasonable and probable cause that necessitates preservation of the Lender’s rights hereunder has occurred.