Common use of Events of Default of Borrower Clause in Contracts

Events of Default of Borrower. 10.1 The occurrence of any of the following events will constitute an "Event of Default ": (a) Borrower fails to pay any principal or any accrued interest under any Note or any Loan when the same is due and payable, or fails to pay any amount of principal or accrued interest due under any Note or any Loan on the Maturity Date therefor, and such failure to pay is not cured by Borrower within five (5) calendar days after Lender gives written notice of such failure to pay to Borrower; (b) any material representation or warranty made by or on behalf of Borrower in this Agreement or in any other Loan Document, or any statement or certificate that Borrower may at any time give in writing pursuant thereto or in connection therewith is false, misleading or incomplete in any material respect when made (or deemed to have been made); (c) Borrower fails or neglects to perform, keep or observe any covenant set forth in this Agreement or in any of the other Loan Documents, and the same has not been cured within ten (10) calendar days after Borrower becomes aware thereof; (d) Borrower or any of its subsidiaries becomes insolvent, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver, liquidator, custodian or trustee for it or for a substantial part of its property or business, or such a receiver, liquidator, custodian or trustee otherwise is appointed and is not discharged within thirty (30) calendar days after such appointment; or (e) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors are instituted by or against Borrower or any of its subsidiaries, or any order, judgment or decree is entered against Borrower or any such subsidiary decreeing its dissolution or liquidation; provided, however, with respect to an involuntary petition in bankruptcy, such petition is not have been dismissed within thirty (30) days after the filing of such petition.

Events of Default of Borrower. 10.1 8.1 The occurrence of any of the following events will constitute an "Event of Default ": (a) Borrower fails to pay any principal or any accrued interest under any Note or any Loan when the same is due and payable, or fails to pay any amount of principal or accrued interest due under any Note or any Loan on the Maturity Date therefor, and such failure to pay is not cured by Borrower within five (5) calendar days after Lender gives written notice of such failure to pay to Borrower; (b) any material representation or warranty made by or on behalf of Borrower in this Agreement or in any other Loan Document, or any statement or certificate that Borrower may at any time give in writing pursuant thereto or in connection therewith is false, misleading or incomplete in any material respect when made (or deemed to have been made); (c) Borrower fails or neglects to perform, keep or observe any covenant set forth in this Agreement or in any of the other Loan Documents, and the same has not been cured within ten (10) calendar days after Borrower becomes aware thereof; (d) Borrower or any of its subsidiaries becomes insolvent, or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver, liquidator, custodian or trustee for it or for a substantial part of its property or business, or such a receiver, liquidator, custodian or trustee otherwise is appointed and is not discharged within thirty (30) calendar days after such appointment; or (e) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors are instituted by or against Borrower or any of its subsidiaries, or any order, judgment or decree is entered against Borrower or any such subsidiary decreeing its dissolution or liquidation; provided, however, with respect to an involuntary petition in bankruptcy, such petition is not have been dismissed within thirty (30) days after the filing of such petition.

Events of Default of Borrower. 10.1 6.1 The occurrence of any of the following events will constitute an "Event of Default ": (a) Borrower fails to pay any principal or any accrued interest under any Note or any Loan when the same is due and payable, or fails to pay any amount of principal or accrued interest due under any Note or any Loan on the Maturity Date therefordemand, and such failure to pay is not cured by Borrower within five (5) calendar days after Lender gives written notice of such failure to pay to Borrower; (b) any material representation or warranty made by or on behalf of Borrower in this Agreement or in any other Loan Document, or any statement or certificate that Borrower may at any time give in writing pursuant thereto or in connection therewith is false, misleading or incomplete in any material respect when made (or deemed to have been made); (c) Borrower fails or neglects to perform, keep or observe any covenant set forth in this Agreement or in any of the other Loan Documents, and the same has not been cured within ten (10) calendar days after Borrower becomes aware thereof; (d) Borrower or any of its subsidiaries becomes insolvent, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver, liquidator, custodian or trustee for it or for a substantial part of its property or business, or such a receiver, liquidator, custodian or trustee otherwise is appointed and is not discharged within thirty (30) calendar days after such appointment; or (e) bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors are instituted by or against Borrower or any of its subsidiaries, or any order, judgment or decree is entered against Borrower or any such subsidiary decreeing its dissolution or liquidation; provided, however, with respect to an involuntary petition in bankruptcy, such petition is not have been dismissed within thirty (30) days after the filing of such petition.

Events of Default of Borrower. 10.1 The Regardless of the terms of the Note or the other Loan Documents, the occurrence of any one or more of the following events will shall constitute an "Event of Default "under this Agreement: 6.1.1 Borrower shall fail to pay the Interest or Principal of the Note within two (a2) days of the date when due, or Borrower fails shall fail to pay any principal or any accrued interest under any Note or any Loan other monetary sums when the same is due and payable, or fails to pay any amount of principal or accrued interest due under any Note or any the Loan on the Maturity Date therefor, Documents and such failure to pay is not cured by Borrower within five any such other monetary sums shall continue uncured for a period of ten (510) calendar days Banking Days after Lender gives written notice of such failure has been given to pay Borrower by Lender; or 6.1.2 Borrower or Guarantor, as the case may be, shall fail to Borrower; (b) any material representation or warranty made by or on behalf of Borrower in this Agreement or in any other Loan Document, or any statement or certificate that Borrower may at any time give in writing pursuant thereto or in connection therewith is false, misleading or incomplete in any material respect when made (or deemed to have been made); (c) Borrower fails or neglects to perform, keep perform or observe any covenant set forth other material term, covenant, condition, provision, restriction, or agreement contained in this Agreement Agreement, the Note, the Security Agreement, the Stock Pledge Agreement, the Additional Stock Pledge Agreement, or in any of the other Loan Documents, on its part to be performed or observed and such failure of performance or observance shall continue unremedied after expiration of the same applicable cure period stated in the particular document (other than the failure to make a payment described in subsection 6.1.1); or 6.1.3 Borrower or Guarantor shall fail to perform or observe any other material term, covenant, condition, restriction, provision or agreement contained in this contained in this Agreement, the Note, the Security Agreement, the Stock Pledge Agreement, the Additional Stock Pledge Agreement, or the other Loan Documents, on its part to be performed or observed for which no date or time period for performance or observance has not been cured within given and any such failure shall remain unremedied for ten (10) calendar days after written notice of such failure has been given to Borrower becomes aware thereof; by Lender, or if such failure is not of the type which can be remedied within such ten (d10) day period, Borrower or Guarantor, as the case may be, after the expiration of such period without cure, shall fail to use its best efforts to effect a remedy and cure; or 6.1.4 Any representation or warranty in any Loan Document or in any certificate, agreement, instrument or other document made or delivered pursuant to or in connection with any Loan Document, proves to have been incorrect when made and/or on the Closing Date in any respect that is materially adverse to the interests of Lender under the Loan Documents; or 6.1.5 Any Loan Document, at any time after its subsidiaries becomes insolventexecution and delivery to Lender, for any reason ceases to be in full force and effect or is declared to be null and void by a court of competent jurisdiction, or makes the validity or enforeceability thereof is contested in judicial proceedings by Borrower, or Borrower denies that it has any or further liability or obligations under any Loan Document, unless all obligations of Borrower under the Loan Documents have been fully paid and performed; or 6.1.6 Any lien or security interest created by the Security Agreement, the Stock Pledge Agreement, or the Additional Stock Pledge Agreement at any time after the Execution and delivery thereof for any reason ceases or fails to constitute a valid, perfected and subsisting first lien on the Collateral. 6.1.7 Borrower or Guarantor is the subject of an order for relief by the United States Bankruptcy Court, or is unable or admits in writing its or his inability to pay its or his debts as they mature, or makers an assignment for the benefit of creditors, ; or Borrower or Guarantor applies for or consents to the appointment of a receiver, trustee, custodian, conservator, liquidator, custodian rehabilitator, or trustee similar officer for it or him or for a substantial all or any part of its property or businesshis property; or any receiver, or such a receivertrustee, custodian, conservator, liquidator, custodian rehabilitator, or trustee otherwise similar officer is appointed without the application or consent of Borrower or Guarantor and is not discharged within thirty the appointment continues undischarged or unstayed for seventy-five (3075) calendar days after such appointmentdays; or (e) or Borrower or Guarantor institutes or consents to any bankruptcy, insolvency, reorganization reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation, or liquidation proceedings similar proceeding relating to it or other proceedings for relief under any bankruptcy law him or to all or any law part of its or his property under the laws of any jurisdiction, or any similar proceeding is instituted without the consent of Borrower or Guarantor and continues undismissed or unstayed for seventy-five (75) days; or any judgment, writ, attachment, execution or similar process issued or levied against all or any part of the relief property of debtors are instituted by Borrower or Guarantor and is not released, vacated or fully bonded within seventy-five (75) days after its issue or levy; or 6.1.8 Any event which, with the passage of time or the giving of notice, or both, would constitute an Event of Default, has occurred and is continuing; or 6.1.9 If Borrower or Guarantor shall contest or deny the validity or enforceability against Borrower themselves of their responsibilities under the Loan Documents, or any of its subsidiariesthem, or any order, judgment or decree is entered against Borrower or any gives notice to Lender to such subsidiary decreeing its dissolution or liquidationeffect; provided, however, with respect to an involuntary petition in bankruptcy, such petition is not have been dismissed within thirty (30) days after the filing of such petition.or

Events of Default of Borrower. 10.1 9.1. The occurrence of any of the following events will constitute an "Event of Default "'EVENT OF DEFAULT': (a) 9.1.1. Borrower fails to pay any principal or any accrued interest or is in default under any Note or any Loan when the same is due and payable, or fails to pay any amount of principal or accrued interest due under any Note or any Loan on the Maturity Date therefor, and such failure to pay is not cured by Borrower within five (5) calendar business days after Lender gives written notice of such failure to pay to Borrower; (b) 9.1.2. any material representation or warranty made by or on behalf of Borrower in this Agreement or in any other Loan Document, or any statement or certificate that Borrower may at any time give in writing pursuant thereto or in connection therewith is false, misleading or incomplete in any material respect when made (or deemed to have been made); (c) 9.1.3. Borrower fails or neglects to perform, keep or observe any covenant set forth in this Agreement or in any of the other Loan Documents, and the same has not been cured within ten (10) calendar days after Borrower becomes aware thereof; (d) 9.1.4. Borrower or any of its subsidiaries becomes insolvent, or admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of creditors, or applies for or consents to the appointment of a receiver, liquidator, custodian or trustee for it or for a substantial part of its property or business, or such a receiver, liquidator, custodian or trustee otherwise is appointed and is not discharged within thirty (30) calendar days after such appointment; or (e) 9.1.5. bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors are instituted by or against Borrower or any of its subsidiariesBorrower, or any order, judgment or decree is entered against Borrower or any such subsidiary decreeing its dissolution or liquidation; provided, however, with respect to an involuntary petition in bankruptcy, such petition is not have been dismissed within thirty (30) days after the filing of such petition. 9.1.6. any termination of the Borrower's financing or staffing agreements with TekMark.