Nature of Events. An "Event of Default" shall exist if any of the following shall occur:
Nature of Events. An “Event of Default” shall exist if any of the following occurs and is continuing:
(a) Borrower fails to make any payment of interest or principal on the Note within thirty (30) days after the date when due pursuant to the terms of the Note and the continuation of such failure for a period of ten (10) days after written notice of such failure has been sent to Borrower;
(b) Borrower, Merchants or Lender, as applicable, fails or neglects to perform, keep, or observe, or is otherwise in breach of, any other material term, provision, condition, covenant, representation, warranty, or agreement contained in this Agreement, the Note, the Subordination Agreement or Pledge Agreement (each, a “Loan Document” and collectively, the “Loan Documents”), or in any other present or future agreement between, on the first part, Borrower, Merchants or Funding, and, on the second part, Lender or NattyMac, and as to any default or breach under such other term, provision, condition, covenant, representation, warranty, or agreement that can be cured, has failed to cure such default or breach within ten (10) days after delivery by the non-defaulting party of written notice thereof, provided, however, that Lender will not be obligated to advance any funds to Borrower hereunder during a cure period following a default by Borrower.
(c) An event of default has occurred under the Services Agreement of even date herewith between Funding and NattyMac as the result of a material breach thereof which breach has not been cured or remedied within the 30-day period following receipt of notice of such breach.
(d) Any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate or writing delivered to a party hereto by the other party hereto or any person acting on behalf of a party hereto pursuant to this Agreement or to induce a party hereto to enter into this Agreement or any other Loan Document.
(e) Borrower or Lender becomes insolvent or bankrupt, or makes an assignment for the benefit of creditors, or consents to the appointment of a trustee, receiver or liquidator; and
(f) Bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted by or against Borrower or Lender and are not dismissed or discharged within sixty (60) days of the filing thereof.
Nature of Events. If one or more of the following events of default shall occur:
Nature of Events of the Loan Agreement which shall read as follows:
Nature of Events of the Loan Agreement is hereby relabeled “(m)”, and further, the Loan Agreement is hereby further amended and modified so as to add the following new subsections (n), (o), (p), (q), and (r) to Section 12.1 Nature of Events of the Loan Agreement which shall read, respectively, as follows:
Nature of Events. 76 Section 9. REMEDIES.............................................................................................. 80 9.1
Nature of Events. An "Event of Default" shall exist if any ---------------- Event of Default under, and as defined in, any Credit Agreement occurs and is continuing.
Nature of Events. An "Event of Default" shall exist if any of the following occurs and is continuing:
(a) the Company fails to make any payment on any note executed in connection with this Agreement on or before the date such payment is due;
(b) the Company fails to make any payment of interest on any note executed in connection with this Agreement on or before five days after the date such payment is due;
(c) the Company fails to perform or observe any covenant contained in this Agreement, or fails to comply with any other provision of this Agreement, and such failure continues for more than 30 days after such failure shall first become known to any officer of the Company;
(d) any warranty, representation or other statement by or on behalf of the Company contained in this Agreement, or in any instrument furnished in compliance with or in reference to this Agreement, or relating to the Guarantor, is false or misleading in any material respect;
(e) the Company defaults on any obligation to the Bank, or on any other obligation to its shareholders or trade creditors, and such results in a material, negative impact on the Company's condition (financial or otherwise);
(f) the Company becomes insolvent or bankrupt, or makes an assignment for the benefit of creditors, or consents to the appointment of a trustee, receiver or liquidator;
(g) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted by or against the Company;
(h) the Company or any indorser, surety, or guarantor of the Loan is dissolved or dies;
(i) a final judgment or judgments, from which no further right of appeal exists, for the payment of money aggregating in excess of $100,000.00 is or are outstanding against the Company and any one of such judgments has been outstanding for more than 180 days from the date of its entry and has not been discharged in full or stayed;
(j) the property furnished as security declines in value, and the Company does not immediately, upon demand from the Bank, furnish to the Bank additional security of like value;
(k) the Guarantor fails to contribute a minimum of $1,500,000.00 to the Company in the form of subordinated debt, an equity purchase or a capital contribution by the date hereof;
(l) the Guarantor has not achieved a tangible net worth, exclusive of the effect thereon of the $4,250,000.00 tangible net worth of the Company, of $3,000,000.00 by the execution of this Agreement, or fails to achieve a tangible net worth, exclusive of the effect ...
Nature of Events. A "Default" shall exist if any of the following occur and is continuing:
Nature of Events. An "Event of Default" shall exist if any of ---------------- the following occurs and is continuing:
(a) Principal Payments -- the Company fails to make any ------------------ payment of principal on the Debentures on or before the date such payment is due, whether by prepayment, at maturity, by acceleration or otherwise; or
