Common use of Xxxxxx of Default Clause in Contracts

Xxxxxx of Default. The occurrence of any one or more of the following events shall be deemed an “Event of Default”: a. The failure to pay any amounts when due hereunder. b. The Company shall: i. Admit in writing its inability to pay its debts generally as they become due; ii. Make an assignment for the benefit of its creditors; or iii. Consent to the appointment of a receiver of itself or of the whole or any substantial part of its property. c. The Company shall file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States or any state or district or territory thereof. d. A court of competent jurisdiction shall enter an order, judgment or decree appointing, without the consent of Company, a receiver for Company or of the whole or any substantial part of its property, or approving a petition filed against the Company seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state or district or territory thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within thirty (30) days from the date of the entry thereof. e. Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the Company or of the whole or any substantial part of their property, and such custody or control shall not be terminated or stayed within thirty (30) days from the date of assumption of such custody or control. f. A final judgment or order for the payment of money, or any final order granting equitable relief, shall be entered against the Company and such judgment or order has or will have a materially adverse effect on the financial condition of the Company.

Xxxxxx of Default. The occurrence of any one or more of the following events shall be deemed an “Event of Default”: a. The failure to pay any amounts when due hereunder. b. The Company shall: i. Admit in writing its inability to pay its debts generally as they become due; ii. Make an assignment for the benefit of its creditors; or iii. Consent to the appointment of a receiver of itself or of the whole or any substantial part of its property. c. The Company shall file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States or any state or district or territory thereof. d. A court of competent jurisdiction shall enter an order, judgment or decree appointing, without the consent of Company, a receiver for Company or of the whole or any substantial part of its property, or approving a petition filed against the Company seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state or district or territory thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within thirty (30) days from the date of the entry thereof. e. Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the Company or of the whole or any substantial part of their property, and such custody or control shall not be terminated or stayed within thirty (30) days from the date of assumption of such custody or control. f. A final judgment or order for the payment of money, or any final order granting equitable relief, shall be entered against the Company and such judgment or order has or will have a materially adverse effect on the financial condition of the Company. Upon the occurrence of an Event of Default the outstanding Principal Axxxxx, together with all interest thereon and fees, charges, costs hereunder and all expenses incurred by Lender in connection with its exercise of its rights hereunder shall become immediately due and payable, all without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Company.

Xxxxxx of Default. The occurrence of any one or more of the following events shall be deemed an “Event of Default”: a. The failure to pay any amounts when due hereunder. b. The Company shall: i. Admit in writing its inability to pay its debts generally as they become due; ii. Make an assignment for the benefit of its creditors; or iii. Consent to the appointment of a receiver of itself or of the whole or any substantial part of its property. c. The Company shall file a petition or answer seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States or any state or district or territory thereof. d. A court of competent jurisdiction shall enter an order, judgment or decree appointing, without the consent of Company, a receiver for Company or of the whole or any substantial part of its property, or approving a petition filed against the Company seeking reorganization or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state or district or territory thereof, and such order, judgment or decree shall not be vacated or set aside or stayed within thirty (30) days from the date of the entry thereof. e. Under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction shall assume custody or control of the Company or of the whole or any substantial part of their property, and such custody or control shall not be terminated or stayed within thirty (30) days from the date of assumption of such custody or control. f. A final judgment or order for the payment of money, or any final order granting equitable relief, shall be entered against the Company and such judgment or order has or will have a materially adverse effect on the financial condition of the Company. g. The offering associated with the Series Asset is terminated prior to the Offering Funding Date. Upon the occurrence of an Event of Default the outstanding Principal Axxxxx, together with all interest thereon and fees, charges, costs hereunder and all expenses incurred by Lender in connection with its exercise of its rights hereunder shall become immediately due and payable, all without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Company. Following the occurrence of an Event of Default Lender may, with or without notice, exercise any and all rights and remedies provided to Lender under the Pledge and Security Agreement, including foreclosing upon the Lien, and/or at law or equity, including any and all rights and remedies provided under the UCC.