Common use of Debtor Default Clause in Contracts

Debtor Default. Any of the following shall be an event of Debtor default under this Agreement: SECTION 4.1. Failure of Debtor to pay any of the Obligations when due. SECTION 4.2. Failure of Debtor to perform any obligation under this Agreement. SECTION 4.3. Making false statements to the Secured Parties, or withholding any information with the intent to deceive the Secured Parties. SECTION 4.4. Loss, theft, damage or destruction, levy, seizure, or attachment of any of the Collateral, unless such Collateral is either (i) fully covered by insurance, or (ii) replaced as Collateral by property of equal or greater value, or unless (iii) any such levy, seizure, or attachment is released or dissolved within three days after it is made. SECTION 4.5. A change in the financial or other condition of Debtor or the Collateral such that in the Secured Parties’ opinion the Secured Parties’ risks are increased or the value or security of the Collateral is impaired. SECTION 4.6. Debtor’s dissolution or termination of existence, or insolvency of Debtor; or Debtor’s inability to pay its debts as they mature; or the appointment of a receiver of any property of Debtor; or Debtor’s filing of a voluntary petition in bankruptcy; or the adjudication of Debtor as a bankrupt; or any transfer, without prior written consent by the Secured Parties, of a substantial part of Debtor’s property.