Common use of Default and Events of Default Clause in Contracts

Default and Events of Default. If any of the following events shall occur and be continuing, hereinafter individually referred to as an Event of Default: (a) Default in the payment of the Obligation when it becomes due and payable; or (b) Default by the Debtor in the performance or observance of any other agreement, covenant or term of this Agreement and such default shall not have been remedied within 30 days after written notice thereof from the Purchaser to the Debtor; or (c) The Debtor makes an assignment for the benefit of creditors, or petitions or applies for the appointment of a trustee, liquidator or receiver of the Debtor or any substantial part of the assets of the Debtor, or commences any proceeding relating to the Debtor under any bankruptcy, reorganization, arrangement, insolvency or readjustment of debt, or similar law of any jurisdiction, now or hereafter in effect, or shall be adjudicated bankrupt or insolvent; or if any such petition or application is filed, or any such proceeding is commenced, against the Debtor and the Debtor indicates its approval thereof, consent thereto or acquiescence therein, or an order is entered appointing any such trustee, liquidator or receiver, or approving a petition in any such proceeding, and such order remains in effect for more than 120 days; then, and in any such event, LCA may at any time thereafter (unless all Events of Default shall have been previously cured), by written notice to the Debtor, declare the Obligation to be due and payable, and the same thereupon shall become and be forthwith due and payable together with interest accrued thereon.

Default and Events of Default. If any of the The following events shall occur and be continuing, hereinafter individually referred to as will constitute an Event of DefaultDefault hereunder: (a) Default Seller defaults in the payment of the Obligation any Obligations when it becomes due and payablepayable and does not cure the default within three (3) Business Days of the default; or (b) Default by the Debtor Seller fails to perform in the performance any material respect any covenant or observance of any other agreement, covenant provision or term of other undertaking under this Agreement and such default shall not have been remedied within 30 days after the same remains uncured ten (10) Business Days following written notice thereof from the Purchaser to the DebtorPurchaser; or (c) The Debtor makes an assignment for the benefit of creditors, any representation or petitions or applies for the appointment of a trustee, liquidator or receiver warranty of the Debtor or any substantial part of the assets of the Debtor, or commences any proceeding relating Seller contained in this Agreement proves to the Debtor under any bankruptcy, reorganization, arrangement, insolvency or readjustment of debt, or similar law of any jurisdiction, now or hereafter in effect, or shall be adjudicated bankrupt or insolvent; or if any such petition or application is filed, or any such proceeding is commenced, against the Debtor and the Debtor indicates its approval thereof, consent thereto or acquiescence therein, or an order is entered appointing any such trustee, liquidator or receiver, or approving a petition false in any such proceeding, and such order remains in effect for more than 120 days; then, and in any such event, LCA may at any time thereafter (unless all Events of Default shall have been previously cured), by written notice to the Debtor, declare the Obligation to be due and payable, material respect when made and the same thereupon Certain information marked as [***] has been excluded from this exhibit because it is both (i) not material and (ii) the type that the Registrant treats as private or confidential. remains uncured ten (10) Business Days following written notice thereof from Purchaser; (d) Seller becomes subject to any debtor-relief proceedings; and (e) any lien, garnishment, attachment or the like shall become be issued against or shall attach to the Purchased Accounts, the Collateral or any portion thereof and be forthwith due the same is not released within five (5) days. PURCHASER’S FAILURE TO CHARGE OR ACCRUE FEES AT ANY “DEFAULT” OR “PAST DUE” RATE SHALL NOT BE DEEMED A WAIVER BY PURCHASER OF ITS CLAIM FOR SUCH FEES Upon the occurrence of any Event of Default, in addition to any rights Purchaser has under this Agreement or applicable law, Purchaser may immediately terminate this Agreement, at which time this Agreement shall terminate and payable together with interest accrued thereonno further purchases of Purchased Receivables shall occur.