Defaults; Acceleration Sample Clauses
The "Defaults; Acceleration" clause defines the circumstances under which a party is considered to be in default under an agreement and outlines the consequences that follow, particularly the acceleration of obligations. Typically, this means that if a borrower fails to meet certain obligations, such as making payments on time or maintaining required covenants, the lender can declare all outstanding amounts immediately due and payable. This clause serves to protect the non-defaulting party by providing a clear mechanism to respond to breaches, ensuring that they can act swiftly to recover amounts owed and mitigate potential losses.
Defaults; Acceleration. The occurrence of any Event of Default shall be a default hereunder. Upon the occurrence of any Event of Default, all amounts then outstanding hereunder shall immediately become due and payable in full. The occurrence of any one or more of the following, whatever the reason therefore, shall constitute an “Event of Default” under this Note:
(a) the Company shall fail to pay on the date and by the time of day specified above, any amount due to Lender pursuant to this Note or any other document relating to the indebtedness evidenced hereby or otherwise; or
(b) the Company shall fail to perform or observe any term, covenant or agreement contained in this Note or any other document relating to the indebtedness evidenced by this Note; or
(c) Any representation or warranty made to Lender by the Company, orally or in writing, or contained in any document made or delivered by the Company, proves incorrect or to have been incorrect in any material respect when made; or
(d) All or substantially all of the assets of the Company are sold or otherwise transferred without Lender’s written consent, or a change in control of the Company occurs; or
(e) the Company is the subject of a voluntary order for relief in any bankruptcy court, or is unable or admits in writing its debts as they mature, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer (“Receiver”); or any Receiver is appointed and the appointment continues undischarged or unstayed for thirty (30) calendar days; or the Company institutes or consents to any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, custodianship, conservatorship, liquidation, rehabilitation or similar proceedings relating to it or to all or any part of its property under the laws of any jurisdiction; or any similar proceeding is instituted and continues undismissed or unstayed for thirty (30) calendar days; or any judgment, writ, attachment, execution or similar process is issued or levied against all or any part of the real property subject to the Deed of Trust is not released, vacated or fully bonded within thirty (30) calendar days after such issue or levy; or
(f) There shall occur a material adverse change in the financial condition of the Company as determined by Lender in its reasonable discretion; or
(g) This Note ceases to be in full force and effect or is ...
Defaults; Acceleration. Time is of the essence of this Note. The occurrence of any of the following shall, without notice, demand or opportunity to cure, constitute an event of default under this Note: (a) Failure of Maker to make any payment required to be paid by Maker under this Note in strict accordance with the terms thereof; (b) Failure of Maker to perform any other covenant, agreement or other obligation contained in this Note; (c) Any warranty, representation, or statement made or furnished to Holders by or on behalf of Maker proving to be or having been false in any material respect when made or furnished; (
Defaults; Acceleration. Time is of the essence of this Note. The occurrence of any of the following shall, without notice, demand or opportunity to cure, constitute an event of default under this Note and each of the Related Documents: (a) Failure of Borrower to make any payment required to be paid by Borrower under this Note or the Related Documents in strict accordance with the terms thereof; 116 (b) Failure of Borrower to perform any other covenant, agreement or other obligation contained in this Note or the Related Documents; (c) Any warranty, representation, or statement made or furnished to Lender by or on behalf of Borrower proving to be or having been false in any material respect when made or furnished; (d) The occurrence of any event of default under the Related Documents;
Defaults; Acceleration. Each of the Holders hereby severally and jointly waives any claims it may have against the Company resulting from the failure by the Company to make any payments due under the Notes prior to the date of this letter agreement. If (i) the IPO is terminated by the Company, (ii) the IPO is not successfully consummated on or before December 31, 1998, or (iii) the Company fails to make any interest payment on the Notes due and payable on or after the Payment Date, then from and after the earliest to occur of the foregoing events the entire outstanding principal balance of the Notes shall become due and payable, the interest rate payable to the Holders for the period from June 1, 1998 through the date of payment to the Holders of the entire outstanding principal balance of the Notes shall be increased by 4%, for a total interest rate during such period of 16%, and such interest shall be payable on demand.
Defaults; Acceleration. In each case of the happening of any of the following events (each of which is herein sometimes called an "Event of Default"):
(a) Any representation or warranty made in (or incorporated by reference in) this Agreement, in the Collateral Documents, or in any report, certificate, financial statement or other instrument furnished in connection with this Agreement, or any Loan shall prove to be (or to have been) false or misleading in any material respect at the time made; or
(b) Default in the payment (including without limitation any mandatory prepayment) of any installment of the principal of the Notes or the principal of any other Indebtedness of the Borrower to the Lenders on the date when the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or by acceleration or otherwise; or
(c) Default in the payment of any fee, expense, indemnity or other charge payable by the Borrower or any Subsidiary to the Lenders or the Issuing Bank or any installment of any interest on the Notes or on any other indebtedness of the Borrower or any Subsidiary to the Lenders within five (5) days of the date on which the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment or by acceleration or otherwise; or
(d) Default by any Person other than the Agents or the Lenders in the due observance, performance, or compliance with, any covenant, condition or agreement contained in ARTICLE III (but only as to material conditions not waived in writing by the Lenders), ARTICLE V, SECTION 6.07 or ARTICLE VII (except SECTION 7.10) of this Agreement; or
(e) Default by any Person other than the Agents or the Lenders in the due observance, performance, or compliance with, any covenant, condition or agreement contained in SECTION 6.03, 6.04 (but only if the same involves any seizure of property), 6.05 (except paragraph (a) thereof), 6.06 , 6.09 or 6.10 of this Agreement which default shall continue unremedied for fifteen (15) days after the earlier to occur of (i) the Borrower's discovery of such default, or (ii) written notice thereof from the Administrative Agent or any Lender to the Borrower, provided, however, that (x) such 15-day grace period shall be available with respect to SECTIONS 6.05 and 6.06 only once in any period of 12 consecutive months and only twice during the term of this Agreement and (y) if any such default cannot be remedied, then such default shall be deemed to be an Event of ...
Defaults; Acceleration. The occurrence of an Event of Default under ---------------------- any of the Credit Documents shall constitute a "Default" hereunder. Upon the occurrence of any Default, the entire indebtedness pursuant to the Credit Agreement and all other Liabilities, together with interest thereon at the rate applicable after maturity as provided in the Credit Agreement, shall become and be immediately due and payable in accordance with the Credit Agreement.