{"component": "clause", "props": {"groups": [{"samples": [{"hash": "5eAc8CDuCHY", "uri": "/contracts/5eAc8CDuCHY#defaults", "label": "Securities Purchase Agreement (XCel Brands, Inc.)", "score": 37.2902107239, "published": true}, {"hash": "9l0bRhCfPmu", "uri": "/contracts/9l0bRhCfPmu#defaults", "label": "Security Agreement (Momentus Inc.)", "score": 36.742641449, "published": true}, {"hash": "feUM9qlu02x", "uri": "/contracts/feUM9qlu02x#defaults", "label": "Security Agreement (Digital Ally, Inc.)", "score": 36.7097892761, "published": true}], "size": 346, "snippet": "The following events shall be \u201cEvents of Default\u201d:", "snippet_links": [{"key": "events-of-default", "type": "clause", "offset": [31, 48]}], "hash": "bcc5b9546656496cc786f67fa1a6575d", "id": 1}, {"samples": [{"hash": "5f5mfswCsLc", "uri": "/contracts/5f5mfswCsLc#defaults", "label": "Credit Agreement (Salesforce, Inc.)", "score": 37.1916503906, "published": true}, {"hash": "j1TsQrs9l8Y", "uri": "/contracts/j1TsQrs9l8Y#defaults", "label": "364 Day Credit Agreement (Salesforce, Inc.)", "score": 36.4770698547, "published": true}, {"hash": "JWiZTxOZIU", "uri": "/contracts/JWiZTxOZIU#defaults", "label": "Credit Agreement (Salesforce, Inc.)", "score": 36.4770698547, "published": true}], "size": 296, "snippet": "The occurrence of any one or more of the following events shall constitute a Default:", "snippet_links": [{"key": "a-default", "type": "definition", "offset": [75, 84]}], "hash": "04a94eab347fe23703c15f34908a0142", "id": 3}, {"samples": [{"hash": "jFGG8ET1d26", "uri": "/contracts/jFGG8ET1d26#defaults", "label": "Credit Agreement (Reddy Ice Holdings Inc)", "score": 23.2997951508, "published": true}, {"hash": "aTybYPgxAtf", "uri": "/contracts/aTybYPgxAtf#defaults", "label": "Credit Agreement (Reddy Ice Holdings Inc)", "score": 23.2970561981, "published": true}, {"hash": "aoAxWJNEog2", "uri": "/contracts/aoAxWJNEog2#defaults", "label": "Credit Agreement (Reddy Ice Holdings Inc)", "score": 21.8131408691, "published": true}], "size": 223, "snippet": "The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of a Default unless the Administrative Agent has received a written notice from a Lender or the Borrower specifying such Default and stating that such notice is a \u201cNotice of Default\u201d. In the event that the Administrative Agent receives such a notice of the occurrence of a Default, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall (subject to Section 10.1) take such action with respect to such Default as shall be directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default as it shall deem advisable in the best interest of the Secured Parties except to the extent that this Agreement expressly requires that such action be taken, or not be taken, only with the consent or upon the authorization of the Required Lenders or all Lenders.", "snippet_links": [{"key": "agent-shall", "type": "definition", "offset": [19, 30]}, {"key": "have-knowledge", "type": "definition", "offset": [48, 62]}, {"key": "notice-of-the", "type": "clause", "offset": [66, 79]}, {"key": "occurrence-of-a-default", "type": "clause", "offset": [80, 103]}, {"key": "written-notice", "type": "clause", "offset": [151, 165]}, {"key": "a-lender", "type": "definition", "offset": [171, 179]}, {"key": "the-borrower", "type": "definition", "offset": [183, 195]}, {"key": "notice-of-default", "type": "definition", "offset": [255, 272]}, {"key": "in-the-event", "type": "clause", "offset": [275, 287]}, {"key": "a-notice", "type": "clause", "offset": [332, 340]}, {"key": "notice-thereof", "type": "clause", "offset": [416, 430]}, {"key": "the-lenders", "type": "clause", "offset": [434, 445]}, {"key": "subject-to-section", "type": "clause", "offset": [479, 497]}, {"key": "with-respect-to", "type": "clause", "offset": [521, 536]}, {"key": "the-required-lenders", "type": "clause", "offset": [574, 594]}, {"key": "provided-that", "type": "definition", "offset": [596, 609]}, {"key": "best-interest", "type": "clause", "offset": [867, 880]}, {"key": "the-secured-parties", "type": "clause", "offset": [884, 903]}, {"key": "except-to-the-extent", "type": "clause", "offset": [904, 924]}, {"key": "this-agreement", "type": "clause", "offset": [930, 944]}, {"key": "the-authorization", "type": "clause", "offset": [1038, 1055]}, {"key": "all-lenders", "type": "definition", "offset": [1083, 1094]}], "hash": "3af9cd48a4483293845d39f2672d3b3c", "id": 9}, {"samples": [{"hash": "7y6tiNDLzvD", "uri": "/contracts/7y6tiNDLzvD#defaults", "label": "Credit Agreement (Oklahoma Gas & Electric Co)", "score": 33.963722229, "published": true}, {"hash": "biTMd9Ewjyi", "uri": "/contracts/biTMd9Ewjyi#defaults", "label": "Credit Agreement (Oge Energy Corp.)", "score": 32.036277771, "published": true}, {"hash": "avRNV6n2W8F", "uri": "/contracts/avRNV6n2W8F#defaults", "label": "Credit Agreement (Oge Energy Corp.)", "score": 32.036277771, "published": true}], "size": 254, "snippet": "The occurrence of any one or more of the following events shall constitute a Default:\n7.1 Any representation or warranty made or deemed made by or on behalf of the Borrower under or in connection with this Agreement, any Credit Extension, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be incorrect or untrue in any material respect when made or deemed made.\n7.2 Nonpayment of (i) principal of any Loan when due, (ii) any Reimbursement Obligation within five (5) Business Days after the same becomes due, (iii) interest upon any Loan or of any fee under any of the Loan Documents within five (5) Business Days after the same becomes due or (iv) any other obligation or liability under this Agreement or any other Loan Document within thirty (30) days after the same becomes due.\n7.3 The breach by the Borrower of any of the terms or provisions of Section 6.2, 6.3 (provided that such Default shall be deemed automatically cured or waived upon the delivery of such notice or the cure or waiver of the related Unmatured Default or Default, as applicable), 6.4 (with respect to the Borrower\u2019s or any Material Subsidiary\u2019s existence), 6.10, 6.12, 6.13 or 6.14.\n7.4 The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice is given to the Borrower by the Agent or any Lender.\n(i) Failure of the Borrower or any of its Material Subsidiaries to pay when due (after any applicable grace period) any Material Indebtedness; (ii) the Borrower or any Material Subsidiary shall default (after the expiration of any applicable grace period) in the observance or performance of any covenant or agreement relating to any Material Indebtedness and as a result thereof such Material Indebtedness shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; provided that the foregoing shall not apply to any mandatory prepayment or optional redemption of any Indebtedness which would be required to be repaid in connection with the consummation of a transaction by the Borrower or any such Material Subsidiary not prohibited pursuant to this Agreement; or (iii) the Borrower or any of its Material Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they become due.\n7.6 The Borrower or any of its Material Subsidiaries shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or (v) fail to contest within the applicable time period any appointment or proceeding described in Section 7.7.\n7.7 Without the application, approval or consent of the Borrower or any of its Material Subsidiaries, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or any of its Material Subsidiaries or any Substantial Portion of its Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or any of its Material Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety (90) consecutive days.\n7.8 A judgment or other court order for the payment of money in excess of $100,000,000 (net of any amounts paid or covered by independent third party insurance as to which the relevant insurance company does not dispute coverage) shall be rendered against the Borrower or any Material Subsidiary and such judgment or order shall continue without being vacated, discharged, satisfied or stayed or bonded pending appeal for a period of forty-five (45) days.\n7.9 The Unfunded Liabilities of all Single Employer Plans could in the aggregate reasonably be expected to result in a Material Adverse Effect or any Reportable Event shall occur in connection with any Plan that could reasonably be expected to have a Material Adverse Effect.\n7.10 Any Change in Control shall occur.\n7.11 The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that it has incurred, pursuant to Section 4201 of ERISA, withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other member of the Controlled Group as withdrawal liability (determined as of the date of such notification), could reasonably be expected to result in a Material Adverse Effect.\n7.12 The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is being terminated, within the meaning of Title IV of ERISA, if such termination could reasonably be expected to result in a Material Adverse Effect.\n7.13 Any material portion of this Agreement or any Note shall fail to remain in full force or effect or any action shall be taken by the Borrower to assert the invalidity or unenforceability of any such Loan Document.", "snippet_links": [{"key": "a-default", "type": "definition", "offset": [75, 84]}, {"key": "representation-or-warranty", "type": "clause", "offset": [94, 120]}, {"key": "by-or-on-behalf-of", "type": "definition", "offset": [141, 159]}, {"key": "in-connection-with", "type": "clause", "offset": [182, 200]}, {"key": "credit-extension", "type": "definition", "offset": [221, 237]}, {"key": "information-delivered", "type": "clause", "offset": [261, 282]}, {"key": "agreement-or", "type": "definition", "offset": [307, 319]}, {"key": "other-loan", "type": "definition", "offset": [324, 334]}, {"key": "material-respect", "type": "definition", "offset": [380, 396]}, {"key": "principal-of", "type": "definition", "offset": [445, 457]}, {"key": "any-loan", "type": "clause", "offset": [458, 466]}, {"key": "reimbursement-obligation", "type": "clause", "offset": [486, 510]}, {"key": "days-after", "type": "definition", "offset": [536, 546]}, {"key": "the-loan-documents", "type": "clause", "offset": [625, 643]}, {"key": "other-obligation", "type": "clause", "offset": [713, 729]}, {"key": "liability-under-this-agreement", "type": "clause", "offset": [733, 763]}, {"key": "within-thirty", "type": "clause", "offset": [791, 804]}, {"key": "by-the-borrower", "type": "clause", "offset": [858, 873]}, {"key": "the-terms", "type": "definition", "offset": [884, 893]}, {"key": "section-62", "type": "clause", "offset": [911, 922]}, {"key": "provided-that", "type": "definition", "offset": [929, 942]}, {"key": "default-shall", "type": "definition", "offset": [948, 961]}, {"key": "delivery-of", "type": "clause", "offset": [1011, 1022]}, {"key": "waiver-of-the", "type": "clause", "offset": [1050, 1063]}, {"key": "unmatured-default", "type": "definition", "offset": [1072, 1089]}, {"key": "with-respect-to-the-borrower", "type": "clause", "offset": [1123, 1151]}, {"key": "material-subsidiary", "type": "definition", "offset": [1161, 1180]}, {"key": "default-under", "type": "clause", "offset": [1293, 1306]}, {"key": "article-vii", "type": "clause", "offset": [1331, 1342]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [1367, 1395]}, {"key": "written-notice", "type": "clause", "offset": [1448, 1462]}, {"key": "by-the-agent", "type": "clause", "offset": [1488, 1500]}, {"key": "failure-of-the-borrower", "type": "clause", "offset": [1520, 1543]}, {"key": "material-subsidiaries", "type": "clause", "offset": [1558, 1579]}, {"key": "pay-when-due", "type": "clause", "offset": [1583, 1595]}, {"key": "applicable-grace-period", "type": "definition", "offset": [1607, 1630]}, {"key": "material-indebtedness", "type": "definition", "offset": [1636, 1657]}, {"key": "subsidiary-shall", "type": "definition", "offset": [1693, 1709]}, {"key": "expiration-of", "type": "clause", "offset": [1729, 1742]}, {"key": "relating-to", "type": "definition", "offset": [1834, 1845]}, {"key": "due-and-payable", "type": "clause", "offset": [1947, 1962]}, {"key": "regularly-scheduled-payment", "type": "clause", "offset": [2021, 2048]}, {"key": "prior-to-the", "type": "clause", "offset": [2050, 2062]}, {"key": "stated-maturity", "type": "definition", "offset": [2063, 2078]}, {"key": "the-foregoing", "type": "clause", "offset": [2102, 2115]}, {"key": "mandatory-prepayment", "type": "definition", "offset": [2139, 2159]}, {"key": "optional-redemption", "type": "definition", "offset": [2163, 2182]}, {"key": "consummation-of", "type": "clause", "offset": [2263, 2278]}, {"key": "not-prohibited", "type": "clause", "offset": [2341, 2355]}, {"key": "pursuant-to-this-agreement", "type": "clause", "offset": [2356, 2382]}, {"key": "in-writing", "type": "definition", "offset": [2466, 2476]}, {"key": "inability-to-pay", "type": "clause", "offset": [2481, 2497]}, {"key": "order-for-relief", "type": "clause", "offset": [2610, 2626]}, {"key": "bankruptcy-laws", "type": "definition", "offset": [2672, 2687]}, {"key": "in-effect", "type": "definition", "offset": [2708, 2717]}, {"key": "assignment-for-the-benefit-of-creditors", "type": "clause", "offset": [2732, 2771]}, {"key": "consent-to", "type": "definition", "offset": [2796, 2806]}, {"key": "appointment-of-a-receiver", "type": "clause", "offset": [2829, 2854]}, {"key": "substantial-portion", "type": "definition", "offset": [2931, 2950]}, {"key": "bankrupt-or-insolvent", "type": "definition", "offset": [3120, 3141]}, {"key": "winding-up", "type": "clause", "offset": [3167, 3177]}, {"key": "insolvency-or-reorganization", "type": "clause", "offset": [3304, 3332]}, {"key": "the-applicable-time-period", "type": "definition", "offset": [3385, 3411]}, {"key": "section-77", "type": "clause", "offset": [3455, 3466]}, {"key": "the-application", "type": "clause", "offset": [3480, 3495]}, {"key": "consent-of-the-borrower", "type": "clause", "offset": [3509, 3532]}, {"key": "for-the-borrower", "type": "clause", "offset": [3651, 3667]}, {"key": "period-of", "type": "clause", "offset": [3973, 3982]}, {"key": "consecutive-days", "type": "definition", "offset": [3995, 4011]}, {"key": "court-order", "type": "clause", "offset": [4037, 4048]}, {"key": "payment-of-money", "type": "clause", "offset": [4057, 4073]}, {"key": "covered-by", "type": "definition", "offset": [4128, 4138]}, {"key": "third-party-insurance", "type": "clause", "offset": [4151, 4172]}, {"key": "insurance-company", "type": "definition", "offset": [4198, 4215]}, {"key": "pending-appeal", "type": "clause", "offset": [4416, 4430]}, {"key": "single-employer-plans", "type": "clause", "offset": [4505, 4526]}, {"key": "in-the-aggregate", "type": "definition", "offset": [4533, 4549]}, {"key": "material-adverse-effect", "type": "clause", "offset": [4588, 4611]}, {"key": "reportable-event", "type": "clause", "offset": [4619, 4635]}, {"key": "could-reasonably-be-expected-to", "type": "definition", "offset": [4681, 4712]}, {"key": "any-change-in-control", "type": "clause", "offset": [4750, 4771]}, {"key": "member-of-the-controlled-group", "type": "definition", "offset": [4816, 4846]}, {"key": "the-sponsor", "type": "clause", "offset": [4875, 4886]}, {"key": "pursuant-to-section", "type": "clause", "offset": [4933, 4952]}, {"key": "withdrawal-liability", "type": "clause", "offset": [4968, 4988]}, {"key": "other-amounts", "type": "clause", "offset": [5061, 5074]}, {"key": "multiemployer-plans", "type": "definition", "offset": [5098, 5117]}, {"key": "date-of", "type": "clause", "offset": [5224, 5231]}, {"key": "meaning-of", "type": "clause", "offset": [5508, 5518]}, {"key": "title-iv-of-erisa", "type": "clause", "offset": [5519, 5536]}, {"key": "material-portion", "type": "definition", "offset": [5636, 5652]}, {"key": "in-full-force", "type": "definition", "offset": [5704, 5717]}, {"key": "any-action", "type": "definition", "offset": [5731, 5741]}, {"key": "invalidity-or-unenforceability", "type": "clause", "offset": [5787, 5817]}], "hash": "acb24efdde1e1cb332671e335c7ae723", "id": 4}, {"samples": [{"hash": "jage3NqLZaa", "uri": "/contracts/jage3NqLZaa#defaults", "label": "Stock Purchase Agreement (Teletech Holdings Inc)", "score": 21.0, "published": true}], "size": 245, "snippet": "The occurrence of any one or more of the following events shall constitute a material default and material breach of this Lease by Tenant:\n(i) The failure by Tenant to make any payment of Rent, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant;\n(ii) The failure by Tenant to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or performed by Tenant, other than failure to pay Rent, where such failure shall continue for a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant\u2019s default is such that it is capable of being cured but more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such cure within such thirty (30) day period and thereafter diligently prosecutes such cure to completion; or\n(iii) The making by Tenant of any general assignment for the benefit of creditors, the filing by or against Tenant of a petition for order of relief in bankruptcy for the purpose of bankruptcy liquidation or reorganization under any law relating to bankruptcy whether now existing or hereafter enacted (including, without limitation, any petition filed by or against Tenant under the Bankruptcy Reform Act of 1978, 11 U.S.C. \u00a7\u00a7 101-1330 (\u201cBankruptcy Code\u201d) as amended; except that, in the case of a filing against Tenant of such a petition, such filing shall not be a default if the petition is dismissed or discharged on or before thirty (30) days after the filing thereof; the appointment of a trustee or receiver to take possession of all or substantially all of Tenant\u2019s assets located at the Premises or of Tenant\u2019s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant\u2019s assets located at the Premises or of Tenant\u2019s interest in this Lease, where such seizure is not discharged within thirty (30)", "snippet_links": [{"key": "material-default", "type": "definition", "offset": [77, 93]}, {"key": "breach-of-this", "type": "clause", "offset": [107, 121]}, {"key": "lease-by-tenant", "type": "clause", "offset": [122, 137]}, {"key": "failure-by", "type": "clause", "offset": [147, 157]}, {"key": "payment-of-rent", "type": "definition", "offset": [177, 192]}, {"key": "period-of", "type": "clause", "offset": [251, 260]}, {"key": "days-after", "type": "definition", "offset": [270, 280]}, {"key": "notice-thereof", "type": "clause", "offset": [289, 303]}, {"key": "from-landlord", "type": "clause", "offset": [304, 317]}, {"key": "to-tenant", "type": "clause", "offset": [318, 327]}, {"key": "the-covenants", "type": "definition", "offset": [385, 398]}, {"key": "provisions-of-this", "type": "clause", "offset": [414, 432]}, {"key": "performed-by-tenant", "type": "clause", "offset": [457, 476]}, {"key": "failure-to-pay-rent", "type": "clause", "offset": [489, 508]}, {"key": "nature-of", "type": "clause", "offset": [662, 671]}, {"key": "capable-of-being-cured", "type": "definition", "offset": [708, 730]}, {"key": "tenant-shall", "type": "clause", "offset": [805, 817]}, {"key": "if-tenant", "type": "clause", "offset": [849, 858]}, {"key": "day-period", "type": "definition", "offset": [903, 913]}, {"key": "assignment-for-the-benefit-of-creditors", "type": "clause", "offset": [1021, 1060]}, {"key": "order-of", "type": "clause", "offset": [1112, 1120]}, {"key": "relief-in-bankruptcy", "type": "clause", "offset": [1121, 1141]}, {"key": "for-the-purpose-of", "type": "definition", "offset": [1142, 1160]}, {"key": "relating-to", "type": "definition", "offset": [1216, 1227]}, {"key": "without-limitation", "type": "clause", "offset": [1293, 1311]}, {"key": "act-of-1978", "type": "definition", "offset": [1381, 1392]}, {"key": "bankruptcy-code", "type": "definition", "offset": [1418, 1433]}, {"key": "as-amended", "type": "definition", "offset": [1436, 1446]}, {"key": "in-the-case", "type": "clause", "offset": [1461, 1472]}, {"key": "a-default", "type": "definition", "offset": [1545, 1554]}, {"key": "the-petition", "type": "clause", "offset": [1558, 1570]}, {"key": "trustee-or-receiver", "type": "clause", "offset": [1675, 1694]}, {"key": "possession-of", "type": "clause", "offset": [1703, 1716]}, {"key": "all-of-tenant", "type": "definition", "offset": [1738, 1751]}, {"key": "the-premises", "type": "clause", "offset": [1772, 1784]}, {"key": "in-this-lease", "type": "clause", "offset": [1809, 1822]}, {"key": "within-thirty", "type": "clause", "offset": [1867, 1880]}], "hash": "41e333282ecc22c14bdf6f195205baef", "id": 6}, {"samples": [{"hash": "6ibDfLCDcZc", "uri": "/contracts/6ibDfLCDcZc#defaults", "label": "Credit Agreement (Kelly Services Inc)", "score": 27.937713623, "published": true}, {"hash": "isE4ggR4bxh", "uri": "/contracts/isE4ggR4bxh#defaults", "label": "Credit Agreement (Kelly Services Inc)", "score": 24.9479808807, "published": true}, {"hash": "3hFRzqY7oMv", "uri": "/contracts/3hFRzqY7oMv#defaults", "label": "Credit Agreement (Kelly Services Inc)", "score": 22.2594108582, "published": true}], "size": 237, "snippet": "The occurrence of any one or more of the following events shall constitute a Default:\n7.1 Any representation or warranty made by the Company or its Subsidiaries to the Lenders or the Agent in any Loan Document, in connection with any Credit Extension, or in any certificate or information delivered in writing in connection with any Loan Document shall be false in any material respect on the date as of which made and shall not be remedied within three Business Days after written notice from the Agent.\n7.2 Nonpayment of principal of any Loan when due, nonpayment of any Reimbursement Obligation within one Business Day after the same becomes due, or nonpayment of interest on any Loan or of any facility fee, LC Fee or any other payment obligations under any of the Loan Documents within three Business Days after the same becomes due (unless such Loan has been rolled over as provided in this Agreement).\n7.3 The breach by any Borrower or any Guarantor of any of the terms or provisions of Sections 6.2, 6.3, 6.4, 6.5, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15, 6.16, 6.17, 6.18 or 6.19 which is not remedied within three Business Days after written notice from the Agent.\n7.4 The breach by any Borrower or any Guarantor (other than a breach which constitutes a Default under Section 7.1, 7.2 or 7.3) of any of the terms or provisions of this Agreement or any other Loan Document which is not remedied within 15 days after written notice from the Agent.\n7.5 Failure of the Company or any of its Subsidiaries to pay when due any Indebtedness or Rate Management Obligations (valued by reference to the amount of the Net \u2587\u2587\u2587\u2587-to-Market Exposure) aggregating in excess of $15,000,000 (\u201cMaterial Indebtedness\u201d); or the default by the Company or any of its Subsidiaries in the performance of any term, provision or condition contained in any agreement under which any such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which in the case of any such default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of the Company or any of its Subsidiaries shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or the Company or any of its Subsidiaries shall not pay, or admit in writing its inability to pay, its debts generally as they become due.\n7.6 The Company or any of its Subsidiaries, shall (i) have an order for relief entered with respect to it under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to adjudicate it a bankrupt or insolvent entity, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts or seeking similar relief under any law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency or reorganization or relief of debtors or similar proceeding or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (vi) fail to contest in good faith any appointment or proceeding described in Section 7.7.\n7.7 Without its application, approval or consent, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Company or any of its Subsidiaries or any Substantial Portion of their respective Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Company or any of its Subsidiaries and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of 60 consecutive days.\n7.8 Any court, government or governmental agency shall without appropriate compensation condemn, seize or otherwise appropriate, or take custody or control of (each a \u201cCondemnation\u201d), all or any portion of the Property of the Company or any of its Subsidiaries which, when taken together with all other Property of the Company and its Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such Condemnation occurs, constitutes a Substantial Portion and could reasonably be expected to have a Material Adverse Effect.\n7.9 The Company or any of its Subsidiaries shall fail within 90 days to pay, bond or otherwise discharge any judgment or order for the payment of money in excess of $15,000,000, which is not stayed on appeal.\n7.10 Any member of the Controlled Group shall fail to pay when due after the expiration of any applicable grace period an amount or amounts aggregating in excess of $1,000,000 which it shall have become liable to pay under Title IV of ERISA; or notice of intent to terminate a Single Employer Plan with Unfunded Liabilities in excess of $1,000,000 (a \u201cMaterial Plan\u201d) shall be filed under Section 4041(c) of ERISA by any member of the Controlled Group, any plan administrator or any combination of the foregoing; or PBGC shall institute proceedings under which it is likely to prevail under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which causes one or more members of the Controlled Group to incur a current payment obligation in excess of $1,000,000.\n7.11 The occurrence of any Change in Control.\n7.12 Any Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or assert the invalidity or unenforceability of any Guaranty or any Guarantor denies that it has any further liability under any Guaranty to which it is a party, or gives notice to such effect.\n7.13 Any Collateral Document shall for any reason (other than solely as the result of an act or omission of the Agent or a Lender) fail to create a valid and perfected first priority security interest, subject to the Intercreditor Agreement, in any Collateral purported to be covered thereby, except as permitted by the terms of this Agreement or any Collateral Document, or, due to any action by the Company or any of its Subsidiaries not consented to by the Required Lenders, any Collateral Document shall fail to remain in full force or effect or any action shall be taken by the Company or any of its Subsidiaries not consented to by the Required Lenders to discontinue or to assert the invalidity or unenforceability of any Collateral Document, or the Company or any Guarantor shall fail to comply with any of the terms or provisions of any Collateral Document if the failure continues beyond any period of grace provided for in the applicable 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The Company is (i) not in default under or in violation of any other material agreement or instrument to which it is a party or by which it or any of its properties are bound or affected, which default or violation would have a Material Adverse Effect, (ii) not in default with respect to any order of any court, arbitrator or governmental body or subject to or party to any order of any court or governmental authority arising out of any action, suit or proceeding under any statute or other law respecting antitrust, monopoly, restraint of trade, unfair competition or similar matters, or (iii) not in violation of any statute, rule or regulation of any governmental authority which violation would have a Material Adverse Effect.", "snippet_links": [{"key": "the-company", "type": "definition", "offset": [0, 11]}, {"key": "not-in-violation", "type": "definition", "offset": [15, 31]}, {"key": "incorporation-or-bylaws", "type": "clause", "offset": [51, 74]}, {"key": "default-under", "type": "clause", "offset": [102, 115]}, {"key": "agreement-or", "type": "definition", "offset": [154, 166]}, {"key": "a-party", "type": "clause", "offset": [193, 200]}, {"key": "material-adverse-effect", "type": "clause", "offset": [304, 327]}, {"key": "with-respect-to", "type": "clause", "offset": [349, 364]}, {"key": "order-of", "type": "clause", "offset": [369, 377]}, {"key": "governmental-body", "type": "definition", "offset": [403, 420]}, {"key": "subject-to", "type": "definition", "offset": [424, 434]}, {"key": "governmental-authority", "type": "definition", "offset": [473, 495]}, {"key": "arising-out-of", "type": "definition", "offset": [496, 510]}, {"key": "any-action", "type": "definition", "offset": [511, 521]}, {"key": "suit-or-proceeding", "type": "clause", "offset": [523, 541]}, {"key": "other-law", "type": "definition", "offset": [563, 572]}, {"key": "restraint-of-trade", "type": "clause", "offset": [605, 623]}, {"key": "unfair-competition", "type": "definition", "offset": [625, 643]}, {"key": "regulation-of", "type": "clause", "offset": [714, 727]}], "hash": "d0b5290dd0f7406dc071762db1d71927", "id": 8}, {"samples": [{"hash": "kbvQ1doZiQf", "uri": "/contracts/kbvQ1doZiQf#defaults", "label": "Promissory Note and Security Agreement (Crown Alliance Capital LTD)", "score": 22.8329906464, "published": true}, {"hash": "32VE1Io517u", "uri": "/contracts/32VE1Io517u#defaults", "label": "Promissory Note and Security Agreement (Crown Alliance Capital LTD)", "score": 22.8329906464, "published": true}, {"hash": "2mqJtfdNVnf", "uri": "/contracts/2mqJtfdNVnf#defaults", "label": "Promissory Note and Security Agreement (Crown Alliance Capital LTD)", "score": 22.8329906464, "published": true}], "size": 209, "snippet": "The following shall be events of default under this Note:\na. Maker\u2019s failure to remit any payment under this Note on before the date due, if such failure is not cured in full within five (5) days of written notice of default;\nb. Maker\u2019s failure to perform or breach of any non-monetary obligation or covenant set forth in this Note or in any other written agreement between Maker and Holder if such failure is not cured in full within ten (10) days following delivery of written notice thereof from Holder to Maker;\nc. If Maker is dissolved, whether pursuant to any applicable articles of incorporation or bylaws and/or any applicable laws, or otherwise;\nd. Default in the Maker\u2019s obligation for borrowed money, other than this Note, which shall continue for a period of twenty (20) days;\ne. The commencement of any action or proceeding which affects the Collateral or title thereto or the interest of Holder therein, including, but not limited to eminent domain, insolvency, code enforcement or arrangements or proceedings involving a bankrupt or decedent;\nf. The entry of a decree or order by a court having jurisdiction in the premises adjudging the Maker bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Maker under the federal Bankruptcy Code or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of the Maker, or any substantial part if its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of twenty (20) days;\ng. Maker\u2019s institution of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or its filing of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Code or any other applicable federal or state law, or its consent to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the company, or of any substantial part of its property, or its making of an assignment for the benefit of creditors or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Maker in furtherance of any such action; or", "snippet_links": [{"key": "default-under", "type": "clause", "offset": [33, 46]}, {"key": "this-note", "type": "clause", "offset": [47, 56]}, {"key": "failure-to-remit", "type": "clause", "offset": [69, 85]}, {"key": "date-due", "type": "definition", "offset": [128, 136]}, {"key": "written-notice-of-default", "type": "clause", "offset": [199, 224]}, {"key": "failure-to-perform", "type": "definition", "offset": [237, 255]}, {"key": "any-non", "type": "clause", "offset": [269, 276]}, {"key": "monetary-obligation", "type": "clause", "offset": [277, 296]}, {"key": "agreement-between", "type": "clause", "offset": [356, 373]}, {"key": "delivery-of", "type": "clause", "offset": [459, 470]}, {"key": "notice-thereof", "type": "clause", "offset": [479, 493]}, {"key": "pursuant-to", "type": "definition", "offset": [550, 561]}, {"key": "incorporation-or-bylaws", "type": "clause", "offset": [589, 612]}, {"key": "applicable-laws", "type": "clause", "offset": [624, 639]}, {"key": "borrowed-money", "type": "definition", "offset": [696, 710]}, {"key": "period-of", "type": "clause", "offset": [761, 770]}, {"key": "commencement-of", "type": "clause", "offset": [796, 811]}, {"key": "action-or-proceeding", "type": "definition", "offset": [816, 836]}, {"key": "the-collateral", "type": "clause", "offset": [851, 865]}, {"key": "the-interest", "type": "definition", "offset": [886, 898]}, {"key": "not-limited", "type": "clause", "offset": [933, 944]}, {"key": "eminent-domain", "type": "clause", "offset": [948, 962]}, {"key": "code-enforcement", "type": "definition", "offset": [976, 992]}, {"key": "the-premises", "type": "clause", "offset": [1126, 1138]}, {"key": "bankrupt-or-insolvent", "type": "definition", "offset": [1159, 1180]}, {"key": "in-respect-of", "type": "clause", "offset": [1293, 1306]}, {"key": "federal-bankruptcy-code", "type": "definition", "offset": [1327, 1350]}, {"key": "other-applicable", "type": "definition", "offset": [1358, 1374]}, {"key": "federal-or-state-law", "type": "clause", "offset": [1375, 1395]}, {"key": "substantial-part", "type": "definition", "offset": [1476, 1492]}, {"key": "winding-up", "type": "clause", "offset": [1526, 1536]}, {"key": "in-effect", "type": "definition", "offset": [1629, 1638]}, {"key": "institution-of-proceedings", "type": "definition", "offset": [1684, 1710]}, {"key": "the-institution", "type": "clause", "offset": [1778, 1793]}, {"key": "bankruptcy-or-insolvency-proceedings", "type": "clause", "offset": [1797, 1833]}, {"key": "consent-to", "type": "definition", "offset": [2015, 2025]}, {"key": "appointment-of-a-receiver", "type": "clause", "offset": [2068, 2093]}, {"key": "of-the-company", "type": "clause", "offset": [2127, 2141]}, {"key": "assignment-for-the-benefit-of-creditors", "type": "clause", "offset": [2207, 2246]}, {"key": "in-writing", "type": "definition", "offset": [2270, 2280]}, {"key": "inability-to-pay", "type": "clause", "offset": [2288, 2304]}, {"key": "action-by-the", "type": "clause", "offset": [2372, 2385]}], "hash": "056e87e72d99a17630cf3e6e66df0038", "id": 10}, {"samples": [{"hash": "k3wCgwPq6Z8", "uri": "/contracts/k3wCgwPq6Z8#defaults", "label": "Security Agreement (Itronics Inc)", "score": 21.0, "published": true}, {"hash": "jlR3ygvNvjS", "uri": "/contracts/jlR3ygvNvjS#defaults", "label": "Security Agreement (Modern Technology Corp)", "score": 21.0, "published": true}, {"hash": "iO4rLLfZD0i", "uri": "/contracts/iO4rLLfZD0i#defaults", "label": "Security Agreement (Modern Technology Corp)", "score": 21.0, "published": true}], "size": 302, "snippet": "The following events shall be \"Events of Default\":\n(a) The occurrence of an Event of Default (as defined in the Notes) under the Notes;\n(b) Any representation or warranty of the Company in this Agreement or in the Intellectual Property Security Agreement shall prove to have been incorrect in any material respect when made;\n(c) The failure by the Company to observe or perform any of its obligations hereunder or in the Intellectual Property Security Agreement for ten (10) days after receipt by the Company of notice of such failure from the Secured Party; and\n(d) Any breach of, or default under, the Warrants.", "snippet_links": [{"key": "events-of-default", "type": "clause", "offset": [31, 48]}, {"key": "occurrence-of-an-event-of-default", "type": "clause", "offset": [59, 92]}, {"key": "the-notes", "type": "clause", "offset": [108, 117]}, {"key": "agreement-or", "type": "definition", "offset": [194, 206]}, {"key": "intellectual-property-security-agreement", "type": "definition", "offset": [214, 254]}, {"key": "material-respect", "type": "definition", "offset": [297, 313]}, {"key": "by-the-company", "type": "clause", "offset": [341, 355]}, {"key": "agreement-for", "type": "clause", "offset": [452, 465]}, {"key": "receipt-by-the", "type": "clause", "offset": [486, 500]}, {"key": "notice-of", "type": "definition", "offset": [512, 521]}, {"key": "the-secured-party", "type": "clause", "offset": [540, 557]}, {"key": "breach-of", "type": "definition", "offset": [571, 580]}, {"key": "default-under", "type": "clause", "offset": [585, 598]}, {"key": "the-warrants", "type": "clause", "offset": [600, 612]}], "hash": "19970a0d32aa08238a4f7bdf5c0e2524", "id": 2}, {"samples": [{"hash": "eZd6yqcWLup", "uri": "/contracts/eZd6yqcWLup#defaults", "label": "Security Agreement (Dih Holding Us, Inc.)", "score": 35.4312133789, "published": true}, {"hash": "2lTH1tVOQeg", "uri": "/contracts/2lTH1tVOQeg#defaults", "label": "Security Agreement (WeTrade Group Inc.)", "score": 34.2621498108, "published": true}, {"hash": "bVAMyg5rls0", "uri": "/contracts/bVAMyg5rls0#defaults", "label": "Security Agreement (Recruiter.com Group, Inc.)", "score": 32.1841201782, "published": true}], "size": 247, "snippet": "The following events shall be \u201cEvents of Default\u201d:\n(a) The occurrence of an Event of Default (as defined in the Debentures) under the Debentures;\n(b) Any representation or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when made;\n(c) The failure by any Debtor to observe or perform any of its obligations hereunder for five (5) days after delivery to such Debtor of notice of such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within such time frame and such Debtor is using best efforts to cure same in a timely fashion; or\n(d) If any provision of this Agreement shall at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any governmental authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof, or any Debtor shall deny that any Debtor has any liability or obligation purported to be created under this Agreement.", "snippet_links": [{"key": "events-of-default", "type": "clause", "offset": [31, 48]}, {"key": "occurrence-of-an-event-of-default", "type": "clause", "offset": [59, 92]}, {"key": "the-debentures", "type": "clause", "offset": [108, 122]}, {"key": "representation-or-warranty", "type": "clause", "offset": [154, 180]}, {"key": "in-this-agreement", "type": "clause", "offset": [195, 212]}, {"key": "material-respect", "type": "definition", "offset": [255, 271]}, {"key": "failure-by", "type": "clause", "offset": [291, 301]}, {"key": "after-delivery", "type": "clause", "offset": [386, 400]}, {"key": "such-debtor", "type": "definition", "offset": [404, 415]}, {"key": "notice-of", "type": "definition", "offset": [419, 428]}, {"key": "by-or-on-behalf-of", "type": "definition", "offset": [442, 460]}, {"key": "secured-party", "type": "clause", "offset": [463, 476]}, {"key": "capable-of", "type": "definition", "offset": [500, 510]}, {"key": "time-frame", "type": "clause", "offset": [548, 558]}, {"key": "efforts-to-cure", "type": "clause", "offset": [589, 604]}, {"key": "provision-of", "type": "clause", "offset": [645, 657]}, {"key": "at-any-time", "type": "clause", "offset": [679, 690]}, {"key": "for-any-reason", "type": "clause", "offset": [691, 705]}, {"key": "null-and-void", "type": "definition", "offset": [724, 737]}, {"key": "authority-having-jurisdiction", "type": "definition", "offset": [888, 917]}, {"key": "to-establish", "type": "definition", "offset": [943, 955]}, {"key": "invalidity-or-unenforceability", "type": "clause", "offset": [960, 990]}], "hash": "f726631eab633f310f6f32f1bfa9e885", "id": 5}], "next_curs": "ClESS2oVc35sYXdpbnNpZGVyY29udHJhY3Rzci0LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhFkZWZhdWx0cyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["representations-and-warranties", "Representations and Warranties"], ["notices", "Notices"], ["affirmative-covenants", "AFFIRMATIVE COVENANTS"], ["company-representations-and-warranties", "Company Representations and Warranties"], ["miscellaneous", "Miscellaneous"]], "size": 19787, "title": "Defaults", "children": [["events-of-default", "Events of Default"], ["remedies", "Remedies"], ["notice-of-default", "Notice of Default"], ["event-of-default", "Event of Default"], ["remedies-cumulative", "Remedies Cumulative"]], "id": "defaults", "related": [["default", "Default", "Default"], ["other-defaults", "Other Defaults", "Other <strong>Defaults</strong>"], ["consents-defaults", "Consents Defaults", "Consents <strong>Defaults</strong>"], ["specific-defaults", "Specific Defaults", "Specific <strong>Defaults</strong>"], ["tenants-defaults", "TENANT\u2019S DEFAULTS", "TENANT\u2019S <strong>DEFAULTS</strong>"]], "related_snippets": [], "updated": "2026-05-08T06:30:32+00:00", "also_ask": ["What are the most negotiable default triggers in this context?", "Which default provisions are essential to include for maximum protection?", "What are the most common pitfalls or ambiguities in default clauses?", "How do default definitions here compare to industry standards or statutory defaults?", "What factors most influence a court\u2019s willingness to enforce or excuse a declared default?"], "drafting_tip": "Specify default events precisely to prevent misinterpretation, outline remedies clearly to ensure enforceability, and set cure periods to allow fair opportunity for correction.", "explanation": "The Defaults clause defines the circumstances under which a party is considered to have failed to meet its contractual obligations. Typically, this clause outlines specific actions or omissions\u2014such as non-payment, failure to deliver goods or services, or breach of representations\u2014that constitute a default. It also often describes the process for notifying the defaulting party and any grace periods for remedying the default. The core function of this clause is to provide a clear framework for identifying and addressing breaches, thereby protecting the interests of the non-defaulting party and ensuring predictability in the enforcement of the contract."}, "json": true, "cursor": ""}}