Events Occurring Clause Samples
The "Events Occurring" clause defines how certain events or circumstances that arise during the term of an agreement are to be handled by the parties. Typically, this clause outlines the procedures or obligations triggered by specific occurrences, such as delays, unforeseen incidents, or changes in conditions relevant to the contract. For example, it may require one party to notify the other if a qualifying event happens, or specify steps to mitigate impacts. Its core practical function is to ensure that both parties have a clear process for addressing unexpected developments, thereby reducing uncertainty and potential disputes.
Events Occurring. Each of the following, unless waived by Notice from the Lender, is an Event of Default:
(a) (non-payment) if the Borrower fails to pay or repay on time the Debt which is due and payable to the Lender under this Agreement, a Security or the Transaction Documents;
(b) (Authorised Purpose) if the Borrower uses the Principal Sum or any part of it for a purpose other than the Authorised Purpose;
(c) (non-performance) if the Borrower or any other person (other than the Lender) default in the performance of an Obligation on that person’s part under this Agreement, the Securities or the Transaction Documents;
(d) (Receiver) if a receiver, provisional liquidator, trustee for creditors or in bankruptcy, administrator or an analogous person is appointed over the assets of the Borrower or a Security holder takes or attempts to take possession of any such assets;
(e) (Securities become fixed) if a floating security given in favour of any security holder becomes fixed in respect of the whole or part of the Borrower’s assets; (f) (insolvency) if the Borrower:
(i) is or states that it is unable to pay debts as they fall due;
(ii) suspends payments of its debts;
(iii) ceases or threatens to cease to carry on all or a material part of its business; or
(iv) is taken to fail to comply under section 459F of the Corporations Law with a statutory demand made under section 459E of the Corporations Law;
(g) (incapacity) where the Borrower is a natural person, that person dies or becomes mentally ill or suffers any other demise or incapacity (other than bankruptcy);
(h) (involuntary winding up) if the Borrower is a company, an application is made for the winding up of the Borrower and the application is not dismissed or withdrawn in five days, or an order is made for the winding up of the Borrower, except for the purposes of a reconstruction, amalgamation, merger or consolidation on terms approved by the Lender before the application or order is made where the reconstruction, amalgamation, merger or consolidation is implemented in accordance with the terms of the approval;
(i) (voluntary winding up) if the Borrower passes a resolution for winding up, except for the purposes of a reconstruction, amalgamation, merger or consolidation on terms approved by the Lender before the resolution is passed where the reconstruction, amalgamation, merger or consolidation is implemented in accordance with the terms of the approval;
(j) (compromise or arrangement) if the Borrower enters into or ta...
Events Occurring on Days that are not Business Days. If the date for making any payment or the last day for performance of any act or the exercising of any right under this Agreement is a day that is not a Business Day, such payment may be made, such act may be performed or such right may be exercised on the next succeeding Business Day, with the same force and effect as if done on the nominal date provided in this Agreement.
Events Occurring on Days that are not Business Days. If the date for making any payment or the last day for performance of any act or the exercising of any right under this Master Indenture or any Supplemental Indenture is a day that is not a Business Day, such payment may be made, such act may be performed or such right may be exercised on the next succeeding Business Day, with the same force and effect as if done on the nominal date provided in this Master Indenture and any Supplemental Indenture. Notwithstanding the foregoing, if the date for making any payment or the last day for performance of any act or the exercising of any right under this Master Indenture or any Supplemental Indenture is a day that is a Business Day under this Master Indenture but is not a Business Day under a TIFIA Loan Agreement, such payment may be made, such act may be performed or such right may be exercised on the next succeeding day that is a Business Day under the TIFIA Loan Agreement, with the same force and effect as if done on the earlier date.