MATURITY EVENT Clause Samples
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MATURITY EVENT. Upon the occurrence of a Maturity Event (as hereinafter defined), the entire unpaid Principal balance and all accrued interest shall become immediately due and payable without further demand or notice to Borrower. To the extent permitted by law, any of the following events shall be a “Maturity Event” under this Note and the Stock Pledge Agreement:
(a) Borrower shall fail to pay any amount of the Principal on this Note and all accrued interest when due and shall fail to cure such non-payment within ten (10) days following written notice of such delinquency.
(b) There shall occur a breach or default in the performance of any obligation of Borrower contained in this Note, the Stock Pledge Agreement, the Employee Loan Agreement executed concurrently herewith (collectively, the “Loan Documents”), or any other agreement now or hereafter entered into by Borrower, on the one hand, and the Lender, on the other hand, relating to the loan evidenced by this Note.
(c) Borrower shall sell, convey, encumber, grant any lien upon, or otherwise alienate the Shares or the Property, or any part thereof, or any interest therein, or shall be divested of his title or any interest therein in any manner or way, whether voluntarily or involuntarily, without the written consent of the Lender being first had and obtained.
(d) Borrower (i) admits in writing his inability to pay debts, (ii) makes an assignment for the benefit of creditors, (iii) files a voluntary petition in bankruptcy, effects a plan or other arrangement with creditors, liquidates his assets under arrangement with creditors, or liquidates his assets under court supervision, (iv) has an involuntary petition in bankruptcy filed against him that is not discharged within sixty (60) days after such petition is filed, or (v) applies for or permits the appointment of a receiver or trustee or custodian for any of Borrower’s property or assets which shall not have been discharged within sixty (60) days after the date of appointment.
(e) The Principal and accrued interest shall have become due and payable, upon the happening of certain events, on such dates as are set forth in Section 2.2 herein.
(f) Any representation or warranty of Borrower contained herein or in any certificate or agreement entered into between Borrower for the benefit of Lender in connection herewith shall prove to be false or misleading in any material respect.
(g) Any lien or other encumbrance is imposed against the Shares; provided, however, that in the ...
MATURITY EVENT. Upon the occurrence of a Maturity Event, the entire unpaid principal balance then outstanding hereunder, together with all accrued but unpaid interest thereon, and all other sums due hereunder, shall become immediately due and payable without further demand or notice to Borrower. To the extent permitted by law, any of the following events shall be a "Maturity Event" under this Note and the Deed of Trust:
(a) the insolvency of Borrower, including, but not limited to, a bankruptcy or insolvency proceeding having been instituted by or against Borrower or a receiver being appointed for the property of Borrower, or if Borrower makes an assignment for the benefit of creditors; (b) the ninetieth (90th) day after the employment of ▇. ▇▇▇▇▇▇ with the Company shall terminate or cease for any reason (other than the death of ▇. ▇▇▇▇▇▇), whether voluntarily or involuntarily, and whether with cause or without cause; (c) the sale, further encumbrance, conveyance, assignment, alienation or any other form of transfer of the Property, or any interest therein, whether voluntary or involuntary, without the prior written consent of the Company, or (d) one (1) year following the death of ▇. ▇▇▇▇▇▇.
MATURITY EVENT. The Note shall immediately become due and payable, without notice or demand, upon the earlier to occur of January 20, 2011 or the occurrence of any “Maturity Event” as defined in the Note.
MATURITY EVENT. The refinance of the H4H Mortgage, a sale or any other disposition of all or any part of the Property (including the sale or disposition of a beneficial interest in the Property or foreclosure by a senior mortgagee) where there has been no refinance of the H4H Mortgage prior to such sale or disposition. A Maturity Event shall not include the following: a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; the granting of a leasehold interest of three (3) years or less not containing an option to purchase; a transfer to a relative resulting from the death of the Borrower;
MATURITY EVENT. Upon the occurrence of a Maturity Event (as -------------- hereinafter defined), the entire principal amount of the Loan and any other sums due hereunder, shall become immediately due and payable without further demand or notice to Borrower. To the extent permitted by law, any of the following events shall be a "Maturity Event" under this Note and the Deed of Trust:
(i) Five (5) days following the date that Employee resigns from the Company.
(ii) Five (5) days following the date that Employee's employment with the Company is terminated for cause. The term "termination for cause" includes, without limitation, dishonesty, commission of a felony, a breach of Employee's fiduciary duty or willful failure to follow a directive of the Company or the Board of Directors of the Company.
(iii) Three hundred sixty (360) days following the date that Employee's employment with the Company is terminated without cause.
(iv) The date of any sale, conveyance, assignment, alienation or any other form of transfer, whether voluntary or involuntary, of that certain real property commonly known as ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, Los Gatos, California (the "Property"), or any part thereof or interest therein; except that the following transfers of the Property shall not be deemed to be a Maturity Event:
a) A transfer upon the death of Employee to Employee's surviving spouse (provided the surviving spouse is an obligor hereunder) or to Employee upon the death of Employee's surviving spouse;
b) A transfer by an obligor hereof whereby such obligor's spouse becomes a co-owner of the Property;
c) A transfer resulting from a decree of dissolution of the marriage or legal separation of Employee and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ or from a property settlement agreement incidental to such a decree which requires the obligor spouse to assume responsibility for the obligations under this Note and the Deed of Trust (hereinafter defined) and pursuant to which Employee or ▇▇▇▇▇ ▇. ▇▇▇▇▇▇ (whoever is the obligor) becomes the sole owner of the Property; or
d) A transfer by one or both obligors under the Note into an inter vivos trust in which one or both obligors are beneficiaries.
(v) March 25, 2008.
(i) Borrower defaults in the payment of principal or interest when due pursuant to the terms hereof; (ii) Borrower defaults in his performance of any obligation contained in the deed of trust encumbering the Property and securing this Note (the "Deed of Trust"), any other deed of trust, security agreement or other agreement ...