Event of Default; Consequences Sample Clauses

Event of Default; Consequences. In the event the Company shall make an assignment for the benefit of creditors or expressly admit in writing its inability to pay its debts generally as they become due; an order, judgment or decree shall be entered for relief in respect of or adjudicating the Company or any of its subsidiaries bankrupt or insolvent; the Company or any of its subsidiaries shall petition or apply to any tribunal for the appointment of, or taking of possession by, a trustee, receiver, custodian, or liquidator or other similar official of the Company or any subsidiary or of any substantial part of any of their respective assets; the Company or any of its subsidiaries shall commence any proceeding relating to the Company or any subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, or any such petition or application is filed or any such proceeding is commenced against the Company or any of its subsidiaries and such petition, application or proceeding is not dismissed within 60 days; THEN the entire unpaid principal and accrued interest shall be and become immediately due and payable.
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Event of Default; Consequences. During any period in which an Event of Default has occurred and is continuing, the Holder shall have the right, at the Holder’s option, to convert this Note into shares of Common Stock of the Company at an initial conversion price of $0.50 per share.
Sample 1
Event of Default; Consequences. For purposes of this Note, an event of default (“Event of Default”) shall be deemed to have occurred if (i) the Company fails to pay when due any amount (whether interest, principal or other amount) then payable under this Note, (ii) the Company makes an assignment for the benefit of creditors or admits in writing its inability to pay its debts generally as they become due, (iii) an order, judgment or decree is entered adjudicating the Company bankrupt or insolvent, (iv) any order for relief with respect to the Company is entered under the Federal Bankruptcy Code, (v) the Company petitions or applies to any tribunal for the appointment of a custodian, trustee, receiver or liquidator of the Company or of any substantial part of the Company or (vi) any Event of Default (as such term is defined under the CNB Loan Agreement or the OWB Credit Agreement (as applicable)) shall have occurred and resulted in all of the obligations under the CNB Loan Agreement or the OWB Credit Agreement (as applicable) becoming due prior to their scheduled maturity. Upon the occurrence of an Event of Default under clause (i) above, the Holder may, by notice of default and acceleration given to the Company, accelerate the Maturity Date and declare the entire outstanding amount of this Note immediately due and payable. Upon the occurrence of an Event of Default under clauses (ii) through (vi) above, immediately and automatically, the Maturity Date shall accelerate and the entire outstanding amount of this Note shall be due and payable. Upon the occurrence of any Event of Default (and without notice to the Company by the Holder), interest shall accrue on the entire unpaid principal balance (plus accrued and unpaid interest thereupon) at a rate of seventeen percent (17%) per annum (computed on the basis of a 365-day year and the actual number of days elapsed in any year), or (if less) the highest rate then permitted by applicable law (the “Default Interest Rate”). The Default Interest Rate shall continue to be the interest rate on this Note until all indebtedness evidenced by this Note (together with all accrued interest thereon and all other amounts due, payable and collectible with respect thereto) has been repaid in full to the Holder.
Sample 1

Related to Event of Default; Consequences

  • Consequences of Event of Default (a) If an Event of Default specified under subsections (a) through (o) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Loans hereunder and the Administrative Agent upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

  • Event of Default Any of the following shall constitute an "Event of Default":

  • Event of Default Remedies 8.1 Any one or more of the following acts or omissions of the Contractor shall constitute an event of default hereunder (“Event of Default”):

  • Event of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default known to the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as the Board of Directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

  • Additional Event of Default The following will constitute an additional Event of Default with respect to Party B: "NOTE ACCELERATION NOTICE. A Note Acceleration Notice is served on Party B in relation to the Relevant Notes."

  • Default and Consequences of Default 18.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and a half percent (2.5%) per calendar month (and at the Supplier’s sole discretion such interest shall compound monthly at such a rate) after as well as before any judgment.

  • Event of Default Defined The occurrence of any one or more of the following shall constitute an Event of Default under this Agreement, and any Event of Default which may occur hereunder shall constitute an Event of Default under each of the other Loan Documents:

  • Default or Event of Default No Default or Event of Default hereunder has occurred or is continuing or will occur as a result of the giving effect hereto.

  • Consequences of Events of Default (i) If an Event of Default has occurred and is continuing, the interest rate on this Note shall increase immediately by an increment of an additional two hundred basis points, to the extent permitted by applicable law. Any increase of the interest rate resulting from the operation of this subparagraph shall terminate as of the close of business on the date on which no Events of Default exist (subject to subsequent increases pursuant to this subparagraph).

  • Events of Default; Notice (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default, transmit by mail, first class postage prepaid, to the Holders of the Capital Securities and the Guarantor, notices of all Events of Default actually known to a Responsible Officer of the Guarantee Trustee, unless such defaults have been cured before the giving of such notice, provided, however, that the Guarantee Trustee shall be protected in withholding such notice if and so long as a Responsible Officer of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of the Holders of the Capital Securities.

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