Common use of Certain Events of Default Clause in Contracts

Certain Events of Default. The occurrence of any one or more of the following events shall constitute an "Event of Default": (A) Variagenics shall fail to pay this Note or any portion thereof when due; (B) Quintiles shall terminate this Agreement pursuant to Section 8; (C) Variagenics shall fail to pay when due, whether by scheduled maturity, acceleration or otherwise, any material indebtedness under Senior Debt or any other default or event of default shall occur under the terms of any agreement or instrument pursuant to which Variagenics has incurred any Senior Debt, as a result of which default such Senior Debt shall be declared to be due and payable prior to the stated maturity thereof; (D) Variagenics shall (i) file a voluntary petition or commence a voluntary case seeking liquidation, reorganization, dissolution, arrangement, readjustment of debts or any other relief under the U.S. Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, (ii) consent to the appointment of or taking possession by a custodian, trustee, receiver or similar official for or of all or a substantial part of its properties, (iii) fail generally to pay its debts as they become due or admit in writing its inability to pay its debts generally as they become due, or (iv) make a general assignment for the benefit of creditors; or Variagenics shall take any action to authorize or approve any of the actions described above; (E) Any involuntary petition or case shall be filed or commenced against Variagenics seeking liquidation, reorganization, dissolution, arrangement, readjustment of debts, the appointment of a custodian, trustee, receiver or similar official for it or all or a substantial part of its properties or any other relief under the U.S. Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which petition or case is not dismissed, bonded or discharged within 60 days of the date of filing; or an order for relief (including, without limitation, the appointment of a custodian, trustee, receiver or similar official) shall be entered in any such proceeding, which order is not immediately stayed or made subject to other similar relief; or (F) the dissolution, liquidation or termination of Variagenics. Upon and at any time after the occurrence and during the continuance of any Event of Default, Quintiles may (i) declare in writing all or any part of the Note or the Advances to be immediately due and payable, whereupon such amounts shall become immediately due and payable; provided, however that, upon the occurrence of an Event of Default pursuant to Sections I 2(h)(D) and (E) above, all of such amounts shall automatically become immediately due and payable, and (ii) exercise all rights and remedies available to it under, and subject to, this Agreement, the Note and applicable law.