Default and Penalties. The occurrence of any of the following shall constitute an Event of Default hereunder: (a) default in the payment of any amount in accordance with the terms hereof; (b) failure by the Debtor to observe or comply with any affirmative or negative covenant, condition, term or provision set out in this promissory note; (c) any default with respect to any of the covenants, warranties and/or conditions which form part of the credit documents with any other creditor of the Debtor and such default is not waived or cured within the applicable cure period; (d) if: (I) any proceedings are commenced by the Debtor under applicable bankruptcy or insolvency legislation (including a proposal or notice of intention to commence proceedings); (ii) the Debtor commits an act of bankruptcy; (iii) the Debtor becomes insolvent or bankrupt or makes an authorized assignment pursuant to applicable bankruptcy or insolvency legislation; or (iv) a bankruptcy petition is filed by or presented against the Debtor and remains undischarged or unstayed for a period of 30 days. Upon the occurrence of an Event of Default, the Principal Amount then outstanding plus any and all accrued and unpaid interest, shall be immediately due and payable.
Appears in 2 contracts
Sources: Purchase Agreement (Adven Inc.), Purchase Agreement (Adven Inc.)