Default Provisions. The occurrence and continuance of one or more of the following events shall constitute an event of default of this entire Agreement: 6.1 The nonpayment of any principal or interest by VMN on this loan within five business days of when the same shall have become due and payable. 6.2 The entry of a decree or order by a court having appropriate jurisdiction adjudging VMN bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of VMN under the federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of VMN, or any substantial part of its property, or if the Collateral, as defined in Section 8, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days. 6.3 The institution by VMN of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the Company, or of any substantial part of its property, or if the Collateral, as defined in Section 8, shall become subject to the jurisdiction of a federal bankruptcy court or similar state court, or if VMN shall make an assignment for the benefit of its creditors, or if there is a receivership, execution or other material judicial seizure, or if there is an admission in writing by VMN of its inability to pay its debts generally as they become due, or the taking of corporate action by VMN in furtherance of any such action. 6.4 Default in the obligation of VMN for borrowed money, other than this Loan, which shall continue for a period of sixty (60) days, or any event that results in acceleration of the maturity of any material indebtedness of VMN under any note, indenture, contract, or agreement. 6.5 VMN's failure to comply with any material term, obligation, covenant, or condition contained in this Agreement, within 10 days after the expiration of all cure periods and receipt of written notice from the Investor demanding such compliance. 6.6 Any warranty, covenant, or representation made to the Investor by VMN under this Agreement, proves to have been false in any material respect when made or furnished. 6.7 Any material levy, seizure, attachment, lien, or encumbrance of or on the Collateral, other than those existing as of the date hereof, which is not discharged by VMN within 30 days. 6.8 Any sale, transfer, or disposition of any material interest in the Collateral, other than in the ordinary course of business, without the written consent of the Investor. 6.9 Any default that results in acceleration of the maturity of any indebtedness of VMN in the outstanding principal amount of $50,000 or more, under any note, indenture, contract or agreement.
Appears in 4 contracts
Sources: Bridge Loan and Security Agreement (Virtual Mortgage Network Inc), Bridge Loan and Security Agreement (Virtual Mortgage Network Inc), Bridge Loan and Security Agreement (Virtual Mortgage Network Inc)
Default Provisions. The occurrence and continuance of one or more of the following events shall constitute an event of default of this entire Agreementdefault:
6.1 The nonpayment of any principal or and/or interest by VMN on of this loan within five business days of when the same shall have become due and payablepayable after a 10 day notice has been given to Borrower by Lender.
6.2 The entry of a decree or order by a court having appropriate jurisdiction in the premises adjudging VMN the Borrower a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of VMN the Borrower under the federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of VMNthe Borrower, or any substantial part of its property, or if the Collateral, as defined in Section 8, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty ninety (6090) consecutive days.
6.3 The institution by VMN the Borrower of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the Companycompany, or of any substantial part of its property, or if the Collateral, as defined in Section 8, shall become subject to the jurisdiction making by it of a federal bankruptcy court or similar state court, or if VMN shall make an assignment for the benefit of its creditors, creditors or if there is a receivership, execution or other material judicial seizure, or if there is an the admission by it in writing by VMN of its inability to pay its debts generally as they become due, or the taking of corporate corporation action by VMN the Borrower in furtherance of any such action.
6.4 Default in the obligation of VMN the Borrower for borrowed money, other than this Loanloan, which shall continue for a period of sixty (60) days, or any event that results in acceleration of the maturity of any material indebtedness of VMN under any note, indenture, contract, or agreement.
6.5 VMN's failure to comply with any material term, obligation, covenant, or condition contained in this Agreement, within 10 days after the expiration of all any cure periods and receipt of written notice from the Investor demanding under such complianceloan.
6.6 Any warranty, covenant, or representation made to 6.5 This Section 6 shall replace the Investor by VMN under this Agreement, proves to have been false in any material respect when made or furnished.
6.7 Any material levy, seizure, attachment, lien, or encumbrance of or on the Collateral, other than those existing as of the date hereof, which is not discharged by VMN within 30 days.
6.8 Any sale, transfer, or disposition of any material interest “Default” provision in the Collateral, other than in the ordinary course of business, without the written consent of the Investor.
6.9 Any default that results in acceleration of the maturity of any indebtedness of VMN in the outstanding principal amount of $50,000 or more, under any note, indenture, contract or agreementand any conflicts before this Section 6 and such “Default” section shall be governed by this Section 6.
Appears in 2 contracts
Sources: Revolving Loan and Security Agreement (Desert Capital Reit Inc), Revolving Loan and Security Agreement (Desert Capital Reit Inc)
Default Provisions. The occurrence and continuance of one or more of the following events shall constitute an event of default of this entire Agreement:
6.1 The nonpayment of any principal or interest by VMN on this loan within five business days of when the same shall have become due and payable.
6.2 The entry of a decree or order by a court having appropriate jurisdiction adjudging VMN bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of VMN under the federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of VMN, or any substantial part of its property, or if of the Collateral, as defined in Section 8, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.
6.3 The institution by VMN of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the Company, or of any substantial part of its property, or if the Collateral, as defined in Section 8, shall become subject to the jurisdiction of a federal bankruptcy court or similar state court, or if VMN shall make an assignment for the benefit of its creditors, or if there is a receivership, execution or other material judicial seizure, or if there is an admission in writing by VMN of its inability shall fail to pay its debts generally as they become due, or the taking of corporate action by VMN in furtherance of any such action.
6.4 Default in the obligation of VMN for borrowed money, other than this Loan, which shall continue for a period of sixty (60) days, or any event that results in acceleration of the maturity of any material indebtedness of VMN under any note, indenture, contract, or agreement.
6.5 VMN's failure to comply with any material term, obligation, covenant, covenant or condition contained in this Agreement, within 10 days the Note or the Warrant Agreement after the expiration of all applicable cure periods and receipt of written notice from the Investor demanding such complianceperiods.
6.6 Any warranty, covenant, or representation made to the Investor by VMN under this Agreement, the Note or the Warrant Agreement proves to have been false in any material respect when made or furnished.
6.7 Any material levy, seizure, attachment, lien, or encumbrance of or on the Collateral, other than those existing as of the date hereof, which is not discharged by VMN within 30 days.
6.8 Any sale, transfer, or disposition of any material interest in the Collateral, other than in the ordinary course of business, without the written consent of the Investor.
6.9 Any default that results in acceleration of the maturity of any indebtedness of VMN in the outstanding principal amount of $50,000 or more, under any note, indenture, contract or agreement.
Appears in 2 contracts
Sources: Bridge Loan and Security Agreement (Virtual Mortgage Network Inc), Bridge Loan and Security Agreement (Virtual Mortgage Network Inc)
Default Provisions. The occurrence and continuance of one or more of the following events shall constitute an event of default of this entire Agreement:
6.1 The nonpayment of any principal or interest by VMN PFC on this loan within five business days of when the same shall have become due and payable.
6.2 The entry of a decree or order by a court having appropriate jurisdiction adjudging VMN PFC bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of VMN PFC under the federal Bankruptcy Act or any other applicable federal or state law, or appointing a receiver, liquidator, assignee or trustee of VMNPFC, or any substantial part of its property, or if the Collateral, as defined in Section 8, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.
6.3 The institution by VMN PFC of proceedings to be adjudicated a bankrupt or insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under the federal Bankruptcy Act or any other applicable federal or state law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee or trustee of the Company, or of any substantial part of its property, or if the Collateral, as defined in Section 8, shall become subject to the jurisdiction of a federal bankruptcy court or similar state court, or if VMN PFC shall make an assignment for the benefit of its creditors, or if there is a receivership, execution or other material judicial seizure, or if there is an admission in writing by VMN PFC of its inability to pay its debts generally as they become due, or the taking of corporate action by VMN PFC in furtherance of any such action.
6.4 Default in the obligation of VMN PFC for borrowed money, other than this Loan, which shall continue for a period of sixty (60) days, or any event that results in acceleration of the maturity of any material indebtedness of VMN PFC under any note, indenture, contract, or agreement.
6.5 VMNPFC's failure to comply with any material term, obligation, covenant, or condition contained in this Agreement, within 10 days after the expiration of all cure periods and receipt of written notice from the Investor demanding such compliance.
6.6 Any warranty, covenant, or representation made to the Investor by VMN PFC under this Agreement, proves to have been false in any material respect when made or furnished.
6.7 Any material levy, seizure, attachment, lien, or encumbrance of or on the Collateral, other than those existing as of the date hereof, which is not discharged by VMN PFC within 30 days.
6.8 Any sale, transfer, or disposition of any material interest in the Collateral, other than in the ordinary course of business, without the written consent of the Investor.
6.9 Any default that results in acceleration of the maturity of any indebtedness of VMN in the outstanding principal amount of $50,000 or more, under any note, indenture, contract or agreement.
Appears in 1 contract