Common use of Early Termination Event Clause in Contracts

Early Termination Event. As applied to any holder of Debt or claim against the Company that has agreed not to take an Enforcement Action for a period of time, the occurrence of any of the following: (a) acceleration of any other Debt or claim against the Company in excess of (either individually or in the aggregate) $150,000; (b) the holder of any other Debt or claim against the Company in excess of (either individually or in the aggregate) $150,000 initiates any judicial proceeding or action to collect any portion of such other Debt or claim, or exercises any right of set-off or counterclaim against the Company or commences any foreclosure action against any of the assets of the Company; and (c) any voluntary or involuntary insolvency, bankruptcy, receivership, custodianship, liquidation, dissolution, reorganization, assignment for the benefit of creditors, appointment of a custodian, receiver, trustee or other officer with similar powers or any other proceeding for the liquidation, dissolution or other winding up of the Company. EBIDTA: Earnings of the Company before interest, depreciation, taxes and amortization.