Events of Clause Samples
The "Events of" clause defines specific occurrences or conditions that trigger certain rights or obligations under a contract. Typically, this clause lists events such as breaches of contract, insolvency, or failure to perform key duties, and outlines the consequences that follow if any of these events occur. Its core practical function is to provide clarity and predictability by specifying what constitutes a significant event and what actions the parties may take in response, thereby helping to manage risk and ensure orderly resolution of issues.
Events of. Default If any of the following events (“Events of Default”) occurs:
Events of. Each of the following shall constitute an "Event of Default":
(i) The Borrower shall fail to pay when due any principal of any Loan or any reimbursement obligation arising from a drawing under a Letter of Credit, or (ii) the Borrower shall fail to pay when due any interest on any Loan, or any Loan Party shall fail to pay when due any other amount payable under any Loan Document and any such default specified in this clause (ii) shall continue for five or more days.
(b) Any representation, warranty, certification, or statement made or deemed made by any Loan Party (or any of its officers) in any Loan Document or in any certificate, financial statement, or other document delivered pursuant thereto shall be false, misleading, or incorrect in any material respect when made or deemed made.
(c) The Borrower shall fail to perform, observe, or comply with any covenant, agreement, or term contained in Section 6.01 of this Agreement; or any Loan Party shall fail to perform, observe, or comply with any other covenant, agreement, or term contained in any Loan Document (other than a failure covered elsewhere in this Section 7.01) and such failure shall continue for a period of thirty (30) days after notice thereof to such Loan Party by the Bank.
(d) Any Loan Party or any Subsidiary shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due.
(e) Any voluntary or involuntary proceeding under any Debtor Relief Law shall be commenced by or against any Loan Party or any Subsidiary or any of their respective assets, and if an involuntary proceeding is commenced, such proceeding shall not be dismissed within thirty (30) days after the commencement thereof.
(f) Any Loan Party or any Subsidiary shall fail to pay when due any principal of or interest on any indebtedness for borrowed money (other than the Note) having an outstanding principal amount greater than $5,000,000, whether as principal obligor, guarantor, or otherwise, or the maturity of any such indebtedness shall have been accelerated, or any event shall have occurred that permits (or, with the giving of notice or lapse of time or both, would permit) any holder or holders of such indebtedness or any Person acting on behalf of such holder or holders to accelerate the maturity thereof.
(g) Any judgment or order for the payment of money in excess of $500,000 shall be rendered against any Loan Party or any Subsidiary and either (i) enforcement proceedings shall have been comm...
Events of. Default Each of the events or circumstances set out in this Clause 13.1 is an Event of Default.
Events of. DefaultSection 6.01.
Events of. DefaultSection 6.01. Events of DefaultSection 6.01. Events Events of DefaultSection
Events of. Default Events of Default Termination of Guarantee Substitution Taxation Substitution Redemption for Tax Taxation
Events of. DEFAULT If any of the following events (each an “Event of Default”) occur, Buyer shall have the rights set forth in Section 14, as applicable: (a)
Events of. RELEASE Events of Release are as follows:
(a) A material breach of this Agreement by Nortel, including, without limitation, a consistent and material failure or refusal, or an intentional refusal at any time when Avici is not in material breach of this Agreement, to provide Products as required pursuant to this Agreement for any reasons within control of Nortel, where such failure or refusal has been the subject of a notice in writing to Nortel that its continued failure or refusal would cause Avici to invoke its rights under this Section 16 forty-five (45) Days after the receipt by Nortel of such notice; (
Events of. Termination This Agreement shall terminate immediately upon the occurrence of any of the following events:
A. Whenever the Company and Employee shall mutually agree in writing to terminate this Agreement. Employee to provide at least thirty (30) days notice for termination;
B. Whenever the Company delivers written notice to Employee terminating the Agreement for "cause" including, among other things, Employee's material gross negligence or intentional misconduct under the terms of this Agreement, unless waived in writing and signed by the Company in the Company's sole and absolute discretion;
C. Upon the death of Employee;
D. Upon the permanent incapacity of Employee because of illness, physical injury, other physical or mental disability, or any reason such that it reasonably appears that Employee will be unable to perform or complete Employee's duties and responsibilities under this Agreement. If, for any reason other than those set forth immediately above, the Company for any reason terminates this Agreement, then upon such termination, in addition to the other provisions contained herein, the Company shall pay to Employee as a severance allowance an amount equal to six (6) months of the Employee's current salary.
Events of. Default ) is improperly withheld or refused, the amount due and repayable in respect of such Zero Coupon Note shall be the amount calculated as provided in paragraph