Nature of Events Clause Samples
The "Nature of Events" clause defines the types or categories of events that are relevant under the contract, such as force majeure events, breaches, or other significant occurrences. It typically outlines what constitutes a qualifying event, often listing examples like natural disasters, government actions, or failures to perform. By clearly specifying which events are covered, this clause ensures both parties understand the circumstances that may trigger certain rights or obligations, thereby reducing ambiguity and potential disputes.
Nature of Events. An "Event of Default" shall exist if any of the following shall occur:
Nature of Events. An “Event of Default” shall exist if any of the following occurs and is continuing:
(a) Borrower fails to make any payment of interest or principal on the Note within thirty (30) days after the date when due pursuant to the terms of the Note and the continuation of such failure for a period of ten (10) days after written notice of such failure has been sent to Borrower;
(b) Borrower, Merchants or Lender, as applicable, fails or neglects to perform, keep, or observe, or is otherwise in breach of, any other material term, provision, condition, covenant, representation, warranty, or agreement contained in this Agreement, the Note, the Subordination Agreement or Pledge Agreement (each, a “Loan Document” and collectively, the “Loan Documents”), or in any other present or future agreement between, on the first part, Borrower, Merchants or Funding, and, on the second part, Lender or NattyMac, and as to any default or breach under such other term, provision, condition, covenant, representation, warranty, or agreement that can be cured, has failed to cure such default or breach within ten (10) days after delivery by the non-defaulting party of written notice thereof, provided, however, that Lender will not be obligated to advance any funds to Borrower hereunder during a cure period following a default by Borrower.
(c) An event of default has occurred under the Services Agreement of even date herewith between Funding and NattyMac as the result of a material breach thereof which breach has not been cured or remedied within the 30-day period following receipt of notice of such breach.
(d) Any material misrepresentation or material misstatement exists now or hereafter in any warranty or representation set forth herein or in any certificate or writing delivered to a party hereto by the other party hereto or any person acting on behalf of a party hereto pursuant to this Agreement or to induce a party hereto to enter into this Agreement or any other Loan Document.
(e) Borrower or Lender becomes insolvent or bankrupt, or makes an assignment for the benefit of creditors, or consents to the appointment of a trustee, receiver or liquidator; and
(f) Bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted by or against Borrower or Lender and are not dismissed or discharged within sixty (60) days of the filing thereof.
Nature of Events of the Loan Agreement is hereby relabeled “(m)”, and further, the Loan Agreement is hereby further amended and modified so as to add the following new subsections (n), (o), (p), (q), and (r) to Section 12.1 Nature of Events of the Loan Agreement which shall read, respectively, as follows:
Nature of Events. If one or more of the following events of default shall occur:
Nature of Events of the Loan Agreement which shall read as follows:
Nature of Events. An "Event of Default" shall exist if any of the following occurs:
(a) the Company fails to make any payment of principal (including without limitation any payment or reduction required under Section 3.15 above) or fails to reimburse a Lender pursuant to this Agreement or any Note, reimbursement agreement, or guaranty agreement executed in connection with this Agreement on or before five days after the date such payment is due;
(b) the Company fails to make any payment of interest on any Note executed in connection with this Agreement on or before five days after the date such payment is due;
(c) the Company fails to perform or observe any covenant contained in Sections 8.2(d), 8.3, or 8.12 of this Agreement;
(d) the Company fails to perform or observe any covenant contained in Sections 8.4, 8.5, or 8.6 of this Agreement and such failure involves an amount in excess of the aggregate sum of $1,000,000;
(e) the Company fails to comply (i) with any covenant contained in Sections 8.4, 8.5 or 8.6 and such failure involves an amount of $1,000,000 or less or (ii) with any other provision of this Agreement, and such failure continues for more than 30 days after such failure shall first become known to any Financial Officer of the Company;
(f) any warranty, representation or other statement by or on behalf of the Company contained in this Agreement or by a Subsidiary in any Loan Document or in any instrument furnished by an officer thereof in compliance with or in reference to this Agreement is false or misleading in any material respect on the date made (or deemed made);
(g) the Company or any Material Subsidiary makes an assignment for the benefit of creditors, or consents to the appointment of a trustee, receiver or liquidator;
(h) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted by the Company or any Material Subsidiary;
(i) bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings are instituted against the Company or any of the Subsidiaries, and remain undismissed for a period of 90 days;
(j) a final judgment or judgments for the payment of money aggregating in excess of $1,000,000 in excess of applicable insurance coverage (as verified by the Administrative Agent) is or are outstanding against the Company or any of the Subsidiaries, and such judgment or judgments have been outstanding for more than 21 days from the date of entry and have not been discharged, stayed or bonded in the full amount ...
Nature of Events. An "Event of Default" shall exist if any ---------------- Event of Default under, and as defined in, any Credit Agreement occurs and is continuing.
Nature of Events. 46 Section 9. REMEDIES...................................................................................... 49
Nature of Events. An "Event of Default" shall exist if any of the following occurs and is continuing at any time:
(A) PRINCIPAL PAYMENTS -- the Company shall fail to make any payment of principal on any Note on or before the date such payment is due;
(B) INTEREST OR MAKE-WHOLE AMOUNT PAYMENTS -- the Company shall fail to make any payment of interest or Make-Whole Amount on any Note on or before five (5) Business Days after the date such payment is due;
Nature of Events. A "Default" shall exist if any of the following occur and is continuing: