BJRI » Topics » SECTION 6. EVENTS OF DEFAULT

This excerpt taken from the BJRI 10-K filed Mar 17, 2006.

SECTION 6. EVENTS OF DEFAULT

The occurrence of any of the following events (collectively, “Events of Default” and individually, an “Event of Default’) shall terminate any obligation of Bank to make or continue the Loan and shall automatically, unless otherwise provided under the Note, make all sums of interest and principal and any other amounts owing under the Loan immediately due and payable, without notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor, or any other notice or demand:

6.1 Payment Default. Borrower shall default in the due and punctual payment of the principal of or the interest on the Note or on any amounts owing under any of the Loan Documents and such default shall continue for a period of five (5) business days; or

6.2 Covenant Default. Borrower shall default in the due performance or observance of any covenant or condition contained in this Agreement or any of the other Loan Documents, and in the case of any default under Sections 4.5(a), 4.5(b), 4.5(c), 5.4 and 5.5 of this Agreement only, such default shall continue for a period of five (5) business days; or

6.3 Insolvency. Borrower shall become insolvent or fail generally to pay its or his debts as such debts become due; or

6.4 Bankruptcy Proceeding. Borrower shall commence any voluntary or involuntary proceeding under any laws relating to bankruptcy, insolvency, reorganization, arrangement, debt adjustment or debtor relief and, in the case of any involuntary proceeding only, such involuntary proceeding shall not be dismissed or discharged within sixty (60) days after the commencement thereof; or

6.5 Assignment For Benefit Of Creditors. Borrower shall make an assignment for the benefit of its creditors of any substantial part of its property; or

6.6 Appointment Of Receiver. There shall be appointed, or any proceeding shall be commenced for the appointment of, any receiver, trustee, custodian or similar official for all or substantially all of Borrower’s property and, in the case of any involuntary receivership only, such involuntary receivership shall not be dismissed or discharged within sixty (60) days after the commencement thereof; or

6.7 Dissolution Or Liquidation. Any proceeding shall be commenced for the dissolution or liquidation of Borrower; or

6.8 Termination Of Existence. Borrower’s existence shall be terminated; or

6.9 Failure to Comply. Borrower shall fail to comply with any order, judgment, injunction, decree, writ or demand of any court or other public authority and such order, judgment,

 

9


injunction, decree, writ or demand shall continue unsatisfied and in effect for a period of sixty (60) days without being vacated, discharged, satisfied or stayed or bonded pending appeal; or

6.10 Legal Process. There shall be filed or recorded against Borrower, or against the property of Borrower, any notice of levy, notice to withhold, or other legal process for taxes other than property taxes, and such notice or other legal process shall not be released, stayed, vacated, bonded or otherwise dismissed within sixty (60) days after the date of its filing or recording and is material to the Company; or

6.11 Default On Other Indebtedness. Borrower shall default on any obligation concerning the borrowing of money that is outstanding in the aggregate amount of Two Million Dollars ($2,000,000) or more; or

6.12 Judicial Liens. Any writ of attachment, execution, or other judicial lien shall be issued against Borrower, or any property of Borrower, and such writ or other judicial lien shall not be released, stayed, vacated, bonded or otherwise dismissed within sixty (60) days after the date of its issuance and is material to the Company; or

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki