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This excerpt taken from the RICK 8-K filed Aug 11, 2009. Event of Default")
hereunder: (i) the failure by the Company to pay any installment of interest on the Debenture as and when due and payable and the continuance of any such failure for 30 days, (ii) the failure by the Company to pay all or any part of the principal on the Debenture when and as the same becomes due and payable, as set forth above, and the continuance of any such failure for 30 days, (iii) the failure of the Company to perform any conversion of Debenture required under the Debenture and the continuance of any such
failure for 10 days, (iv) the failure by the Company to observe or perform any other covenant or agreement contained in the Debenture and the continuance of such failure for a period of 30 days after written notice is given to the Company by the Holder, (v) the assignment by the Company for the benefit of creditors, or an application by the Company to any tribunal for the appointment of a trustee or receiver of a substantial part of the assets of the Company, or the commencement of any proceedings relating to
the Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debts, dissolution or other liquidation law of any jurisdiction; or the filing of such application, or the commencement of any such proceedings against the Company and an indication of consent by the Company to such proceedings, or the appointment of such trustee or receiver, or an adjudication of the Company bankrupt or insolvent, or approval of the petition in any such proceedings, and such order remains in effect for
60 days; or (vi) a default in the payment of principal or interest when due which extends beyond any stated period of grace applicable thereto or an acceleration for any other reason of maturity of any indebtedness for borrowed money of the Company with an aggregate principal amount in excess of $1,000,000 and (vii) final unsatisfied judgments not covered by insurance aggregating in excess of $1,000,000, at any one time rendered against the Company and not stayed, bonded or discharged within 75 days.
10% Convertible Debenture - Page 5
If an Event of Default occurs and is continuing (other than an Event of Default specified in clause (v) above with respect to the Company), then in every such case, unless the Principal Amount of the Debenture shall have already become due and payable, the Holder of the Debenture then outstanding, by notice in writing to the Company (an
"Acceleration Notice"), may declare all principal and accrued and unpaid interest thereon to be due and payable immediately. If an Event of Default specified in clause (v) above occurs with respect to the Company, all principal and accrued and unpaid interest thereon will be immediately due and payable on the Debenture without any declaration or other act on the part of the Holder. The Holder may rescind such acceleration if the existing Event of Default has been cured or waived.
7. This excerpt taken from the RICK 8-K filed Sep 8, 2008. Event of
Default") hereunder: (i) the failure by the Company to pay any
installment of interest on the Note as and when due and payable and the
continuance of any such failure for 10 days, (ii) the failure by the Company to
pay all or any part of the principal on the Note when and as the same becomes
due and payable, as set forth above, and the continuance of any such failure for
10 days, (iii) the failure by the Company to observe or perform any other
covenant or agreement contained in the Note and the continuance of such failure
for a period of 30 days after written notice is given to the Company by the
Holder, (iv) the assignment by the Company for the benefit of creditors, or an
application by the Company to any tribunal for the appointment of a trustee or
receiver of a substantial part of the assets of the Company, or the commencement
of any proceedings relating to the Company under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debts, dissolution or other liquidation
law of any jurisdiction; or the filing of such application, or the commencement
of any such proceedings against the Company and an indication of consent by the
Company to such proceedings, or the appointment of such trustee or receiver, or
an adjudication of the Company bankrupt or insolvent, or approval of the
petition in any such proceedings, and such order remains in effect for 60 days;
or (v) a default in the payment of principal or interest when due which extends
beyond any stated period of grace applicable thereto or an acceleration for any
other reason of maturity of any indebtedness for borrowed money of the Company
with an aggregate principal amount in excess of $750,000 and (vi) final
unsatisfied judgments not covered by insurance aggregating in excess of
$750,000, at any one time rendered against the Company and not stayed, bonded or
discharged within 75 days.
2
If an
Event of Default occurs and is continuing (other than an Event of Default
specified in clause (iv) above with respect to the Company), then in every such
case, unless the Principal Amount of the Note shall have already become due and
payable, the Holder of the Note then outstanding, by notice in writing to the
Company (an "Acceleration Notice"), may declare all principal and accrued and
unpaid interest thereon to be due and payable immediately. If an
Event of Default specified in clause (iv) above occurs with respect to the
Company, all principal and accrued and unpaid interest thereon will be
immediately due and payable on the Note without any declaration or other act on
the part of the Holder. The Holder may rescind such acceleration if
the existing Event of Default has been cured or waived.
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