Common use of ACCELERATED MATURITY Clause in Contracts

ACCELERATED MATURITY. The totality of all sums due, including principal, interest, costs and ancillary expenses hereunder shall become immediately payable and no further fund take-up may be sought from Bank in the event of the placing of Borrower in liquidation by court order, cessation of its business or activity, or in the circumstances of default for which provision is made in law. Similarly, no further loan fund take-up may be sought from Bank and/or Bank may declare the Loan to be immediately repayable before its term fifteen days after notice has been given to Borrower by letter sent registered or certified mail, return receipt requested, no legal formality being required therefor, in the event of the occurrence of any of the following circumstances: - non-payment at the due date of any sum falling due, - gravely reprehensible behavior on the part of Borrower, as in the case in which its situation should become irremediably compromised in the meaning of Article L.313-12 of the French Code of Monetary and Financial Law [Code Monétaire et Financier]; - if one of the representations made by Borrower hereunder or any written affidavit made by an authorized agent of Borrower for the purposes hereof is shown to have been inaccurate at the time the statement was made or reiterated, or ceases to be accurate with regard to any matter that is of the essence; - merger, corporate split, voluntary liquidation or winding up of the business of Borrower; - sale or assignment of the business of Borrower in connection with a voluntary or forced bankruptcy procedure, - change in the corporate form of Borrower or in the stated purpose of its business or transfer of its principal place of business to a location outside metropolitan France without the agreement of Bank; - where interest and commission on the Loan become assessable for a tax of any kind for which they are not currently assessable, unless Borrower bears this fiscal expense in a manner such that Bank has no liability therefor; - failure by Borrower to pay any sum at the due date to any person, and notably Borrower’s contributions, taxes, social charges and other amounts, where this is likely to lead to consequences that are manifestly prejudicial to due redemption of the Loan; - major change in the corporate character, capacity or assets of Borrower, in addition to its legal, financial, industrial or commercial structure, unless this has been expressly agreed by Bank; - where a payment default by Borrower is declared to the Banque de France, - breach of contractual obligations, false declaration, non performance by Borrower, or by any guarantor of Borrower, with respect to any obligation incumbent upon them hereunder, or under the terms of any deed of guarantee or rider related to or entailed hereby, as also in the case of non performance by any of the abovementioned of all and any commitments with possible consequences for the legal force or economic value of any security interest or guarantee whether given hereunder or pursuant to a separate legal instrument, - where on any grounds Bank would be unable to benefit as preferred creditor according to the stipulations hereinabove from the guarantees agreed above charging the real property covered by the purchase transaction hereunder, - seizure, sale by agreement or court order or transfer of ownership whether in part or in whole in any form whatsoever of the real property or one of the elements of said real property pledged as security to the Bank hereinabove, as also in the event of the partial or total destruction by fire of said property. The sums thus declared to be immediately due and payable and any sum unpaid at its normal or accelerated maturity date and all expenses and costs possibly advanced by Bank in connection with the Loan hereunder shall all generate interest calculated at the annual rate of the Loan applicable at that time plus 3 per cent. The present stipulation shall not prejudice the fact that the Loan is immediately due for repayment nor equate to an agreement to a time period allowed for settlement. The interest due shall be capitalized, if due, for a whole year in accordance with the provisions of Article 1154 of the French Code of Civil Law [Code Civil].

ACCELERATED MATURITY. The totality All of all the sums due, including owed in principal, interestpenalties for late payment, costs and ancillary expenses hereunder shall additional charges will become immediately payable and no further fund take-up may be sought from Bank in the event of liquidation or discontinuation of the placing operations or business of Borrower the BORROWER and in liquidation all the cases of expiry of the term stipulated by court order, cessation of its business or activity, or in the circumstances of default for which provision is made in law. SimilarlyThe sums are also payable, no further loan fund take-up may be sought from Bank and/or Bank may declare if the Loan to be immediately repayable before its term fifteen LENDER sees fit, five days after notice has been given notification to Borrower the BORROWER by registered letter sent registered or certified mailwith request for acknowledgement of receipt, return receipt requestedwithout need for any judicial formality, no legal formality being required therefor, in one of the following cases: • in the event of the occurrence non-fulfilment or violation of any one of the following circumstances: - commitments made by the BORROWER, particularly in the event of non-payment at in due time to the due date LENDER of any a sum falling due, - gravely reprehensible behavior on the part of Borrower, as which has become payable • in the case in which its situation should become irremediably compromised in the meaning event of Article L.313-12 a change of activity of the French Code of Monetary and Financial Law [Code Monétaire et Financier]; - if one of the representations made by Borrower hereunder BORROWER or any written affidavit made by an authorized agent of Borrower for the purposes hereof is shown to have been inaccurate at the time the statement was made or reiterated, or ceases to be accurate with regard to any matter that is of the essence; - merger, corporate split, voluntary liquidation or winding up of the business of Borrower; - sale or assignment of the business of Borrower in connection with a voluntary or forced bankruptcy procedure, - change in the corporate form of Borrower or in the stated purpose of its business without the LENDER’s prior consent • in the event of suspension or abandonment of the financed project without prior informing of the LENDER, • in the event of merger, demerger, dissolution or transfer of its principal place the BORROWER’s company in a mutual agreement procedure or collective proceedings, • in the event of business to a location outside metropolitan France sale, without the agreement of Bank; - where interest and commission on the Loan become assessable for a tax of any kind for which they are not currently assessableLENDER’s prior consent, unless Borrower bears this fiscal expense in a manner such that Bank has no liability therefor; - failure by Borrower to pay any sum at the due date to any person, and notably Borrower’s contributions, taxes, social charges and other amounts, where this is likely to lead to consequences that are manifestly prejudicial to due redemption or all or some of the Loan; - major change stocks, shares or voting rights of the borrowing company or of one of its subsidiaries, • in the corporate character, capacity or assets event of Borrower, in addition to its legal, financial, industrial or commercial structure, unless this has been expressly agreed by Bank; - where a BORROWER payment default by Borrower is incident declared to the Banque de France, - breach of contractual obligations, false declaration, non performance by Borrower, or by any guarantor of Borrower, with respect to any obligation incumbent upon them hereunder, or under the terms of any deed of guarantee or rider related to or entailed hereby, as also in the case of non performance by any of the abovementioned of all and any commitments with possible consequences for the legal force or economic value of any security interest or guarantee whether given hereunder or pursuant to a separate legal instrument, - where on any grounds Bank would be unable to benefit as preferred creditor according to the stipulations hereinabove from the guarantees agreed above charging the real property covered by the purchase transaction hereunder, - seizure, sale by agreement or court order or transfer of ownership whether in part or in whole in any form whatsoever of the real property or one of the elements of said real property pledged as security to the Bank hereinabove, as also • in the event of incorrect declaration of the partial BORROWER, • in the event of occurrence of an important event of a legal or total destruction financial nature which has major effects on the Borrower’s activity or profitability, • in the event of assignment of the funds to uses which the LENDER considers not to be in line with the purpose of the loan after checking of the supporting documents presented by fire of said propertythe BORROWER. The sums thus declared becoming payable will lead to penalties for late payment. Liability for the loan will be immediately due applicable to any jointly liable party. In addition, in the event of joint and payable and any sum unpaid at its normal several liability between several BORROWERS, the opening judgement of a safeguard, receivership or accelerated maturity date and all expenses and costs possibly advanced by Bank in connection with the Loan hereunder shall all generate interest calculated at the annual rate liquidation procedure pronounced against one BORROWER will automatically lead to recoverability of the Loan applicable at that time plus 3 per centsums still owed from the other BORROWER(s). The present stipulation shall not prejudice same will be the fact that case in the Loan is immediately due for repayment nor equate to an agreement to a time period allowed for settlement. The interest due shall be capitalizedevent of discontinuation of business, if due, for a whole year in accordance with the provisions dissolution or voluntary liquidation of Article 1154 one of the French Code of Civil Law [Code Civil]BORROWERS.