Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. If any Event of Default has occurred and is continuing, then subject to Article 7, the principal amount of and accrued and unpaid interest on the Debentures then outstanding shall be due and payable immediately without any declaration or other action by the Debenture Trustee or the Holders. Notwithstanding anything contained in this Debenture Indenture or the Debentures to the contrary, if the principal amount and any accrued and unpaid interest on the Debentures are due and payable automatically or by a declaration pursuant to this section 9.3, then, subject to Article 7, the Company shall pay forthwith to the Debenture Trustee for the benefit of the Debentureholders, the principal of and accrued and unpaid interest (including interest on amounts in default) on such Debentures and all other fees and expenses payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such amounts are due and payable automatically or by declaration pursuant to this section 9.3 until payment is received by the Debenture Trustee. Such payment when made shall be deemed to have been made in discharge of the Company’s obligations hereunder and any moneys so received by the Debenture Trustee shall be applied as provided in section 9.7.

Acceleration on Default. If In case any Event of Default has occurred and is continuing, then the Trustee may in its discretion and shall upon receipt of a Debentureholders’ Request or if so directed by an Extraordinary Resolution, subject to Article 7the provisions of section 8.03, declare the principal amount of and accrued and unpaid interest on the all Debentures then outstanding shall and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately without any declaration or other action by the Debenture Trustee or the Holders. Notwithstanding anything contained in this Debenture Indenture or the Debentures to the contrary, if the principal amount and any accrued and unpaid interest on the Debentures are due and payable automatically to the Trustee on written demand, anything therein or by a declaration pursuant herein to this section 9.3, then, subject to Article 7, the contrary notwithstanding. The Company shall in either case forthwith pay forthwith to the Debenture Trustee for the benefit of the Debentureholders, Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on such Debentures together with the Remaining Interest Premium and all other fees and expenses moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such amounts are due and payable automatically or by the said declaration pursuant to this section 9.3 until payment is received by the Debenture Trustee, such subsequent interest to be payable at the times and places and according to the tenor of the Debentures. Such payment when made shall be deemed to have been made in discharge of the Company’s obligations obligation hereunder and any moneys so received by the Debenture Trustee shall be applied as in the manner provided in section 9.78.06.

Acceleration on Default. If any Event of Default has occurred and is continuing, then the Trustee may in its discretion, and shall upon receipt of a Debentureholders' Request (but subject to Article 7sufficient funds and/or indemnity having been provided in accordance with section 12.3(2)), subject to section 7.4, by notice in writing to the Corporation declare the principal amount of and accrued and unpaid interest on the Debentures then outstanding shall and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately without any declaration or other action by due and payable to the Debenture Trustee or the Holders. Notwithstanding Trustee, notwithstanding anything contained in this Debenture Indenture therein or the Debentures herein to the contrary, if and the principal amount and any accrued and unpaid interest on the Debentures are due and payable automatically or by a declaration pursuant to this section 9.3, then, subject to Article 7, the Company Corporation shall pay forthwith to the Debenture Trustee for the benefit of the Debentureholders, Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on such Debentures and all other fees and expenses moneys payable hereunder, together with subsequent interest thereon at the rate borne by the Debentures from the date of such amounts are due and payable automatically or by declaration pursuant to this section 9.3 until payment is received by the Debenture Trustee. Such payment when made shall be deemed to have been made in discharge of the Company’s Corporation's obligations hereunder and any moneys so received by the Debenture Trustee shall be applied as provided in section 9.77.7.