Common use of Default by the Trustee Clause in Contracts

Default by the Trustee. If: (a) the Trustee fails to pay any sum payable by it under this Agreement when due; or (b) the Trustee commits any material breach of any other provision of this Agreement which, in the reasonable opinion of the Company, is either: (i) not capable of remedy; or (ii) is capable of remedy and has not been remedied within 21 days after the earlier of the date of notice by the Company requiring such remedy, or the date on which the Trustee first becomes aware of the breach, the Company may declare that the Preference Share Loan and/or the Armadillo Share Loan have/has become immediately due and payable by written notice to the Trustee. The Trustee shall be required to repay such Loan(s), together with any other amounts outstanding, including interest payable in accordance with Clause 3.