Common use of Enforcement Events Clause in Contracts

Enforcement Events. (a) Any one or more of the following events shall constitute an Enforcement Event: (i) there is a failure to make payment of any principal or any interest in respect of the Notes within three Banking Days of the relevant due date; or (ii) an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer. (i) If an Enforcement Event shall have occurred and be continuing, any Noteholder may, at its discretion and without further notice, institute such proceedings against the Issuer as it may think fit to enforce its rights provided that the Issuer shall not by virtue of the institution of any such proceedings be obliged to pay any sumor sums sooner than the same would otherwise have been payable, except as set forth in (ii) below. (ii) If an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer, then all the Notes shall become immediately due and payable at the request of any Noteholder at their then outstanding principal amount together with interest accrued to such date. If any Note shall become so repayable, it shall be repaid at its Final Redemption Amount, together with accrued interest (if any) to the date of payment thereof. (c) For the purposes of this Condition, Banking Day means a day which is both: (i) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in Copenhagen; and (ii) either (A) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively) or (B) in relation to any sumpayable in euro, a day on which the TARGET2 Systemis open; and

Enforcement Events. (a) Any one or more of the following events shall constitute an Enforcement Event: (i) there is a failure to make payment of any principal or any interest in respect of the Notes within three Banking Days of the relevant due date; or (ii) an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer. (i) If an Enforcement Event shall have occurred and be continuing, any Noteholder may, at its discretion and without further notice, institute such proceedings against the Issuer as it may think fit to enforce its rights provided that the Issuer shall not by virtue of the institution of any such proceedings be obliged to pay any sumor sums sooner than the same would otherwise have been payable, except as set forth in (ii) below. (ii) If an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer, then all the Notes shall become immediately due and payable at the request of any Noteholder at their then outstanding principal amount together with interest accrued to such date. If any Note shall become so repayable, it shall be repaid at its Final Redemption Amount, together with accrued interest (if any) to the date of payment thereof. (c) For the purposes of this Condition, Banking Day means a day which is both: (i) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in Copenhagen; and (ii) either (A) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial ▇▇▇▇▇ cial centre of the country of the relevant Specified Currency (which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively) or (B) in relation to any sumpayable in euro, a day on which the TARGET2 Systemis open; and

Enforcement Events. (a) Any one or more of the following events shall constitute an Enforcement Event: (i) there is a failure to make payment of any principal or any interest in respect of the Notes within three Banking Days of the relevant due date; or (ii) an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer. (i) If an Enforcement Event shall have occurred and be continuing, any Noteholder may, at its discretion and without further notice, institute such proceedings against the Issuer as it may think fit to enforce its rights provided that the Issuer shall not by virtue of the institution of any such proceedings be obliged to pay any sumor sum or sums sooner than the same would otherwise have been payable, except as set forth in (ii) below. (ii) If an order is made or an effective resolution is passed for the bankruptcy or liquidation of the Issuer, then all the Notes shall become immediately due and payable at the request of any Noteholder at their then outstanding principal amount together with interest accrued to such date. If any Note shall become so repayable, it shall be repaid at its Final Redemption Amount, together with accrued interest (if any) to the date of payment thereof. (c) For the purposes of this Condition, Banking Day means a day which is both: (i) a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in Copenhagen; and (ii) either (A) in relation to any sum payable in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealing in foreign exchange and foreign currency deposits) in the principal financial centre of the country of the relevant Specified Currency (which if the Specified Currency is Australian dollars or New Zealand dollars shall be Sydney or Auckland, respectively) or (B) in relation to any sumpayable sum payable in euro, a day on which T2 is open. (d) For the TARGET2 Systemis open; andavoidance of doubt, no other events than those set out in this Condition 9 shall constitute an Enforcement Event in relation to the Notes. Accordingly, resolution (in Danish: “afvikling”) within the meaning of the Danish Act on Recovery and Resolution of certain Financial Businesses, or suspension of payment and/or delivery obligations (moratorium) pursuant to section 4a of the Danish Act on Recovery and Resolution of certain Financial Businesses, in each case in respect of the Issuer and/or the Notes, as the case may be, shall not constitute an Enforcement Event in relation to the Notes.