Common use of Immediate Payment Clause in Contracts

Immediate Payment. Without derogating from the generality of the provisions in this Agreement, the Lender may, in any of the events set out below and at its sole discretion, call for immediate payment of the Loan. In this case, the Borrower shall pay the Lender the entire outstanding balance of the loan (including interest and linkage differences accrued up to the actual payment date), provided the Lender provides the Borrower with 14 days written notice. The events are as follows: 8.1 The Borrower or its wholly-owned subsidiary receives notice from any creditor that there is cause, under agreements between the creditor and the Borrower or its wholly-owned subsidiary, as the case may be, to demand early and/or immediate payment of the debt that the Borrower or its wholly-owned subsidiary owes the creditor, which is material to the Borrower. 8.2 The Borrower breaches any of its material obligations under this Agreement and/or it emerges that any of its declarations are incorrect. 8.3 A motion is filed in court against the Borrower or a company held by the Borrower, which is material to the Borrower (“the Material Company”), for a stay of proceedings under section 350 of the Companies Law or under any other law in its place, and this motion is not removed within 45 days after it was filed or there is a stay of proceedings against the Borrower or the Material Company. 8.4 An application is filed in court against the Borrower or the Material Company for liquidation or for the appointment of a temporary or permanent receiver and this application is not revoked within 45 days after it is filed, or the court appoints a receiver for the Borrower or the Material Company. 8.5 An application is filed in court against the Borrower or the Material Company for the appointment of a receiver or a temporary or permanent special administrator, for all of the assets, or for a material part of the assets of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed, or the court appoints a receiver or special administrator for all of the assets, or for a material part of the assets, of the Borrower or the Material Company. 8.6 An application is filed in court to place an attachment on or to take possession of material property of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed.

Immediate Payment. Without derogating from the generality of the provisions in this Agreement, the Lender may, in any of the events set out below and at its sole discretion, call for immediate payment of the Loan. In this case, the Borrower shall pay the Lender the entire outstanding balance of the loan Loan (including interest and linkage differences accrued up to the actual payment date), as well as all amounts whose payment date has not yet arrived which the Borrower will owe at the time with respect to any other loan which the Borrower has received and/or will receive from the Lender, provided the Lender provides the Borrower with 14 days written notice. The events are as follows: 8.1 The Borrower or its wholly-owned subsidiary receives notice from any creditor that there is cause, under agreements between the creditor and the Borrower or its wholly-owned subsidiary, as the case may be, to demand early and/or immediate payment of the debt that the Borrower or its wholly-owned subsidiary owes the creditor, which is material to the Borrower. 8.2 The Borrower breaches any of its material obligations under this Agreement and/or it emerges that any of its declarations are incorrect. 8.3 A motion is filed in court against the Borrower or a company held by the Borrower, which is material to the Borrower (“the Material Company”), for a stay of proceedings under section 350 of the Companies Law or under any other law in its place, and this motion is not removed within 45 days after it was filed or there is a stay of proceedings against the Borrower or the Material Company. 8.4 An application is filed in court against the Borrower or the Material Company for liquidation or for the appointment of a temporary or permanent receiver and this application is not revoked within 45 days after it is filed, or the court appoints a receiver for the Borrower or the Material Company. 8.5 An application is filed in court against the Borrower or the Material Company for the appointment of a receiver or a temporary or permanent special administrator, for all of the assets, or for a material part of the assets of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed, or the court appoints a receiver or special administrator for all of the assets, or for a material part of the assets, of the Borrower or the Material Company. 8.6 An application is filed in court to place an attachment on or to take possession of material property of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed. 8.7 The Borrower ceases to be controlled by the Lender: “Controlled” means as such term is defined by the Companies Law 5759-1999.

Immediate Payment. Without derogating from the generality of the provisions in this Agreement, the Lender may, in any of the events set out below and at its sole discretion, call for immediate payment of the Loan. In this case, the Borrower shall pay the Lender the entire outstanding balance of the loan Loan (including interest and linkage differences accrued up to the actual payment date), as well as all amounts whose payment date has not yet arrived which the Borrower owes at the time with respect to any other loan which the Borrower has received and/or will receive from the Lender, provided the Lender provides the Borrower with 14 days written notice. The events are as follows: 8.1 The Borrower or its wholly-owned subsidiary receives notice from any creditor that there is cause, under agreements between the creditor and the Borrower or its wholly-owned subsidiary, as the case may be, to demand early and/or immediate payment of the debt that the Borrower or its wholly-owned subsidiary owes the creditor, which is material to the Borrower. 8.2 The Borrower breaches any of its material obligations under this Agreement and/or it emerges that any of its declarations are incorrect. 8.3 A motion is filed in court against the Borrower or a company held by the Borrower, which is material to the Borrower (“the Material Company”), for a stay of proceedings under section 350 of the Companies Law or under any other law in its place, and this motion is not removed within 45 days after it was filed or there is a stay of proceedings against the Borrower or the Material Company. 8.4 An application is filed in court against the Borrower or the Material Company for liquidation or for the appointment of a temporary or permanent receiver and this application is not revoked within 45 days after it is filed, or the court appoints a receiver for the Borrower or the Material Company. 8.5 An application is filed in court against the Borrower or the Material Company for the appointment of a receiver or a temporary or permanent special administrator, for all of the assets, or for a material part of the assets of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed, or the court appoints a receiver or special administrator for all of the assets, or for a material part of the assets, of the Borrower or the Material Company. 8.6 An application is filed in court to place an attachment on or to take possession of material property of the Borrower or the Material Company and this application is not revoked within 45 days after it is filed, or an authorized authority places an attachment order on or authorizes taking possession of material property of the Borrower as aforesaid. 8.7 The Borrower ceases to be controlled by the Lender: “Controlled” as such term is defined by the Companies Law 5759-1999.