Common use of Immediate Settlement Clause in Contracts

Immediate Settlement. 7.1 Subject to the provisions of subsection 7.2 below, the Trustee may declare all or any part of the unsettled balance of the Notes, immediately due and payable, and shall be compelled to do so if so required by a special resolution adopted by the general meeting of the Noteholders, all upon the occurrence of one or more of the following: 7.1.1 Should the Company fail to settle any sum payable by it under the Notes up to the end of seven (7) days from the due date thereof. 7.1.2 If a temporary liquidator has been appointed by a court or if a court has entered a temporary liquidation order against the Company and such appointment or order is not cancelled by the end of 45 days from its commencement date, or if the Company adopts a valid resolution of the winding up thereof (other than winding up for the purpose of a merger with another company and/or a change in the Company’s structure), or where a permanent liquidator has been appointed for the Company or if a final winding up order has been entered against it.