Common use of Redemption Events Clause in Contracts

Redemption Events. The occurrence of any of the following events shall trigger repayment under the provisions of Clause 4.1 of this Mortgage: 5.1 Any Disposal save for an Exempt Disposal; or 5.2 If the Borrower is in breach of the Borrower’s covenants and obligations under this Mortgage the expiry of a default notice served by the Lender where the Borrower fails to take the action specified by the Lender in any default notice by the date specified for such purpose in the default notice; or 5.3 Upon repayment in full of the First Charge unless at the same time the Borrower takes out another First Charge in accordance with Clause 10; or 5.4 Any event or circumstance shall occur which would entitle the mortgagee under the First Charge to enforce the same or otherwise demand repayment of any debt secured thereby; or 5.5 The Borrower is Bankrupt; or 5.6 The occurrence of the Term Date or where the Mortgage has been extended by the provisions of Clause 21, the Extended Term Expiry Date.

Redemption Events. The occurrence of any of the following events shall trigger repayment under the provisions of Clause 4.1 of this Mortgage: 5.1 Any Disposal save for an Exempt Disposal; or 5.2 If the Borrower is in breach of the Borrower’s covenants and obligations under this Mortgage the expiry of a default notice served by the Lender where the Borrower fails to take the action specified by the Lender in any default notice by the date specified for such purpose in the default notice; or 5.3 Upon repayment in full of the First Charge unless at the same time the Borrower takes out another First Charge in accordance with Clause 1011; or 5.4 Any event or circumstance shall occur which would entitle the mortgagee under the First Charge to enforce the same or otherwise demand repayment of any debt secured thereby; or 5.5 The Borrower is Bankrupt; or 5.6 The occurrence of the Term Date or where the Mortgage has been extended by the provisions of Clause 21, the Extended Term Expiry Date.