Common use of Remedy for Default Clause in Contracts

Remedy for Default. 10.1 At any time after the Subordinated Notes shall have become due and immediately repayable under the provisions of Condition 8.1 hereof, the Tlustee, subject to Condition 10.3 hereof, shall enforce all payment obligations under the Subordinated Notes only by way of petitioning for the winding-up or dissolution of the Issuer and/or by proving for the amount due and payable under the Subordinated Notes in the liquidation or administration of the Issuer. For the avoidance of doubt: (a) in the event that the Subordinated Notes are not redeemed (i) on or prior to the Maturity Date; or (ii) when the same are due and payable; the Subordinated Notes shall only be repaid pursuant to the winding-up or the liquidation of the Issuer and the claims of the Subordinated Noteholders herein shall in the winding up or the liquidation of the Issuer be subordinated in light and priority of payment to all claims of depositors and all other creditors of the Issuer except for the claims in respect of the Issuer's unsecured and subordinated obligations which by their terms rank pari passu in right and priority of payment with, or are expressed to be subordinated to, the Subordinated Notes; and (b) in the event the Issuer defaults in the performance or observance of any covenant, condition or provision contained in the Subordinated Notes or the Trust Deed or any of the Issue Documents (save for failure to pay any amount of principal, interest/coupon or expenses or in respect of any other payment obligation), (i) the Tmstee or any Subordinated Noteholder shall not be entitled to any remedy available to the Trustee or any Subordinated Noteholder which in substance amounts to a remedy to recover any amounts under any payment obligation of the Issuer under the Subordinated Notes, and 65 Malayan Banldng Berhad Trust Deed RM7, OOO, 000, 000. 00 Subordinated Note Programme

Remedy for Default. 10.1 At any time after In the Subordinated Notes event of an occurrence of default as set forth above, the Landlord shall have become due and immediately repayable under the provisions of Condition 8.1 hereof, the Tlustee, subject to Condition 10.3 hereof, shall enforce all payment obligations under the Subordinated Notes only by way of petitioning for the winding-up or dissolution of the Issuer and/or by proving for the amount due and payable under the Subordinated Notes in the liquidation or administration of the Issuer. For the avoidance of doubtright to: (a) Terminate this Lease and end the Term hereof by giving to Tenant written notice of such termination, in which event Landlord shall be entitled to recover from Tenant the event present value at the time of such termination of the excess, if any, of the amount of rent reserved in this Lease for the then balance of the term hereof over the then reasonable rental value of the Premises for the same period. The present value shall be determined by discounting all further excess rent amounts at the rate of eight percent (8%) per annum. It is understood and agreed that the Subordinated Notes are not redeemed (i) on or prior to "reasonable rental value" shall be the Maturity Date; or (ii) when amount of rental which Landlord can obtain as rent for the same are due and payable; the Subordinated Notes shall only be repaid pursuant to the winding-up or the liquidation remaining balance of the Issuer and the claims of the Subordinated Noteholders herein shall in the winding up initial term or the liquidation of the Issuer be subordinated in light and priority of payment to all claims of depositors and all other creditors of the Issuer except for the claims in respect of the Issuer's unsecured and subordinated obligations which by their terms rank pari passu in right and priority of payment withrenewal term, or are expressed to be subordinated to, the Subordinated Noteswhichever is applicable; andor (b) Without resuming possession of the Premises or terminating this Lease to ▇▇▇ monthly for and recover all rents, other required payments due under this Lease, and other sums including damages and legal fees at any time from time to time accruing hereunder; or (c) Upon notice to all interested parties, re-enter and take possession of the Premises or any part thereof and repossess the same as of Landlord's former estate and expel the Tenant and those claiming through or under the Tenant and remove the effects of both or either (forcibly if necessary) and store same at Tenant's expense without being deemed guilty in the event the Issuer any manner or trespass and without prejudice to any remedies for rent delinquencies or preceding Lease defaults in which event Landlord may from time to time without terminating this Lease re-let the performance or observance of any covenant, condition or provision contained in the Subordinated Notes or the Trust Deed Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord may deem advisable, with the right to make alterations and repairs to the Premises, and such re-entry or taking of possession of the Issue Documents (save for failure to pay any amount of principal, interest/coupon or expenses or in respect of any other payment obligation), (i) the Tmstee or any Subordinated Noteholder Premises by Landlord shall not be construed as an election on Landlord's part to terminate this Lease unless a written notice of termination be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. In the event of Landlord's election to proceed under this subparagraph "c", then such repossession shall not relieve Tenant of its obligation and liability under this Lease, all of which shall survive such repossession, and Tenant shall pay to Landlord as current liquidated damages the basic rental and additional rental and other sums hereinabove provided which would be payable hereunder if such repossession had not occurred, less the net proceeds (if any) of any re-letting of the Premises after deducting all of Landlord's expenses in connection with such re- letting, including but without limitation all repossession costs, brokerage commissions, legal expenses, attorney's fees, expenses of employees, alteration costs and expenses of preparations for such re-letting. Tenant shall pay such current damages to Landlord on the days on which the basic rent would have been payable hereunder if possession had not been retaken and Landlord shall be entitled to any remedy available to receive the Trustee or any Subordinated Noteholder which in substance amounts to a remedy to recover any amounts under any payment obligation of same from the Issuer under the Subordinated Notes, and 65 Malayan Banldng Berhad Trust Deed RM7, OOO, 000, 000. 00 Subordinated Note ProgrammeTenant on each such day.

Remedy for Default. 10.1 At If at any time after during one or more Interest Periods the Subordinated Notes shall have become effect of any one or more Defaults is to cause the Source of Debt Service received by the Borrower and payable to the Lenders to be insufficient to satisfy any payment obligation when due and immediately repayable under the provisions of Condition 8.1 hereofLoan Agreement, the Tlustee, subject to Condition 10.3 hereof, shall enforce all payment obligations under the Subordinated Notes only by way of petitioning for the winding-up or dissolution any of the Issuer and/or by proving for the amount due and payable under the Subordinated Notes in the liquidation or administration of the Issuer. For the avoidance of doubt: (a) in the event that the Subordinated Notes are not redeemed (i) on or prior to the Maturity Date; or (ii) when the same are due and payable; the Subordinated Notes shall only be repaid pursuant to the winding-up or the liquidation of the Issuer and the claims of the Subordinated Noteholders herein shall in the winding up or the liquidation of the Issuer be subordinated in light and priority of payment to all claims of depositors and all other creditors of the Issuer except for the claims in respect of the Issuer's unsecured and subordinated obligations which by their terms rank pari passu in right and priority of payment with, or are expressed to be subordinated to, the Subordinated Notes; and (b) in the event the Issuer defaults in the performance or observance of any covenant, condition or provision contained in the Subordinated Notes or the Trust Deed or Letter Agreement (the difference between the amount of the Source of Debt Service received with respect to any Interest Period by the Borrower and payable to the Lenders under the Loan Agreement, any of the Issue Documents (save Notes or the Letter Agreement and the amount which would have been so received and payable but for failure such Default or Defaults, the "Default Shortfall"), then each of the Producers which caused or is responsible for such Default or to which such Default relates shall be obligated to pay any an aggregate amount to the Agent for the account of the Lenders, on the dates when due during or at the end of such Interest Period, in the manner and with the effect of payments made by the Borrower as provided in the Loan Agreement, the relevant Notes or the Letter Agreement, on account of its Liability Share of the Default Shortfall, such that the net aggregate amount received from each such Producer by the Agent for the account of the Lenders pursuant to this Section 3.2, after deduction of all Taxes required to be deducted or withheld from, or otherwise paid by the Lenders with respect to, such payment (but excluding Excluded Taxes required to be so deducted, withheld or paid solely to the extent that the amount of principalsuch Excluded Taxes does not exceed the amount of Excluded Taxes that would have been deducted, interest/coupon withheld or expenses or in respect otherwise paid by the Lenders, if there had been no Default Shortfall, and the net amount were paid to, and received by, the Lenders out of any other payment obligationthe Source of Debt Service), (ishall equal such Producer's Liability Share of the Default Shortfall. The provisions of this Section 3.2 shall apply to breaches of Section 1.17(b) the Tmstee as if such breaches were a Default, whether or any Subordinated Noteholder shall not be entitled to any remedy available notice of such breach is given to the Trustee or any Subordinated Noteholder which in substance amounts to a remedy to recover any amounts under any payment obligation of Producers by the Issuer under the Subordinated Notes, and 65 Malayan Banldng Berhad Trust Deed RM7, OOO, 000, 000. 00 Subordinated Note ProgrammeAgent.

Remedy for Default. 10.1 At any time after Dealer acknowledges and agrees that the Subordinated Notes shall have become due and immediately repayable under the provisions issuance of Condition 8.1 hereof, the Tlustee, subject Common Stock to Condition 10.3 hereof, shall enforce all payment Dealer pursuant to this Agreement is in consideration of Dealer's performance of its obligations under this Agreement and the Subordinated Notes only by way of petitioning DEALER AGREEMENT for the winding-up entire Term. If there shall occur a Default by Dealer in the performance of any of its obligations under this Agreement or dissolution the DEALER AGREEMENT, Dealer will either forfeit all shares of Common Stock that remain Unvested Shares as of the Issuer and/or by proving for the amount due and payable under the Subordinated Notes in the liquidation or administration date of the Issuer. For Default or immediately pay to SAI the avoidance of doubt: (a) in the event that the Subordinated Notes are not redeemed (i) on or prior to the Maturity Date; or (ii) when the same are unpaid balance due and payable; the Subordinated Notes shall only be repaid pursuant to the winding-up DEALER AGREEMENT for the balance of the Term, whichever is greater. The following table sets forth for the Closing Date and each of the three anniversaries of the Closing Date, the percentage of the shares of Common Stock issued to Dealer pursuant to this Agreement that will be forfeited if a Default by Dealer occurs any time during the year preceding the date of such anniversary: Anniversary Percent Forfeited ----------- ----------------- First 75% Second 50% Third 25% SAI will, promptly upon becoming aware of an event that has caused the forfeiture of Common Stock, notify Dealer of the nature of the event, the provision of this Agreement or the liquidation DEALER AGREEMENT as to which the Default has occurred and the number of shares of Common Stock which have been forfeited as a result. Any disputes concerning forfeitures will be determined by binding arbitration as provided in Section 6.5. In determining whether the "unpaid balance" is greater than the value of the Issuer and Unvested Shares, the claims value of the Subordinated Noteholders herein Unvested Shares shall in be determined by multiplying the winding up or closing price of SAI's Common Stock on the liquidation date that SAI notifies Dealer of the Issuer be subordinated in light and priority Default by the number of payment to all claims of depositors and all other creditors of the Issuer except for the claims in respect of the Issuer's unsecured and subordinated obligations which by their terms rank pari passu in right and priority of payment with, or are expressed to be subordinated to, the Subordinated Notes; and (b) in the event the Issuer defaults in the performance or observance of any covenant, condition or provision contained in the Subordinated Notes or the Trust Deed or any of the Issue Documents (save for failure to pay any amount of principal, interest/coupon or expenses or in respect of any other payment obligation), (i) the Tmstee or any Subordinated Noteholder shall not be entitled to any remedy available to the Trustee or any Subordinated Noteholder which in substance amounts to a remedy to recover any amounts under any payment obligation of the Issuer under the Subordinated Notes, and 65 Malayan Banldng Berhad Trust Deed RM7, OOO, 000, 000. 00 Subordinated Note ProgrammeUnvested Shares.

Remedy for Default. 10.1 At If at any time after during one or more Interest Periods the Subordinated Notes shall have become effect of any one or more Defaults is to cause the Source of Debt Service received by the Borrower and payable to the Lenders to be insufficient to satisfy any payment obligation when due and immediately repayable under the provisions of Condition 8.1 hereofLoan Agreement, the Tlustee, subject to Condition 10.3 hereof, shall enforce all payment obligations under the Subordinated Notes only by way of petitioning for the winding-up or dissolution any of the Issuer and/or by proving for the amount due and payable under the Subordinated Notes in the liquidation or administration of the Issuer. For the avoidance of doubt: (a) in the event that the Subordinated Notes are not redeemed (i) on or prior to the Maturity Date; or (ii) when the same are due and payable; the Subordinated Notes shall only be repaid pursuant to the winding-up or the liquidation of the Issuer and the claims of the Subordinated Noteholders herein shall in the winding up or the liquidation of the Issuer be subordinated in light and priority of payment to all claims of depositors and all other creditors of the Issuer except for the claims in respect of the Issuer's unsecured and subordinated obligations which by their terms rank pari passu in right and priority of payment with, or are expressed to be subordinated to, the Subordinated Notes; and (b) in the event the Issuer defaults in the performance or observance of any covenant, condition or provision contained in the Subordinated Notes or the Trust Deed or Letter Agreement (the difference between the amount of the Source of Debt Service received with respect to any Interest Period by the Borrower and payable to the Lenders under the Loan Agreement, any of the Issue Documents (save Notes or the Letter Agreement and the amount which would have been so received and payable but for failure such Default or Defaults, the "Default Shortfall"), then each of the Producers which caused or is responsible for such Default or to which such Default relates shall be obligated to pay any an aggregate amount to the Tranche A Lender and the Agent for the account of the Tranche B Lenders, on the dates when due during or at the end of such Interest Period, in the manner and with the effect of payments made by the Borrower as provided in the Loan Agreement, the relevant Notes or the Letter Agreement, on account of its Liability Share of the Default Shortfall, such that the net aggregate amount received from each such Producer by the Tranche A Lender and the Agent for the account of the Tranche B Lenders pursuant to this Section 3.2, after deduction of all Taxes required to be deducted or withheld from, or otherwise paid by the Lenders with respect to, such payment (but excluding Excluded Taxes required to be so deducted, withheld or paid solely to the extent that the amount of principalsuch Excluded Taxes does not exceed the amount of Excluded Taxes that would have been deducted, interest/coupon withheld or expenses or in respect otherwise paid by the Lenders, if there had been no Default Shortfall, and the net amount were paid to, and received by, the Lenders out of any other payment obligationthe Source of Debt Service), (ishall equal such Producer's Liability Share of the Default Shortfall. The provisions of this Section 3.2 shall apply to breaches of Section 1.17(b) the Tmstee as if such breaches were a Default, whether or any Subordinated Noteholder shall not be entitled to any remedy available notice of such breach is given to the Trustee Producers by the Tranche A Lender or any Subordinated Noteholder which in substance amounts to a remedy to recover any amounts under any payment obligation of the Issuer under the Subordinated Notes, and 65 Malayan Banldng Berhad Trust Deed RM7, OOO, 000, 000. 00 Subordinated Note ProgrammeAgent.