Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. In case of any Event of Default that has occurred and is continuing, the Trustee may in its discretion (but shall have no obligation to) and shall, if so directed by the Holders of not less than 33% in principal amount of the Notes then outstanding by instrument in writing, subject to the provisions of section 7.3, declare the principal of all Notes then outstanding and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee on written demand, anything therein or herein to the contrary notwithstanding. VGZ shall in either case forthwith pay to the Trustee for the benefit of the Noteholders the principal of such Notes and all other moneys payable hereunder, together with subsequent interest thereon at the rate of 12% per annum from the date of such declaration (subject to the proviso below) until the date payment is received by the Trustee, such subsequent interest to be payable at the times and places and according to the tenor of the Notes. Such payment when made shall be deemed to have been made in discharge of VGZ’s obligations hereunder and any moneys so received by the Trustee shall be applied in the manner provided in section 7.6.

Acceleration on Default. In case of any Event of Default that has occurred and is continuing, the Trustee may in its discretion (but shall have no obligation to) and shall, if so directed by the Holders upon receipt of not less than 33% in principal amount of the Notes then outstanding by instrument in writinga Debentureholders' Request, subject to the provisions of section 7.3Section 8.4, declare the principal of all Notes then outstanding and interest on the Debentures and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee on written demand, anything therein or herein to the contrary notwithstanding. VGZ , and the Corporation shall in either case on such demand forthwith pay to the Trustee for the benefit of the Noteholders Debentureholders the principal of such Notes and unpaid interest accrued on and interest on amounts in default under the Debentures and all other moneys payable hereunder, hereunder together with subsequent interest thereon at the rate of 12% per annum borne by the Debentures from the date of such declaration (subject to the proviso below) until the date payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the moneys mentioned in and according to the tenor of the NotesDebentures. Such payment when made shall be deemed to have been made in discharge of VGZ’s the Corporation's obligations hereunder and any moneys so received by the Trustee shall be applied in the manner provided in section 7.6as herein provided.

Acceleration on Default. In case of If any Event of Default that has occurred and is continuing, then subject to Article 7, the Trustee may in its discretion (but shall have no obligation to) and shall, if so directed by the Holders of not less than 33% in principal amount of and accrued and unpaid interest on the Notes Debentures then outstanding by instrument in writing, subject to the provisions of section 7.3, declare the principal of all Notes then outstanding and all other moneys payable hereunder to shall be due and payable immediately without any declaration or other action by the Debenture Trustee or the Holders. Notwithstanding anything contained in this Debenture Indenture or the Debentures to the contrary, if the principal amount and any accrued and unpaid interest on the same shall forthwith become immediately Debentures are due and payable automatically or by a declaration pursuant to this section 9.3, then, subject to Article 7, the Company shall pay forthwith to the Trustee on written demand, anything therein or herein to the contrary notwithstanding. VGZ shall in either case forthwith pay to the Debenture Trustee for the benefit of the Noteholders Debentureholders, the principal of and accrued and unpaid interest (including interest on amounts in default) on such Notes Debentures and all other moneys fees and expenses payable hereunder, together with subsequent interest thereon at the rate of 12% per annum borne by the Debentures from the date of such amounts are due and payable automatically or by declaration (subject pursuant to the proviso below) this section 9.3 until the date payment is received by the Debenture Trustee, such subsequent interest to be payable at the times and places and according to the tenor of the Notes. Such payment when made shall be deemed to have been made in discharge of VGZthe Company’s obligations hereunder and any moneys so received by the Debenture Trustee shall be applied in the manner as provided in section 7.69.7.

Acceleration on Default. (1) In case an event of any Event of Default that default has occurred and is continuingoccurred, the Trustee may in its discretion (but and shall have no obligation to) and shall, if so directed by the Holders upon receipt of not less than 33% in principal amount of the Notes then outstanding by instrument in writinga Debentureholders' Request, subject to the provisions of section 7.36.04, declare the principal and interest of all Notes Debentures then outstanding and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee on written demand, anything therein or herein to the contrary notwithstanding. VGZ , and the Bank shall in either case on such demand forthwith pay to the Trustee for the benefit of the Noteholders Debentureholders the principal of such Notes and accrued and unpaid interest (including interest on all amounts overdue) on the Debentures, the premium (if any) provided for in subsection (2) and all other moneys payable hereunder, together with subsequent interest thereon at the rate of 12% per annum rates borne by the Debentures from the date of such the said declaration (subject to the proviso below) until the date payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the moneys mentioned in and according to the tenor of the NotesDebentures and coupons. Such payment when made shall be deemed to have been made in discharge of VGZ’s the Bank's obligations hereunder and any moneys so received by the Trustee shall be applied in the manner provided in section 7.6as herein provided.

Acceleration on Default. In case of any Event of Default that has occurred and is continuing, the Trustee may in its discretion (but and shall have no obligation to) and shall, upon receipt of a Debentureholders’ Request or if so directed by the Holders of not less than 33% in principal amount of the Notes then outstanding by instrument in writingan Extraordinary Resolution, subject to the provisions of section 7.38.03, declare the principal of and interest on all Notes Debentures then outstanding and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee on written demand, anything therein or herein to the contrary notwithstanding. VGZ The Company shall in either case forthwith pay to the Trustee for the benefit of the Noteholders Debentureholders the principal of and accrued and unpaid interest on such Notes Debentures together with the Remaining Interest Premium and all other moneys payable hereunder, together with subsequent interest thereon at the rate of 12% per annum borne by the Debentures from the date of such the said declaration (subject to the proviso below) until the date payment is received by the Trustee, such subsequent interest to be payable at the times and places and according to the tenor of the NotesDebentures. Such payment when made shall be deemed to have been made in discharge of VGZthe Company’s obligations obligation hereunder and any moneys so received by the Trustee shall be applied in the manner provided in section 7.68.06.

Acceleration on Default. In case of any an Event of Default that has occurred and is continuing, the Trustee may in its discretion (but and shall have no obligation to) and shall, if so directed by the Holders upon receipt of not less than 33% in principal amount of the Notes then outstanding by instrument in writinga Debentureholders' Request, subject to the provisions of section 7.3Section 8.5, by notice in writing to the Bank, declare the principal of and interest on all Notes Debentures then outstanding and all other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee on written demandTrustee, anything therein or herein to the contrary notwithstanding. VGZ , and the Bank shall in either case forthwith pay to the Trustee for the benefit of the Noteholders Debentureholders the principal of such Notes and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) and all other moneys payable hereunder, together with subsequent interest thereon at the rate of 12% per annum rates borne by the Debentures from the date of such the said declaration (subject to the proviso below) until the date payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the moneys mentioned in and according to the tenor of the NotesDebentures and coupons. Such payment when made shall be deemed to have been made in discharge of VGZ’s the Bank's obligations hereunder and any moneys so received by the Trustee shall be applied in the manner provided in section 7.6as herein provided.