Immediate Settlement Clause Samples
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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 Bonds 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 Bondholders, 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 Bonds 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 to 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, provided that the Trustee is satisfied that the Bondholders' rights are secured), or where a permanent liquidator has been appointed for the Company or if a final winding up order has been entered against it.
7.1.3 Upon the occurrence of any of the following, where the Trustee or a special resolution adopted at a general meeting of the Bondholders determine that same poses a risk to the rights of the Bondholders:
(a) Lienholders on the Company's property realize their liens on all, or on a substantial part of the Company's assets.
(b) An attachment is imposed on substantial assets of the Company, and such lien is not removed by the end of forty five (45) days from the date of the imposition thereof.
(c) An act of execution is instituted against substantial assets of the Company, and such act is not cancelled by the end of forty five (45) days from the date of the institution thereof.
(d) A receiver is appointed to all and/or a substantial part of the Company's assets, and such appointment is not cancelled by the end of forty five (45) days from the commencement thereof.
(e) The Company discontinues its installments and/or gives notice of its intention to discontinue its installments and/or there is a material concern that it is liable to discontinue its installments and/or terminate its business and/or intends to terminate its business and/or where it is reasonable that it would terminate its business.
(f) A motion for stay of proceedings against the Company under Section 350 of the Companies Law, 5759 - 1999, is submitted to the court by a third party that is not the Company, an...
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.
Immediate Settlement. 17.1 Offering for immediate settlement by the Trustee
17.1.1 If the Company does not pay amounts owed concerning the bonds within 60 days following the date of payment.
17.1.2 If a Provisional Liquidator is appointed by the courts or if a decision has been reached to liquidate the Company (with the exception of liquidation for the purpose of merging with another company and/or a change to the Company’s structure) and the appointment as mentioned or the decision reached as said are not cancelled within 60 workdays from the date they given.
17.1.3 If one of the following cases happen, the Trustee and/or the Bond Holders, with reaching a special decision as mentioned above, will constitute an endangerment of the Bond Holders rights:
17.1.3.1 If there is an imposed attachment on essential company’s assets and the attachment in not removed within 60 days.
17.1.3.2 If actions are taken by the Bailiffs against essential company assets, and the action is not cancelled within 60 days.
17.1.3.3 If an official receiver is appointed to the Company and/or to its essential assets, and the appointment is not cancelled within 60 days.
17.1.3.4 If the Company discontinues its payments and/or gives notification of its intentions to discontinue payments and/or if there is an essential suspicion that it will discontinue its payments and/or halt it dealings and/or if it intends to halt its dealings and/or if there is an essential suspicion that it will halt the management of its dealing.
17.1.3.5 If the Company is liquidated or erased for any reason whatsoever.
17.1.3.6 If any other event occurs that in the Trustee opinion constitutes a fundamental impingement and/or may cause a fundamental impingement on the Bond Holders rights.
17.2 Despite the above mentioned, the Trustee will not offer the (A Series) Bonds for immediate payment, unless one of the following cases is met:
17.2.1 If the Trustee gave written notice in advance to the Company regarding its intention to act, and the Company did not fulfill after the said notice within 30 days from the date of receipt. In the said notice the Company will be requested to bring about the annulment and/or the cessation of the case as one of the cases mentioned above, that because of it the notice was given.
17.3 The General Assembly of the (A Series) Bond Holders will be Convened for the Following:
17.3.1 The Trustee will be obligated to convene an (A Series) Bond Holders assembly whose date for assembly will be 30 days following cal...
Immediate Settlement. It is agreed that in each of the events detailed hereunder, the Lenders (as required by each of them) are entitled to adopt one or more of the reliefs detailed hereunder. For the avoidance of doubt, it is clarified that if the Lenders abstain from adopting a specific relief, this will not detract from their right to do so on any future occasion; all at their discretion and without time limitation. Notwithstanding the aforesaid, it is hereby agreed that notwithstanding the occurrence of an Event of Breach, the Lenders, not having adopted any of the reliefs available to them and the Event of Breach having been rectified or no longer subsisting by the date on which the Lenders seek to adopt any of the reliefs available to them, then the Lenders will not be entitled to adopt such reliefs. It is clarified that nothing in the aforesaid shall derogate from the Lenders' rights to adopt any relief whatsoever in respect of another Event of Breach, if and to the extent there is such:
(a) Not to provide the Borrower with any additional credit that they have undertaken to provide under this Agreement;
(b) To demand the immediate payment of the balance of the undischarged Credit or part thereof, together with linkage differentials, exchange rate differentials, interest cumulative up to such time and not yet paid, expenses, other obligations and commission that have accumulated up to such time and have not been paid, plus arrears of interest applicable to such credit (but arrears of interest will only be paid on the Credit actually provided up to immediate settlement and applicable from such date to the extent that it has not been paid), as well as any additional sum which is, in the Lenders' opinion, available to them in respect of any damage caused to them pursuant to early settlement of the Credit;
(c) To increase the rate of interest applicable to the Credit, or any part thereof, as specified in Section 5.4 above; It is further clarified that the Events/circumstances specified above in the sub-sections of this Section 11 (as may be amended by the parties in writing from time to time) and the Events entitling the demand for immediate settlement as detailed in the debenture charge entered into by Telecom under Section 8.7 above and the floating debenture charge entered into under Section 8.1 above as amended by the parties from time to time (the "Credit Grounds"), are the sole grounds for establishing the right of the Lenders to demand immediate settlement. It is hereb...
Immediate Settlement. Subject to the provisions of subsection 7.2 below, the Trustee may declare all or any part of the unsettled balance of the Bonds 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 Bondholders, all upon the occurrence of one or more of the following:
Immediate Settlement. Immediate Settlement refers to settlement that takes place either instantly and automatically once the Client has placed the order or during the next manual settlement round. Manual settlement may take place twice per day during normal working days. Immediate settlement is available for buy orders as long as Voima has access to its refinery partners’ gold accounts or as long as Voima has enough gold on its balance sheet to fill the Client’s orders. Immediate settlement is also available for sell orders as long as Voima has access to its bank accounts and enough Fiat Currency on its balance sheet.