Common use of Immediate Settlement Clause in Contracts

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 calling for the convention (or at an earlier date according to section 7.2.4 below) and whose agenda will be to decide about the offering the immediate settlement of all the remaining balance of un-cleared (A Series) Bonds due to the occurrence of one of the events specified in the subsections of the above section 7.1. 17.3.2 In the case that up till the date of convening the Assembly, none of the above events specified in the subsections of the above section 7.1 were nullified or removed, and the decision of the said Bond Holders Assembly reached a special decision (as defined in the Second Appendix of this Deed), the Trustee will be obligated, within a reasonable amount of time, to offer for immediate settlement the remainder of the un-cleared balance of (A Series) Bonds. 17.3.3 Copies of the Assembly Convention Notification will be sent by the Trustee to the company immediate on publication of the notification and this will serve as written advanced notice to the Company as mentioned of its intention to act. 17.3.4 The Trustee will be entitled to according to its own discretion to shorten the time of 30 days as specified (in the above section 7.2.1) in case that the Trustee is of the opinion that any postponement in offering the Bonds for immediate settlement endangers the rights of the (A Series) Bond Holders.