Common use of Repayment on Default Clause in Contracts

Repayment on Default. The whole of the Loan with accrued interest thereon will become immediately due and payable upon the occurrence of any of the following (and you will promptly notify me in writing of the occurrence thereof):- (a) TMNA fails duly to perform or observe any obligation contained in this letter; (b) an order is made or effective resolution is passed for the dissolution or winding-up of TMNA or any other resolution is passed or order made having like effect in the jurisdiction in which it is passed or made; (c) TMNA is insolvent or calls a meeting of its creditors or makes any arrangement or composition with its creditors or does or suffers anything having like effect in any jurisdiction to which it is from time to time subject; (d) a receiver or trustee is appointed over the whole or any of the assets of TMNA any person is appointed to manage the affairs of TMNA or receive or dispose of its assets pursuant to any security issued or entered into by TMNA or to an order of a court of competent jurisdiction; (e) TMNA ceases to carry on any substantial part of its business or ceases to be entitled so to carry it on or disposes of any part of its business or assets (otherwise than in the normal course of its business); (f) any execution or distress or distraint is levied against TMNA or the whole or any of its assets which remains undischarged for 14 days or if any assets of TMNA are seized or fall to be disposed of pursuant to an order of a court of competent jurisdiction provided that notwithstanding the foregoing the proposed merger of TMNA and Transmedia Europe, Inc. and any consequential hive-down of assets shall not constitute an event of default.

Repayment on Default. The whole of the Loan with accrued interest thereon will become immediately due and payable upon the occurrence of any of the following (and you will promptly notify me in writing of the occurrence thereof):- (a) TMNA TMNE fails duly to perform or observe any obligation contained in this letter; (b) an order is made or effective resolution is passed for the dissolution or winding-up of TMNA TMNE or any other resolution is passed or order made having like effect in the jurisdiction in which it is passed or made; (c) TMNA TMNE is insolvent or calls a meeting of its creditors or makes any arrangement or composition with its creditors or does or suffers anything having like effect in any jurisdiction to which it is from time to time subject; (d) a receiver or trustee is appointed over the whole or any of the assets of TMNA TMNE any person is appointed to manage the affairs of TMNA TMNE or receive or dispose of its assets pursuant to any security issued or entered into by TMNA TMNE or to an order of a court of competent jurisdiction; (e) TMNA TMNE ceases to carry on any substantial part of its business or ceases to be entitled so to carry it on or disposes of any part of its business or assets (otherwise than in the normal course of its business); (f) any execution or distress or distraint is levied against TMNA TMNE or the whole or any of its assets which remains undischarged for 14 days or if any assets of TMNA TMNE are seized or fall to be disposed of pursuant to an order of a court of competent jurisdiction provided that notwithstanding the foregoing the proposed merger of TMNA TMNE and Transmedia Europe, Asia Pacific Inc. and any consequential hive-down of assets shall not constitute an event of default.