Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. In case an Event of Default has occurred and is continuing, the Trustee may in its discretion and shall upon receipt of a Debentureholders' Request, subject to the provisions of Section 8.5, by notice in writing to the Bank, declare the principal of and interest on all Debentures then outstanding and other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, anything therein or herein to the contrary notwithstanding, and the Bank shall forthwith pay to the Trustee for the benefit of the Debentureholders the principal of 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 rates borne by the Debentures from the date of the said declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the Bank's obligations hereunder and any moneys so received by the Trustee shall be applied as herein provided.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion discretion, and shall upon receipt receipt, of a Debentureholders' Request, subject to the provisions of Section 8.5section 7.4, by notice in writing to the Bank, Corporation declare the principal of and interest on all the Debentures then outstanding and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, notwithstanding anything contained therein or herein to the contrary notwithstandingcontrary, and the Bank Corporation shall pay forthwith pay to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of the said such declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the BankCorporation's obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedprovided in section 7.7.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion discretion, and shall upon receipt of a DebentureholdersNoteholders' Request, subject to the provisions of Section 8.5sections 6.4 and subsection 9.11(d), by notice in writing to the Bank, Corporation declare the principal of and interest on all Debentures the Notes then outstanding and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, notwithstanding anything contained therein or herein to the contrary notwithstandingcontrary, and the Bank Corporation shall pay forthwith pay to the Trustee for the benefit of the Debentureholders Noteholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Notes and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures Notes from the date of the said such declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the BankCorporation's obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedprovided in section 6.7.

Acceleration on Default. In case an any Event of Default has occurred and is continuing, the Trustee may in its discretion and shall upon receipt of a Debentureholders' Request’ Request or if so directed by an Extraordinary Resolution, subject to the provisions of Section 8.5, by notice in writing to the Banksection 8.03, declare the principal of and interest on all 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 TrusteeTrustee on written demand, anything therein or herein to the contrary notwithstanding, and the Bank . The Company shall in either case forthwith pay to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on such Debentures together with the Debentures, the premium (if any) Remaining Interest Premium and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of the said declaration until 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 Debentures and couponsDebentures. Such payment when made shall be deemed to have been made in discharge of the Bank's obligations Company’s obligation hereunder and any moneys so received by the Trustee shall be applied as herein providedin the manner provided in section 8.06.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion and shall upon receipt of a Debentureholders' Request, then subject to the provisions of Section 8.5Article 7, by notice in writing to the Bank, declare the principal amount of and accrued and unpaid interest on all the Debentures then outstanding and 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, anything therein or herein to the contrary notwithstanding, and the Bank shall forthwith pay to the Debenture Trustee for the benefit of the Debentureholders Debentureholders, the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Debentures and all other moneys fees and expenses payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of the said such amounts are due and payable automatically or by declaration pursuant to this section 9.3 until payment is received by the Debenture 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the Bank's Company’s obligations hereunder and any moneys so received by the Debenture Trustee shall be applied as herein providedprovided in section 9.7.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion discretion, and shall upon receipt of a DebentureholdersNoteholders' Request, subject to the provisions of Section 8.5subsection 6.4 and paragraph 9.11(d), by written notice in writing to the Bank, Corporation declare the principal of and interest on all Debentures the Notes then outstanding and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, notwithstanding anything contained therein or herein to the contrary notwithstandingcontrary, and the Bank Corporation shall pay forthwith pay to the Trustee for the benefit of the Debentureholders Noteholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Notes and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures Notes from the date of the said such declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the BankCorporation's obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedprovided in subsection 6.7.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion discretion, and shall upon receipt of a Debentureholders' RequestRequest (but subject to sufficient funds and/or indemnity having been provided in accordance with section 12.3(2)), subject to the provisions of Section 8.5section 7.4, by notice in writing to the Bank, Corporation declare the principal of and interest on all the Debentures then outstanding and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, notwithstanding anything contained therein or herein to the contrary notwithstandingcontrary, and the Bank Corporation shall pay forthwith pay to the Trustee for the benefit of the Debentureholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of the said such declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the BankCorporation's obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedprovided in section 7.7.

Acceleration on Default. In case an If any Event of Default has occurred and is continuing, the Trustee may in its discretion discretion, and shall upon receipt of a Debentureholders' Request, subject to the provisions of Section 8.5sections 7.4 and 10.11(d), by notice in writing to the Bank, Corporation declare the principal amount of and interest on all the Debentures then outstanding and any other moneys payable hereunder to be due and payable and the same shall forthwith become immediately due and payable to the Trustee, notwithstanding anything contained therein or herein to the contrary notwithstandingcontrary, and the Bank Corporation shall pay forthwith pay to the Trustee for the benefit of the Debentureholders the principal amount of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Debentures and all other moneys payable hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of the said such declaration until 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 Debentures and coupons. Such payment when made shall be deemed to have been made in discharge of the BankCorporation's obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedprovided in section 7.7.

Acceleration on Default. In case an 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 upon receipt shall, if so directed by the Holders of a Debentureholders' Requestnot less than 33% in principal amount of the Notes then outstanding by instrument in writing, subject to the provisions of Section 8.5, by notice in writing to the Banksection 7.3, declare the principal of and interest on all Debentures 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 TrusteeTrustee on written demand, anything therein or herein to the contrary notwithstanding, and the Bank . VGZ shall in either case forthwith pay to the Trustee for the benefit of the Debentureholders Noteholders the principal of and accrued and unpaid interest (including interest on amounts in default) on the Debentures, the premium (if any) such Notes and all other moneys payable hereunder, together with subsequent interest thereon at the rates borne by the Debentures rate of 12% per annum from the date of such declaration (subject to the said declaration 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 Debentures and couponsNotes. Such payment when made shall be deemed to have been made in discharge of the Bank's VGZ’s obligations hereunder and any moneys so received by the Trustee shall be applied as herein providedin the manner provided in section 7.6.