Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. If an Event of Default hereunder has occurred and is continuing, then the Trustee may in its discretion, and shall upon receipt of a Debentureholders' Request, declare the principal of and interest on all Debentures then outstanding and other monies payable hereunder to be due and payable and such amounts shall forthwith become immediately due and payable to the Trustee on demand, anything therein or herein to the contrary notwithstanding. The Corporation shall on such demand forthwith pay to the Trustee for the benefit of the Debentureholders the principal of, and accrued and unpaid interest and interest on amounts in default on, such Debentures (and, where such a declaration is based upon a voluntary dissolution, winding-up or liquidation of the Corporation, the premium, if any, on the Debentures then outstanding which would have been payable upon the redemption thereof by the Corporation, other than through sinking fund operations, on the date of such declaration) and all other monies payable thereunder together with subsequent interest thereon at the rates borne by the Debentures from the date of such declaration until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the monies mentioned in and according to the tenor of the Debentures and coupons. Such payment when made shall be deemed to have been made in satisfaction of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied as herein provided.

Acceleration on Default. If an Event In case any event of Default default hereunder has occurred and is continuingoccurred, then the Trustee may in its discretion, discretion and shall upon receipt of a Debentureholders' Request, ’ Request declare the principal of and interest on all Debentures then outstanding and other monies moneys payable hereunder to be due and payable and such amounts the same shall forthwith become immediately due and payable to the Trustee on demand, anything therein or herein to the contrary notwithstanding. The , and the Corporation shall on such demand forthwith pay to the Trustee for the benefit of the Debentureholders the principal of, of and accrued and unpaid interest and interest on amounts in default on, on such Debentures (and, where such a declaration is based upon a voluntary dissolution, winding-up or liquidation of the Corporation, the premium, premium (if any, ) on the Debentures then outstanding which would have been payable upon the redemption thereof by the Corporation, other than through sinking fund operations, on the date of such declaration) and all other monies moneys payable thereunder together with subsequent interest thereon at the rates borne by the Debentures from the date of such the said declaration until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the monies 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 satisfaction of the Corporation's obligations hereunder and any monies so received by the Trustee shall be applied as herein provided.to

Acceleration on Default. If In case an Event of Default hereunder has occurred and is continuingoccurred, then the Trustee may in its discretion, discretion and shall upon receipt the requisition in writing of a Debentureholders' Requestthe holders of at least 25% of the principal amount of the affected Debentures then outstanding, subject to the provisions of Section 6.3, by notice in writing to the Corporation declare the principal of and interest on of all such Debentures then outstanding and other monies moneys payable hereunder to be due and payable and such amounts the same shall forthwith become immediately due and payable to the Trustee on demand, anything therein or herein to the contrary notwithstanding. The , and the Corporation shall on such demand forthwith pay to the Trustee for the benefit of the Debentureholders Debenture holders the principal of, of and accrued and unpaid interest and interest on amounts in default on, on such Debentures (and, where such a declaration is based upon a voluntary dissolution, winding-winding up or liquidation of the Corporation, the premium, if any, on the Debentures then outstanding which would have been payable upon the redemption thereof by the Corporation, other than through sinking fund operations, Corporation on the date of such declaration) and all other monies payable thereunder moneys secured hereby, together with subsequent interest thereon at the rates borne by the Debentures (to the extent permitted by law), or if no rate is specified at an annual rate equivalent to the annual rate of interest announced from time to time by the Royal Bank of Canada as being its prime rate then in effect on Canadian dollar loans made in Canada, from the date of such the said declaration until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the monies 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 satisfaction discharge of the Corporation's obligations hereunder and any monies moneys so received by the Trustee shall be applied as herein providedprovided in Section 6.5.

Acceleration on Default. If an any Event of Default hereunder has occurred and is continuing, then the Trustee Secured Party may in its discretion, and shall upon receipt of a Debentureholders' Request, subject to Section 7.4 of the Indenture, by notice in writing to the Debtor declare the principal of and interest on all the Debentures then outstanding and any other monies moneys payable hereunder to be due and payable and such amounts the same shall forthwith become immediately due and payable to the Trustee on demand, anything therein or herein Secured Party and the Debtor shall pay forthwith to the contrary notwithstanding. The Corporation shall on such demand forthwith pay to the Trustee Secured Party for the benefit of the Debentureholders the principal of, of and accrued and unpaid interest and (including interest on amounts in default on, default) on such Debentures (and, where such a declaration is based upon a voluntary dissolution, winding-up or liquidation of the Corporation, the premium, if any, on the Debentures then outstanding which would have been payable upon the redemption thereof by the Corporation, other than through sinking fund operations, on the date of such declaration) and all other monies moneys payable thereunder hereunder, together with subsequent interest thereon at the rates rate borne by the Debentures from the date of such declaration until payment is received by the Trustee, such subsequent interest to be payable at the times and places and in the monies mentioned in and according to the tenor of the Debentures and couponsSecured Party. Such payment when made shall be deemed to have been made in satisfaction discharge of the CorporationDebtor's obligations hereunder and any monies moneys so received by the Trustee Secured Party shall be applied as herein providedprovided in Section 8.7 of the Indenture. Notwithstanding anything contained in the foregoing or elsewhere in this Indenture, in the event that the Event of Default (other than the Event of Default set out in Sections 7.1.1(d), 7.1.1(e), 7.1.1(f) and 7.1.1(g) of the Indenture has occurred and the Applicable Cure Period has expired, then all principal and interest on the Debentures then outstanding and any other monies due and payable hereunder shall forthwith immediately become due and payable to the Secured Party without further action by the Secured Party.