Common use of Default and Enforcement Clause in Contracts

Default and Enforcement. 2.1 If the Guarantor shall fail on demand to make payment pursuant to 1.1 of the Borrower’s Liabilities the Lender may in its discretion proceed with the enforcement of its rights hereunder and may proceed to enforce such rights or from time to time any thereof prior to, contemporaneously with or after any action taken under any security or other documents delivered by the Borrower or others to the Lender. The Guarantor shall pay on demand all costs and expenses (including legal fees on a solicitor and own client indemnity basis) incurred by the Lender in enforcing or attempting to enforce its rights hereunder and all proceedings taken in relation hereto with interest thereon at the rate of interest provided for in the security or loan documents. 2.2 All sums paid to or recovered by the Lender pursuant to the provisions hereof shall be applied by it against all amounts owing in such order as the Lender in its sole discretion may determine. 2.3 The Lender may waive any default of the Guarantor hereunder upon such terms and conditions as it may determine provided that no such waiver shall extend to or be taken in any manner whatsoever to affect any subsequent default or the rights resulting therefrom. 2.4 Any moneys paid by or recovered from the Guarantor hereunder shall be held to have been paid in discharge of the liability of the Guarantor hereunder, but not in discharge of the liability of the Borrower, and in the event of any such payment by or recovery from the Guarantor, the Guarantor hereby assigns any rights with respect to or arising from such payment or recovery (including without limitation any right of subrogation) to the Lender unless or until the Lender has received in the aggregate payment in full of all moneys owing to the Lender.

Default and Enforcement. 2.1 2.1. If the Company shall make default in payment of the principal of, interest on or any other moneys owing to the Vendors on any of the Company's Debts including, without limitation, any principal of, interest on or other monies owing under the Note as and when the same become due and payable, then the Guarantor shall forthwith on demand by the Vendors pay to the Vendors the principal, interest and other moneys in default. 2.2. If the Guarantor shall fail forthwith on demand to make payment pursuant to 1.1 of good any such default, the Borrower’s Liabilities the Lender Vendors may in its discretion proceed with the enforcement of its rights hereunder and may proceed to enforce such rights or from time to time any thereof prior to, contemporaneously with or after any action taken under any security or other documents delivered by the Borrower Company or others to the LenderVendors, including the Note. The Guarantor shall pay on demand all costs and expenses (including reasonable legal fees on a solicitor and own client indemnity basisfees) incurred by the Lender Vendors in enforcing or attempting to enforce its rights hereunder and all proceedings taken in relation hereto with hereto; all such costs and expenses and other moneys payable hereunder shall bear interest thereon at the greater of the loan rate of or the interest rate provided for in any of the Note, other security or loan documents. 2.2 2.3. All sums paid to or recovered by the Lender Vendors pursuant to the provisions hereof shall be applied by it against them in payment of their costs and expenses payable hereunder and the principal, interest and other moneys owing to the Vendors including, without limitation, all amounts owing on the Note and in such order as the Lender Vendors in its their sole discretion may determine. 2.3 2.4. The Lender Vendors may waive any default of the Guarantor hereunder upon such terms and conditions as it may determine provided that no such waiver shall extend to or be taken in any manner whatsoever to affect any subsequent default or the rights resulting therefrom. 2.4 2.5. Any moneys paid by or recovered from the Guarantor hereunder shall be held to have been paid pro tanto in discharge of the liability of the Guarantor hereunder, but not in discharge of the liability of the BorrowerCompany, and in the event of any such payment by or recovery from the Guarantor, the Guarantor hereby assigns any rights with respect to or arising from such payment or recovery (including without limitation any right of subrogation) to the Lender Vendors unless or until the Lender has Vendors have received in the aggregate payment in full of all moneys owing to the LenderVendors including, without limitation, amounts on the Note. If the Guarantor receives money in payment of any such debts and liabilities, the Guarantor will hold them in trust for, and will immediately pay funds to, the Vendors without reducing the Guarantor's liability under this Guarantee.

Default and Enforcement. 2.1 6.1. If the Company shall make default in payment of the principal of, interest on or any other moneys owing to the Vendors on any of the Company's Debts including, without limitation, any principal of, interest on or other monies owing under the Note as and when the same become due and payable, then the Guarantor shall forthwith on demand by the Vendors pay to the Vendors the principal, interest and other moneys in default. 6.2. If the Guarantor shall fail forthwith on demand to make payment pursuant to 1.1 of good any such default, the Borrower’s Liabilities the Lender Vendors may in its discretion proceed with the enforcement of its rights hereunder and may proceed to enforce such rights or from time to time any thereof prior to, contemporaneously with or after any action taken under any security or other documents delivered by the Borrower Company or others to the LenderVendors, including the Note. The Guarantor shall pay on demand all costs and expenses (including reasonable legal fees on a solicitor and own client indemnity basisfees) incurred by the Lender Vendors in enforcing or attempting to enforce its rights hereunder and all proceedings taken in relation hereto with hereto; all such costs and expenses and other moneys payable hereunder shall bear interest thereon at the greater of the loan rate of or the interest rate provided for in any of the Note, other security or loan documents. 2.2 6.3. All sums paid to or recovered by the Lender Vendors pursuant to the provisions hereof shall be applied by it against them in payment of their costs and expenses payable hereunder and the principal, interest and other moneys owing to the Vendors including, without limitation, all amounts owing on the Note and in such order as the Lender Vendors in its their sole discretion may determine. 2.3 6.4. The Lender Vendors may waive any default of the Guarantor hereunder upon such terms and conditions as it may determine provided that no such waiver shall extend to or be taken in any manner whatsoever to affect any subsequent default or the rights resulting therefrom. 2.4 6.5. Any moneys paid by or recovered from the Guarantor hereunder shall be held to have been paid pro tanto in discharge of the liability of the Guarantor hereunder, but not in discharge of the liability of the BorrowerCompany, and in the event of any such payment by or recovery from the Guarantor, the Guarantor hereby assigns any rights with respect to or arising from such payment or recovery (including without limitation any right of subrogation) to the Lender Vendors unless or until the Lender has Vendors have received in the aggregate payment in full of all moneys owing to the LenderVendors including, without limitation, amounts on the Note. If the Guarantor receives money in payment of any such debts and liabilities, the Guarantor will hold them in trust for, and will immediately pay funds to, the Vendors without reducing the Guarantor's liability under this Guarantee.

Default and Enforcement. 2.1 1. If the Debtor shall make default in payment of the principal of the Bonds or in the payment of any interest or any other amount that has become payable in accordance with the provisions of the Trust Deed or any part thereof as and when the same becomes due and payable, then the Guarantor shall, so often as any such default happens, forthwith on demand by the Trustee pay to the Trustee for the benefit of each and every Bondholder in respect of which there shall be such default the principal, interest and all other amounts due under the Bonds and shall also pay to the Trustee all other moneys owing under the Trust Deed as aforesaid. 2. If the Debtor shall make default as aforesaid and the Guarantor shall fail forthwith on demand to make payment pursuant to 1.1 of pay as aforesaid, then and so often as any such default and failure shall happen, the Borrower’s Liabilities Trustee shall have the Lender may right in its discretion to proceed with in its name as Trustee hereunder in the enforcement of its rights this agreement and in the enforcement of the Guarantee Security to which the Guarantor is a party by any remedy provided by law, whether by legal proceedings or otherwise, and to recover from the Guarantor or out of the Mortgaged Property under the Guarantee Security to which the Guarantor is a party such sums as the Guarantor may be liable to pay hereunder and thereunder, and shall be obliged so to proceed and recover if so requested in writing by any Bondholder, and any and all sums so recovered by the Trustee shall be dealt with by the Trustee in the manner provided by the Trust Deed. Without limitation of the foregoing provisions, the Trustee shall have the same rights of enforcement (by way of entry, appointment of a receiver or receiver and manager, sale, legal proceedings or otherwise) against the Mortgaged Property under the Guarantee Security to which the Guarantor is a party as by the Trust Deed are afforded the Trustee against the Mortgaged Property thereunder; and the Trustee may proceed to enforce such rights or from time to time any thereof against the Mortgaged Property under the Guarantee Security to which the Guarantor is a party or any part thereof, prior to, contemporaneously with or after any action taken such enforcement against the Mortgaged Property under the Trust Deed or any security or other documents delivered by guarantee; and the Borrower or others Guarantor hereby appoints the Trustee to be the Lender. The Guarantor shall pay on demand all costs and expenses (including legal fees on a solicitor and own client indemnity basis) incurred by the Lender in enforcing or attempting to enforce its rights hereunder and all proceedings taken in relation hereto with interest thereon at the rate of interest provided for in the security or loan documents. 2.2 All sums paid to or recovered by the Lender pursuant to the provisions hereof shall be applied by it against all amounts owing in such order as the Lender in its sole discretion may determine. 2.3 The Lender may waive any default attorney of the Guarantor hereunder to the like extent and for the like purposes as the Trustee is appointed to be the attorney of the Company by Section 6.18 of the Trust Deed. 3. No Person dealing with the Trustee or any receiver appointed pursuant hereto or any agents thereof shall be concerned to enquire whether the Lien Hereof has become enforceable or whether the powers which the Trustee is purporting to exercise have become exercisable, or whether any moneys remain due upon such terms the Guarantee Security or as to the necessity or expediency of the stipulations and conditions subject to which any sale shall be made or otherwise as to the propriety or regularity of any sale or of any other dealing by the Trustee with the Mortgage Property or any part thereof, or to see to the application of any moneys paid to the Trustee and, in the absence of fraud on the part of such Person, such dealing shall be deemed so far as regards the safety and protection of such Person, to be within the powers hereby conferred and to be valid and effective accordingly. 4. No holder of any Bond shall have the right to institute any suit, action or proceeding against the Guarantor for any default hereunder except in the manner and subject to the conditions set forth in Sections 6.11 and 9.05 of the Trust Deed, it may determine provided being understood and intended that no such waiver one or more Bondholders shall extend to or be taken have any right in any manner whatsoever to affect enforce any subsequent default right hereunder or under the rights resulting therefromGuarantee Security to which the Guarantor is a party or to affect, disturb or prejudice the security created thereby or pursuant thereto by his or their action except as aforesaid and that all powers and trusts hereunder and thereunder shall be exercised and all proceedings at law or in equity shall be instituted, had and maintained by the Trustee, except only as aforesaid and in any event for the benefit of all Bondholders as provided in the Trust Deed. 2.4 Any moneys paid by or recovered from 5. The Guarantor shall not be deemed to be in default hereunder if the default of the Debtor in respect of which the Guarantor would otherwise be or become liable hereunder shall be held to have been paid in discharge waived or directed to be waived pursuant to the relevant provisions of the liability of the Guarantor hereunder, but not in discharge of the liability of the Borrower, and in Trust Deed. 6. In the event of any such payment by or recovery from the GuarantorGuarantor under the provisions hereof, the rights of the Guarantor shall in respect of such payment rank subsequent to and not pari passu with the rights of the Bondholders and in the event of the sale of the Mortgaged Property under the Trust Deed or other realization of the security for the Bonds or enforcement of the trusts of the Trustee, the Guarantor hereby assigns any rights shall not be entitled to rank for payment against such Mortgaged Property in competition with respect to the Bondholders. Until all Bondholders shall have received full payment of the principal amount of the Bonds, such interest thereon as has become payable together with all other amounts that may be due in connection with the Bonds or arising from such payment or recovery (including without limitation the Trust Deed, the Guarantor shall not have any right to enforce the trusts of subrogation) to the Lender unless Trust Deed or until the Lender has received in the aggregate payment in full of all moneys owing to the Lenderany security created thereby or pursuant thereto.

Default and Enforcement. 2.1 If the Company shall make default in payment of the principal of, interest on or any other moneys owing under the Note as and when the same becomes due and payable, then the Guarantor shall forthwith on demand by the Lender pay to the Lender the principal, interest and other moneys in default. 2.2 If the Guarantor shall fail forthwith on demand to make payment pursuant to 1.1 of the Borrower’s Liabilities good any such default, the Lender may in its discretion proceed with the enforcement of its rights hereunder and may proceed to enforce such rights or from time to time any thereof prior to, contemporaneously with or after any action taken under any security or other documents delivered by the Borrower or others to the LenderNote. The Guarantor shall pay on demand all costs and expenses (including legal fees on a solicitor and own client indemnity basis) incurred by the Lender in enforcing or attempting to enforce its rights hereunder and all proceedings taken in relation hereto with hereto; all such costs and expenses and other moneys payable hereunder shall bear interest thereon at the interest rate of interest provided for in the security or loan documentsNote. 2.2 2.3 All sums paid to or recovered by the Lender pursuant to the provisions hereof shall be applied by it against all amounts in payment of its costs and expenses payable hereunder and the principal, interest and other moneys owing on the Note in such order as the Lender in its sole discretion may determine. 2.3 2.4 The Lender may waive any default of the Guarantor hereunder upon such terms and conditions as it may determine provided that no such waiver shall extend to or be taken in any manner whatsoever to affect any subsequent default or the rights resulting therefrom. 2.4 2.5 Any moneys paid by or recovered from the Guarantor hereunder shall be held to have been paid pro tanto in discharge of the liability of the Guarantor hereunder, but not in discharge of the liability of the BorrowerCompany, and in the event of any such payment by or recovery from the Guarantor, the Guarantor hereby assigns any rights with respect to or arising from such payment or recovery (including without limitation any right of subrogation) to the Lender unless or until the Lender has received in the aggregate payment in full of all moneys owing to on the LenderNote.