Forfeiture of Benefit of Time. I. The Borrower shall naturally forfeit the benefit of time with respect to all obligations owed to the Bank without a notice, etc. from the Bank and shall immediately repay the obligations if even one of the following events occurs with respect to the Borrower:
1. the Borrower files or is filed against a petition of suspension of payment, the commencement of bankruptcy proceedings, the commencement of civil rehabilitation proceedings or commencement of special liquidation;
2. the Borrower is subject to the suspension of transactions by a clearinghouse or suspension of use of debtors of the Electronic Monetary Claim Recording Institution;
3. a provisional seizure, a protective seizure, or an order or notice of seizure is delivered with respect to the Borrower’s or the Guarantor’s deposits or other claims against the Bank; or
Forfeiture of Benefit of Time. (1) In case that any of the following events occurs with respect to Party A, Party A shall automatically forfeit the benefit of time with respect to all obligations owed to Party B and shall immediately perform such obligations, even if no notices are given by Party B:
(a) In case of suspension of payments or filing of a petition for commencement of bankruptcy proceedings, civil rehabilitation proceedings, corporate reorganization proceedings, special liquidation proceedings, or any other similar legal liquidation proceedings
(b) In case that a transaction suspension order is issued by a clearing house or an electronic monetary claim recording institution
(c) In case that an order or notice of provisional attachment, preservative attachment or attachment has been dispatched with respect to the deposits of Party A or its guarantor or any other claims against Party B
(d) In case that the whereabouts of Party A are unknown to Party B due to reasons attributable to Party A
(2) In case that any of the following events occurs with respect to Party A, Party A shall, at the request of Party B, forfeit the benefit of time with respect to all obligations owed to Party B and shall immediately pay such obligations.
(a) In case of delay in the performance of any of the obligations owed to Party B
(b) In case that the subject matter of the collateral is subject to attachment or commencement of auction procedures
(c) In case of violating an agreement with Party B
(d) In case that a note issued by Party A is dishonored and the electronically recorded monetary claims recorded as accrued by Party A become insolvent (limited to cases in which dishonor and insolvent occur within six (6) months)
(e) In case that Party A’s guarantor falls under any of the items set forth in the preceding paragraph and this paragraph
(f) In addition to each of the preceding items, when there are reasonable grounds for Party A to require preservation of claims
(3) In case of the preceding paragraph and the request from Party B has been delayed or has not arrived due to reasons attributable to the fault of Party A, such as Party A’s failure to notify Party B of the change of address, the benefit of time shall be deemed to have expired at the time it should have normally arrived.
Forfeiture of Benefit of Time. 1. If any of the following events occurs with respect to the Borrower, and the lender issues a notice or warning, the Borrower shall automatically lose the benefit of term and shall immediately pay the entire amount of debt owed to the Lender.
i. When payment is suspended or bankruptcy proceedings are initiated.
ii. In addition to the preceding paragraph, in the event that the Borrower initiates legal proceedings related to debt reorganization involving court intervention or when facts are recognized as having occurred that payment has been suspended.
iii. When provisional seizure, preservation seizure, seizure order, or delinquent disposition is received.
2. In the following cases, the Borrower shall lose the term benefit with respect to all debts owed to the Lender at the request of the Lender and shall immediately pay the full amount of the debts owed to the Lender.
i. When the Borrower is delayed in performing even a part of the debt owed to the Lender.
ii. When the Borrower violates any article of this Agreement.
iii. When equivalent reasons requiring the preservation of the right to claim arise in addition to the above.
Forfeiture of Benefit of Time. 25.1 When a reason falling under any provision of Article 24 occurs to either party, the relevant party shall forfeit the benefit of time in regard to all obligations arising from transaction.
Forfeiture of Benefit of Time. If the Debtor forfeits the benefit of time, the Debtor shall, upon demand by the Bank, pay to the Bank the Settlement Amount as calculated pursuant to the preceding Article.
Forfeiture of Benefit of Time. If the following matter causes in the Lessee, the Lessee shall forfeit the benefit of time without notice and the Lessor may claim all of the payments.
(1) Non-payment of the Fee
(2) Attachment, provisional disposition, compulsory execution, auction as exercise of security interest, coercive tax collection, etc.
(3) Bankruptcy, civil rehabilitation, corporation reorganization, special liquidation, etc.
(4) Other material change in the Lessee’s assets, credit or solvency
Forfeiture of Benefit of Time. In the event that one Party falls under any of the items of paragraph 1 of the preceding Article, the other Party may send written notice to the Party, causing it to forfeit the benefit of time for all its obligations.
Forfeiture of Benefit of Time. The occurrence of any of the following events by the Borrower shall forfeit the benefit of time without any notice from the Lender and the Borrower shall repay the principal amount together with accrued interest immediately.
1) If the Borrower is filed for provisional attachment, or filed for attachment, provisional disposition, auction, compulsory execution, disposition of failure to pay taxes against property that belongs to the Borrower.
2) If the Borrower is filed for bankruptcy, civil rehabilitation, reorganization, or special liquidation proceedings, or by other liabilities
3) If the notes or cheques drawn, endorsed or secured by the borrower became dishonored
4) If the Borrower changes his address without any notification to the Lender.
Forfeiture of Benefit of Time. ● If any of the following circumstances occur to Party B, Party B shall forfeit the benefit of time without any notice from Party A and immediately repay the remaining debt:
1. Filing for bankruptcy, civil rehabilitation, corporate reorganization, company arrangement, or special liquidation.
2. Receiving a transaction suspension from a clearinghouse.
3. Receiving provisional attachment, provisional disposition, forced execution, or auction.
