Common use of Repayment Events Clause in Contracts

Repayment Events. A Repayment Event occurs if: (a) the Borrower fails to pay any money owing to FSL under a Loan Agreement; (b) the Borrower is a corporation, and a liquidator, receiver, administrator or any similar officer is appointed over any part of the Borrower’s undertaking; (c) the Borrower is a partnership which is dissolved or has a receiver appointed to any of its assets; (d) the Borrower is declared or becomes insolvent or, if an individual, is declared bankrupt; or (e) the Borrower breaches any term of this PFMA or any Loan Agreement. If a Repayment Event occurs: (i) the Borrower is deemed to have repudiated the relevant Loan Agreement; (ii) the Debt the subject of the applicable Loan Agreement will become immediately due and payable by the Borrower to FSL without FSL having to make demand for the same; (iii) FSL may cancel or otherwise deal with any Insurance; (iv) FSL may direct the Insurer, or any person or organisation to whom Insurance Proceeds are paid, to pay the Insurance Proceeds in full to FSL; and FSL may apply the Insurance Proceeds received by FSL in payment of all Secured Moneys. If the Insurance Proceeds received by FSL are less than the Secured Moneys the Borrower will remain liable to FSL for the shortfall and if they exceed the Secured Moneys FSL will account to the Borrower for the excess. FSL will not be liable for any losses that the Borrower may incur if FSL exercises its right to cancel any Insurance or otherwise exercises its rights under this clause. The Borrower must pay FSL upon demand all its costs and expenses (including legal costs and expenses on a full indemnity basis) incurred by FSL in recovering Secured Moneys following a Repayment Event.

Repayment Events. A Repayment Event occurs if: (a) Repayment Event means any of the Borrower fails following events has occurred and is continuing: (i) A Cross Acceleration Event; provided, that, unless the Notes (as defined in the Indenture) have been accelerated as a result of such Cross Acceleration Event, no Repayment Event under this Section 3.1(a)(i) (Repayment Events) of this Annex I shall occur unless such Cross Acceleration Event has occurred and is continuing for sixty (60) days. (ii) Failure to pay the Deferred Amount (together with accrued and unpaid interest, fees, expenses and other amounts payable pursuant to the terms of this Agreement), as and when due. (iii) Breach of any money owing provision in this Agreement, in each case, which has not be cured within thirty (30) days after the Payor gives written notice of that breach. (iv) Voluntary bankruptcy, insolvency or liquidation proceedings are commenced by the Guarantor, Company or any other member of the Payee Group, except in such circumstances as may be mutually agreed in writing by the Company and the Payor. (v) Involuntary insolvency or liquidation proceedings are commenced against the Guarantor, Company or any other member of the Payee Group and are not dismissed or stayed within ninety (90) days. (vi) It is or becomes or will become unlawful for the Guarantor or the Company to FSL perform or comply with any of its obligations under a Loan this Agreement; , or any such obligation is not or ceases to be legal, valid and binding. (vii) The Security or Guarantee (except as permitted in accordance with this Agreement) becomes unenforceable or ineffective. (b) Subject to Section 3 (Status of the Borrower Deferred Amount), if there is a corporationRepayment Event, the Deferred Amount (together with accrued and a liquidatorunpaid interest, receiverfees, administrator expenses and other amounts payable pursuant to the terms of this Agreement) shall become due and payable immediately and in each case the Company shall immediately prepay or any similar officer is appointed over any part of repay such amounts to the Borrower’s undertaking; Payor. (c) Company shall be required to promptly give notice to Payor of an event that with the Borrower is a partnership which is dissolved passage of time or has a receiver appointed to any giving of its assets; (d) the Borrower is declared notice will or becomes insolvent or, if an individual, is declared bankrupt; or (e) the Borrower breaches any term of this PFMA or any Loan Agreement. If a Repayment Event occurs: (i) the Borrower is deemed to have repudiated the relevant Loan Agreement; (ii) the Debt the subject of the applicable Loan Agreement will could become immediately due and payable by the Borrower to FSL without FSL having to make demand for the same; (iii) FSL may cancel or otherwise deal with any Insurance; (iv) FSL may direct the Insurer, or any person or organisation to whom Insurance Proceeds are paid, to pay the Insurance Proceeds in full to FSL; and FSL may apply the Insurance Proceeds received by FSL in payment of all Secured Moneys. If the Insurance Proceeds received by FSL are less than the Secured Moneys the Borrower will remain liable to FSL for the shortfall and if they exceed the Secured Moneys FSL will account to the Borrower for the excess. FSL will not be liable for any losses that the Borrower may incur if FSL exercises its right to cancel any Insurance or otherwise exercises its rights under this clause. The Borrower must pay FSL upon demand all its costs and expenses (including legal costs and expenses on a full indemnity basis) incurred by FSL in recovering Secured Moneys following a Repayment Event.