Common use of Repayment on Default Clause in Contracts

Repayment on Default. 5.1 The Company will immediately notify the Noteholders of the happening of an Event of Default. 5.2 On the occurrence of an Event of Default, any Noteholder shall be entitled by notice in writing to the Company to require immediate repayment of the Indebtedness payable in respect of each Loan Note of which he is the holder (or any part, being £1 in principal amount or a multiple of it), up to but excluding the date of payment of such principal amount, and the Company will make such repayment. 5.3 An Event of Default will occur if: (a) non-payment: the Company fails to pay any principal or interest on any of the Loan Notes within 10 Business Days of the due date for payment; (b) breach of obligations: the Company fails to perform or observe any material covenant, condition or provision contained in this Instrument and that failure is not remedied within 5 days of notice of such default being given in writing to the Company by any Noteholder requiring the Company to remedy the same; (c) cross-default: the Company or any other member of the Group fails to pay any Financial Indebtedness when due or within any originally applicable grace period or any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable or is cancelled before its specified maturity as a result of an event of default (however described); (d) insolvency: the Company or any other member of the Group is (or could be deemed by law or by a court to be) insolvent or unable to pay its debts (as defined in section 123 of the Insolvency Act 1986), stops, suspends or threatens to stop or suspend payment of all or any material part of its indebtedness or commences negotiations with any one or more of its creditors with a view to the general readjustment or re-scheduling of all or any material part of its indebtedness or makes a general assignment for the benefit of, or composition with, any of its creditors (or any class of its creditors) or a moratorium is agreed or declared in respect of, or affecting, all or a material part of its indebtedness; (e) enforcement proceedings: a distress, attachment, execution or other legal process is levied or enforced or judgment obtained upon or against a material part of the property of the Company or other member of the Group and is not discharged within 5 days of having been levied or obtained; (f) winding-up: an effective resolution is passed or an order is made for the winding up, dissolution or reorganisation of the Company (other than (i) a voluntary winding up for the purposes of amalgamation or reconstruction or liquidation effected with the approval of a Special Resolution under which a successor or successors undertake(s) the obligations of the Company under the Loan Notes or (ii) a members' voluntary winding up on terms previously approved by a Special Resolution) or the Company or any member of the Group takes any corporate action or other steps are taken or legal or other proceedings are started for the appointment of a receiver, administrator, administrative receiver, liquidator, trustee or similar officer of it or of any or all of its assets; (g) analogous proceedings: any event analogous to or having a substantially similar effect to any of the events specified in Conditions 5.3(d) to 5.3(f) above occurs in any jurisdiction; (h) encumbrance enforceable: an encumbrancer takes possession of, or a trustee, receiver, administrator or similar officer is appointed or an administration order is made in respect of, the Company or the whole or substantially the whole of the property or undertaking of the Company; (i) cessation of business: the Company or any other member of the Group ceases or threatens to cease all or a material part of its operations (other than for the purpose of a voluntary winding up for the purposes of amalgamation or reconstruction or liquidation effected with the approval of a Special Resolution); (j) illegality: it becomes or will become unlawful for the Company to perform or comply with any of its obligations under this Instrument, or any obligation under this Instrument is not, or ceases to be, legal, valid and binding; or (k) security enforceable: any security or any charge or debenture or mortgage of the Company or any other member of the Group becomes enforceable under the terms thereof and the holder or holders thereof take any proceedings to enforce the same.