Promissory Note Template Page 12
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28PLEASE NOTE THAT ITEMS HIGHLIGHTED IN YELLOW MAY BE VARIABLE BETWEEN
PROMISSORY NOTES, DEPENDING ON THE COMMERCIAL TERMS SET OUT
(e) a moratorium is declared in respect of any indebtedness of any Obligor;
(f) any corporate action, legal proceedings or other procedure or step is taken in relation to:
(i)
the suspension of payments, a moratorium of any indebtedness, winding up,
dissolution, administration, judicial management or reorganisation (by way of
voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;
(ii)
a composition, compromise, assignment or arrangement with any creditor of any
Obligor; or
(iii)
the appointment of a liquidator, receiver, trustee, administrative receiver,
administrator, compulsory manager, judicial manager or other similar officer in
respect of any Obligor or nay of its assets,
or any other analogous procedure or step is taken in any jurisdiction;
(g) the business of any Obligor is, in the reasonable opinion of CM, in jeopardy and notice
thereof is given by CM;
(h) the Aggregate Principal is used for purposes other than as set out in Clause 2.1, or
purposes different from those represented to CM and/or Lenders by the Borrower;
(i) the funds are transferred, in any form, to any other entity that the Borrower, Guarantors, or
any of their immediate relatives have a vested interest in;
(j) it is or will become unlawful for the Obligor to perform or comply with any one or more of its
obligations under this Note;
(k) this Note ceases to be in full force and effect, or to be legal, valid, binding, enforceable or
effective or is alleged by any Party to be ineffective;
(l) an Obligor rescinds or purports to rescind or repudiates or purports to repudiate this Note
or evidence an intention to rescind or repudiate this Note;
(m) any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on)
all or a material part of its business;
(n) all or a material part of the assets of the Obligor are seized, compulsorily acquired,
expropriated or nationalized;
(o) any of the representations, warranties and undertakings under Clause 13 had not been
performed and/or complied with;
(p) the Guarantee is terminated for any reason whatsoever or has not been performed and/or
complied with;
(q) any event or circumstance which, in the opinion of CM, has or is reasonably likely to have
a Material Adverse Effect;
(r) the covenants and restrictions under Clause 10 are broken, or in the opinion of CM, broken;
(s) any event occurs in relation to the Obligor, which under the laws of the applicable
jurisdiction has an effect analogous or equivalent to any of the events referred to in Clause
11.1(a) to 11.1(r); or
(t) if any Event of Default is not capable of being remedied or when the Borrower fails to
remedy any Event of Default which is capable of being remedied within fourteen (14) days
after being required to do so by CM.
Page 12 of 28
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