Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter while that Event of Default is continuing, the Agent may, upon instruction by the Lenders, by notice to the Borrower:
(a) if a Letter of Credit has been issued, require the Borrower to procure that:
(i) each Letter of Credit is returned by Lloyd’s to the Agent; or
(ii) the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero or, if the Agent (acting upon instruction by the Lenders) consents and if the Borrower can demonstrate, to the reasonable satisfaction of the Lenders, that the lenders under the U.S. Facility Agreement have provided their consent (having used all reasonable endeavours to obtain such consent), provide Cash Collateral to the Trustee for each Letter of Credit in an amount specified by the Agent (whereupon the Borrower shall do so); and/or
(b) declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and Available Commitment shall be reduced to zero; and/or
(c) exercise any or all of its rights, remedies, powers or discretions under any of the Finance Documents; and/or
(d) direct the Trustee to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents, provided that in the case of an Event of Default specified in clauses 16.9 (Involuntary bankruptcy or receivership proceedings) or 16.10 (Voluntary petitions or consents) above, the preceding clauses 16.21(a) to 16.21(c) shall not apply and:
(i) the obligation of the Agent or any Lender to issue or amend any Letter of Credit shall automatically be terminated;
(ii) any unutilised portion of the Facility shall automatically be cancelled and Available Commitment shall automatically be reduced to zero; and
(iii) any Unreimbursed Amounts, all interest thereon and all other amounts payable under this Agreement shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.
Acceleration and Cancellation. 23.2.1 Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Agent may and shall upon the direction of the Majority Lenders by notice to the Borrower:
(a) declare all or any part of the Advances to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Financing Documents);
(b) declare that any unutilised portion of the Facility will be cancelled, whereupon the Lenders’ undrawn Commitments shall be cancelled and each Lender’s undrawn Commitment will be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 23.1.8 (Insolvency and Rescheduling), 23.1.7 (Winding Up), the undrawn Commitments of each Lender will immediately be reduced to zero and all Advances and other sums then owed by the Borrower hereunder shall become immediately due and payable; and/or
(c) exercise all rights and remedies under any Financing Document or instruct the Security Agent to do so.
23.2.2 A notice of the Agent pursuant to Clause 23.2.1 may only be given (a) if an Event of Default pursuant to Clauses 23.1.1 (Payment Obligations), 23.1.6 (Insolvency and Rescheduling), 23.1.10 (Winding-Up), 23.
Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Banks shall) by notice to the Account Party:
16.18.1 require the Account Party to procure that the liabilities of each of the Banks under each Letter of Credit are promptly reduced to zero and/or provide Cash Collateral for each Letter of Credit in an amount specified by the Agent (whereupon the Account Party shall do so); and/or
16.18.2 declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero; and
16.18.3 (in the event that the Account Party has granted Security pursuant to sub-clause 17.1.2 of Clause 17.1 (Letter of Credit Commission), direct the Security Trustee to exercise all rights and remedies of a mortgagee or a secured party at such time including, without limitation, the right to take possession of any or all of the assets subject to the Security Documents and the books and records relating thereto, with or without judicial process. For the purposes of the preceding sentence, the Security Trustee may enter upon any or all of the premises where any of the assets subject to the Security Documents, such other security or books or records may be situated and take possession and remove the same therefrom.
Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter whilst such event is continuing, the Agent may (and, if so instructed by an Instructing Group, shall) by written notice to the Borrower:
Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing, the Agent may (and, if so instructed by the Bank shall) by notice to the Borrower:
15.13.1 declare all or any part of any Advance to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower hereunder) or declare all or any part of any Advance to be due and payable on demand of the Agent; and/or
15.13.2 declare that any undrawn portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of the Bank shall be reduced to zero.
Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter if the Event of Default is continuing, the Agent (if so instructed by Majority Banks and subject to Clause 28.2 of the Intercreditor Agreement) shall, by written notice to the Borrower:
(i) declare the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower hereunder) or declare the Advances to be due and payable on demand of the Agent; and/or
(ii) require the Borrower to deposit (and the Borrower shall forthwith so deposit) into the Cash Collateral Account an amount equal to the maximum aggregate actual and contingent liability of each Bank and the Issuing Bank under the Letters of Credit; and/or
(iii) require the Security Trustee to exercise any and all such rights as may be available to it under any of the Security Documents and/or require the Intercreditor Agent to exercise any and all such rights (including step-in rights) as may be available to it under the Direct Agreement.
Acceleration and Cancellation. 23.2.1 Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Agent may and shall upon the direction of the Combined Majority Lenders and the Majority Lenders by notice to the Borrower:
(a) declare all or any part of the Advances to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Financing Documents);
(b) declare that any unutilised portion of the Facility will be cancelled, whereupon the Lenders’ undrawn Commitments shall be cancelled and each Lender’s undrawn Commitment will be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 23.1.10 (Insolvency and Rescheduling), 23.
Acceleration and Cancellation. Upon the occurrence of an Event of Default, at any time thereafter, NIB may by notice to the Borrower:
(a) declare all or any portion of the principal of and accrued interest on, the NIB Loan (together with any other amounts accrued or payable under this Agreement the “Declared Amount”) to be immediately due and payable whereupon the same shall become so due and payable, or declare all or any part of the Declared Amount to be due and payable on demand by NIB without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower; and/or
(b) declare that any undrawn portion of the NIB Loan shall be cancelled, whereupon the same shall be cancelled.
Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Banks, shall) by notice to the Borrower:
19.14.1 cancel the Facility whereupon the Facility shall immediately be cancelled; and
19.14.2 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable.
Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing, the Facility Agent may (and, if so instructed by an Instructing Group, shall) by notice to the Obligors' Agent:
24.19.1 declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers under the Finance Documents) or declare all or any part of the Advances to be due and payable on demand of the Facility Agent; and/or
24.19.2 declare that any undrawn portion of the Facilities shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero.
