Common use of Acceleration and Cancellation Clause in Contracts

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Lenders, shall) by written notice to the Guarantor, take any or all of the following actions, without prejudice to the rights of the Agent or any Lender to enforce its claims against any Obligor, except as otherwise specifically provided for in this Agreement (provided that if an Event of Default specified in Clause 23.5 (Bankruptcy, Etc.) shall occur with respect to any Obligor, the result which would occur upon the giving of written notice by the Agent as specified in sub-clauses 23.14.1 through 23.14.5 below shall occur automatically without the giving of any such notice): 23.14.1 require the Borrower to procure that the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero and/or provide Collateral (valued for this purpose based on the respective Advance Rate applicable thereto) as is necessary to ensure that the Borrowing Base is equal to or greater than the Outstandings (whereupon the Borrower shall do so); and/or 23.14.2 declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender shall be reduced to zero; and/or 23.14.3 require the Borrower to use all reasonable endeavours to procure that all Letters of Credit are cancelled and returned by Lloyd's to the Agent; and/or 23.14.4 direct the Security Trustee to enforce any or all of the Liens and security interests created pursuant to the Security Documents and/or exercise any of the rights and remedies provided therein; and/or 23.14.5 deliver a Notice of Non-Extension to Lloyd's in relation to each Letter of Credit then outstanding.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Lenders, shall) by written notice to the Original Guarantor, take any or all of the following actions, without prejudice to the rights of the Agent or any Lender to enforce its claims against any Obligor, except as otherwise specifically provided for in this Agreement (provided that if an Event of Default specified in Clause 23.5 24.5 (Bankruptcy, Etc.) shall occur with respect to any Obligor, the result which would occur upon the giving of written notice by the Agent as specified in sub-clauses 23.14.1 24.14.1 through 23.14.5 24.14.5 below shall occur automatically without the giving of any such notice): 23.14.1 24.14.1 require the each Borrower to procure that the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero and/or provide Collateral (valued for this purpose based on the respective Advance Rate applicable thereto) as is necessary to ensure that the Borrowing Base is equal to or greater than the Outstandings (whereupon the each Borrower shall do so); and/or 23.14.2 24.14.2 declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender shall be reduced to zero; and/or 23.14.3 24.14.3 require the each Borrower to use all reasonable endeavours to procure that all Letters of Credit are cancelled and returned by Lloyd's ’s to the Agent; and/or 23.14.4 24.14.4 direct the Security Trustee to enforce any or all of the Liens and security interests created pursuant to the Security Documents and/or exercise any of the rights and remedies provided therein; and/or 23.14.5 24.14.5 deliver a Notice of Non-Extension to Lloyd's ’s in relation to each Letter of Credit then outstanding.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while that Event of Default is continuingthereafter, the Facility Agent may (and, if so instructed by the Majority Lendersan Instructing Group, shall) by written notice to the Guarantor, take Parent: 24.19.1 declare all or any or all part of the following actions, without prejudice Advances to be immediately due and payable (whereupon the rights same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers hereunder) or declare all or any part of the Agent or any Lender Advances to enforce its claims against any Obligor, except as otherwise specifically provided for in this Agreement (provided that if an Event be due and payable on demand of Default specified in Clause 23.5 (Bankruptcy, Etc.) shall occur with respect to any Obligor, the result Facility Agent; and/or 24.19.2 require each Borrower which would occur upon the giving has requested a Letter of written notice by the Agent as specified in sub-clauses 23.14.1 through 23.14.5 below shall occur automatically without the giving of any such notice): 23.14.1 require the Borrower Credit to procure that the liabilities of each of the Lenders Banks and the L/C Fronting Bank under each Letter of Credit are is promptly reduced to zero and/or provide Cash Collateral (valued for this purpose based on each Letter of Credit in an amount specified by the respective Advance Rate applicable thereto) as is necessary to ensure that Facility Agent and in the Borrowing Base is equal to or greater than the Outstandings currency of such Letter of Credit (whereupon the such Borrower shall do so); and/or 23.14.2 24.19.3 declare that any unutilised portion of the Facility Facilities shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender Bank shall be reduced to zero; and/or 23.14.3 require zero provided that, notwithstanding the Borrower foregoing, upon the occurrence of an Event of Default specified in Clause 24.7 (Winding-up), the Available Commitment of each Bank shall immediately be reduced to use zero and all reasonable endeavours to procure that all Letters of Credit are cancelled Advances, interest thereon and returned other sums then owed by Lloyd's to the Agent; and/or 23.14.4 direct the Security Trustee to enforce any or all Borrowers hereunder shall become immediately due and payable, and each of the Liens and security interests created pursuant Borrowers shall be required to the Security Documents and/or exercise provide Cash Collateral in respect of any of the rights and remedies provided therein; and/or 23.14.5 deliver a Notice of Non-Extension to Lloyd's in relation to each Letter of Credit then outstandingissued at its request, in each case without declaration notice or demand by or to any person.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Lenders, shall) by written notice to the Guarantor, take any or all of the following actions, without prejudice to the rights of the Agent or any Lender to enforce its claims against any Obligor, except as otherwise specifically provided for in this Agreement (provided that if an Event of Default specified in Clause 23.5 24.5 (Bankruptcy, Etc.) shall occur with respect to any Obligor, the result which would occur upon the giving of written notice by the Agent as specified in sub-clauses 23.14.1 24.14.1 through 23.14.5 24.14.5 below shall occur automatically without the giving of any such notice): 23.14.1 24.14.1 require the Borrower to procure that the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero and/or provide Collateral (valued for this purpose based on the respective Advance Rate applicable thereto) as is necessary to ensure that the Borrowing Base is equal to or greater than the Outstandings (whereupon the Borrower shall do so); and/or 23.14.2 24.14.2 declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender shall be reduced to zero; and/or 23.14.3 24.14.3 require the Borrower to use all reasonable endeavours to procure that all Letters of Credit are cancelled and returned by Lloyd's ’s to the Agent; and/or 23.14.4 24.14.4 direct the Security Trustee to enforce any or all of the Liens and security interests created pursuant to the Security Documents and/or exercise any of the rights and remedies provided therein; and/or 23.14.5 24.14.5 deliver a Notice of Non-Extension to Lloyd's ’s in relation to each Letter of Credit then outstanding.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Lenders, shall) by written notice to the Original Guarantor, take any or all of the following actions, without prejudice to the rights of the Agent or any Lender to enforce its claims against any Obligor, except as otherwise specifically provided for in this Agreement (provided that if an Event of Default specified in Clause 23.5 24.5 (Bankruptcy, Etc.) shall occur with respect to any Obligor, the result which would occur upon the giving of written notice by the Agent as specified in sub-clauses 23.14.1 24.14.1 through 23.14.5 24.14.5 below shall occur automatically without the giving of any such notice): 23.14.1 24.14.1 require the each Borrower to procure that the liabilities of the Lenders under each Letter of Credit are promptly reduced to zero and/or provide Collateral (valued for this purpose based on the respective Advance Rate applicable thereto) as is necessary to ensure that the Borrowing Base is equal to or greater than the Outstandings (whereupon the each Borrower shall do so); and/or 23.14.2 24.14.2 declare that any unutilised portion of the Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Lender shall be reduced to zero; and/or 23.14.3 24.14.3 require the each Borrower to use all reasonable endeavours to procure that all Letters of Credit are cancelled and returned by Lloyd's to the Agent; and/or 23.14.4 24.14.4 direct the Security Trustee to enforce any or all of the Liens and security interests created pursuant to the Security Documents and/or exercise any of the rights and remedies provided therein; and/or 23.14.5 24.14.5 deliver a Notice of Non-Extension to Lloyd's in relation to each Letter of Credit then outstanding.