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 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. Upon the occurrence of an Event of Default and at any time thereafter if the Event of Default is continuing, the Agent Lenders may (if so instructed by Majority Banks and subject to Clause 28.2 clause 28.1 of the Intercreditor Agreement) shall), by written notice to the Borrower: (i) declare the Advances 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 to the Lenders hereunder) or declare the Advances Advance to be due and payable on demand of the AgentLenders; 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 the Lenders under any of the Security Documents (except where Lenders are shareholders or Affiliates of shareholders of the Borrower) 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.