Common use of Acceleration and Cancellation Clause in Contracts

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, NIB the Bank may by notice to the Borrower: (a) declare all or any portion of the principal of and accrued interest on, the NIB Bank 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 the Bank 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 Bank 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, NIB EDC may by notice to the Borrower: (a) declare all or any portion of the principal of and accrued interest on, the NIB EDC 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 EDC 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 EDC Loan shall be cancelled, whereupon the same shall be cancelled.