Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority Creditors) may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all or any portion of the amount of the Facility Indebtedness to be forthwith due and payable, whereupon all or any such portion of the Facility Indebtedness shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-up and Restructuring Act (Canada), or any substantially similar legislation under the laws of South Africa providing for any form of creditor protection, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payable; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Agent’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law.

Acceleration on Default. 8.2 If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority Creditors) Lender may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all (A) declare its commitment to advance the Facility or any portion of thereof to be terminated, whereupon the same shall forthwith terminate and (B) declare the entire unpaid principal amount of the Facility Indebtedness Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon all or any such portion the principal amount of the Facility Indebtedness Facility, all such accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party the Borrower under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or ), the Winding-up and Restructuring Act (Canada), ) or any substantially other similar such legislation under the laws of South Africa providing for any form of creditor protectionin other jurisdictions, the result which would otherwise occur only upon giving of notice by the Agent Lender to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payablenotice; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the AgentLender’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent Lender under this Agreement, the other Facility Security Documents and Applicable Law.

Acceleration on Default. If Upon the occurrence of an Event of Default, and at any time thereafter, if such Event of Default shall occur and be is continuing, the Agent (in accordance with the instructions of the Majority Creditors) may (i) either Lender shall have the right, by notice to the Borrower, declare, in their sole Company and absolute discretion, all independent of any action by the other Lender or any portion of the amount of the Facility Indebtedness other Person, to (x) declare all outstanding principal of, and all accrued interest and other fees and charges on, its Loans, together with all other Obligations, to be forthwith immediately due and payable, whereupon all or any such portion the same shall become due and payable forthwith and (y) terminate its Commitment to make its Loans to the Company, and (ii) each of the Facility Indebtedness Lenders and the Trustee shall have such other rights with respect to the occurrence of an Event of Default as are provided in the Loan Documents or as are available to them at law or in equity. If an Event of Default specified in Section 7.1(k)(ii) of the General Conditions shall have occurred with respect to the Company, (i) the outstanding principal of, and all accrued interest and other fees and charges on the Loans (together with all other Obligations) shall thereupon become and be forthwith immediately due and payable, payable (anything in this Agreement to the contrary notwithstanding) without any presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the BorrowerCompany, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-up and Restructuring Act (Canada), or any substantially similar legislation under the laws of South Africa providing for any form of creditor protection, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payable; and (ii) whether the Commitment of the Lenders to make the Loans to the Company shall terminate immediately (anything in this Agreement to the contrary notwithstanding) without any presentment, demand, protest or not the actions referred to in clause (i) have been takennotice of any kind, (X) exercise any or all of which are hereby expressly waived by the Agent’s rights and remedies under the Security DocumentsCompany, and (Yiii) proceed to enforce all each of the Lenders and the Trustee shall have such other rights and remedies with respect to the occurrence of such Event of Default as are provided in the Loan Documents or as are available to the Agent under this Agreement, the other Facility Documents and Applicable Lawthem at law or in equity.

Acceleration on Default. 8.2 If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority CreditorsLenders) may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all or (A) declare the Lender's commitments to advance any unadvanced portion of the Facility to be terminated, whereupon the same shall forthwith terminate, and (B) declare the entire unpaid principal amount of the Facility Indebtedness Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the Facility, all or any such portion of the Facility Indebtedness accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-up and Restructuring Act (Canada), or any substantially similar legislation under the laws of South Africa providing for any form of creditor protection, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payable; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Agent’s 's rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law.