Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. If any Event of Default shall occur and be continuing, the Lender may (i) by notice to the Borrower, (A) declare its commitment to advance the Facility or any portion thereof to be terminated, whereupon the same shall forthwith terminate and (B) declare the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the principal amount of the 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 the Borrower under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or any other similar such legislation in other jurisdictions, the result which would otherwise occur only upon giving of notice by the Lender to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Lender’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Lender under this Agreement, the Security Documents and Applicable Law.

Acceleration on Default. If any Event of Default shall occur and be continuing, the Lender Agent (in accordance with the instructions of the Majority Creditors) may (i) by notice to the Borrower, (A) declare its commitment to advance the Facility declare, in their sole and absolute discretion, all or any portion thereof to be terminated, whereupon of the same shall forthwith terminate and (B) declare the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder Facility Indebtedness to be forthwith due and payable, whereupon the principal amount all or any such portion of the Facility, all such accrued interest and all other fees, charges and costs hereunder 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 the Borrower 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 other substantially similar such legislation in other jurisdictionsunder 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 Lender Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such noticenotice 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 LenderAgent’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Lender Agent under this Agreement, the Security other Facility Documents and Applicable Law.

Acceleration on Default. If any Event of Default shall occur and be continuing, the Lender Agent (in accordance with the instructions of the Majority Lenders) may (i) by notice to the Borrower, (A) declare its commitment the Lender's commitments to advance any unadvanced portion of the Facility or any portion thereof to be terminated, whereupon the same shall forthwith terminate terminate, and (B) declare the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the principal amount of the 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 the Borrower 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 other substantially similar such legislation in other jurisdictionsunder 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 Lender Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such noticenotice 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 Lender’s Agent's rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Lender Agent under this Agreement, the Security other Facility Documents and Applicable Law.