Common use of Acceleration Termination of Facilities Clause in Contracts

Acceleration Termination of Facilities. Declare the principal of and interest on the Loans and the Notes at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings hereunder; PROVIDED, that upon the occurrence of an Event of Default specified in Section 11.1(k) or (l) of the Amended and Restated Credit Agreement, the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable.

Appears in 1 contract

Samples: Credit Agreement (Golf Trust of America Inc)

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Acceleration Termination of Facilities. Declare the principal of and interest on the Loans and the Notes at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent Agents under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Credit Facility and any right of the Borrower to request borrowings hereunderor Letters of Credit thereunder; PROVIDED, that upon the occurrence of an Event of Default specified in Section 11.1(k11.1(j) or (l) of the Amended and Restated Credit Agreementk), the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable.

Appears in 1 contract

Samples: Credit Agreement (Acc Corp)

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Acceleration Termination of Facilities. Declare the principal of and interest on the Loans and the Notes at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Revolving Credit Facility and any right of the Borrower to request borrowings hereunderthereunder; PROVIDED, provided that upon the occurrence of an Event of Default specified in Section 11.1(k11.1(j) or (l) of the Amended and Restated Credit Agreementk), the Revolving Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable.

Appears in 1 contract

Samples: Credit Agreement (Roanoke Electric Steel Corp)

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