Common use of Action on Default Clause in Contracts

Action on Default. During the continuance of a Default, the Administrative Agent shall, if requested by Two-thirds of the Lenders, notify the Borrowers that * the Borrowers' Rights are terminated, whereupon such Borrowing Rights shall terminate, or * all the Borrowers' Loans, with accrued interest, and all other amounts payable by the Borrowers under this Agreement, are immediately due and payable, whereupon all such Loans, accrued interest and other amounts payable under this Agreement shall be immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, provided that if the Default is one described in Section 7.1(f) or 7.1(g), then without notice to the Borrowers or other act by the Administrative Agent or Two-thirds of the Lenders, the Borrowers' Borrowing Rights shall immediately terminate, and the Loans, with accrued interest, and other amounts payable under this Agreement, shall become immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, and the Administrative Agent may exercise all rights and remedies available to it hereunder and under applicable law or in equity.

Action on Default. During the continuance of a Default, the Administrative Agent shall, if requested by Two-thirds Thirds of the Lenders, notify the Borrowers that * • the Borrowers' ’ Rights are terminated, whereupon such Borrowing Rights shall terminate, or * • all the Borrowers' ’ Loans, with accrued interest, and all other amounts payable by the Borrowers under this Agreement, are immediately due and payable, whereupon all such Loans, accrued interest and other amounts payable under this Agreement shall be immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, provided that if the Default is one described in Section 7.1(f) or 7.1(g), then without notice to the Borrowers or other act by the Administrative Agent or Two-thirds Thirds of the Lenders, the Borrowers' ’ Borrowing Rights shall immediately terminate, and the Loans, with accrued interest, and other amounts payable under this Agreement, shall become immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, and the Administrative Agent may and shall, at the request of Two-Thirds of the Lenders, exercise all rights and remedies available to it hereunder and under applicable law or in equity.

Action on Default. During the continuance of a Default, the Administrative Agent shall, if requested by Two-thirds Thirds of the Lenders, notify the Borrowers that * - the Borrowers' Rights are terminated, whereupon such Borrowing Rights shall terminate, or * - all the Borrowers' Loans, with accrued interest, and all other amounts payable by the Borrowers under this Agreement, are immediately due and payable, whereupon all such Loans, accrued interest and other amounts payable under this Agreement shall be immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, provided that if the Default is one described in Section 7.1(f) or 7.1(g), then without notice to the Borrowers or other act by the Administrative Agent or Two-thirds Thirds of the Lenders, the Borrowers' Borrowing Rights shall immediately terminate, and the Loans, with accrued interest, and other amounts payable under this Agreement, shall become immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, and the Administrative Agent may and shall, at the request of Two-Thirds of the Lenders, exercise all rights and remedies available to it hereunder and under applicable law or in equity.

Action on Default. During the continuance of a Default, the Administrative Agent shall, if requested by Two-thirds Thirds of the Lenders, notify the Borrowers that * o the Borrowers' Rights are terminated, whereupon such Borrowing Rights shall terminate, or * o all the Borrowers' Loans, with accrued interest, and all other amounts payable by the Borrowers under this Agreement, are immediately due and payable, whereupon all such Loans, accrued interest and other amounts payable under this Agreement shall be immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, provided that if the Default is one described in Section 7.1(fSECTION 7.1(F) or 7.1(g7.1(G), then without notice to the Borrowers or other act by the Administrative Agent or Two-thirds Thirds of the Lenders, the Borrowers' Borrowing Rights shall immediately terminate, and the Loans, with accrued interest, and other amounts payable under this Agreement, shall become immediately due and payable by the Borrowers without presentment, demand, protest or other notice of any kind, all of which the Borrowers waive, and the Administrative Agent may and shall, at the request of Two-Thirds of the Lenders, exercise all rights and remedies available to it hereunder and under applicable law or in equity.