Common use of Actions Upon a Termination Event or a Designated Event Clause in Contracts

Actions Upon a Termination Event or a Designated Event. If any Termination Event or a Designated Event shall have occurred and be continuing, then, in addition to any and all other rights and remedies granted to it hereunder, under any other Transaction Document or under any other instrument or agreement securing, evidencing or relating to the Borrower Obligations or otherwise available to it, all of the following actions: (a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, offset or otherwise apply amounts payable to the Borrower from the Agent Account, any Concentration Account or any Collection Account against all or any part of the Borrower Obligations. (b) The Administrative Agent may (but in no event shall be obligated to) exercise, at the sole cost and expense of the Borrower, any and all rights and remedies of the Borrower under or in connection with the Borrower Assigned Agreements or the other Borrower Collateral, including any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provisions of, the Borrower Assigned Agreements. Without limiting the foregoing, the Administrative Agent shall, upon the occurrence of any Event of Servicer Termination, have the right to name any Successor Servicer (including itself) pursuant to Servicing Agreement.

Actions Upon a Termination Event or a Designated Event. If any Termination Event or a Designated Event shall have occurred and be continuing, then, in addition to any and all other rights and remedies granted to it hereunder, under any other Transaction Document or under any other instrument or agreement securing, evidencing or relating to the Borrower Obligations or otherwise available to it, all of the following actions: (a) The Administrative Agent may, without notice to the Borrower except as required by law and at any time or from time to time, charge, offset or otherwise apply amounts payable to the Borrower from the Agent Account, any Concentration Account or any Collection Account against all or any part of the Borrower Obligations. (b) The Administrative Agent may (but in no event shall be obligated to) exercise, at the sole cost and expense of the Borrower, any and all rights and remedies of the Borrower under or in connection with the Borrower Assigned Agreements or the other Borrower Collateral, including any and all rights of the Borrower to demand or otherwise require payment of any amount under, or performance of any provisions of, the Borrower Assigned Agreements. Without limiting the foregoing, the Administrative Agent shall, upon the occurrence of any Event of Servicer Termination, have the right to name any Successor Servicer (including itself) pursuant to Servicing Agreement. (c) The Administrative Agent may, in accordance with Section 8.01 declare the Facility Maturity Date; provided, that the Facility Maturity Date shall automatically occur upon the occurrence of any of the Designated Events described in Sections 8.01(d) or (e), in each case without demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower.