Cancellation/Acceleration Clause Samples
Cancellation/Acceleration. If at any time and for any reason (whether within or beyond the control of any party to this Agreement):
(a) either of the Events of Default specified in Section 8.1(g) or 8.1(h) occurs with respect to the Borrower, then automatically:
(i) the Commitments shall immediately be cancelled; and
(ii) all Loans made hereunder, all amounts of L/C Obligations (whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required for draws thereunder), all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become immediately due and payable; or
(b) any other Event of Default specified in Section 8.1 occurs, then, at any time thereafter while such Event of Default is continuing, the Administrative Agent shall, upon the instruction of the Majority Banks, by notice to the Borrower, declare that:
(i) the Commitments shall immediately be cancelled; and/or
(ii) either (A) all Loans made hereunder, all amounts of L/C Obligations (whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required for draws thereunder), all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become immediately due and payable or (B) all Loans made hereunder, all amounts of L/C Obligations (whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required for draws thereunder), all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become due and payable at any time thereafter immediately on demand by the Administrative Agent (acting on the instructions of the Majority Banks). With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph or on the Termination Date, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent cash or cash equivalents in an amount equal to the aggregate then undrawn and unexpired face amount of such Letters of Credit. The Borrower hereby grants to the Administrative Agent, for the benefit of the applicable Issuing Bank and the L/C Participants, a security interest in such cash collateral to secure all obligations of the Borrower under this Agreement and the other Loan Documents. ...
Cancellation/Acceleration. If at any time and for any reason (whether within or beyond the control of any party to this Agreement):
(a) either of the Events of Default specified in Section 9.1(g) or 9.1
Cancellation/Acceleration. If at any time and for any reason (and whether within or beyond the control of the Borrower) any Event of Default has occurred and is subsisting, the Agent, if so instructed by the Majority Banks, shall by notice to the Borrower declare:
(a) the Commitments to be cancelled, whereupon they shall be cancelled and/or
(b) all Advances, all unpaid accrued interest and fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable.
Cancellation/Acceleration. If at any time and for any reason (whether within or beyond the control of any party to this Agreement):
(a) either of the Events of Default specified in Section 8.1(g) or 8.1(h) occurs with respect to the Borrower, then automatically:
(i) the Commitments shall immediately be cancelled; and
(ii) all Loans made hereunder, all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become immediately due and payable; or
(b) any other Event of Default specified in Section 8.1 occurs and, while such Event of Default is continuing, the Administrative Agent, having been so instructed by the Majority Banks, by notice to the Borrower shall so declare that:
(i) the Commitments shall immediately be cancelled; and/or
(ii) either (A) all Loans made hereunder, all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become immediately due and payable or (B) all Loans made hereunder, all unpaid accrued interest or fees and any other sum payable under this Agreement or any other Loan Document shall become due and payable at any time thereafter immediately on demand by the Administrative Agent (acting on the instructions of the Majority Banks). Except as expressly provided above in this Section 8.2, presentment, demand, protest, notice of intent to accelerate, notice of acceleration and all other notices of any kind whatsoever are hereby expressly waived by the Borrower.
Cancellation/Acceleration. If at any time and for any reason (and whether within or beyond the control of the Borrower) any Event of Default has occurred and is subsisting, the Bank shall by notice to the Borrower declare:
Cancellation/Acceleration. If at any time and for any reason (and whether -------------------------- within or beyond the control of either party to this Agreement) any Event of Default has occurred then at any time thereafter, whether or not any Event of Default is continuing, the Lender may by notice to the Borrower declare:-
(i) the Facility to be cancelled, whereupon it shall be cancelled; and/or
(ii) all Advances, all unpaid accrued interest and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable.
Cancellation/Acceleration. Subject to Clause 4.3 (Certain Funds Default), if at any time and for any reason any Event of Default has occurred then at any time thereafter, provided such Event of Default is continuing unwaived (but without prejudice to any other right of the Lender), the Lender may by notice in writing to the Borrower declare that an Event of Default has occurred and declare:
(a) the Commitment to be cancelled, whereupon it shall be so cancelled; and/or
(b) all Loans, all unpaid accrued interest or fees and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable.
Cancellation/Acceleration. At any time after making a declaration under Clause 14.1 above and whether or not any event mentioned in that sub-clause is continuing, the Lender may by notice to the Borrower:
(a) declare the Loan to be cancelled and ceased, whereupon it shall be cancelled or terminated: and/or
(b) declare all Advances, accrued interest thereon and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable. Any declaration under this Clause 14.2 may only be made after a declaration under Clause 14.1 above but may be made in the same notice as (but following) a declaration under Clause 14.1.
Cancellation/Acceleration. If at any time and for any reason (and whether within or beyond the control of any party to this Agreement) any Event of Default has occurred then at any time thereafter, subject to Clause 24.3 (Suspension of Rights), if any such Event of Default is continuing, the Agent, if so instructed by an Instructing Group, shall be notice to the Company declare:
24.2.1 the Commitments to be cancelled, whereupon they shall be cancelled; and/or
24.2.2 all Advances, all unpaid accrued interest and fees and any other sum then payable under this Agreement to be immediately due and payable or payable on demand, whereupon they shall become to due and payable or payable on demand (in which latter case the Agent may at any subsequent time make a demand at which point all such sums shall become due and payable), Provided that until the Clean-up Date the Events of Default set out in Clause 24.1.4 (Breach of other Obligations) shall not apply to Target or any of its subsidiaries and the Event of Default set out in Clauses 24.1.5 to 24.1.10 shall not apply in respect of any subsidiary of Target.
Cancellation/Acceleration. At any time after the occurrence of an Event of Default and for so long as it is continuing the Lender may, by notice to the Borrower, declare:
(a) the Facility (to the extent it is not yet advanced) to be cancelled, whereupon it shall be cancelled; and/or
(b) each Advance, accrued interest thereon and any other sum then payable under this Agreement to be immediately due and payable, whereupon they shall become so due and payable.