Common use of Cancellation Upon Acceleration Clause in Contracts

Cancellation Upon Acceleration. At such time as, pursuant to the terms hereof, Administrative Agent and the Lenders have accelerated the Obligations and unless Borrower has provided Issuing Bank with cash collateral on terms and conditions reasonably satisfactory to Issuing Bank in an amount equal to 103% of the Stated Amount of each Letter of Credit then outstanding and all Reimbursement Obligations of Borrower then outstanding, Issuing Bank shall be entitled to cancel each Letter of Credit at any time at least thirty (30) days after delivery to Administrative Agent, the beneficiary of such Letter of Credit and Borrower of a written notice of such intent to cancel.

Cancellation Upon Acceleration. At such time as, pursuant to the terms hereof, Administrative Agent and the Lenders have accelerated the Obligations and unless Borrower has provided Issuing LC Fronting Bank with cash collateral on terms and conditions reasonably satisfactory to Issuing LC Fronting Bank in an amount equal to 103102.5% of the Stated Amount of each Letter of Credit then outstanding and all Reimbursement Obligations of Borrower then outstanding, Issuing LC Fronting Bank shall be entitled to cancel each Letter of Credit at any time at least thirty forty-five (3045) days after delivery to Administrative Agent, the beneficiary of such Letter of Credit and Borrower of a written notice of such intent to cancel.