Common use of Obligation to Lend; Acceleration Clause in Contracts

Obligation to Lend; Acceleration. After the occurrence and during the continuation of any Default, the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the obligation of the Agent and/or any Bank to make Loans or to otherwise extend credit hereunder to be terminated, whereupon the same shall forthwith terminate. After the occurrence and during the continuation of any Event of Default, the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the Notes, all interest thereon, and all other obligations of the Borrower to the Agent and/or any Bank under the Credit Documents to be forthwith due and payable, whereupon the Notes, all such interest thereon and all such other obligations shall become and be forthwith due and payable, without presentment, protest or further notice or demand of any kind, all of which are waived by the Borrower. If, notwithstanding the foregoing, after the occurrence and during the continuation of any Default or Event of Default, as the case may be, the Agent elects (any such election to be in the Agent’s sole and absolute discretion) to make one or more advances under this Agreement or to not accelerate all or any of the Borrower’s obligations, any such election shall not preclude the Agent from electing thereafter (in its sole and absolute discretion) to not make advances or to accelerate all or any of the Borrower’s obligations, as the case may be.

Obligation to Lend; Acceleration. After the occurrence and during the continuation of any Default, the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the obligation of the Agent and/or any Bank to make Loans or to otherwise extend credit hereunder to be terminated, whereupon the same shall forthwith terminate. After the occurrence and during the continuation of any Event of Default, the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the Notes, all interest thereon, and all other obligations of the Borrower to the Agent and/or any Bank under the Credit Documents to be forthwith due and payable, whereupon the Notes, all such interest thereon and all such other obligations shall become and be forthwith due and payable, without presentment, protest or further notice or demand of any kind, all of which are waived by the Borrower. If, notwithstanding the foregoing, after the occurrence and during the continuation of any Default or Event of Default, as the case may be, the Agent elects (any such election to be in the Agent’s 's sole and absolute discretion) to make one or more advances under this Agreement or to not accelerate all or any of the Borrower’s 's obligations, any such election shall not preclude the Agent from electing thereafter (in its sole and absolute discretion) to not make advances or to accelerate all or any of the Borrower’s 's obligations, as the case may be.

Obligation to Lend; Acceleration. After the occurrence and during the continuation of any Default, the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the obligation of the Agent and/or any Bank to make Loans or to otherwise extend credit hereunder to be terminated, whereupon the same shall forthwith terminate. If any Event of Default described in Section 7.1(f) occurs, the obligation of the Agent and/or any Bank to make Loans or to otherwise extend credit hereunder shall automatically terminate, and the Notes, all outstanding principal, all interest thereon, and all other Obligations of the Borrower to the Agent and/or any Bank under the Credit Documents shall immediately become due and payable without any election or action on the part of the Agent or any Bank and without presentment, protest or notice or demand of any kind, all of which are waived by the Borrower. After the occurrence and during the continuation of any Event of DefaultDefault other than an Event of Default under Section 7.l(f), the Agent may (and, upon the request of the Required Banks, the Agent shall) declare the Notes, all outstanding principal, all interest thereon, and all other obligations Obligations of the Borrower to the Agent and/or any Bank under the Credit Documents to be forthwith due and payable, whereupon the Notes, outstanding all such interest thereon and all such other obligations Obligations shall become and be forthwith due and payable, without presentment, protest or further notice or demand of any kind, all of which are waived by the Borrower. If, notwithstanding the foregoing, after the occurrence and during the continuation of any Default or Event of Default, as the case may be, the Agent elects (any such election to be in the Agent’s sole and absolute discretion) to make one or more advances under this Agreement or to not accelerate all or any of the Borrower’s obligationsObligations, any such election shall not preclude the Agent from electing thereafter (in its sole and absolute discretion) to not make advances or to accelerate all or any of the Borrower’s obligationsObligations, as the case may be.

Obligation to Lend; Acceleration. After the occurrence and during the continuation of any Default, the Agent Bank may (and, upon the request of the Required Banks, the Agent shall) declare the obligation of the Agent and/or any Bank to make Loans or to otherwise extend credit hereunder to be terminated, whereupon the same shall forthwith terminate, or, if the Bank so elects, to reduce Collateral advance rates or otherwise reduce the maximum Borrowing Base by such amounts as the Bank elects in its sole and absolute discretion from time to time. After the occurrence and during the continuation of any Event of Default, the Agent Bank may (and, upon the request of the Required Banks, the Agent shall) declare the Notes, all interest thereon, and all other obligations of the Borrower to the Agent and/or any Bank under the Credit Documents Obligations to be forthwith due and payable, whereupon the Notes, all such interest thereon and all such other obligations Obligations shall become and be forthwith due and payable, without presentment, protest or further notice or demand of any kind, all of which are waived by the each Borrower. If, notwithstanding the foregoing, after the occurrence and during the continuation of any Default or Event of Default, as the case may be, the Agent Bank elects (any such election to be in the AgentBank’s sole and absolute discretion) to make one or more advances under this Agreement or to not accelerate all or any of the Borrower’s obligationsObligations, any such election shall not preclude the Agent Bank from electing thereafter (in its sole and absolute discretion) to not make advances or to accelerate all or any of the Borrower’s obligationsObligations, as the case may be.