Common use of Optional Defaults Clause in Contracts

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 or 7.11 hereof shall occur, the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 7.8 or 7.11 7.9 hereof shall occur, the Majority Required Banks shall have the right right, in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 7.10, 7.12 or 7.11 7.13 hereof shall occur, the Majority Banks shall have the right right, in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan and the obligation of Agent (or a Fronting Bank) to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.18.1, 7.28.2., 7.38.3, 7.48.4, 7.58.5, 7.68.6, 7.78.7, 7.88.8, 7.9, 7.10 8.9 or 7.11 8.10 hereof shall occuroccur and be continuing, the Majority Banks Lender shall have the right right, in their its discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously theretofore terminated, and, immediately upon such election, the obligations obligation of the Banks, and each thereof, Lender to make any further Loan or Loans and the obligation of Lender to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is it be not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 7.7 or 7.11 7.8 hereof shall occuroccur and be Continuing, the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously theretofore terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan or Loans and the obligation of Agent (or any Fronting Bank) to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is it be not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 or 7.11 hereof shall occur, the Majority Required Banks shall have the right right, in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to U.S. Borrower, to: (a) terminate the EXIM Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by U.S. Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.9 or 7.10 or 7.11 hereof shall occur, Agent may, with the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf consent of the Required Banks, to and shall, at the request of the Required Banks, give written notice to Borrower, to:: NAI-1519170929v11 (a) terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan and the obligation of the Fronting Bank to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.9 or 7.10 or 7.11 hereof shall occur, the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously theretofore terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan or Loans hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is it be not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.97.10, 7.10 7.11 or 7.11 7.12 hereof shall occur, the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment Commitments and the credits hereby established, if not previously theretofore terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan hereunder or Loans hereunder, immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is it be not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.97.9 , 7.10 7.10, 7.11 or 7.11 7.13 hereof shall occur, the Majority Required Banks shall have the right right, in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to BorrowerBorrowers, to: (a) terminate the Commitment and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan and the obligation of Agent or any Fronting Bank to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by BorrowerBorrowers.

Optional Defaults. If any Event of Default referred to in Section 7.16.1, 7.26.2., 7.36.3, 7.46.4, 7.56.5, 7.66.6, 7.76.7, 7.86.8, 7.96.9, 7.10 6.10 or 7.11 6.11 hereof shall occur, Agent may, with the Majority Banks shall have the right in their discretion, by directing Administrative Agent, on behalf consent of the Required Banks, to and shall, at the request of the Required Banks, give written notice to Borrower, to: (a) terminate the Commitment Commitments and the credits hereby established, if not previously terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event of Default referred to in Section 7.1, 7.2., 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.10 or 7.11 7.12 hereof shall occur, the Majority Banks shall have the right right, in their discretion, by directing Administrative Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not previously theretofore terminated, and, immediately upon such election, the obligations of the Banks, and each thereof, to make any further Loan and the obligation of Agent (or a Fronting Bank) to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if the Debt is it be not already due and payable), whereupon all of the Debt shall become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.