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 or 7.10 hereof shall occur, the Majority Banks shall have the right in their discretion, by directing Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not theretofore terminated, and, immediately upon such election, the obligations of Banks, and each thereof, to make any further Loan or Loans and the obligation of Agent to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if 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 7.17.01, 7.2.7.02, 7.37.03, 7.47.04, 7.57.05, 7.67.06, 7.77.07, 7.8, 7.9 7.08 or 7.10 7.09 hereof shall occur, Agent may, with the Majority Banks shall have the right in their discretion, by directing 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 and the credits hereby established, if not theretofore previously 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 to issue make any Letter of Credit Swing Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if it be 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, 7.8 or 7.9 or 7.10 hereof shall occur, Agent may, with the Majority Banks shall have the right in their discretion, by directing 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 and the credits hereby established, if not theretofore previously 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 to issue make any Letter of Credit Swing Loan hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if it be 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 or 7.10 hereof shall occur, Agent may, with the Majority Banks shall have the right in their discretion, by directing 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 and the credits hereby established, if not theretofore previously 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 to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if it be 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, 7.8 or 7.9 or 7.10 hereof shall occur, the Majority Banks shall have the right in their discretion, by directing Agent, on behalf of the Banks, to give written notice to Borrower, to: (a) terminate the Commitment and the credits hereby established, if not theretofore terminated, and, immediately upon such election, the obligations of Banks, and each thereof, to make any further Loan or Loans and the obligation of Agent to issue any Letter of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of all of the Debt (if 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.