Common use of Rights and Duties After Default Clause in Contracts

Rights and Duties After Default. If any Event of Default occurs and is continuing, then, if the Required Lenders so elect (which election shall be held in a manner determined by the Administrative Agent and communicated by the Administrative Agent to the Lenders), the Lenders’ Commitments to make Loans under this Agreement shall terminate and no further Letters of Credit shall be issued hereunder, and, upon the election of the Required Lenders (x) the Loans and all interest, fees and other amounts payable under this Agreement or the Notes shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived and (y) the Company shall Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); provided, however, that upon the occurrence of an Event of Default under Section 8.01(g), (h), (i), (j) or (k), the Commitments shall automatically terminate, the Loans and all interest, fees and other amounts payable under the Agreement or the Notes shall automatically become immediately due and payable and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without declaration or notice to the Company.

Rights and Duties After Default. If any Event of Default occurs and is continuing, then, (a) at any time prior to the Closing Date in the case of an Event of Default pursuant to Section 8.01(b) (solely with respect to the payment of fees), if the Required Lenders so elect (which election shall be held in a manner determined by the Administrative Agent and communicated by the Administrative Agent to the Lenders), the Lenders’ Commitments to make Loans under this Agreement shall terminate terminate; and no further Letters (b) at any time following the making of Credit shall be issued hereunderLoans on the Closing Date, andin the case of any Event of Default, upon the election of if the Required Lenders so elect (x) which election shall be held in a manner determined by the Administrative Agent and communicated by the Administrative Agent to the Lenders), the Loans and all interest, fees interest and other amounts payable under this Agreement or the Notes shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived and (y) the Company shall Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto)waived; provided, however, that upon the occurrence of an Event of Default under Section 8.01(g), (h), (i), (j) or (k), the Commitments shall automatically terminate, terminate and the Loans and all interest, fees interest and other amounts payable under the Agreement or the Notes shall automatically become immediately due and payable and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without declaration or notice to the Company.