VIE Termination Event Clause Samples

VIE Termination Event. Upon the occurrence of a VIE Termination Event: (a) the Borrower shall promptly notify the Facility Agent upon becoming aware of such VIE Termination Event; (b) (irrespective of whether the Borrower has complied with paragraph (a)) none of the Lenders shall be obliged to find or maintain its participation in any Loan or any part thereof; and (c) (irrespective of whether the Borrower has complied with paragraph (a)) the Available Facility in respect of each Facility will immediately be cancelled (and the Available Commitment of each Lender in respect of each Facility shall immediately be reduced to zero) and each Loan, together with accrued interest and all other amounts accrued under the Finance Documents, shall become immediately due and payable.