Common use of Acceleration and Cancellation Clause in Contracts

Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter while that Event of Default is continuing, the Agent may (and, if so instructed by the Majority Banks, shall) by notice to the Borrower: 19.14.1 cancel the Facility whereupon the Facility shall immediately be cancelled; and 19.14.2 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable.

Acceleration and Cancellation. Upon the occurrence of an Event of Default at any time thereafter while that Event of Default is continuing, the Agent shall at the request or may (and, if so instructed by with the consent of the Majority Banks, shall) Banks by notice to the BorrowerBorrower take either or both of the following actions: 19.14.1 19.13.1 cancel the Facility whereupon the Facility shall immediately be cancelled; and 19.14.2 19.13.2 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable.