Common use of Acceleration and Cancellation Clause in Contracts

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing, the Facility Agent may (and, if so instructed by an Instructing Group, shall) by notice to the Obligors' Agent: 24.19.1 declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers under the Finance Documents) or declare all or any part of the Advances to be due and payable on demand of the Facility Agent; and/or 24.19.2 declare that any undrawn portion of the Facilities shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and or at any time thereafter whilst it if the same is still continuing, the Facility Agent may (and, if so instructed by an Instructing Group, shall) by written notice to the Obligors' AgentBorrower: 24.19.1 (a) declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers under the Finance DocumentsBorrower hereunder) or declare all or any part of the Advances to be due and payable on demand of the Facility Agent; and/or 24.19.2 (b) declare that any undrawn portion of the Facilities Facility shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero.