Common use of Acceleration and Termination of Rights Clause in Contracts

Acceleration and Termination of Rights. 7.2.1 If any Event of Default occurs, no Lender shall be under any further obligation to make Advances and the Required Lenders may instruct the Agent to give notice to the Borrower declaring the Lenders’ obligations to make Advances to be terminated, whereupon the same shall forthwith terminate and/or declaring the Obligations or any of them to be forthwith due and payable, whereupon they shall become and be forthwith due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower. 7.2.2 Notwithstanding the preceding paragraph, if the Borrower becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangement, relief of debtors or creditor or the appointment of a receiver or trustee over any material part of its property, then without prejudice to the other rights of the Lenders as a result of any such event, without any notice or action of any kind by the Agent or the Lenders, and without presentment, demand or protest, the Lenders’ obligation to make Advances shall immediately terminate and the Obligations shall immediately become due and payable.

Acceleration and Termination of Rights. 7.2.1 (1) If any Event of Default occurs, no Lender the Lenders shall be under any no further obligation to make Advances and the Required Lenders may instruct the Agent to give notice to the Borrower Borrowers (a) declaring the Lenders’ obligations to make Advances to be terminated, whereupon the same in which case they shall forthwith terminate immediately, and/or (b) declaring the Obligations or any of them to be forthwith due and payable, whereupon in which case they shall become and be forthwith immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers. 7.2.2 (2) Notwithstanding the preceding paragraph, if the Borrower any Obligor becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangementdissolution, arrangement, winding-up, relief of debtors or creditor from creditors or the appointment of a receiver or trustee over any material part of its propertyproperty or analogous proceeding in any jurisdiction, then without prejudice to the other rights of the Lenders as a result of any such event, without any notice or action of any kind by the Agent or the Lendersany Lender, and without presentment, demand or protest, the Lenders’ obligation to make Advances shall immediately terminate and terminate, the Obligations shall immediately become due and payable.payable and the Borrowers shall be obligated to deposit forthwith with the Agent for the Lenders’ benefit Collateral equal to the full face amount at maturity of all L/Cs and B/As then outstanding for its account

Acceleration and Termination of Rights. 7.2.1 If any Event of Default occursoccurs and is continuing, no the Lender shall be under any no further obligation to make Advances and the Required Lenders Lender may instruct the Agent to give notice to the Borrower (i) declaring the Lenders’ obligations Lender’s obligation to make Advances to be terminated, whereupon the same shall forthwith terminate and/or terminate, (ii) declaring the Obligations or any of them to be forthwith due and payable, whereupon they shall become and be forthwith due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower and/or (iii) demanding that the Borrower immediately deposit Cash Collateral with the Lender in an amount equal to the full principal amount at maturity of all L/Cs then outstanding for the Borrower. 7.2.2 ’s accounts. Notwithstanding the preceding paragraph, if the Borrower any Obligor becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangement, relief of debtors or creditor creditors or the appointment of a receiver or trustee over any material part of its propertyProperty, then without prejudice to the other rights of the Lenders Lender as a result of any such event, without any notice or action of any kind by the Agent or the LendersLender, and without presentment, demand or protest, the Lenders’ Lender’s obligation to make Advances shall immediately terminate and terminate, the Obligations shall immediately become due and payablepayable and, to the extent permitted by law, the Borrower shall be obligated to immediately deposit Cash Collateral with the Lender in an amount equal to the full principal amount at maturity of all L/Cs then outstanding for the Borrower’s accounts.

Acceleration and Termination of Rights. 7.2.1 If any Event of Default occurs, no Lender shall be under any further obligation to make Advances and the Required Lenders may instruct the Agent to give notice to the Borrower declaring the Lenders’ obligations to make Advances to be terminated, whereupon the same shall forthwith terminate and/or declaring the Obligations or any of them to be forthwith due and payable, whereupon they shall become and be forthwith due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower. 7.2.2 . Notwithstanding the preceding paragraph, if the Borrower becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangement, relief of debtors or creditor or the appointment of a receiver or trustee over any material part of its property, then without prejudice to the other rights of the Lenders as a result of any such event, without any notice or action of any kind by the Agent or the Lenders, and without presentment, demand or protest, the Lenders’ obligation to make Advances shall immediately terminate and the Obligations shall immediately become due and payable.

Acceleration and Termination of Rights. 7.2.1 If any Event of Default occurs, no Lender shall be under any further obligation to make Advances or to accept orders as Bankers' Acceptance and the Required Majority Lenders may instruct the Agent to give notice to the Borrower Borrowers (i) declaring the Lenders’ ' obligations to make Advances to be terminated, whereupon the same shall forthwith terminate and/or terminate, (ii) declaring the Obligations or any of them to be forthwith due and payable, whereupon they shall become and be forthwith due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower. 7.2.2 Borrowers, and/or (iii) demanding that each Borrower deposit forthwith with the Agent for the Lenders' benefit Collateral equal to the full principal amount at maturity of all Bankers' Acceptances and L/Cs then outstanding for its account. Notwithstanding the preceding paragraphclause, if the Borrower a Restricted Party becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangement, relief of debtors or creditor or the appointment of a receiver or trustee over any material part of its propertyProperty, then without prejudice to the other rights of the Lenders as a result of any such event, without any notice or action of any kind by the Agent or the Lenders, and without presentment, demand or protest, the Lenders’ ' obligation to make Advances shall immediately terminate and terminate, the Obligations shall immediately become due and payablepayable and each Borrower shall be obligated to deposit forthwith with the Agent for the Lenders' benefit Collateral equal to the full principal amount at maturity of all Bankers' Acceptances and L/Cs then outstanding for its account.

Acceleration and Termination of Rights. 7.2.1 If any Event of Default occursoccurs and is continuing, no the Lender shall be under any no further obligation to make Advances and the Required Lenders Lender may instruct the Agent to give notice to the Borrower (i) declaring the Lenders’ obligations Lender's obligation to make Advances to be terminated, whereupon the same shall forthwith terminate and/or terminate, (ii) declaring the Obligations or any of them to be forthwith due and payable, whereupon they shall become and be forthwith due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower and/or (iii) demanding that the Borrower immediately deposit Cash Collateral with the Lender in an amount equal to the full principal amount at maturity of all L/Cs and Bankers' Acceptances then outstanding for the Borrower. 7.2.2 's account. Notwithstanding the preceding paragraph, if the Borrower any Obligor becomes a bankrupt (voluntarily or involuntarily), or institutes any proceeding seeking liquidation, rearrangement, relief of debtors or creditor creditors or the appointment of a receiver or trustee over any material part of its propertyProperty, then without prejudice to the other rights of the Lenders Lender as a result of any such event, without any notice or action of any kind by the Agent or the LendersLender, and without presentment, demand or protest, the Lenders’ Lender's obligation to make Advances shall immediately terminate and terminate, the Obligations shall immediately become due and payablepayable and, to the extent permitted by law, the Borrower shall be obligated to immediately deposit Cash Collateral with the Lender in an amount equal to the full principal amount at maturity of all L/Cs and Bankers' Acceptances then outstanding for the Borrower's account.