Common use of Actions following an Event of Default Clause in Contracts

Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Facility Agent may: (a) serve on the Borrowers a notice stating that all obligations of the Lenders to the Borrowers under this Agreement are terminated; and/or (b) serve on the Borrowers a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; provided that in the case of an Event of Default under any of Clauses 13.1 (f), the Loan and all accrued interest and other amounts accrued or owing hereunder shall be deemed immediately due and payable without notice or demand therefor; and/or (c) change the Approved Managers; and/or (d) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b) above, a Credit Party is entitled to take under any Finance Document or any applicable law.

Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default the Facility Agent may, upon the instruction of the Majority Lenders: (a) serve on the Borrowers Borrower a notice stating that all obligations of the Lenders to the Borrowers Borrower under this Agreement are terminated; and/or (b) serve on the Borrowers Borrower a notice stating that the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; provided that in the case of an Event of Default under any either of Clauses 13.1 17.1(f) or (fg), the Loan and all accrued interest and other amounts accrued or owing hereunder shall be deemed immediately due and payable without notice or demand therefor; and/or (c) change the Approved Managers; and/or (d) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b) above, a Credit Party is entitled to take under any Finance Document or any applicable law.