Common use of Credit Event Clause in Contracts

Credit Event. In addition to any other rights of Party A herein contained and notwithstanding anything to the contrary in this Agreement, upon the expiration, cancellation or termination of the Credit Agreement, or if Party A shall cease to be a Lender under the Credit Agreement, Party A may upon giving two (2) Business Days notice to Party B, which shall be the Affected Party, terminate this Agreement and all Transactions thereunder in accordance with the terms and conditions hereof. Notwithstanding the foregoing, in the event that the Credit Agreement is not terminated but Party A ceases to be a Lender under the Credit Agreement, within one Business Day of receiving notice of termination from Party A hereunder, Party B may notify Party A that within five Business Days it will either (A) provide security to cover all Transactions hereunder that ranks pari passu with the Security (as defined in the Credit Agreement) or (B) provide an assignment agreement under which Party A will assign the Transactions to another entity. If the Transactions are not covered by adequate security or assigned as provided herein, Party A will have the right to terminate this Agreement and all Transactions.

Credit Event. In addition to any other rights of Party A herein contained and notwithstanding anything to the contrary in this Agreement, upon the expiration, cancellation or termination of the Credit Agreement, or if Party A shall cease to be a Lender under the Credit Agreement, Party A may upon giving two (2) Business Days notice to Party B, which shall be the Affected Party, terminate this Agreement and all Transactions thereunder in accordance with the terms and conditions hereof. Notwithstanding the foregoing, in the event that the Credit Agreement is not terminated but Party A ceases to be a Lender under the Credit Agreement, within one Business Day of receiving notice of termination from Party A hereunder, Party B may notify Party A that within five Business Days it will either (A) provide security to cover all Transactions hereunder that ranks pari passu with the Security (as defined in the Credit Agreement) or (B) provide an assignment agreement under which Party A will assign the Transactions to another entity. If the Transactions are not covered by adequate security or assigned as provided herein, . Party A will have the right to terminate this Agreement and all Transactions.