Common use of Optional Acceleration of Maturity Clause in Contracts

Optional Acceleration of Maturity. Upon the occurrence and during the continuance of any Event of Default other than those specified in Section 7.1(f), the Agent and the Lenders may (i) by notice to the Borrowers, declare all Obligations immediately due and payable, without presentment, demand, protest, notice of protest, default, or dishonor, notice of intent to accelerate maturity, notice of acceleration of maturity, or other notice of any kind, except as may be provided to the contrary elsewhere herein, all of which are hereby expressly waived by each of the Borrowers; (ii) by notice to the Borrowers, terminate the Commitments unless and until reinstated by the Agent and the Lenders in writing; (iii) to the extent permitted by and in compliance with applicable law, the Agent and the Lenders may set-off and apply any and all deposits (general or special, time or demand, provisional or final) held by the Agent and the Lenders and any and all other indebtedness at any time owing by the Agent and the Lenders to or for the credit or account of the Borrowers or Guarantors against any and all of the Obligations although such Obligations may be unmatured; and (iv) upon notice from the Agent, the Borrowers shall deposit into the Cash Collateral Account an amount of cash equal to the outstanding L/C Exposure as security for the Obligations to the extent the any obligations of the Borrowers with respect to the Letters of Credit are not otherwise paid to the Agent at such time.

Optional Acceleration of Maturity. Upon the occurrence and during the continuance of any Event of Default other than those specified in Section 7.1(f), (i) the Agent and the Lenders may (i) may, by notice to the Borrowers, declare all Obligations immediately due and payable, without presentment, demand, protest, notice of protest, default, or dishonor, notice of intent to accelerate maturity, notice of acceleration of maturity, or other notice of any kind, except as may be provided to the contrary elsewhere herein, all of which are hereby expressly waived by each of the Borrowers; (ii) by notice to the Borrowers, terminate the Commitments shall immediately cease and terminate unless and until reinstated by the Agent and the Lenders in writing; (iii) to the extent permitted by and in compliance with applicable law, the Agent and the Lenders may set-off and apply any and all deposits (general or special, time or demand, provisional or final) held by the Agent and the Lenders and any and all other indebtedness at any time owing by the Agent and the Lenders to or for the credit or account of the Borrowers or Guarantors against any and all of the Obligations although such Obligations may be unmatured; and (iv) upon notice from the Agent, the Borrowers shall deposit into the Cash Collateral Account an amount of cash equal to the outstanding L/C Exposure as security for the Obligations to the extent the any obligations of the Borrowers with respect to the Letters of Credit are not otherwise paid to the Agent at such time.