Common use of Optional Defaults Clause in Contracts

Optional Defaults. If any Event of Default referred to in Sections 9.1-9.4 or 9.8-9.15 shall occur, the Agent, with the consent of the Majority Banks, upon written notice to the Borrower, may (a) terminate the Commitments and the credit hereby established and forthwith upon such election the obligations of the Banks to make any further Loans (other than Loans resulting from the funding of Letters of Credit) or issue any Letters of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of the Loans and all other Obligations (including Rate Hedging Obligations subject to the terms and conditions of the agreements governing such Rate Hedging Obligations), whereupon all Obligations shall become and thereafter be immediately due and payable in full without any notice of intent to accelerate or notice of acceleration and without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by the Borrower, and/or (c) demand the payment to the Banks of the aggregate principal amounts of the Letter of Credit Notes, which amounts the Banks shall hold as security for the obligations incurred under the Letters of Credit, this Agreement or the Notes.

Optional Defaults. If any Event of Default referred to in Sections 9.1------------------ Section 9.1 through and including Section 9.4 or 9.8-9.15 Section 9.8 through and including Section 9.14 shall occur, the Issuing Bank shall not be required to issue any additional Letters of Credit, and the Administrative Agent, with the consent of the Majority Required Banks, upon written notice to the BorrowerBorrowers, may (a) terminate the Commitments Reducing Commitment and the credit hereby established and forthwith upon such election the obligations of the Banks to make any further Loans hereunder (other than Loans resulting from the funding of Letters of Credit) or issue any Letters of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of the Loans and all other Obligations (including Rate Hedging Obligations subject to the terms and conditions of the agreements governing such Rate Hedging Obligations), whereupon all Obligations shall become and thereafter be immediately due and payable in full without any notice of intent to accelerate or notice of acceleration and without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by the BorrowerBorrowers, and/or (c) demand the payment to the Banks Issuing Bank of the aggregate principal amounts stated amount of the Letter outstanding Letters of Credit NotesCredit, which amounts amount the Banks Issuing Bank shall hold as security for the obligations incurred under the Letters of Credit, this Agreement or the Notes.

Optional Defaults. If any Event of Default referred to in Sections 9.1------------------ Section 9.1 through and including Section 9.4 or 9.8-Section 9.8 through and including Section 9.15 shall occur, the Issuing Bank shall not be required to issue any additional Letters of Credit, and the Agent, with the consent of the Majority Banks, upon written notice to the BorrowerBorrowers, may (a) terminate the Commitments Reducing Commitment and the credit hereby established and forthwith upon such election the obligations of the Banks to make any further Loans hereunder (other than Loans resulting from the funding of Letters of Credit) or issue any Letters of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of the Loans and all other Obligations (including Rate Hedging Obligations subject to the terms and conditions of the agreements governing such Rate Hedging Obligations), whereupon all Obligations shall become and thereafter be immediately due and payable in full without any notice of intent to accelerate or notice of acceleration and without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by the BorrowerBorrowers, and/or (c) demand the payment to the Banks Issuing Bank of the aggregate principal amounts stated amount of the Letter outstanding Letters of Credit NotesCredit, which amounts amount the Banks Issuing Bank shall hold as security for the obligations incurred under the Letters of Credit, this Agreement or the Notes.

Optional Defaults. If any Event of Default referred to in Sections 9.1-Section 9.1 through and including Section 9.4 or 9.8-Section 9.8 through and including Section 9.15 shall occur, the AgentAdministrative Agent may, with the consent of of, and shall at the Majority Banksdirection of, the Required Lenders, upon written notice to the Borrower, may, (a) terminate the Commitments and the credit hereby established and forthwith upon such election the obligations of the Banks Lenders to make any further Loans hereunder (other than Loans resulting from the funding of Letters of Credit) or issue any Letters of Credit hereunder immediately shall be terminated, and/or (b) accelerate the maturity of the Loans and all other Obligations (including Rate Hedging Obligations subject to the terms and conditions of the agreements governing such Rate Hedging Obligations), whereupon all Obligations shall become and thereafter be immediately due and payable in full without any notice of intent to accelerate or notice of acceleration and without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by the Parent and the Borrower, , (c) direct the Issuing Bank to not issue any additional Letters of Credit during the continuance of such Event of Default; and/or (cd) demand the payment to the Banks Issuing Bank of the aggregate principal amounts stated amount of the Letter outstanding Letters of Credit NotesCredit, and the Borrower shall immediately pay such amount, which amounts amount the Banks Issuing Bank shall hold as security for the obligations incurred under the Letters of Credit, this Agreement or the Notes.