Common use of Rights on Event of Default Clause in Contracts

Rights on Event of Default. At any time after the occurrence of an Event of Default and while the same is continuing (and in addition and without prejudice to any other rights of the Agents or the Lenders): (i) the Facility Agent may and shall if so directed by the Majority Lenders by notice in writing to the Borrower declare that the Loan and all other amounts outstanding from the Borrower under this Agreement and/or the Security Documents are immediately due and payable and such declaration shall be effective from the date of such occurrence or such other later date as the Facility Agent may specify in the said notice, and (at the same time as or at any time subsequent to the service of such notice and the same shall be immediately due and payable and the Lenders' obligation to make available or to continue to make available the Facilities, or any part thereof, to the Borrower shall immediately cease); and/or (ii) either of the Agents or any of the Lenders may terminate or otherwise rearrange (at the discretion of such Agents or Lenders) any interest rate or currency swap, hedging or other currency or interest rate management agreement or arrangements which the Agents or any of the Lenders may have taken out or entered into in relation to the Loan or any part thereof.