ACCELERATION AND CANCELLATION Upon Clause Samples
The 'Acceleration and Cancellation Upon' clause defines the conditions under which obligations or agreements can be accelerated or cancelled before their scheduled completion. Typically, this clause outlines specific events or breaches that trigger immediate repayment of debts or termination of contractual duties, such as non-payment, insolvency, or violation of key terms. Its core practical function is to protect parties by providing a clear mechanism for responding to significant risks or defaults, ensuring that they can act swiftly to mitigate potential losses.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing, the Facility Agent may (and, if so instructed by an Instructing Group, shall) by notice to the Parent:
23.15.1 declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers under the Finance Documents) or declare all or any part of the Advances to be due and payable on demand of the Facility Agent; and/or
23.15.2 declare that any undrawn portion of the Facilities shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default which is continuing and at any time thereafter, the Agent may (and, if so instructed by an Instructing Group, shall) by notice to the Parent:
21.23.1 declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Obligors under the Finance Documents) or declare all or any part of the Advances to be due and payable on demand of the Agent; and/or
21.23.2 declare that any unutilised portion of the Facilities shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero; and/or
21.23.3 exercise or direct the Security Agent to exercise all rights and remedies.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default at any time thereafter while such Event of Default is continuing, the Facility Agent shall, if so instructed by an Instructing Group, by notice to the Parent:
24.22.1 declare all or any part of the Advances (including, without limitation, any Advances under the Ancillary Facilities) to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Obligors under the Finance Documents) or declare all or any part of the Advances to be due and payable on demand of the Facility Agent; and/or
24.22.2 declare that any unutilised portion of the Facilities (including, without limitation, the Ancillary Facility) shall be cancelled, whereupon the same shall be cancelled and the Available Commitment of each Bank shall be reduced to zero, PROVIDED THAT, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clause 24.7 (WINDING UP), the Available Revolving Commitment of each of the Revolving Banks and the Available Term Commitments of each of the Term Banks shall immediately be reduced to zero and all Advances, interest thereon and other sums then owed by the Borrowers hereunder shall become immediately due and payable; and/or
24.22.3 require each Revolving Borrower to procure that the liabilities of each of the Banks and the Fronting Bank under each Bank Guarantee is promptly reduced to zero and/or provide Cash Collateral for each Bank Guarantee in an amount specified by the Facility Agent and in the currency of such Bank Guarantee and/or provide cash cover in an amount equal to the contingent liability of each Ancillary Bank under any Ancillary Facility (whereupon the Borrower shall do so); and/or
24.22.4 exercise or direct the Security Agent to exercise all rights and remedies.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default and at any time thereafter, the Facility Agent may (and, if so instructed by an Instructing Group, shall) by notice to the Original Borrower:
(a) declare that any undrawn portion of the Tranche A Facility shall be cancelled, whereupon the same shall be cancelled and the Available Tranche A Commitments of each Tranche A Bank shall be reduced to zero;
(b) declare the Tranche A Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrowers hereunder) or declare all the Tranche A Advances to be due and payable on demand of the Facility Agent; and
(c) require that the Original Borrower procures that the liabilities of each Tranche B Bank under each Performance Bond issued by it is promptly reduced to zero and/or provides Cash Collateral for each such Performance Bond to the extent not already provided under this Agreement in an amount specified by the Facility Agent as may be necessary to ensure that such amount equals or exceeds the liability of the relevant Tranche B Bank under such Performance Bond, in which event the Original Borrower shall forthwith make such payment to the Facility Agent for the benefit of each such Tranche B Bank.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default and at any time thereafter, the Bank may, by written notice to the Borrower:
(i) declare the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower hereunder) or declare the Advances to be due and payable on demand of the Bank; and/or
(ii) declare that the Facility shall be cancelled, whereupon the same shall be cancelled and the Commitment shall be reduced to zero.
ACCELERATION AND CANCELLATION Upon the occurrence of an Event of Default and at any time thereafter whilst it is continuing, the Agent may (and, if so instructed by an Instructing Group, shall) by written notice to the Borrower:
24.25.1 declare all or any part of the Advances to be immediately due and payable (whereupon the same shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Facility Documents) or declare all or any part of the Advances to be due and payable on demand of the Agent; and/or
24.25.2 require the Borrower to procure that the liabilities of each of the Banks and the Fronting Bank in respect of all the Letter of Credit Outstandings are promptly reduced to zero and/or provide Cash Collateral in respect thereof (whereupon the Borrower shall do so); and/or
24.25.3 declare that the Facility shall be cancelled, whereupon the same shall be cancelled and the Commitment of each Bank shall be reduced to zero.