Common use of Acceleration and Cancellation Clause in Contracts

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Facility Agent may and shall upon the direction of the Majority Lenders by notice to the Borrower: (a) declare all or any part of the Advances to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Finance Documents); and/or (b) declare that any unutilised portion of the Facility will be cancelled, whereupon the Lenders’ undrawn Commitments shall be cancelled and each Lender’s undrawn Commitment will be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 21.1(d) (Insolvency and Rescheduling) and 21.1(e) (Winding Up), the undrawn Commitments of each Lender will immediately be reduced to zero and all Advances and other sums then owed by the Borrower hereunder shall become immediately due and payable; and/or (c) exercise all rights and remedies under any Finance Document or instruct the Security Agent to do so; and/or (d) to exercise the rights of the Lenders in relation to the Hermes Guarantee or any security in accordance with the Security Documents.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default which is continuing, the Facility Agent may and shall upon the direction of (and, if so instructed by the Majority Lenders Lenders, shall) by written notice to the Borrower: (a) declare all or any part of the Advances outstanding Utilisations to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will shall become so payable together with accrued interest thereon and any other sums then owed by the Borrower under hereunder) or declare the Finance Documentsoutstanding Utilisations to be due and payable on demand (whereupon the same shall become payable on demand of the Facility Agent on the instructions of the Majority Lenders); and/or (b) declare that any unutilised undrawn portion of the Revolving Facility will shall be cancelled, whereupon the Lenders’ undrawn Commitments same shall be cancelled and the Commitments of each Lender’s undrawn Commitment will Lender shall be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 21.1(d) (Insolvency and Rescheduling) and 21.1(e) (Winding Up), the undrawn Commitments of each Lender will immediately be reduced to zero and all Advances and other sums then owed by the Borrower hereunder shall become immediately due and payable; and/or (c) exercise declare the outstanding Obligations to be immediately due and payable directly from any or all rights and remedies under any Finance Document or instruct of the Guarantors pursuant to Clause 15 (Guarantee); (d) declare that the Security Agent to do soDocuments (or any of them) have become enforceable (in whole or in part); and/or (de) to exercise the rights declare that any relevant Hedging Agreement between any member of the Lenders in relation to Group and a Hedging Bank shall forthwith be terminated and such member of the Hermes Guarantee or any security in accordance with the Security DocumentsGroup and such Hedging Bank shall from such time treat such relevant Hedging Agreement as terminated by reason of cross-default.

Acceleration and Cancellation. Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Facility Agent may and shall upon the direction of all Lenders and the Majority Lenders ECA-Guarantor by notice to the Borrower: (a) declare all or any part of the Advances to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Finance Documents); and/or (b) declare that any unutilised portion of the Facility will be cancelled, whereupon the Lenders’ ' undrawn Commitments shall be cancelled and each Lender’s 's undrawn Commitment will be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 21.1(d) (Insolvency and Rescheduling) and 21.1(e) (Winding Up), the undrawn Commitments of each Lender will immediately be reduced to zero and all Advances and other sums then owed by the Borrower hereunder shall become immediately due and payable; and/or (c) exercise all rights and remedies under any Finance Document or instruct the Security Agent to do so; and/or (d) to exercise the rights of the Lenders in relation to the Hermes Guarantee or any security in accordance with the Security Documents.

Acceleration and Cancellation. 23.2.1 Upon the occurrence of an Event of Default and at any time thereafter while such Event of Default is continuing, the Facility Agent may and shall upon the direction of the Majority Lenders by notice to the Borrower: (a) declare all or any part of the Advances to be immediately due and payable or declare all or any part of the Advances to be due and payable on its demand (whereupon the same will become so payable together with accrued interest thereon and any other sums then owed by the Borrower under the Finance Financing Documents); and/or; (b) declare that any unutilised portion of the Facility will be cancelled, whereupon the Lenders’ undrawn Commitments shall be cancelled and each Lender’s undrawn Commitment will be reduced to zero, provided that, notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Clauses 21.1(d) 23.1.8 (Insolvency and Rescheduling) and 21.1(e) ), 23.1.7 (Winding Up), the undrawn Commitments of each Lender will immediately be reduced to zero and all Advances and other sums then owed by the Borrower hereunder shall become immediately due and payable; and/or (c) exercise all rights and remedies under any Finance Financing Document or instruct the Security Agent to do so; and/or. (d) to exercise the rights 23.2.2 A notice of the Lenders in relation Agent pursuant to the Hermes Guarantee or any security in accordance with the Security DocumentsClause 23.2.1 may only be given (a) if an Event of Default pursuant to Clauses 23.1.1 (Payment Obligations), 23.1.6 (Insolvency and Rescheduling), 23.1.10 (Winding-Up), 23.