Common use of Acceleration Event Clause in Contracts

Acceleration Event. If one or more Events of Default shall have occurred then at any time thereafter and so long as the Event of Default in question is continuing unremedied or unwaived, the Agent (if so instructed by the Requisite Lenders) shall:- (i) cancel the Commitments whereupon the same shall be so cancelled and reduced to zero; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- and/or (ii) declare any outstanding Advances to be immediately due and payable, whereupon the same shall become so due and payable, together with accrued interest thereon and all other sums due hereunder forthwith; and/or (iii) require each Borrower to provide security in respect of each Letter of Credit issued at its request in a manner acceptable to the Fronting Bank in the currency of each such Letter of Credit, it being understood that in no event shall any Letter of Credit or the obligations of the Fronting Bank thereunder be cancelled and security equal to, and in the same currency as, the maximum amount that can be drawn under each Letter of Credit outstanding at such time shall be acceptable to the Fronting Bank.

Acceleration Event. If one or more Events of Default shall have occurred then at any time thereafter and so long as the Event of Default in question is continuing unremedied or unwaived, the Agent (if so instructed by the Requisite Lenders) shall:-shall: (i) cancel the Commitments whereupon the same shall be so cancelled and reduced to zero; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- and/or and/or (ii) declare any outstanding Advances to be immediately due and payable, whereupon the same shall become so due and payable, together with accrued interest thereon and all other sums due hereunder forthwith; and/or and/or (iii) require each the Borrower to provide security in respect of each Letter of Credit and Contract Guarantee issued at its request in a manner acceptable to the Fronting Bank in the currency of each such Letter of CreditCredit or Contract Guarantee, it being understood that in no event shall any Letter of Credit or Contract Guarantee or the obligations of the Fronting Bank thereunder be cancelled cancelled, and security equal to, and in the same currency as, the maximum amount that can be drawn under each Letter of Credit outstanding at such time or paid under each Contract Guarantee at such time shall be acceptable to the Fronting Bank.

Acceleration Event. If one or more Events of Default shall have occurred then at any time thereafter and so long as the Event of Default in question is continuing unremedied or unwaived, the Agent (if so instructed by the Requisite Lenders) shall:-shall: (i) cancel the Commitments whereupon the same shall be so cancelled and reduced to zero; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- and/or and/or (ii) declare any outstanding Advances to be immediately due and payable, whereupon the same shall become so due and payable, together with accrued interest thereon and all other sums due hereunder forthwith; and/or and/or (iii) require each the Borrower to provide security in respect of each Letter of Credit and Contract Guarantee issued at its request in a manner acceptable to the Fronting Bank in the currency of each such Letter of CreditCredit or Contract Guarantee, it being ---------------------------------------------------------------------------- 22 ---------------------------------------------------------------------------- understood that in no event shall any Letter of Credit or Contract Guarantee or the obligations of the Fronting Bank thereunder be cancelled and security equal to, and in the same currency as, the maximum amount that can be drawn under each Letter of Credit outstanding at such time or paid under each Contract Guarantee at such time shall be acceptable Acceptable to the Fronting Bank.

Acceleration Event. If one or more Events of Default shall have occurred then at any time thereafter and so long as the Event of Default in question is continuing unremedied or unwaived, the Agent (if so instructed by the Requisite Lenders) shall:-shall: (i) cancel the Commitments whereupon the same shall be so cancelled and reduced to zero; -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- and/or and/or (ii) declare any outstanding Advances to be immediately due and payable, whereupon the same shall become so due and payable, together with accrued interest thereon and all other sums due hereunder forthwith; and/or and/or (iii) require each Borrower to provide security in respect of each Letter of Credit issued at its request in a manner acceptable to the Fronting Bank in the currency of each such Letter of Credit, it being understood that in no event shall any Letter of Credit or the obligations of the Fronting Bank thereunder be cancelled and security equal to, and in the same currency as, the maximum amount that can be drawn under each Letter of Credit outstanding at such time shall be acceptable to the Fronting Bank.