Common use of Acceleration on Default Clause in Contracts

Acceleration on Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority Creditors) may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all or any portion of the amount of the Facility Indebtedness to be forthwith due and payable, whereupon all or any such portion of the Facility Indebtedness shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-up and Restructuring Act (Canada), or any substantially similar legislation under the laws of South Africa providing for any form of creditor protection, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payable; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Agent’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law.

Acceleration on Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority Creditors) Lender may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all (A) declare its commitment to advance the Facility or any portion of thereof to be terminated, whereupon the same shall forthwith terminate and (B) declare the entire unpaid principal amount of the Facility Indebtedness Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon all or any such portion the principal amount of the Facility Indebtedness Facility, all such accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party the Borrower under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or ), the Winding-up and Restructuring Act (Canada), ) or any substantially other similar such legislation under the laws of South Africa providing for any form of creditor protectionin other jurisdictions, the result which would otherwise occur only upon giving of notice by the Agent Lender to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payablenotice; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the AgentLender’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent Lender under this Agreement, the other Facility Security Documents and Applicable Law.

Acceleration on Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority CreditorsLenders) may (i) by notice to the Borrower, declare, in their sole and absolute discretion, all or (A) declare the Lender's commitments to advance any unadvanced portion of the Facility to be terminated, whereupon the same shall forthwith terminate, and (B) declare the entire unpaid principal amount of the Facility Indebtedness Facility, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the Facility, all or any such portion of the Facility Indebtedness accrued interest and all other fees, charges and costs hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada) or the Winding-up and Restructuring Act (Canada), or any substantially similar legislation under the laws of South Africa providing for any form of creditor protection, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payable; and (ii) whether or not the actions referred to in clause (i) have been taken, (X) exercise any or all of the Agent’s 's rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law.

Acceleration on Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Majority Creditors) may (i) Lender may, by notice to the Borrower, declare, in their sole and absolute discretion, all declare its commitment to advance the Facility or any portion of thereof to be terminated, whereupon the same shall forthwith terminate, and may declare the entire unpaid principal amount of the Facility Indebtedness Facility, all interest accrued and unpaid thereon and all other fees, charges, costs and other amounts hereunder to be forthwith due and payable, whereupon all or any such portion the principal amount of the Facility Indebtedness Facility, all such accrued interest and all other fees, charges, costs and other amounts hereunder shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, provided that upon the occurrence of an actual any Event of Default under Section 9.1(f), Section 9.1(g) or deemed entry of an order for relief with respect to a Credit Party under the Bankruptcy and Insolvency Act (CanadaSection 9.1(h), the Companies Creditors Arrangement Act (Canada) or Lender’s commitment to make the Winding-up and Restructuring Act (Canada), Advance or any substantially similar legislation portion thereof shall immediately terminate and the Facility Indebtedness, including the entire unpaid principal amount of the Facility, all interest accrued and unpaid thereon and all other fees, charges, costs and other amounts owing under any of the laws Facility Documents shall be immediately due and payable, without presentment, demand, protest or notice of South Africa providing for any form of creditor protectionkind, the result which would otherwise occur only upon giving of notice by the Agent to the Borrower under this Section 8.2, shall occur automatically without the giving of any such notice and all Facility Indebtedness in such case shall become immediately due and payableby the Lender; and (ii) whether or not thereupon, the actions referred to in clause (i) have been taken, (X) Lender may exercise any or all of the AgentLender’s rights and remedies under the Security Documents, and (Y) proceed to enforce all other rights and remedies available to the Agent Lender under this Agreement, the Security Documents, any other Facility Documents and Applicable Law.