Acceleration on Event of Default Sample Clauses
The "Acceleration on Event of Default" clause allows a lender or creditor to demand immediate repayment of all outstanding obligations if the borrower defaults on the agreement. In practice, this means that if the borrower misses payments, breaches covenants, or triggers other specified default events, the lender can require the full loan balance to be paid at once, rather than following the original payment schedule. This clause serves to protect the lender by providing a mechanism to respond swiftly to increased credit risk, ensuring they are not left exposed if the borrower's financial situation deteriorates.
Acceleration on Event of Default. If an Event of Default specified in clause (g), (h) or (i) of Section 8.1 shall exist, all of the Notes at the time outstanding shall automatically become immediately due and payable together with interest accrued thereon and, to the extent permitted by law, the Make-Whole Amount at such time with respect to the principal amount of such Notes, and all other amounts due under the Financing Documents, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and, if any other Event of Default shall exist, the holder or holders of at least thirty-five percent (35%) in principal amount of the Notes then outstanding (exclusive of Notes then owned by any one or more of the Company, any Subsidiary and any Affiliate) may exercise any right, power or remedy permitted to such holder or holders by law, and shall have, in particular, without limiting the generality of the foregoing, the right to declare the entire principal of, and all interest accrued on, all the Notes then outstanding to be, and such Notes shall thereupon become, forthwith due and payable, without any presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, and the Company shall forthwith pay to the holder or holders of all the Notes then outstanding the entire principal of, and interest accrued on, the Notes and, to the extent permitted by law, the Make-Whole Amount at such time with respect to such principal amount of the Notes.
Acceleration on Event of Default. If any Event of Default shall occur and be continuing, the Agent (in accordance with the instructions of the Lenders) may (i) by notice (a “Default Notice”) to the Borrower, (A) declare the Lenders’ 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, all interest accrued and unpaid thereon and all other fees, charges and costs hereunder to be forthwith due and payable, whereupon the 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 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 similar legislation under the laws of the United States (including, without limitation, the United States Bankruptcy Code), providing for any form of creditor protection, the result of 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 (ii) whether or not the actions referred to in paragraph (i) have been taken, (Y) exercise any or all of the Agent’s rights and remedies under the Security Documents, and (Z) proceed to enforce all other rights and remedies available to the Agent under this Agreement, the other Facility Documents and Applicable Law; provided, further, however, for the avoidance of doubt, no Default Notice is required in order for the Agent to take any action described herein if the Event of Default arises out of any of the events described in paragraphs 8.1(f), (g), (h) or (i).
Acceleration on Event of Default. If the Purchaser declares the Payment Deposit to be immediately due and payable, in accordance with the Purchase Agreement, the Obligations shall be immediately due and payable and the Security shall become immediately crystallized and enforceable without the necessity for any further action or notice by the Purchaser.
Acceleration on Event of Default. If an Event of Default shall occur and be continuing, the unpaid balance of the Principal Amount, and all accrued interest and all other amounts payable under this Convertible Debenture may be declared by the Holder on written notice to the Corporation to be, and upon such notice shall become, immediately due and payable. Upon the payment in full of the aftorementioned amounts, the Holder shall promptly surrender this Convertible Debenture to or as directed by the Corporation.
Acceleration on Event of Default. Notwithstanding Section 2.1 hereof, the entire unpaid Principal Amount and accrued and unpaid interest on this Note and on all of the Notes shall be immediately due and payable upon an Event of Default (as defined in Section 6 hereof).
Acceleration on Event of Default. Upon the occurrence of an Event of Default, the Lender may, in addition to any other rights or remedies provided for herein, in the Security, at law, or in equity, by written notice to the Borrower, declare the Indebtedness to be immediately due and payable, and the same shall forthwith become immediately due and payable, and the Borrower shall forthwith pay to the Lender the Indebtedness. In addition to the right provided to the Lender to accelerate payment of the Indebtedness, under the terms of this section 6.2, on the occurrence of an Event of Default, it is acknowledged that the Lender may, in addition to any other rights or remedies provided for herein, in the Security, at law, or in equity, by thirty (30) days written notice to the Borrower, declare the Indebtedness to be immediately due and payable, and the same shall forthwith become immediately due and payable, and the Borrower shall forthwith pay to the Lender the Indebtedness, if Syncrude Canada Ltd. has not been required to, or for any reason has not, commenced payments required to be made by Syncrude Canada Ltd. to the Borrower pursuant to the terms of the Syncrude Agreements by December 15th, 2006.
Acceleration on Event of Default