Acceleration; Termination Sample Clauses
The 'Acceleration; Termination' clause allows a party to demand immediate payment of all outstanding obligations or to end the agreement entirely if certain triggering events occur, such as a default or breach. In practice, this means that if one party fails to meet its contractual duties, the other party can require that all remaining payments become due at once, or can terminate the contract without waiting for the original end date. This clause serves to protect parties from ongoing risk by providing a clear mechanism to respond swiftly to serious contract violations.
Acceleration; Termination. Upon the occurrence of an Event of Default described in Sections 12.1 through 12.18 above, inclusive, the Lender may and, without presentment, demand or notice of any kind all of which are hereby expressly waived by the Borrowers, declare all of the Obligations due or to become due from the Borrowers to the Lender and the Lender, whether under this Agreement, the Note or otherwise, immediately due and payable, anything in the Note or other evidence of the Obligations or in any of the other Loan Documents to the contrary notwithstanding.
Acceleration; Termination. Notwithstanding any provision to the contrary in this Agreement, (a) the applicable Lenders may, at any time after the occurrence and during the continuance of an Event of Default under the Financing Documents, declare the unutilized Commitments terminated and accelerate the Credit Agreement Obligations in accordance with the terms of the Credit Agreement, (b) the applicable Additional Secured Parties under any Series of Additional Credit Obligations may, at any time after the occurrence and during the continuance of an Event of Default under the applicable Additional Credit Document, terminate all commitments and accelerate such Additional Obligations under the applicable Additional Credit Documents, and (c) any applicable Interest Rate Hedge Bank may at any time after the occurrence and during the continuance of a Hedge Default cause the early termination of the relevant Interest Hedging Agreement in accordance with the terms thereof. No Remedies Instruction will be required to be taken or delivered in respect of such Event of Default or Hedge Default, as the case may be, prior to the applicable Lenders, any applicable Additional Secured Parties or any applicable Interest Rate Hedge Bank, as the case may be, taking such action.
Acceleration; Termination. (i) Terminate the Commitments and/or declare the principal of and interest on the Loans and the Reimbursement Obligations at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents (including, without limitation, all L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented or shall be entitled to present the documents required thereunder) and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and/or terminate the Credit Facility and any right of the Borrower to request borrowings or Letters of Credit thereunder; provided, that upon the occurrence of an Event of Default specified in Section 12.1(h) or (i), the Credit Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other Loan Document to the contrary notwithstanding; and
(ii) exercise on behalf of the Secured Parties all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Obligations.
Acceleration; Termination. Upon the occurrence of and continuation of an Event of Default by the Company, Holder may, at its option, subject to any applicable cure period and other procedures set forth in Section 8 of the Purchase Agreement, by written notice to the Company (a) declare the unpaid principal amount together with all accrued interest thereon and any other amounts payable hereunder, immediately due and payable, and/or (b) exercise any or all of its rights, powers or remedies under Purchase Agreement or applicable Law; provided, however, that, upon the occurrence of a Bankruptcy Event, the unpaid principal and accrued interest under the Notes shall automatically accelerate and become immediately due and payable in its entirety.
Acceleration; Termination. Without in any way limiting the right of CIT to demand payment of any portion of the Obligations payable on demand in accordance with Section 5.2 hereof, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, CIT may in its discretion declare the principal of and any accrued interest on the Loans and all other Obligations to be, whereupon the same shall become without further notice or demand (all of which further notice and demand Borrower expressly waives), forthwith due and payable and Borrower shall forthwith pay to CIT the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.3 hereof all of the Obligations shall become automatically due and payable without declaration, notice or demand by CIT and this Agreement shall automatically terminate as if terminated by CIT pursuant to Section 6.2.1 and with the effect set forth in Section 6.2.4 hereof.
Acceleration; Termination. (a) Notwithstanding anything contained to the contrary in this Pre-Payment Advance Agreement or the Supply Agreement, upon or after the occurrence of any Event of Default, upon or after the occurrence of any material breach of this Pre-Payment Advance Agreement or upon or after any representation or warranty hereunder not being true and correct in all material respects when made the full amount of the outstanding Pre-Payment Advances shall become due and payable by the Companies in immediately available funds in U.S. dollars on demand and EMPIRE shall be under no obligation to fund any remaining Installments.
(b) Notwithstanding anything to the contrary in this Pre-Payment Advance Agreement or in the Supply Agreement, if any portion of the Pre-Payment Advance or any interest accrued thereon remains unpaid on January 01, 2016, the entire remaining Pre-Payment Advance shall become immediately due and owing to Empire and shall be immediately paid by Companies.
(c) EMPIRE may in its sole and absolute discretion terminate its obligations hereunder at any time prior to June 30, 2011 by providing written notice thereof to any Company. Upon such termination, the EMPIRE shall have no further obligations hereunder and Companies shall not be obligated to repay the first Installment of the Pre-Payment Advance.
Acceleration; Termination. The Lender may (i) declare the Commitments and the Credit Facilities and any obligation or commitment of the Lender hereunder to make Loans to the Borrowers or to issue Letters of Credit for the account of the Borrowers to be terminated, whereupon the same shall forthwith terminate, and (ii) declare the unpaid principal amount of the Loans, together with accrued and unpaid interest thereon, and all other Obligations then outstanding to be immediately due and payable, whereupon the same shall become and be forthwith due and payable by the Obligors to the Lender, without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Obligors; provided, that, in the case of any Default referred to in Section 7.1.6 (Insolvency), Section 7.1.7 (Bankruptcy), and 7.1.8 (Receivership) above, the Commitments and the Credit Facilities and any obligation or commitment of the Lender hereunder to make Loans to the Borrowers Obligors or to issue Letters of Credit for the account of the Borrowers shall immediately and automatically terminate and the unpaid principal amount of the Loans, together with accrued and unpaid interest thereon, and all other Obligations then outstanding shall be automatically and immediately due and payable by the Obligors to the Lender without notice, presentment, demand, protest or other action of any kind, all of which are expressly waived by the Obligors.
Acceleration; Termination. Upon the occurrence of an Event of Default described above in Sections 8.1 through 8.13 above, inclusive, the Administrative Agent may, and at the written request of the Required Banks shall, have the right to, without notice: (a) declare all of the Obligations due or to become due from each Borrower to the Administrative Agent and the Banks, whether under this Agreement, the Notes or otherwise, immediately due and payable, anything in the Notes or other evidence of the Obligations or in any of the other Loan Documents to the contrary notwithstanding, (b) declare all of the Swing Line Obligations due or to become due from any Borrower to the Designated Swing Line Lender designated for such Borrower, whether under this Agreement, the Notes or otherwise, immediately due and payable, anything in the Notes or other evidence of the Swing Line Obligations or in any of the other Loan Documents to the contrary notwithstanding (c) terminate each Bank's Revolving Credit Commitment whereupon no Bank shall have any further obligation to make any Loan or issue any Letter of Credit hereunder, (d) terminate each Designated Swing Line Lender's Swing Line Commitment whereupon no Designated Swing Line Lender shall have any further obligation to make any Swing Line Loan hereunder, (e) terminate each Designated Letter of Credit Issuer's obligation to issue Letters of Credit whereupon no Designated Letter of Credit Issuer shall have any further obligation to issue any Letter of Credit hereunder and (f) terminate each Bank's obligation to participate in Swing Line Loans and Letters of Credit, as the case may be, made or issued after such termination of the Swing Line Commitments and obligations to issue Letters of Credit.
Acceleration; Termination i. Terminate the Term Loan Commitments and declare the principal of and interest on the Term Loans at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Agreement or any of the other Loan Documents and all other Obligations, to be forthwith due and payable, whereupon the same shall immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or the other Loan Documents to the contrary notwithstanding, and terminate the Term Loan Facility; provided, that upon the occurrence of an Event of Default specified in Section 9.1(e), the Term Loan Facility shall be automatically terminated and all Obligations shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are expressly waived by each Credit Party, anything in this Agreement or in any other Loan Document to the contrary notwithstanding; and
ii. exercise on behalf of the Guaranteed Creditors all of its other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Obligations.
Acceleration; Termination. If an Event of Default has occurred, and at any time thereafter while it is continuing, the Agent upon receipt of instructions from the Required Lenders shall, if so requested by the Required Lenders (a) terminate the obligation to lend and (b), without limiting the ability to do so at any other times, the Agent on behalf of the Banks upon receipt of instructions from the Required Lenders shall demand payment of the Obligations, and thereupon the Obligations shall become due and payable immediately and the Agent and the Banks' obligations under this Agreement shall terminate, PROVIDED, HOWEVER, that if an Event of Default specified in Section 9.1.6 of this Agreement occurs, the Obligations shall automatically become due and payable immediately, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by the Borrower, and the Banks' obligations under this Agreement shall automatically terminate immediately, without any notice or demand. Under all circumstances, the Agent and the Banks' rights and remedies throughout this Article 10 under this Agreement and any other Loan Documents shall survive any termination of its obligation to lend until all of the Obligations under this Agreement or any other Loan Documents have been fully and finally paid. Without limiting the generality of the foregoing, notwithstanding any termination of this Agreement, until all of the Obligations shall have been fully and finally paid and satisfied, the Banks shall retain their security interest in and to all of the Collateral, the Auburn Collateral and the Burlen Collateral, and the Borrower shall continue to remit collections of Accounts and proceeds as provided herein. Each Event of Default under this Agreement shall be deemed continuing until it is waived in writing by, or cured to the satisfaction of the Banks, which is evidenced by a written statement signed by an authorized officer of the Agent that such Event of Default has been satisfied.