Common use of Actions following an Event of Default Clause in Contracts

Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default and while the same is continuing: (a) the Facility Agent shall, if so instructed by the Majority Lenders: (i) serve on the Borrowers a notice stating that all or part of the Commitments and of other obligations of each Lender to the Borrowers under this Agreement are cancelled; and/or (ii) serve on the Borrowers a notice stating that all or part of the Loan, all or any accrued interest and all or any other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or (iii) take any other action which, as a result of the Event of Default which is continuing or any notice served under paragraph (i) or (ii), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law and the Facility Agent may, without being instructed by the Majority Lenders, take any action (other than that referred to in paragraphs (1) or (ii)) which, as a result of the Event of Default which is continuing, the Facility Agent is entitled to take under any Finance Document or any applicable law; and/or (b) the Security Agent shall, if so instructed by the Facility Agent, acting with the authorisation of the Majority Lenders, take any action which, as a result of the Event of Default which is continuing or any notice served under sub-paragraph (a)(i) and (a)(ii), the Security Agent, the Facility Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law and the Security Agent may, without being instructed by the Facility Agent or the Majority Lenders, take any action which, as a result of the Event of Default which is continuing, the Security Agent is entitled to take under any Finance Document or any applicable law.

Actions following an Event of Default. On, or If at any time after, the occurrence of an Event of Default shall have occurred and while be continuing, the same is continuing: (a) the Facility Agent shallmay and, if so instructed by the Majority Lenders, shall: (ia) serve on the Borrowers Borrower a notice stating that all or part obligations of the Commitments and of other obligations of each Lender Lenders to the Borrowers Borrower under this Agreement are cancelledterminated at which time such obligations shall immediately terminate without any further action by any party hereto; and/orprovided that if any Event of Default described in either of Clauses 14.1(g) and 14.1(h) shall have occurred and be continuing, such obligations shall be deemed immediately terminated without notice thereof or any other action by any party hereto; (iib) serve on the Borrowers Borrower a notice stating that all or part of the Loan, all or any accrued interest and all or any other amounts accrued or owing under this Agreement are immediately due and payable at which time the Loan, all accrued interest and all other amounts accrued or are owing by the Obligors under this Agreement and the other Finance Documents shall become immediately due and payable, and the Security Trustee shall be entitled to enforce the Security Interests created by this Agreement and the other Finance Documents in any manner available to it and in such sequence as the Security Trustee may, in its absolute discretion, determine; provided that if any Event of Default described in either of Clauses 14.1(g) and 14.1(h) shall have occurred and be continuing, the Loan, all such accrued interest and all such other amounts shall become immediately due and payable on demand; and/or (iii) take and the Security Trustee shall be entitled to enforce the Security Interests as provided herein, in each case without notice or demand therefor or any other action whichby any party hereto; and (c) take such other actions that, as a result of the such Event of Default which is continuing or any notice served under pursuant to paragraph (ia) or (ii), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law and the Facility Agent may, without being instructed by the Majority Lenders, take any action (other than that referred to in paragraphs (1) or (ii)) which, as a result of the Event of Default which is continuing, the Facility Agent is entitled to take under any Finance Document or any applicable law; and/or (b) the Security Agent shallabove, if so instructed by the Facility Agent, acting with the authorisation of the Majority Lenders, take any action which, as a result of the Event of Default which is continuing or any notice served under sub-paragraph (a)(i) and (a)(ii), the Security Agent, the Facility Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law and the Security Agent may, without being instructed by the Facility Agent or the Majority Lenders, take any action which, as a result of the Event of Default which is continuing, the Security Agent is Credit Party shall be entitled to take under any Finance Document or any applicable law.

Actions following an Event of Default. On, or at Each Lender hereby agrees to give prompt notice to the Administrative Agent of the occurrence of any Event of Default of which it has knowledge. At any time after, after the occurrence Administrative Agent has received such a notice of an Event of Default and while Default, the same is continuing: Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, (a) the Facility Agent shall, if so instructed by the Majority Lenders: (i) serve on the Borrowers a notice stating that declare all or any part of the Commitments and the obligation of the Lenders to make Advances under the Credit Agreements to be terminated, whereupon the same shall forthwith terminate, and (b) declare all or any part of the Notes, all interest thereon and all other obligations amounts payable under this Agreement and the Credit Agreements owing to the Lenders to be forthwith due and payable, whereupon such Notes, all such interest and all such amounts 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 any Event of Default described in Section 6.01(g) with respect to the Borrower, (A) the Commitments of each Lender to the Borrowers under this Agreement are cancelled; and/or shall automatically be terminated and (iiB) serve on the Borrowers a notice stating that all or part of the LoanNotes, all or any accrued interest and all or any other such amounts accrued or owing under this Agreement are immediately shall automatically become and be due and payable or are due and payable on payable, without presentment, demand; and/or (iii) take any other action which, as a result of the Event of Default which is continuing protest or any notice served under paragraph (i) or (ii)of any kind, the Facility Agent and/or the Lenders all of which are entitled to take under any Finance Document or any applicable law and the Facility Agent may, without being instructed hereby expressly waived by the Majority Lenders, take any action (other than that referred to in paragraphs (1) or (ii)) which, as a result of the Event of Default which is continuing, the Facility Agent is entitled to take under any Finance Document or any applicable law; and/or (b) the Security Agent shall, if so instructed by the Facility Agent, acting with the authorisation of the Majority Lenders, take any action which, as a result of the Event of Default which is continuing or any notice served under sub-paragraph (a)(i) and (a)(ii), the Security Agent, the Facility Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law and the Security Agent may, without being instructed by the Facility Agent or the Majority Lenders, take any action which, as a result of the Event of Default which is continuing, the Security Agent is entitled to take under any Finance Document or any applicable lawBorrower.

Actions following an Event of Default. On, or at any time after, (a) Upon the occurrence of any Event of Default (other than a Limited Payment Default) and the issuance of an Acceleration Notice, each Representative Agent shall, by notice to the Borrower, given in accordance with Section 7.01(h), (i) declare the Commitments of its Related Lenders and the obligation of its Related Lenders to make Advances (other than Advances by the Refinancing Issuing Bank or a Refinancing Lender pursuant to the Refinancing Credit Agreement relating to a drawing under any Refinancing Letter of Credit) or, in the case of the Refinancing Issuing Bank, to issue Refinancing Letters of Credit (or assume any Existing Letter of Credit), to be terminated, whereupon the same shall forthwith terminate, and (ii) declare the Bank Notes of such Related Lenders, all interest thereon and all other amounts payable under this Agreement and the other Financing Documents owing to such Related Lenders to be forthwith due and payable, whereupon such Bank Notes, all such interest and all such amounts 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 any Event of Default described in Section 6.01(f) with respect to the Borrower, (A) the Commitments of each Lender and Refinancing Issuing Bank and the obligation of any Lender or Refinancing Issuing Bank to make Advances (other than Advances by the Refinancing Issuing Bank or a Refinancing Lender relating to a drawing under any Refinancing Letter of Credit) or to issue Refinancing Letters of Credit (or assume any Existing Letter of Credit) shall automatically be terminated and (B) all Bank Notes, all interest and all such amounts shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by the Borrower. (b) Without prejudice to clause (a) above with respect to an Event of Default and while described in Section 6.01(f), upon the same is continuing: (a) occurrence of a Limited Payment Default under any Facility, the Representative Agent for such Facility Agent shall, if so instructed by the Majority Lenders: (i) serve on shall at the Borrowers a notice stating that all request, or part may with the consent, of the Commitments and of other obligations of each Lender Required New Money Lenders (if such Facility is the New Money Facility), the Required Refinancing Lenders (if such Facility is the Refinancing Facility) or the Required Springdale Lenders (if such Facility is the Springdale Facility), as the case may be, by notice to the Borrowers Borrower and the other Representative Agents, declare the Commitments of its Related Lenders and the obligation of its Related Lenders to make Advances (other than, if such Facility is the Refinancing Facility, Advances by the Refinancing Issuing Bank or a Refinancing Lender pursuant to the Refinancing Credit Agreement relating to a drawing under any Refinancing Letter of Credit) or, if such Facility is the Refinancing Facility, of the Refinancing Issuing Bank to issue Refinancing Letters of Credit (or assume any Existing Letter of Credit) to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required New Money Lenders (if such Facility is the New Money Facility), the Required Refinancing Lenders (if such Facility is the Refinancing Facility) or the Required Springdale Lenders (if such Facility is the Springdale Facility), as the case may be, by notice to the Borrower and the other Representative Agents, declare the Bank Notes of its Related Lenders, all interest thereon and all other amounts payable under this Agreement are cancelled; and/or (ii) serve on and the Borrowers a notice stating that all or part of the Loanother Financing Documents owing to its Related Lenders to be forthwith due and payable, whereupon such Bank Notes, all or any accrued such interest and all or any other such amounts accrued or owing under this Agreement are immediately shall become and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are due and payable on demand; and/or hereby expressly waived by the Borrower (iii) take any other action which, as such notice given by a result of the Event of Default which is continuing or any notice served under paragraph Representative Agent pursuant to clauses (i) or (ii) above, a "Facility Only Acceleration Notice"), the Facility Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law and the Facility Agent may, without being instructed by the Majority Lenders, take any action (other than that referred to in paragraphs (1) or (ii)) which, as a result of the Event of Default which is continuing, the Facility Agent is entitled to take under any Finance Document or any applicable law; and/or (b) the Security Agent shall, if so instructed by the Facility Agent, acting with the authorisation of the Majority Lenders, take any action which, as a result of the Event of Default which is continuing or any notice served under sub-paragraph (a)(i) and (a)(ii), the Security Agent, the Facility Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law and the Security Agent may, without being instructed by the Facility Agent or the Majority Lenders, take any action which, as a result of the Event of Default which is continuing, the Security Agent is entitled to take under any Finance Document or any applicable law.

Actions following an Event of Default. On, or at Each Lender hereby agrees to give prompt notice to the Administrative Agent of the occurrence of any Event of Default of which it has knowledge. At any time after, after the occurrence Administrative Agent has received such a notice of an Event of Default and while Default, the same is continuing: Administrative Agent shall at the request, or may with the consent, of the Required Lenders, by notice to the Borrower, (a) the Facility Agent shall, if so instructed by the Majority Lenders: (i) serve on the Borrowers a notice stating that declare all or any part of the Commitment and the Incremental Commitment offered pursuant to Section 2.14 and the obligation of the Lenders to make Advances pursuant thereto to be terminated, whereupon the same shall forthwith terminate, and (b) declare all or any part of the Advances, all interest thereon and all other amounts payable under this Agreement and the Financing Documents owing to the Lenders to be forthwith due and payable, whereupon such Advances, all such interest and all such amounts 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 any Event of Default described in Section 6.01(h) with respect to the Borrower, (A) all Commitments and of other obligations of each Lender and all Incremental Commitments of each Lender outstanding pursuant to the Borrowers under this Agreement are cancelled; and/or Section 2.14 shall automatically be terminated and (iiB) serve on the Borrowers a notice stating that all or part of the LoanAdvances, all or any accrued interest and all or any other such amounts accrued or owing under this Agreement are immediately shall automatically become and be due and payable or are due and payable on payable, without presentment, demand; and/or (iii) take any other action which, as a result of the Event of Default which is continuing protest or any notice served under paragraph (i) or (ii)of any kind, the Facility Agent and/or the Lenders all of which are entitled to take under any Finance Document or any applicable law and the Facility Agent may, without being instructed hereby expressly waived by the Majority Lenders, take any action (other than that referred to in paragraphs (1) or (ii)) which, as a result of the Event of Default which is continuing, the Facility Agent is entitled to take under any Finance Document or any applicable law; and/or (b) the Security Agent shall, if so instructed by the Facility Agent, acting with the authorisation of the Majority Lenders, take any action which, as a result of the Event of Default which is continuing or any notice served under sub-paragraph (a)(i) and (a)(ii), the Security Agent, the Facility Agent and/or the Lenders and/or the Swap Bank are entitled to take under any Finance Document or any applicable law and the Security Agent may, without being instructed by the Facility Agent or the Majority Lenders, take any action which, as a result of the Event of Default which is continuing, the Security Agent is entitled to take under any Finance Document or any applicable lawBorrower.