Common use of Cancellation, etc Clause in Contracts

Cancellation, etc. On and at any time after the occurrence of an Event of Default which is continuing (and which, for the avoidance of doubt, remains unremedied and unwaived), Lombard may by notice to Vanguard UK: (a) cancel the committed nature of the Lombard UK Facility (whereupon Lombard shall be entitled to refuse further Utilisations of the Lombard UK Facility in its absolute discretion); and/or (b) terminate any of the Rental Agreements (and under the terms of each terminated Rental Agreement (x) the relevant Event of Default will be deemed to be a breach thereof and (y) the termination of that Rental Agreement will be deemed to be for a breach thereof) and, for the avoidance of doubt, any Sale Proceeds in respect of a terminated Rental Agreement shall then be immediately due and payable.