Common use of Defaults and Acceleration Clause in Contracts

Defaults and Acceleration. (a) The parties acknowledge that under the Loan Documents, it may be an Event of Default, as defined therein, if any Event of Default occurs under the Swap Contract as to which the Swap Loan Party is the Defaulting Party, or if any Termination Event occurs under the Swap Contract as to which the Swap Loan Party is an Affected Party. Unless the context otherwise specifies or requires, the terms “Event of Default,” “Defaulting Party,” “Termination Event,” “Affected Party” and “Early Termination Date” have the meanings given to them in the Swap Contract.

Defaults and Acceleration. (a) The parties acknowledge that under the Loan Documents, it may be an Event of Default, as defined therein, if any Event of Default occurs under the Swap Contract as to which the Swap Loan Party is the Defaulting Party, or if any Termination Event occurs under the Swap Contract as to which the Swap Loan Party is an Affected Party. Unless the context otherwise specifies or requires, the terms “Event of Default,” “Defaulting Party,” “Termination Event,” “Affected Party” and “Early Termination Date” have the meanings given to them in the Swap Contract.