Common use of Mandatory Termination Clause in Contracts

Mandatory Termination. After the occurrence of a Change of Control, the Lender may, by written notice to the Company at any time on or before the date occurring 120 days after the date the Company notifies the Lender of such Change of Control, terminate the remaining Commitments and all other obligations of the Lender hereunder on the date stated in such notice (which shall in no event be sooner than 120 days after the occurrence of such Change of Control). On the date the Commitments are so terminated, all outstanding Obligations (including, without limitation, all principal of and accrued interest on the Notes) shall forthwith be due and payable without further demand, presentment, protest, or notice of any kind and the Company shall immediately pay to the Lender the full amount then available for drawing under each Letter of Credit, such amount to be held in the Account referred to in Section 8.4 hereof (the Company agreeing to immediately make such payment on the date the Commitments are so terminated and acknowledging and agreeing that the Lender would not have an adequate remedy at law for the failure by the Company to honor any such demand and that the Lender shall have the right to require the Company to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit).