Common use of Optional Defaults Clause in Contracts

Optional Defaults. If any Event of Default referred to in subsection 5A.01 through 5A.05, both inclusive, shall occur and be continuing, Bank shall have the right in its discretion, by giving written notice to B▇▇▇▇▇▇▇, (a) to terminate the Subject Commitment (if not already expired or reduced to zero pursuant to section 2A or terminated pursuant to this section) and Bank shall have no obligation thereafter to grant any Subject Loan to Borrower, and (b) to accelerate the maturity of all of Borrower's Debt to Bank (other than Debt, if any, already due and payable), and all such Debt shall thereupon become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event event of Default default referred to in subsection 5A.01 through 5A.055A.07, both inclusive, shall occur and be continuing, Bank shall have the right in its discretion, by giving written notice to B▇▇▇▇▇▇▇Borrower, (a) to terminate the Subject Commitment subject commitment (if not already expired or reduced to zero pursuant to section 2A or terminated pursuant to this section) and Bank shall have no obligation thereafter to grant any Subject Loan subject loan to Borrower, and (b) to accelerate the maturity of all of Borrower's Debt debt to Bank (other than Debtdebt, if any, already due and payable), and all such Debt debt shall thereupon become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.

Optional Defaults. If any Event event of Default default referred to in subsection 5A.01 through 5A.05, both inclusive, shall occur and be continuing, Bank the Banks shall have the right in its their discretion, by giving written notice to B▇▇▇▇▇▇▇Borrower, (a) to terminate the Subject Commitment revolving commitment (if not already expired or reduced to zero pursuant to section 2A or terminated pursuant to this section) and Bank the Banks shall have no obligation thereafter to grant any Subject Loan revolving loan to Borrower, and (b) to accelerate the maturity of all of Borrower's Debt debt to Bank the Banks (other than Debtdebt, if any, already due and payable), and all such Debt debt shall thereupon become and thereafter be immediately due and payable in full without any presentment or demand and without any further or other notice of any kind, all of which are hereby waived by Borrower.