Common use of Hermes Cover Clause in Contracts

Hermes Cover. Following the occurrence of an Event of Default under Clause 11.1.1, the Agent (acting on the instructions of the Lenders) may notify the Borrower that with immediate effect the Loan shall be repaid on the dates and in the amounts set out in the third column of the table in Schedule 10 (Originally Scheduled Repayments) whereupon the Loan shall become so repayable. The Borrower acknowledges and agrees that Hermes shall have a claim by right of subrogation under the Security Documents in respect of the said amount from the date of its payment to the Hermes Agent on behalf of the Lenders. The Borrower shall not (and will procure that no other Obligor shall) contest any such claim of Hermes.