Common use of Action if Bankruptcy Clause in Contracts

Action if Bankruptcy. If any Event of Default described in Section 9.1(i) shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 3 contracts

Sources: Senior Secured Credit Agreement (Titan Corp), Senior Secured Credit Agreement (Titan Corp), Senior Secured Credit Agreement (Titan Corp)

Action if Bankruptcy. If any Event event of Default default described in Section 9.1(iCLAUSES (A) through (D) of SECTION 8.1.9 shall occuroccur with respect to the Borrower, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (KSL Recreation Group Inc)

Action if Bankruptcy. If any Default or Event of Default described in Section 9.1(i) 10.1.6 shall occur, all of the Commitments (if not theretofore terminated) and all obligations to issue Letters of Credit shall automatically terminate be terminated and the outstanding principal amount of all outstanding Revolving Loans and the outstanding amount of all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be become obligated to deposit with provide cash collateral to the Administrative Agent cash collateral in an amount equal to the undrawn amount under all Letter Letters of Credit OutstandingsCredit, all without notice, demand, presentment or other action of any kind.

Appears in 1 contract

Sources: Credit Agreement (Chiquita Brands International Inc)

Action if Bankruptcy. If any Event of Default described in Section SECTION 9.1(i) shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Senior Secured Credit Agreement (Titan Corp)

Action if Bankruptcy. If any Event of Default described in Section 9.1(i) 9.1.5 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) of the Borrower shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in immediately available funds to be held in the LOC 93 102 Collateralization Account in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Secured Credit Agreement (Prosource Inc)

Action if Bankruptcy. If any Event of Default described in Section 9.1(iCLAUSES (a) through (d) of SECTION 8.1.9 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (Titan Corp)

Action if Bankruptcy. If any Event of Default described in Section 9.1(i) 10.1.6 shall occur, all of the Commitments (if not theretofore terminated) and all obligations to issue Letters of Credit shall automatically terminate be terminated and the outstanding principal amount of all outstanding Loans and the outstanding amount of all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be become obligated to deposit with the Administrative Agent provide cash collateral to the Agent in an amount equal to the undrawn amount under all Letter Letters of Credit OutstandingsCredit, all without notice, demand, presentment or other action of any kind.

Appears in 1 contract

Sources: Credit Agreement (Softech Inc)

Action if Bankruptcy. If any Default or Event of Default described in Section 9.1(i) 9.1.6 shall occur, the Commitments (if not theretofore terminated) Commitment shall automatically terminate be terminated in full and the outstanding principal amount of all outstanding Loans and the outstanding amount of all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be become obligated to deposit with provide cash Collateral to the Administrative Agent cash collateral Bank in an amount equal to the undrawn amount under all Letter Letters of Credit OutstandingsCredit, all without notice, demand, presentment or other action of any kind.

Appears in 1 contract

Sources: Revolving Credit Agreement (Edison Schools Inc)

Action if Bankruptcy. If any Event of Default described in Section 9.1(iCLAUSES (a) through (d) of SECTION 8.1.9 shall occuroccur with respect to the Borrower, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (KSL Recreation Group Inc)

Action if Bankruptcy. If any Event of Default described in Section 9.1(iCLAUSES (a) through (d) of SECTION 8.1.9 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other monetary Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payablepayable jointly and severally by the Borrowers, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) to any Person and the each Borrower or any other Obligor shall automatically and immediately be obligated jointly and severally to deposit with the Administrative Agent cash collateral in an amount equal to Cash Collateralize all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (World Almanac Education Group Inc)

Action if Bankruptcy. If any Default or Event of Default -------------------- described in Section 9.1(i) 10.1.6 shall occur, all of the Commitments (if not theretofore terminated) and all -------------- obligations to issue Letters of Credit shall automatically terminate be terminated and the outstanding principal amount of all outstanding Loans and the outstanding amount of all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be become obligated to deposit with the Administrative Agent provide cash collateral to the Agent in an amount equal to the undrawn amount under all Letter Letters of Credit OutstandingsCredit, all without notice, demand, presentment or other action of any kind.

Appears in 1 contract

Sources: Credit Agreement (View Tech Inc)

Action if Bankruptcy. If any Event of Default described in clauses (a) through (e) of Section 9.1(i) 8.1.10 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Letter of Credit Reimbursement Obligations) shall automatically be and become immediately due and payable, payable without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit OutstandingsOutstandings in accordance with Section 2.6.4.

Appears in 1 contract

Sources: Credit Agreement (Aladdin Gaming Enterprises Inc)

Action if Bankruptcy. If any Event of Default described in -------------------- clauses (a) through (d) of Section 9.1(i) 8.1.9 shall occur, the Commitments (if not ----------- --- ------------- theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (Tci Satellite Entertainment Inc)

Action if Bankruptcy. If any Event of Default described in clauses (a) through (d) of Section 9.1(i) 8.1.9 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral to be held in an interest-bearing account in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (Prosource Inc)

Action if Bankruptcy. If any Event of Default described in clauses (a) through (d) of Section 9.1(i) 8.1.9 shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all outstanding Loans and all other Obligations (including Reimbursement Obligations) shall automatically be and become immediately due and payable, without presentment, protest, notice or demand (all of which are hereby expressly waived by the Borrower) and the Borrower or any other Obligor shall automatically and immediately be obligated to deposit with the Administrative Agent cash collateral in an amount equal to all Letter of Credit Outstandings.

Appears in 1 contract

Sources: Credit Agreement (Titan Corp)