After the occurrence and during Sample Clauses
The "After the occurrence and during" clause defines the obligations or actions that must be taken following a specific event or incident and while its effects are ongoing. In practice, this clause may require parties to notify each other, mitigate damages, or maintain certain standards of conduct after an incident such as a breach, accident, or loss, and for as long as the situation persists. Its core function is to ensure that both parties understand their responsibilities in the aftermath of an event, thereby minimizing confusion and helping to manage ongoing risks or liabilities.
After the occurrence and during the continuance of a Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Bank, bear interest at the Default Rate.
After the occurrence and during the continuance of a Default, each Borrower at its own expense, shall cause the certified public accountant then engaged by such Borrower to prepare and deliver to Lender at any time and from time to time, promptly upon Lender's request, the following reports: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) test verifications of such Accounts as Lender may request. Each Borrower, at its own expense, shall cause its certified independent public accountants to deliver to Lender the results of any physical verifications of all or any portion of the Inventory made or observed by such accountants when and if such verification is conducted. Lender shall be permitted to observe and consult with each Borrower's accountants in the performance of these tasks.
After the occurrence and during the continuance of a Default, the principal amount of the Term Loans and Revolving Credit Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided, however, that automatically whether or not the Required Banks elect to do so, any overdue principal of and, to the extent permitted by law, overdue interest on any Term Loan and on any Revolving Credit Loan shall bear interest payable on demand, for each day until paid at a rate per annum equal to the Default Rate.
After the occurrence and during the continuance of a Default, the Borrower shall promptly reimburse the Agent and the Lenders for all costs, fees and expenses incurred by each of them in connection with any workout, restructuring, renegotiation or refinancing of the Loans and the other Obligations under the Credit Agreement and the other Credit Documents.
After the occurrence and during the continuance of a Default, the principal amount of the Term Loans and Revolving Credit Loans (excluding any Swing Line Loans) (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided, however, that automatically whether or not the Required Banks elect to do so, any overdue principal of and, to the extent permitted by law, overdue interest on any Term Loan and on any Revolving Credit Loan (excluding any Swing Line Loan) shall bear interest payable on demand, for each day until paid at a rate per annum equal to the Default Rate. After the occurrence and during the continuance of a Default, the principal amount of the Swing Line Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Swing Line Lender, bear interest at the Default Rate.
After the occurrence and during the continuance of an Event of Default, and at any time thereafter, at the direction of the Required Lenders, the Agent shall, upon the written or telecopied request of the Required Lenders, and by delivery of written notice to the Borrowers from the Agent, take any or all of the following actions, without prejudice to the rights of the Agent, any Lender or the holder of any Note to enforce its claims against any Borrower:
After the occurrence and during the continuance of a Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided that the Required Banks shall deliver written notice to Franklin Electric of such election prior to or promptly after such election.
After the occurrence and during the continuance of a Default, the Agent may from time to time, without notice to any Company, at its option, perform any material obligation to be performed by any Company hereunder, under the Credit Agreement or under the Loan Documents which shall not have been performed and take any other action which the Agent deems necessary for the maintenance or preservation of any of the Collateral or its Security Interest in the Collateral. All moneys advanced by the Agent in connection with the foregoing shall, whether or not there are then outstanding any credit extensions made under the Credit Agreement or the Credit Agreement is in effect, bear interest at the Alternate Reference Rate plus a margin of 2.5% (or such lower maximum rate as shall be legal under applicable law), and shall be repaid together with such interest by the Companies to the Agent, upon the latter's demand, and shall be secured hereby prior to any other indebtedness or obligation secured hereby, but the making of any such advance by the Agent shall not relieve any Company of any default hereunder or thereunder.
After the occurrence and during the continuance of a Sweep Event, on each Payment Date (or, if such Payment Date is not a Business Day, on the immediately preceding Business Day) all funds on deposit in the Cash Management Account shall be applied by Lender to the payment of the following items in the order indicated:
(i) First, payments in respect of the Tax and Insurance Escrow Funds in accordance with the terms and conditions of Section 7.2 hereof;
(ii) Second, payment of the Monthly Interest Payment computed at the Applicable Interest Rate;
(iii) Third, payments to the FF&E Reserve Funds in accordance with the terms and conditions of Section 7.3 hereof;
(iv) Fourth, payment to Lender of any other amounts then due and payable under the Loan Documents;
(v) Fifth, to the extent that, in respect of any Other Loan, there is, or Lender reasonably determines that there will be, a shortfall (each an “Other Loan Shortfall”) during the relevant calendar month in the items referred to (x) in clauses (i)-(vi) of Section 2.6.3(b) of the applicable Other Loan Agreements, funds sufficient to pay such Other Loan Shortfall;
(vi) Sixth, funds sufficient to pay Operating Expenses for the next calendar month pursuant to the Approved Annual Budget, other than expenses paid, or to be paid to, an Affiliated Manager;
(vii) Seventh, funds sufficient to pay Extraordinary Expenses approved by Lender and which are then due and payable, if any;
(viii) Eighth, funds sufficient to pay Operating Expenses paid, or to be paid to, an Affiliated Manager for the next calendar month pursuant to the Approved Annual Budget; and
(ix) Lastly, and so long as an Event of Default does not exist, payment of any excess amounts (“Excess Cash Flow”) to Borrower.
After the occurrence and during the continuance of a Default, each Credit Party, at its own expense, shall cause the certified public accountant then engaged by such Credit Party to prepare and deliver to Lender at any time and from time to time, promptly upon Lender's request, the following reports: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) test verifications of such Accounts as Lender may request. Each Credit Party, at its own expense, shall cause its certified independent public accountants to deliver to Lender the results of any physical verifications of all or any portion of the Inventory made or observed by such accountants when and if such verification is conducted. Lender shall be permitted to observe and consult with each Credit Party's accountants in the performance of these tasks.