Common use of Consequences of an Event of Default Clause in Contracts

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 7 contracts

Sources: Credit Agreement (Sierra Pacific Resources), Credit Agreement (Sierra Pacific Power Co), Credit Agreement (Nevada Power Co)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections any subsection of Section 7.1 (aother than subsection (n) through (l), and (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Lender shall be under no further obligation to make Loans or issue Letters of Credit hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, Lender may by notice to the BorrowerCredit Parties, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iii) Terminate any Swap Contract or exercise any rights provided thereunder or in connection therewith. (iv) Exercise any and all other rights and remedies under this Agreement or the other Loan Documents as the Lender may then have hereunder or thereunder, at law, in equity or otherwise. (b) If an Event of Default specified in subsection (mn) or (no) of Section 7.01 7.1 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Lender shall be under no further obligation to make LoansLoans or issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) If an Event of Default shall occur, at the Lender’s request, the Credit Parties shall provide the Lender with cash collateral in the aggregate amount of Letter of Credit Undrawn Availability for all Letters of Credit.

Appears in 4 contracts

Sources: Credit Agreement (Analex Corp), Credit Agreement (Analex Corp), Credit Agreement (Analex Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in Section 7.01 (other than subsections (am) through and (l), (o), (pn) or (qthereof) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 3 contracts

Sources: Credit Agreement (Nevada Power Co), Credit Agreement (Nevada Power Co), Credit Agreement (Nevada Power Co)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (ac) through (l), (o), (p) or (qn) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseof this Agreement occurs, the Lenders shall Agent and the Banks will be under no further obligation to make Loans hereunder, or issue Letters of Credit and may at the Administrative Agent may, and, upon the written request option of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: Majority Banks (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare demand the unpaid principal amount of the LoansNotes, interest accrued thereon on the unpaid principal amount thereof and all other obligations amounts owing by the Borrowers under this Agreement, the Notes and the other Loan Documents to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall immediately accrueaccrue immediately; and (ii) require the Borrowers to, and the Borrowers shall thereupon, deposit in a non-interest bearing account with the Agent, as cash collateral for their obligations under the Loan Documents, an amount equal to one hundred five percent (105%) of the Letter of Credit Reserve, and the Borrowers hereby pledge to the Agent, and grant to the Agent a security interest in, all such cash as security for such obligations of the Borrowers. (b) If an Event of Default specified in subsection subsections (ma), (b), (o) or (np) of Section 7.01 shall occur of this Agreement occurs and continues or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseexists, the Commitments shall automatically terminate Agent and the Lenders shall Banks will be under no further obligation to make Loans, Loans or issue Letters of Credit and the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations amounts owing by the Borrowers under this Agreement, the Notes and the other Loan Documents shall automatically become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall immediately accrueaccrue immediately.

Appears in 2 contracts

Sources: Loan Agreement (Baker Michael Corp), Loan Agreement (Baker Michael Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (lh), (o), k) and (p) or (ql) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at lawlaw or in equity, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, and the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Parent, from time to time do any or all of the following: (i) declare the Commitments terminated, whereupon the Commitments will terminate; (ii) declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived and require any outstanding Letters of Credit to be cash collateralized in accordance with Section 2.10(i). (b) If an Event of Default specified in subsection (i) or (j) of Section 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law or in equity, the Commitments shall automatically terminate, the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, the unpaid principal amount of the Loans, interest accrued thereon and all other Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor any outstanding Letters of Credit shall immediately accruebe cash collateralized in accordance with Section 2.10(i).

Appears in 2 contracts

Sources: Revolving Credit Agreement (Air Products & Chemicals Inc /De/), Revolving Credit Agreement (Air Products & Chemicals Inc /De/)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Bank shall be under no further obligation to make Loans hereunder, and the Administrative Agent Bank may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Commitment terminated, whereupon the Commitments Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Commitment shall automatically terminate and the Lenders Bank shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 2 contracts

Sources: Credit Agreement (Sierra Pacific Power Co), Credit Agreement (Sierra Pacific Power Co)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l)) of Section 7.3 shall occur or exist, or if an Event of Default specified in subsections (o), (pm) or (qn) of Section 7.01 7.3 shall occur and, be continuing or shall existexist with respect to a Person other than the Borrower, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Party may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunderLoans, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Loan Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 7.3 shall occur or existexist with respect to the Borrower, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Loan Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 2 contracts

Sources: Term Loan Agreement (J&l Specialty Steel Inc), Credit Agreement (J&l Specialty Steel Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections clauses (a) through (lh), (o), k) and (p) or (ql) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at lawlaw or in equity, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, and the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Parent, from time to time do any or all of the following: (i) declare the Commitments terminated, whereupon the Commitments will terminate; (ii) declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived and require any outstanding Letters of Credit to be cash collateralized in accordance with Section 2.11(i). (b) If an Event of Default specified in clauses (i) or (j) of Section 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law or in equity, the Commitments shall automatically terminate, the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, the unpaid principal amount of the Loans, interest accrued thereon and all other Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor any outstanding Letters of Credit shall immediately accruebe cash collateralized in accordance with Section 2.11(i).

Appears in 2 contracts

Sources: Revolving Credit Agreement (Air Products & Chemicals Inc /De/), Revolving Credit Agreement (Air Products & Chemicals Inc /De/)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (ph) or (qk) through (m) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment and the commitment of the Swingline Lender to make Swingline Loans terminated, whereupon the Commitments and such commitment to make Swingline Loans will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments and the commitment of the Swingline Lender to make Swingline Loans shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrowers shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account. Amounts in the Letter of Credit Collateral Account shall be applied by the Agent to the Obligations as the Required Lenders shall elect.

Appears in 2 contracts

Sources: Credit Agreement (Black Box Corp), Credit Agreement (Norstan Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (ph) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (nk) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at lawlaw or in equity, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans and the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) declare the Commitments terminated, whereupon the Commitments will terminate; (ii) declare the unpaid principal amount of the Loans, interest accrued thereon and all other Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived. (b) If an Event of Default specified in subsections (i) or (j) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law or in equity, the Commitments shall automatically terminate, the Lenders shall be under no further obligation to make Loans and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 2 contracts

Sources: Credit Agreement (Air Products & Chemicals Inc /De/), Credit Agreement (Airgas Inc)

Consequences of an Event of Default. If one or more of the Events of Default occur then (a) If an if such Event of Default specified is set forth in subsections (a) through (l), (o), (p) Sections 7.3 or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise7.4, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon Notes then outstanding and all other obligations amounts owing under this Agreement (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall become immediately due and payable payable, without presentment, necessity of demand, protest presentation, protest, notice of dishonor or notice of default or (b) if such Event of Default is set forth in any kindof the remaining Sections of this Article VII, then the Agent, at the request of the Required Lenders, and upon notice to the Borrower, shall declare the Borrower in default hereunder, and upon such declaration, shall, at the request of the Required Lenders, terminate the Commitment and/or declare the Notes then outstanding and all other amounts owing under this Agreement (including, without limitation, all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) immediately due and payable, without necessity of any further demand, presentation, protest, notice of dishonor or further notice of default, whereupon the same shall be immediately due and payable. With respect to all Letters of Credit with respect to which are presentment for honor shall not have occurred at the time of an acceleration pursuant to the preceding paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. The Borrower hereby waivedgrants to the Agent, for the benefit of the Issuing Bank and the L/C Participants, a security interest in such cash collateral to secure all obligations of the Borrower under this Agreement and the other Loan Documents. Amounts held in such cash collateral account shall be applied to the payment of drafts drawn under such Letters of Credit, and an action therefor the unused portion thereof after all such Letters ofCredit shall immediately accruehave expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the Notes. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the Notes shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower. The Borrower shall execute and deliver to the Agent, for the account of the Issuing Bank and the L/C Participants, such further documents and instruments as the Agent may request to evidence the creation and perfection of the within security interest in such cash collateral account.

Appears in 2 contracts

Sources: Credit Agreement (Nui Corp /Nj/), Credit Agreement (Nui Corp /Nj/)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qk) of Section 7.01 8.1 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder and the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, andAgent, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including the obligation to deposit cash under Section 3.7) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (ml) or (nm) of Section 7.01 8.1 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including the obligation to deposit cash under Section 3.7) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Weis Markets Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request direction of the Required Majority Lenders shall, by notice to the Borrower, from time to time do any or all of the followingPlanet Hollywood: (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable immediately, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; and/or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrowers hereunder or under the Notes to be immediately due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; and/or (bc) If give notice to the Borrowers of the occurrence and continuance of an Event of Default; and/or (d) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrowers have or receive cash) equal to one hundred and five percent (105%) of all outstanding Letters of Credit; and/or (e) apply all funds deposited in the Letter of Credit Cash Collateral Account to the payment, in whole or in part, of the Obligations; and/or (f) set-off amounts in the Letter of Credit Cash Collateral Account or any other accounts under the dominion and control of the Agent and apply such amounts to the Obligations of the Borrowers hereunder and under the Related Documents; provided, however, that upon the occurrence of any Event of Default specified described in subsection subsections (mn) or (no) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise10.01, the Commitments shall automatically terminate Loans and the Lenders shall be under no further obligation to make Loansall Reimbursement Obligations, and the unpaid principal amount of the Loansall interest thereon, interest accrued thereon all fees hereunder and all other obligations amounts shall become immediately and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueexpressly waived by the Borrowers.

Appears in 1 contract

Sources: Revolving Credit Agreement (Planet Hollywood International Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (pk) or subsection (qn) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunder, hereunder and the Administrative Agent may, and, shall upon the written request of the Required Lenders shall, Banks by notice to the Borrower, from time to time do any or all of the following: Borrower (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue, or (ii) terminate the Commitment of each Bank. (b) If an Event of Default specified in subsection subsections (m1) or (nm) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make Loans, Loans hereunder and the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations amounts owing by the Borrower hereunder or under the Notes shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an a cause of action therefor shall immediately accrue. (c) Notwithstanding the foregoing, if an Event of Default shall occur or exist, the Agent and the Banks shall have no obligation to initiate or exhaust any remedies against the Borrower before proceeding against any Subsidiary under any Guaranty.

Appears in 1 contract

Sources: Credit Agreement (Sl Industries Inc)

Consequences of an Event of Default. (a) If an Upon the occurrence or existence of any Event of Default specified in subsections (a) through (l), (o), (p) or (q) and following the expiry of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights any applicable grace periods and remedies which at any time thereafter during the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwisecontinuance of such Event of Default, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent Lender may, and, upon the by written request of the Required Lenders shall, by notice to the BorrowerCorporation, from time to time do any or declare all of outstanding amounts payable by the following: Corporation hereunder (i) Declare which amount shall be determined as if the Commitments terminated, whereupon the Commitments will terminate Principal Amount and any fees hereunder shall be immediately due and interest payable without presentment, demand, protest or further notice thereon was being repaid on the date of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iisuch notice) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further any other notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an anything contained herein to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default specified described in subsection (mSection 4.2(d) or (n) of Section 7.01 shall occur or existhereof, thenimmediately and without notice, in addition to all other rights and remedies which outstanding amounts payable by the Administrative Agent or any Lender may have Corporation hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, the Lender may exercise any other right, power or remedy permitted to it by law, either by suit in equity or by action at law, or both, and an may recover all attorneys’ fees and expenses incurred by Lender in collecting or attempting to collect the indebtedness under this Agreement, whether or not any action therefor shall immediately accrueor proceeding is commenced, and expenses incurred by Lender in connection with any insolvency, bankruptcy, reorganization, or other similar proceedings involving the Company.

Appears in 1 contract

Sources: Loan Agreement (AppCoin Innovations Inc.)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qk) of Section 7.01 hereof, or in subsections (l) and (m) with respect to a Significant Subsidiary, shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder and the LC Issuer shall be under no further obligation to Issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueaccrue and demand the Borrower immediately to Cash Collateralize the full amount then available for drawing under any and all outstanding Letters of Credit. (b) If an Event of Default specified in subsection (ml) or (nm) of Section 7.01 hereof shall occur or existexist with respect to the Borrower, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the LC Issuer shall be under no further obligation to Issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable and the Borrower shall immediately Cash Collateralize the full amount then available for drawing under all outstanding Letters of Credit, without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If Notwithstanding the provisions of Section 362 of the Bankruptcy Code and without order of or application or motion to the Bankruptcy Court, if an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request direction of the Required Lenders shallMajority Lenders, shall by notice to the Borrower, from time but subject to time do any or all of notice requirements set forth in the following:Orders, (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder, and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (bc) If give notice to the Borrower of the occurrence and continuance of an Event of Default specified Default; or (d) any time when there are no Revolving Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (e) apply all funds deposited in subsection the Letter of Credit Cash Collateral Account to the payment in whole or in part, of the Obligations; or (mf) or (n) set-off amounts in the Lock Box Accounts, the Letter of Section 7.01 shall occur or existCredit Cash Collateral Account, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or other account under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate dominion and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount control of the Loans, interest accrued thereon Agent and all other obligations shall become immediately due apply such amounts to the Obligations of the Borrower hereunder and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueunder the Related Documents.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Golden Books Family Entertainment Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qj) of Section 7.01 hereof, or in subsections (k) and (l) with respect to a Significant Subsidiary, shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder and the LC Issuer shall be under no further obligation to Issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: : (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition accrue and demand the Borrower immediately to all other rights and remedies which Cash Collateralize the Administrative Agent or any Lender may have hereunder or full amount then available for drawing under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice outstanding Letters of any kind, all of which are hereby waived, and an action therefor shall immediately accrueCredit.

Appears in 1 contract

Sources: Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 hereof shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Bank or any Lender the Issuing Bank may have hereunder or under any other Loan Security Document, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunderand the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the Administrative Agent may, and, and upon the written request of the Required Lenders Banks shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments (and the commitments to issue Letters of Credit) terminated, whereupon the Revolving Credit Commitments (and such commitments to issue Letters of Credit) will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue., (ii) Declare the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations of any of the Borrowers hereunder or under the Security Documents to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mp) or (nq) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.which

Appears in 1 contract

Sources: Revolving Credit Agreement (Sylvan Inc)

Consequences of an Event of Default. (a) If Notwithstanding the provisions of Section 362 of the Bankruptcy Code and without order of or application or motion to the Bankruptcy Court, if an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request direction of the Required Lenders shallMajority Lenders, shall by notice to the Borrower, from time to time do any or all of the following:, (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (bc) If give notice to the Borrower of the occurrence and continuance of an Event of Default specified Default; or (d) any time when there are no Revolving Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (e) apply all funds deposited in subsection the Letter of Credit Cash Collateral Account to the payment in whole or in part, of the Obligations; or (mf) or (n) set-off amounts in the Lock Box, the Letter of Section 7.01 shall occur or existCredit Cash Collateral Account, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or other account under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate dominion and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount control of the Loans, interest accrued thereon Agent and all other obligations shall become immediately due apply such amounts to the Obligations of the Borrower hereunder and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueunder the Related Documents.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Golden Books Family Entertainment Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), k) or subsections (o), (pn) or (qo) of Section 7.01 hereof, or in subsections (l) through (m) with respect to a Credit Party (other than a Borrower) or a Significant Subsidiary, shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder and the LC Issuer shall be under no further obligation to Issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the BorrowerCompany, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueaccrue and demand the Company immediately to Cash Collateralize the full amount then available for drawing under any and all outstanding Letters of Credit. (b) If an Event of Default specified in subsection (m1) or (nm) of Section 7.01 hereof shall occur or existexist with respect to any Borrower, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the LC Issuer shall be under no further obligation to Issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable and each applicable Borrower shall immediately Cash Collateralize the full amount then available for drawing under all outstanding Letters of Credit, without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Term Loan and Revolving Credit Agreement (Foster Wheeler LTD)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwisecontinuing, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request Bank may take one or more of the Required Lenders shall, by notice to the Borrower, following actions at any time and from time to time do any (regardless of whether the actions are taken at the same or all different times): (a) declare the Revolving Commitment of the following:Bank to make Revolving Loans to be terminated by written notice to the City, whereupon such Revolving Commitment and obligation shall be terminated; (ib) Declare by written notice to the Commitments terminatedCity, whereupon declare the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount Outstanding Amount of the Obligations (including any Term Loans, interest accrued thereon and all other obligations ) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an ; provided, that if any Event of Default specified described in subsection (mSection 7.01(f) or (ng) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseoccur, the Commitments shall automatically terminate and the Lenders Obligations shall be under no further obligation to make Loans, and automatically accelerated on the unpaid principal amount date of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable occurrence of such Event of Default without presentment, demand, protest protest, notice of intention to accelerate, notice of acceleration or other notice of any kindkind to the City or any other Person, all of which are hereby expressly waived; (c) either personally or by attorney or agent without bringing any action or proceeding, or by a receiver to be appointed by a court in any appropriate action or proceeding, may take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under this Agreement and the Notes or to enforce performance or observance of any obligation, agreement or covenant of the City under this Agreement and the Notes, whether for specific performance of any agreement or covenant of the City or in aid of the execution of any power granted to the Bank in this Agreement or the Notes or the other Related Documents; and (d) exercise, or cause to be exercised, any and all remedies as it may have under this Agreement, the Notes and the other Related Documents. In each case, the Obligations of the City shall, from and after the occurrence of an action therefor Event of Default, bear interest at the Default Rate until such time as the Bank shall immediately accruehave waived same or said Event of Default shall have been cured.

Appears in 1 contract

Sources: Revolving Credit Agreement

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qj) of Section 7.01 8.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans and the Issuing Bank shall be under no further obligation to issue a Letter of Credit hereunder, the Banks may terminate the Commitments, and the Administrative Agent may, and, upon the written request of the Required Lenders Banks, shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare declare the unpaid principal amount of the LoansNotes, all Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations amounts owing by the Borrowers hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make LoansLoans and the Issuing Bank shall be under no further obligation to issue a Letter of Credit hereunder, the Commitments automatically shall be terminated, and the unpaid principal amount of the LoansNotes, all Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations amounts owing by the Borrowers hereunder or under the Notes shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (C Cor Net Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections Section 10.01 hereof shall occur and be continuing, then, and in every such event (a) through other than an event with respect to the Borrowers described in clause (l), (o), (pf) or (qg) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise10.01), the Lenders Facility provided by this Agreement shall be under no further obligation to make Loans hereunderimmediately terminate, and the Administrative Agent mayOutstanding Loans, andtogether with accrued and unpaid interest thereon, upon the written request of the Required Lenders shalland all other Obligations, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers; and in case of any event with respect to the Borrowers described in clause (g) or (h) of Section 10.01, the Facility provided by this Agreement shall automatically and immediately terminate, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Outstanding Loans, together with accrued and unpaid interest accrued thereon thereon, and all other obligations to be Obligations, shall immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers. Further, and an action therefor shall immediately accrue. (b) If if an Event of Default specified in subsection (m) or (n) of Section 7.01 10.01 hereof shall occur or existand be continuing, then, and in addition every such event the Lender shall have the right to collect, receive, appropriate or realize upon the Collateral or otherwise foreclose or enforce Lender’s security interests in any or all other rights Collateral in any manner permitted by the Security Agreement. Additionally, if an Event of Default shall have occurred and remedies which be continuing, no monies on deposit in the Administrative Agent or any Collection Account shall be released until the Principal Balance is paid in full. Further, if an Event of Default shall occur and be continuing, then, and in every such event the Lender shall have the right to draw upon the Guarantee. Notwithstanding the foregoing, if an Event of Default shall occur and be continuing the Lender may have hereunder or under pursue any other Loan Document, at law, remedies available to it in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation order to make Loans, and the unpaid principal amount seek repayment of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accruePrincipal Balance in full.

Appears in 1 contract

Sources: Credit Agreement (U Haul International Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and exist the Administrative Agent may, and, and upon the written request direction of the Required Lenders shallMajority Lenders, shall by notice to the Borrower, from time to time do any or all of the following:, (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (iib) Declare declare the unpaid principal amount of the LoansNote, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrower hereunder or under the Note to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (bc) If give notice to the Borrower of the occurrence and continuance of an Event of Default; or (d) any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (e) apply all funds deposited in each Cash Concentration Account, and in the Letter of Credit Cash Collateral Account to the payment in whole or in part, of the Obligations; or (f) set-off amounts in the Cash Concentration Account, the Letter of Credit Cash Collateral Account, or any other account under the dominion and control of the Administrative Agent and apply such amounts to the Obligations of the Borrower hereunder and under the Related Documents; provided, however, that upon the occurrence of any Event of Default specified described in subsection subsections (mg) or (nh) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise9.01, the Commitments shall automatically terminate Loans and the Lenders shall be under no further obligation to make Loansall Reimbursement Obligations, and the unpaid principal amount of the Loansall interest thereon, interest accrued thereon all fees hereunder and all other obligations amounts shall become immediately and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueexpressly waived by the Borrower.

Appears in 1 contract

Sources: Revolving Credit Agreement (Sun Television & Appliances Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (lj), (o), (pm) or (qn) of Section 7.01 6.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, hereunder and the Administrative Agent may, andAgent, upon the written request of the Required Lenders shall, by notice to the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments terminated, whereupon the Commitments will terminate and any fees accrued but unpaid hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 6.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Revolving Credit Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, Loans and the unpaid principal amount of the Loans, Loans and interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Short Term Credit Agreement (Curtiss Wright Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections Section 10.01 hereof shall occur and be continuing, then, and in every such event (a) through other than an event with respect to the Borrowers described in clause (lf), (o), (pg) or (qh) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise10.01), the Lenders Facility provided by this Agreement shall be under no further obligation to make Loans hereunderimmediately terminate, and the Administrative Agent mayOutstanding Loans, andtogether with accrued and unpaid interest thereon, upon the written request of the Required Lenders shalland all other Obligations, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers; and in case of any event with respect to the Borrowers described in clause (f), (g) or (h) of Section 10.01, the Facility provided by this Agreement shall automatically and immediately terminate, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Outstanding Loans, together with accrued and unpaid interest accrued thereon thereon, and all other obligations to be Obligations, shall immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers. Further, and an action therefor shall immediately accrue. (b) If if an Event of Default specified in subsection (m) or (n) of Section 7.01 10.01 hereof shall occur or existand be continuing, then, and in addition every such event the Administrative Agent, on behalf of the Lenders, shall have the right to collect, receive, appropriate or realize upon the Collateral or otherwise foreclose or enforce Administrative Agent’s security interests in any or all other rights Collateral in any manner permitted by the Security Agreement. Additionally, if an Event of Default shall have occurred and remedies which be continuing, no monies on deposit in the Collection Account shall be released until the Principal Balance is paid in full. Further, if an Event of Default shall occur and be continuing, then, and in every such event the Administrative Agent or any shall have the right to draw upon the Guarantee. Notwithstanding the foregoing, if an Event of Default shall occur and be continuing the Administrative Agent and each Lender may have hereunder or under pursue any other Loan Document, at law, remedies available to it in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation order to make Loans, and the unpaid principal amount seek repayment of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accruePrincipal Balance in full.

Appears in 1 contract

Sources: Credit Agreement (U Haul International Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 7.1 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any that Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Lender shall be under no further obligation to make Loans hereunder, and the Administrative Agent Lender may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Loan Commitment terminated, whereupon the Commitments Loan Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection subsections (m) or (n) of Section 7.01 7.1 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any that Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Loan Commitment shall automatically terminate and the Lenders Lender shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (H&r Block Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request direction of the Required Lenders shallMajority Lenders, shall by notice to the Borrower, from time to time do any or all of the following:Borrowers, (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrowers hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (bc) If give notice to the Borrowers of the occurrence and continuance of an Event of Default; or (d) at any time when there are no Loans outstanding, maintain cash collateral (to the extent a Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (e) apply all funds deposited in each Cash Concentration Account, and in the Letter of Credit Cash Collateral Account to the payment, in whole or in part, of the Obligations; or (f) set-off amounts in the Cash Concentration Accounts, the Letter of Credit Cash Collateral Account, or any other account under the dominion and control of the Agent and apply such amounts to the Obligations of the Borrowers hereunder and under the Related Documents; provided, however, that upon the occurrence of any Event of Default specified described in subsection subsections (mg) or (nh) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise9.01, the Commitments shall automatically terminate Loans and the Lenders shall be under no further obligation to make Loansall Reimbursement Obligations, and the unpaid principal amount of the Loansall interest thereon, interest accrued thereon all fees hereunder and all other obligations amounts shall become immediately and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueexpressly waived by the Borrowers.

Appears in 1 contract

Sources: Revolving Credit Agreement (Hechinger Co)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qi) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mj) or (nk) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Barnes Group Inc)

Consequences of an Event of Default. Upon the occurrence of an Event of Default: (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Bank shall be under no further obligation to make Loans hereunderAdvances hereunder or issue Letters of Credit, and as the Administrative Agent maycase may be; (b) if an Event of Default specified in clause (c) or (d) above shall occur, and, upon the written request unpaid principal balance of the Required Lenders shall, by notice to the Borrower, from time to time do Notes then outstanding and all interest accrued thereon together with any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate additional amounts payable hereunder and any fees hereunder thereunder shall be immediately due and payable without presentment, demand, protest demand or further notice of any kind; (c) if any other Event of Default shall occur, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount balance of the Loans, Notes then outstanding and all interest accrued thereon together with any additional amounts payable hereunder and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Documentthereunder, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount option of the Loans, interest accrued thereon Bank and all other obligations shall become immediately due and payable without presentment, demand, protest demand or notice of any kind, all of which are hereby waivedmay be accelerated and become immediately due and payable; (d) the Bank may require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account (the "Cash Collateral Account") with the Bank, as cash collateral for its obligations under the Loan Documents, an action therefor amount equal to the aggregate maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Bank, and grants to the Bank a security interest in, all such cash collateral as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Bank, the Bank shall immediately accruereturn such cash collateral to the Borrower; (e) at the option of the Bank, the Notes will bear interest at the Default Rate from the date of the occurrence of the Event of Default; and (f) the Bank may exercise from time to time any of the rights and remedies available to the Bank under the Loan Documents or under applicable law.

Appears in 1 contract

Sources: Letter Agreement (Ii-Vi Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qj) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative either Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.are (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative either Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (j), (l), (o), (pm) or (qn) of Section 7.01 6.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, hereunder and the Administrative Agent may, andAgent, upon the written request of the Required Lenders shall, by notice to the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments terminated, whereupon the Commitments will terminate and any fees accrued but unpaid hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, Loans and interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 6.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Revolving Credit Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, Loans and the unpaid principal amount of the Loans, Loans and interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. . If any Lender or the Agent obtains a judgment against any Borrower in an Other Currency, the obligations of such Borrower in respect of any sum adjudged to be due to such Lender or the Agent hereunder or under the Revolving Credit Notes (the "Judgment Amount") shall be discharged only to the extent that, on the Business Day following receipt by such Lender or the Agent of the Judgment Amount in such Other Currency, such Lender or Agent, in accordance with normal banking procedures, purchases Dollars with the Judgment Amount in such Other Currency. If the amount of Dollars so purchased is less than the amount of Dollars that could have been purchased with the Judgment Amount on the date or dates the Judgment Amount was originally due and owing to the Lenders or the Agent hereunder or under the Revolving Credit Notes (the "Original Due Date") (excluding the portion of the Judgment Amount which has accrued as a result of the failure of any Borrower to pay the sum originally due hereunder or under the Revolving Credit Notes when it was originally due hereunder or under the Revolving Credit Notes) (the "Loss"), the Borrowers agree to indemnify such Lender or the Agent, as the case may be, against the Loss, and if the amount of Dollars so purchased exceeds the amount of Dollars that could have been purchased with the Judgment Amount on the Original Due Date, such Lender or the Agent agrees to remit such excess to the applicable Borrower.

Appears in 1 contract

Sources: Short Term Credit Agreement (Curtiss Wright Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (ph) or (qk) through (m) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, and, may upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment and the commitment of the Swingline Lender to make Swingline Loans terminated, whereupon the Commitments and such commitment to make Swingline Loans will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments and the commitment of the Swingline Lender to make Swingline Loans shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrower shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account. Amounts in the Letter of Credit Collateral Account shall be applied by the Agent to the Obligations as the Required Lenders shall elect.

Appears in 1 contract

Sources: Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections Section 6.01 hereof shall occur and be continuing, the Purchaser may: (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the BorrowerCorporation, from time to time do any or all of declare the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal outstanding amount of the LoansPurchaser Obligations (to the extent not representing either the Bonds or the Purchaser Note or the Bond Note, interest accrued thereon and all other obligations which shall be addressed in subsection (c) below) under this Agreement to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an , provided that if any Event of Default specified described in subsection (mSection 6.01(g) or (n) of Section 7.01 hereof shall occur or existoccur, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or Purchaser Obligations under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders this Agreement shall be under no further obligation to make Loans, automatically mature and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately be due and payable on the date of the occurrence of such Event of Default without presentment, demand, protest protest, notice of intention to accelerate, notice of acceleration or other notice of any kindkind to the Corporation or any other Person, all of which are hereby expressly waived; (b) either personally or by attorney or agent without bringing any action or proceeding, or by a receiver to be appointed by a court in any appropriate action or proceeding, take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under the Bond Documents or to enforce performance or observance of any obligation, agreement or covenant of the Corporation and/or any other Member of the Obligated Group under the Bond Documents, whether for specific performance of any agreement or covenant of the Corporation and/or any other Member of the Obligated Group or in aid of the execution of any power granted to the Purchaser in the Bond Documents; (c) deliver a notice to (i) the Bond Trustee and the Corporation that an Event of Default has occurred and is continuing and directing the Bond Trustee to either cause a mandatory tender of the Bonds or an acceleration of the Bonds, in either case, at the sole discretion of the Purchaser, and an action therefor shall immediately accrue.otherwise in accordance with the Bond Indenture and/or

Appears in 1 contract

Sources: Continuing Covenant Agreement

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (j), (l), (o), (pm) or (qn) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder and the Administrative Agent may, andAgent, upon the written request of the Required Lenders shall, by notice to the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments terminated, whereupon the Commitments will terminate and any fees accrued but unpaid hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Revolving Credit Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrowers shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account. Amounts in the Letter of Credit Collateral Account shall be applied by the Agent to the Obligations as the Required Lenders shall elect. . If any Lender or the Agent obtains a judgment against any Borrower in an Other Currency, the obligations of such Borrower in respect of any sum adjudged to be due to such Lender or the Agent hereunder or under the Revolving Credit Notes (the "Judgment Amount") shall be discharged only to the extent that, on the Business Day following receipt by such Lender or the Agent of the Judgment Amount in such Other Currency, such Lender or Agent, in accordance with normal banking procedures, purchases Dollars with the Judgment Amount in such Other Currency. If the amount of Dollars so purchased is less than the amount of Dollars that could have been purchased with the Judgment Amount on the date or dates the Judgment Amount was originally due and owing to the Lenders or the Agent hereunder or under the Revolving Credit Notes (the "Original Due Date") (excluding the portion of the Judgment Amount which has accrued as a result of the failure of any Borrower to pay the sum originally due hereunder or under the Revolving Credit Notes when it was originally due hereunder or under the Revolving Credit Notes) (the "Loss"), the Borrowers agree to indemnify such Lender or the Agent, as the case may be, against the Loss, and if the amount of Dollars so purchased exceeds the amount of Dollars that could have been purchased with the Judgment Amount on the Original Due Date, such Lender or the Agent agrees to remit such excess to the applicable Borrower.

Appears in 1 contract

Sources: Credit Agreement (Curtiss Wright Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (lh), (o), (pk) or (ql) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Banks shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment and the commitment of the Swingline Lender to make Swingline Loans terminated, whereupon the Commitments and such commitment to make Swingline Loans will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments and the commitment of the Swingline Lender to make Swingline Loans shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Banks shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrower shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account.

Appears in 1 contract

Sources: Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qn) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Lender shall be under no further obligation to make Revolving Credit Loans or to issue Letters of Credit hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, Lender may by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments Revolving Credit Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Revolving Credit Commitment shall automatically terminate and the Lenders Lender shall be under no further obligation to make LoansRevolving Credit Loans or to issue Letters of Credit, and the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Omnibus Credit Facility Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following:, (i) Declare declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments Commitment will terminate immediately and any fees hereunder shall be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (ii) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (biii) If give notice to the Borrower of the occurrence and continuance of an Event of Default specified Default; or (iv) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (v) apply all funds deposited in subsection (m) or (n) the Cash Concentration Accounts and in the Letter of Section 7.01 shall occur or exist, thenCredit Cash Collateral Account to the payment, in addition to all other rights and remedies which whole or in part, of the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, Obligations; or (vi) set-off amounts in equity or otherwisethe Cash Concentration Account, the Commitments shall automatically terminate Letter of Credit Cash Collateral Account and apply such amounts to the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount Obligations of the Loans, interest accrued thereon Borrower hereunder and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accruein the Related Documents.

Appears in 1 contract

Sources: Revolving Credit Agreement (Weiners Stores Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qj) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative either Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative either Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Short Term Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qm) of Section SECTION 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans Revolving Credit Loans, Term Loan A or Term Loan B hereunder, and the Administrative Agent may, and, and upon the written request requests of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments, the Term Loan A Commitments and the Term Loan B Commitments terminated, whereupon the such Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Revolving Credit Loans, the Term Loan A and the Term Loan B, interest accrued thereon and all other obligations Obligations to be immediately due and payable by the Borrower without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action or actions therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section SECTION 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Revolving Credit Commitments, the Term Loan A Commitments and the Term Loan B Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Revolving Credit Loans, the Term Loan A and the Term Loan B, and the unpaid principal amount of the Revolving Credit Loans, the Term Loan A and the Term Loan B, interest accrued thereon and all other obligations Obligations shall become immediately due and payable by the Borrower without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit and Loan Agreement (Transmation Inc)

Consequences of an Event of Default. (a) If an Event of Default under Section 7.01 hereof (other than a Specified Early Period Default and other than an Event of Default specified in subsections subsection (a) through (l), (o), (pt) or (qu) of Section 7.01 thereof) shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans and the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent shall, upon the written request of the Required Lenders, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of any or all of the Loans, interest accrued thereon and all other Obligations (including without limitation the obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iii) Exercise one or more of the remedies set forth in the Security Documents. (b) If an Event of Default specified in subsection (vt or (u) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans and the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other Obligations (including without limitation the obligation to cash collateralize outstanding Letters of Credit) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) If a Specified Early Period Default shall occur and be continuing or shall exist, then the Lenders shall be under no obligation to make Loans and the Issuing Bank shall be under no obligation to issue Letters of Credit hereunder and, unless the Cure Period, if any, applicable to such Specified Early Period Default shall not have expired, in addition to all other rights and remedies which the Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of all Obligations (including without limitation the Loans, interest accrued thereon and all other obligations obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (biii) If an Event of Default specified in subsection (m) Exercise one or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount more of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueremedies set forth in the Security Documents.

Appears in 1 contract

Sources: Credit Agreement (Steel Dynamics Inc)

Consequences of an Event of Default. (a) If an Event of Default under Section 7.01 hereof (other than an Event of Default specified in subsections subsection (a) through (l), (o), (ps) or (qt) of Section 7.01 thereof) shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans and the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, andshall, upon the written request of the Required Lenders shallLenders, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are 118 hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of any or all of the Loans, interest accrued thereon and all other obligations Obligations (including without limitation the obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iii) Exercise one or more of the remedies set forth in the Security Documents. (b) If an Event of Default specified in subsection (ms) or (nt) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including without limitation the obligation to cash collateralize outstanding Letters of Credit) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Steel Dynamics Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qm) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, may upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Short Term Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following:, (i) Declare declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments Revolving Credit Commitment will terminate immediately and any fees hereunder shall be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or 59 (ii) Declare declare the unpaid principal amount of the LoansNote, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement and all other obligations amounts owing by the Obligors hereunder or under the Note to be immediately due and payable without further order of or application to the Bankruptcy Court, presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (biii) If give notice to the Obligors of the occurrence and continuance of an Event of Default specified Default; or (iv) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Obligors have or receive cash) equal to 105% of all outstanding Letters of Credit; or (v) apply all funds deposited in subsection (m) or (n) of Section 7.01 shall occur or exist, thenthe Cash Concentration Accounts and in the Cash Collateral Account to the payment, in addition whole or in part, of the Obligations; or (vi) upon two Business Days' written notice to the Borrower, set-off amounts in the Cash Concentration Accounts or any other accounts under the dominion and control of the Lender and apply such amounts to the Obligations of the Obligors hereunder and in the Related Documents; or (vii) upon two Business Days' written notice to the Borrower, exercise all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Related Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Discovery Zone Inc)

Consequences of an Event of Default. (a) If an Upon the occurrence or existence of any Event of Default specified in subsections (a) through (l), (o), (p) or (q) and following the expiry of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights any applicable grace periods and remedies which at any time thereafter during the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwisecontinuance of such Event of Default, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent Lender may, and, upon the by written request of the Required Lenders shall, by notice to the BorrowerCorporation, from time to time do any or declare all of outstanding amounts payable by the following: Corporation hereunder (i) Declare which amount shall be determined as if the Commitments terminated, whereupon the Commitments will terminate Principal Amount and any fees hereunder shall be immediately due and interest payable without presentment, demand, protest or further notice thereon was being repaid on the date of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iisuch notice) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further any other notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an anything contained herein to the contrary notwithstanding. Upon the occurrence or existence of any Event of Default specified described in subsection (mSection 4.2(d) or (n) of Section 7.01 shall occur or existhereof, thenimmediately and without notice, in addition to all other rights and remedies which outstanding amounts payable by the Administrative Agent or any Lender may have Corporation hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, the Lender may exercise any other right, power or remedy permitted to it by law, either by suit in equity or by action at law, or both, and an may recover all attorneys’ fees and expenses incurred by ▇▇▇▇▇▇ in collecting or attempting to collect the indebtedness under this Agreement, whether or not any action therefor shall immediately accrueor proceeding is commenced, and expenses incurred by Lender in connection with any insolvency, bankruptcy, reorganization, or other similar proceedings involving the Company.

Appears in 1 contract

Sources: Loan Agreement

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 8.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Bank may cease to issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including the obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mr) or (ns) of Section 7.01 8.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Bank may cease to issue Letters of Credit hereunder and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including the obligation to cash collateralize outstanding Letters of Credit) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Aasche Transportation Services Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qk) of Section 7.01 hereof, or in subsections (l) and (m) with respect to a Significant Subsidiary, shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (ml) or (nm) of Section 7.01 hereof shall occur or existexist with respect to the Borrower, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable payable, without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Short Term Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qn) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Lender shall be under no further obligation to make Revolving Credit Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, Lender may by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments Revolving Credit Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Revolving Credit Commitment shall automatically terminate and the Lenders Lender shall be under no further obligation to make Revolving Credit Loans, and the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections Section 6.1 hereof shall occur and be continuing, the Bank may: (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the BorrowerAgency, from time to time do any or all of declare the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal outstanding amount of the Loans, interest accrued thereon and all other obligations Obligations under this Agreement to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue. (b) If an , provided that, if any Event of Default specified described in subsection (mSection 6.1(g) or (nh) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseoccur, the Commitments shall automatically terminate and the Lenders Obligations under this Agreement shall be under no further obligation to make Loans, automatically mature and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately be due and payable on the date of the occurrence of such Event of Default without presentment, demand, protest protest, notice of intention to accelerate, notice of acceleration or other notice of any kindkind to the Agency or any other Person, all of which are hereby expressly waived; (b) either personally or by attorney or agent without bringing any action or proceeding, or by a receiver to be appointed by a court in any appropriate action or proceeding, take whatever action at law or in equity may appear necessary or desirable to collect the amounts due and payable under the Bond Documents or to enforce performance or observance of any obligation, agreement or covenant of the Agency under the Bond Documents, whether for specific performance of any agreement or covenant of the Agency or in aid of the execution of any power granted to the Bank in the Bond Documents; (c) deliver a notice to the Fiscal Agent and the Agency that an action therefor Event of Default has occurred and is continuing and directing the Fiscal Agent to accelerate the Bonds; (d) cure any Default, Event of Default or event of nonperformance hereunder or under any Bond Document; provided, however, that the Bank shall immediately accruehave no obligation to effect such a cure; and (e) exercise, or cause to be exercised, any and all remedies as it may have under the Bond Documents and as otherwise available at law and at equity.

Appears in 1 contract

Sources: Continuing Covenant Agreement

Consequences of an Event of Default. (a) If an Event of Default (other than that specified in subsections (a) through (l), (o), (p) or subsection (q) of Section 7.01 8.1 hereof) shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Collateral Agent or any Lender Party may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans Loans, the Issuer shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders Lenders, shall, by notice to Genesis on behalf of the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Loan Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (iii) Direct the Borrowers to pay (and the Borrowers jointly and severally agree that upon receipt of such notice they will pay) to the Agent cash for deposit to the credit of the Letter of Credit Collateral Account in accordance with Section 3.7(a) hereof. (iv) Take any and all actions permitted under the Security Documents. (v) Exercise such other remedies as may be available to the Lender Parties under applicable Law. (b) If an Event of Default specified in subsection (m) or (nq) of Section 7.01 8.1 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the Issuer shall be under no further obligation to issue Letters of Credit hereunder, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Loan Obligations, including without limitation those referred to in clause (iii) in Section 8.2(a) hereof, shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue, and in addition, the Agent may, and upon the written request of the Required Lenders, shall, by notice to Genesis on behalf of the Borrowers, do one or more of the following: (i) take any and all actions permitted under the Security Documents or (ii) exercise such other remedies as may be available to the Lender Parties under applicable Law.

Appears in 1 contract

Sources: Credit Agreement (Genesis Health Ventures Inc /Pa)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 8.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank Party may have hereunder or under any other Loan Related Document, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunderLoans, the Issuing Banks shall be under no further obligation to issue any Letters of Credit and the Administrative Agent may, and, and (subject to Section 9.05) upon the written request of the Required Lenders Banks, shall, by notice to the Borrower, from time to time time, do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate shall be terminated and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an a cause of action therefor shall immediately accrue.; and (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including the obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an a cause of action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mp) or (nq) of Section 7.01 8.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank Party may have hereunder or under any other Loan Related Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make Loans, the Issuing Banks shall be under no further obligation to issue any Letters of Credit, and the unpaid principal amount of the Loans, all interest accrued thereon and all other obligations Obligations (including the obligation to cash collateralize outstanding Letters of Credit) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Koppers Industries Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (pe) or (qh) through (r) of Section 7.01 hereof shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Bank or any Lender the Issuing Bank may have hereunder or under any other Loan Documenthereunder, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunderand the Issuing Bank shall be under no obligation to issue Letters of Credit, and the Administrative Agent may, and, and upon the written request of the Required Lenders Banks shall, by notice to the BorrowerURGI, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments and the commitment of the Issuing Bank to issue Letters of Credit terminated, whereupon the Revolving Credit Commitments and such commitment to issue Letters of Credit will terminate and any fees accrued Commitment Fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue., (ii) Declare the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations of any of the Credit Parties hereunder to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mf) or (ng) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Bank or any Lender the Issuing Bank may have hereunder or under any other Loan Documenthereunder, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make LoansLoans and the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount following provisions shall automatically apply: (i) The Revolving Credit Commitments and the commitment to issue Letters of the LoansCredit shall terminate, interest and any accrued thereon and all other obligations Commitment Fees hereunder shall become be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) The unpaid principal amount of the Notes, interest accrued thereon and all other obligations of any of the Credit Parties hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Alleghany Corp /De)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (ac) through (l), (o), (p) or (qn) of Section 7.01 shall occur andof this Agreement occurs and continues or exists, be continuing or shall existthe Bank may at its option demand the unpaid principal amount of the Notes, then, in addition to interest accrued on the unpaid principal amount thereof and all other rights amounts owing by the Borrower under this Agreement, the Notes and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation Documents to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further demand or notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueaccrue immediately. (b) If an Event of Default specified in subsection subsections (ma), (b), (o) or (np) of Section 7.01 shall occur of this Agreement occurs and continues or existexists, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, and the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations amounts owing by the Borrower under this Agreement, the Notes and the other Loan Documents shall automatically become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall immediately accrueaccrue immediately. In addition to the foregoing, if an Event of Default specified in subsections (a) or (b) occurs and continues to exist, the Bank shall have the right, in the Bank’s sole discretion, to cause a receiver to be appointed to operate and conduct the day-to-day business of the Borrower, including, without limitation, collecting the earnings, revenues, rents, issues, profits and income from the operation of the Borrower’s business and applying the same as the court may direct; provided, however, that the Bank provides the Borrower at least five (5) Business Days prior written notice of its intent to file an application for receivership. Provided that it complies with the requirements set forth in the preceding sentence, the Bank shall be entitled to the appointment of a receiver without the necessity of proving either the inadequacy of the security or the insolvency of the Borrower or any other Person who may be legally or equitably liable to pay moneys secured by the Loan Documents, and the Borrower and each such Person shall be deemed to have waived such proof and to have consented to the appointment of such receiver.

Appears in 1 contract

Sources: Loan Agreement (Gateway Trade Center Inc.)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qk) of Section 7.01 hereof, or in subsections (l) and (m) with respect to a Significant Subsidiary, shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder and the LC Issuer shall be under no further obligation to Issue Letters of Credit hereunder, and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the BorrowerCompany, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueaccrue and demand the Company immediately to Cash Collateralize the full amount then available for drawing under any and all outstanding Letters of Credit. (b) If an Event of Default specified in subsection (ml) or (nm) of Section 7.01 hereof shall occur or existexist with respect to any Borrower, then, in addition to all other rights and remedies which the Administrative any Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the LC Issuer shall be under no further obligation to Issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable and each applicable Borrower shall immediately Cash Collateralize the full amount then available for drawing under all outstanding Letters of Credit, without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Foster Wheeler Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which exist the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, and upon the written request direction of the Required Majority Lenders shall, shall by notice to the Borrower, from time to time do any or all of the following:, (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; and/or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; and/or (bc) If give notice to the Borrower of the occurrence and continuance of an Event of Default; and/or (d) at any time when there are no Loans outstanding, maintain cash collateral (to the extent the Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; and/or (e) apply all funds deposited in the Letter of Credit Cash Collateral Account to the payment, in whole or in part, of the Obligations; and/or (f) set-off amounts in the Letter of Credit Cash Collateral Account or any other account under the dominion and control of the Agent and apply such amounts to the Obligations of the Borrower hereunder and under the Loan Documents; provided, however, that upon the occurrence of any Event of Default specified described in subsection subsections (mg) or (nh) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise9.01, the Commitments shall automatically terminate Loans and the Lenders shall be under no further obligation to make Loansall Reimbursement Obligations, and the unpaid principal amount of the Loans, all interest accrued thereon and all other obligations amounts shall become immediately and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueexpressly waived by the Borrower.

Appears in 1 contract

Sources: Revolving Credit Agreement (Jacobson Stores Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections clauses (a) through (lh), (o), k) and (p) or (ql) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at lawlaw or in equity, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, and the Administrative Agent may, and upon the written request of the Required Lenders shall, by notice to the Parent, from time to time do any or all of the following: (i) declare the Commitments terminated, whereupon the Commitments will terminate; (ii) declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are #89365364v21 hereby waived and require any outstanding Letters of Credit to be cash collateralized in accordance with Section 2.11(i). (b) If an Event of Default specified in clauses (i) or (j) of Section 9.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law or in equity, the Commitments shall automatically terminate, the Lenders shall be under no further obligation to make Loans, the Issuers shall be under no further obligation to issue or Modify Letters of Credit, the unpaid principal amount of the Loans, interest accrued thereon and all other Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor any outstanding Letters of Credit shall immediately accruebe cash collateralized in accordance with Section 2.11(i).

Appears in 1 contract

Sources: Revolving Credit Agreement (Air Products & Chemicals Inc /De/)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qn) of Section 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Lender shall be under no further obligation to make Revolving Credit Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, Lender may by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments Revolving Credit Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Revolving Credit Commitment shall automatically terminate and the Lenders Lender shall be under no further obligation to make Revolving Credit Loans, and the unpaid principal amount of the Revolving Credit Loans, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections Section 10.01 hereof shall occur and be continuing, then, and in every such event (a) through other than an event with respect to the Borrowers described in clause (lf), (o), (pg) or (qh) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise10.01), the Lenders Facility provided by this Agreement shall be under no further obligation to make Loans hereunderimmediately terminate, and the Administrative Agent mayOutstanding Loans, andtogether with accrued and unpaid interest thereon, upon the written request of the Required Lenders shalland all other Obligations, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers; and in case of any event with respect to the Borrowers, AMERCO or UHI described in clause (f), (g) or (h) of Section 10.01, the Facility provided by this Agreement shall automatically and immediately terminate, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Outstanding Loans, together with accrued and unpaid interest accrued thereon thereon, and all other obligations to be Obligations, shall immediately become due and payable payable, without presentment, demand, protest or further other notice of any kind, all of which are hereby waivedwaived by the Borrowers. Further, and an action therefor shall immediately accrue. (b) If if an Event of Default specified in subsection (m) or (n) of Section 7.01 10.01 hereof shall occur or existand be continuing, then, and in addition every such event the Collateral Agent shall have the right to collect, receive, appropriate or realize upon the Collateral or otherwise foreclose or enforce Collateral Agent’s security interests in any or all other rights Collateral in any manner permitted by the Security Agreement. Additionally, if an Event of Default shall have occurred and remedies which be continuing, no monies on deposit in the Administrative Collection Account shall be released until all outstanding Obligations are paid in full. Further, if an Event of Default shall occur and be continuing, then, and in every such event the Lender shall have the right to draw upon the Guarantee. Notwithstanding the foregoing, if an Event of Default shall occur and be continuing, each of the Collateral Agent or any and the Lender may have hereunder or under pursue any other Loan Document, at law, remedies available to it in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation order to make Loans, and the unpaid principal amount seek repayment of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueoutstanding Obligations in full.

Appears in 1 contract

Sources: Credit Agreement (U Haul International Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 8.1 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Issuing Bank or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Banks shall be under no further obligation to issue Letters of Credit hereunder and the Administrative Agent may, and, and upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including but not limited to any outstanding Reimbursement Obligations and any obligation to cash collateralize outstanding Letters of Credit) to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 8.1 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make LoansLoans and the Issuing Banks shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations (including but not limited to outstanding Reimbursement Obligations and the obligation to cash collateralize outstanding Letters of Credit) shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Credit Agreement (Korn Ferry International)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qn) of Section 7.01 shall occur and, be continuing of this Agreement occurs and continues or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseexists, the Lenders shall Lender will be under no further obligation to make Loans hereunder, and the Administrative Agent may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare may demand the unpaid principal amount of the LoansNotes, interest accrued thereon on the unpaid principal amount and all other obligations amounts owing by the Borrowers under this Agreement, the Notes, the Security Agreement, the Mortgages and the other Loan Documents to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall immediately accrueaccrue immediately. (b) If an Event of Default specified in subsection subsections (mo) or (np) of Section 7.01 shall occur of this Agreement occurs and continues or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseexists, the Commitments shall automatically terminate and the Lenders shall Lender will be under no further obligation to make Loans, Loans and the unpaid principal amount of the LoansNotes, interest accrued thereon on the unpaid principal amount and all other obligations amounts owing by the Borrowers under this Agreement, the Notes, the Security Agreement and the other Loan Documents shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and an action therefor for any amounts due shall accrue immediately. (c) If an Event of Default occurs and continues or exists, the Lender may, without notice to the Borrowers increase the rate of interest applicable to the Loans to the rate of interest applicable to the Loans to the rate of interest specified in subsection (b) of Section 2.04 of this Agreement. (d) If an Event of Default occurs or exists, the Lender may, immediately accrueupon giving written notice to the Borrowers, in its sole discretion, reduce the Borrowing Base, by adjusting the advance rates or by creating such additional reserves as the Lender shall, in its sole discretion, deem appropriate. (e) If an Event of Default occurs and continues or exists, and whether or not the Lender shall have accelerated the maturity of Loans pursuant to any of the foregoing provisions of this Section 7.02, the Lender, if owed any amount with respect to the Notes or Letters of Credit, may proceed to protect and enforce its rights by suit in equity, action at law and/or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement or the Notes, including as permitted by applicable Law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Lender. (f) If an Event of Default occurs and continues or exists, the Lender may exercise each and every right and remedy granted to the Lender under the Loan Documents and under any applicable Law.

Appears in 1 contract

Sources: Loan Agreement (Uni Marts Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (lj), (o), (pm) or (qn) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Banks shall be under no further obligation to issue Letters of Credit hereunder and the Administrative Agent may, andAgent, upon the written request of the Required Lenders shall, by notice to the BorrowerBorrowers, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any fees accrued but unpaid hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mk) or (nl) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Banks shall be under no further obligation to issue Letters of Credit hereunder and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrowers shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account. Amounts in the Letter of Credit Collateral Account shall be applied by the Agent to the Obligations as the Required Lenders shall elect.

Appears in 1 contract

Sources: Credit Agreement (Curtiss Wright Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qp) of Section 7.01 shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders Bank shall be under no further obligation to make Loans hereunder, and the Administrative Agent Bank may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Commitment terminated, whereupon the Commitments Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (n) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Commitment shall automatically terminate and the Lenders Bank shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: 364 Day Credit Agreement (Sierra Pacific Power Co)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (pe) or (h) through (q) of Section 7.01 hereof shall occur and, be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Bank or any Lender the Issuing Bank may have hereunder or under any other Loan Documenthereunder, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunderand the Issuing Bank shall be under no obligation to issue Letters of Credit, and the Administrative Agent may, and, and upon the written request of the Required Lenders Banks shall, by notice to the BorrowerAUL, from time to time do any or all of the following: (i) Declare the Revolving Credit Commitments and the commitment of the Issuing Bank to issue Letters of Credit terminated, whereupon the Revolving Credit Commitments and such commitment to issue Letters of Credit will terminate and any fees accrued Commitment Fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue., (ii) Declare the unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations of any of the Credit Parties hereunder to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue, and (iii) Exercise any or all remedies available to it under the Pledge Agreement or otherwise. (b) If an Event of Default specified in subsection (mf) or (ng) of Section 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent Agent, any Bank or any Lender the Issuing Bank may have hereunder or under any other Loan Documenthereunder, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make LoansLoans and the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the following provisions shall automatically apply: (i) The Revolving Credit Commitments and the commitment to issue Letters of Credit shall terminate, and any accrued Commitment Fees hereunder shall be immediately due and (ii) The unpaid principal amount of the LoansNotes, interest accrued thereon and all other obligations of any of the Credit Parties hereunder shall become be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue; and (iii) The Administrative Agent may, and upon the request of the Required Banks shall, exercise any or all remedies available to it under the Pledge Agreement or otherwise.

Appears in 1 contract

Sources: Credit Agreement (Alleghany Corp /De)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), d) and (o), f) through (p) or (qh) of Section SECTION 7.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwiseotherwise (including, but not limited to, under any Guaranty), the Lenders Lender shall be under no further obligation to make Loans the Term Loan hereunder, and the Administrative Agent Lender may, and, upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Term Loan Commitment terminated, whereupon the Commitments such Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the LoansTerm Loan, interest accrued thereon and all other obligations Obligations to be immediately due and payable by the Borrower without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action or actions therefor shall immediately accrue. (b) If an Event of Default specified in subsection (m) or (ne) of Section SECTION 7.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments Term Loan Commitment shall automatically terminate and the Lenders Lender shall be under no further obligation to make Loansthe Term Loan, and the unpaid principal amount of the LoansTerm Loan, interest accrued thereon and all other obligations Obligations shall become immediately due and payable by the Borrower without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Term Loan Agreement (Hardinge Inc)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qm) of Section 7.01 8.01 hereof shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, the Issuing Bank shall be under no further obligation to issue Letters of Credit hereunder, and the Administrative Agent may, and, may upon the written request of the Required Lenders shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments Revolving Credit Commitment terminated, whereupon the Commitments will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations Obligations to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mi) or (nj) of Section 7.01 8.01 hereof shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders shall be under no further obligation to make Loans, the Issuing Bank shall be under no further obligation to issue Letters of Credit, and the unpaid principal amount of the Loans, Letter of Credit Reimbursement Obligations, interest accrued thereon and all other obligations Obligations shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (c) Without limitation of other rights and remedies under this Agreement or the Loan Documents or at law or in equity, if all of the Obligations shall have become due and payable pursuant to clause (a) or (b) of this Section 8.02, the Borrower shall immediately pay to the Agent, for deposit in the Letter of Credit Collateral Account, an amount equal to the excess, if any, of the aggregate Letter of Credit Exposure at such time over the balance in the Letter of Credit Collateral Account. Amounts in the Letter of Credit Collateral Account shall be applied by the Agent to the Obligations as the Required Lenders shall elect.

Appears in 1 contract

Sources: Credit Agreement (Black Box Corp)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (qn) of Section 7.01 7.1 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder hereunder, under the Revolving Credit Notes or under any other Loan Related Document, at law, in equity or otherwise, the Lenders Banks shall be under no further obligation to make Loans hereunderhereunder (other than the obligation to make Rollover Loans prior to the time the declaration referred to in clause (ii) below is made), and the Administrative Agent may, andAgent, upon the written request of the Required Lenders Banks shall, by notice to the Borrower, from time to time do any or all of the following: (i) Declare the Commitments terminated, whereupon the Commitments will terminate and any all fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (ii) Declare the unpaid principal amount of the Loans, interest accrued thereon and all other obligations amounts owing hereunder, under the Revolving Credit Notes or under the Related Documents to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue. (b) If an Event of Default specified in subsection (mo) or (np) of Section 7.01 7.1 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender Bank may have hereunder hereunder, under the Revolving Credit Notes or under any other Loan Documentthe Related Documents, at law, in equity or otherwise, the Commitments shall automatically terminate and the Lenders Banks shall be under no further obligation to make Loans, and the unpaid principal amount of the Loans, interest accrued thereon and all other obligations amounts owing hereunder, under the Revolving Credit Notes or under the Related Documents shall become immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrue.

Appears in 1 contract

Sources: Revolving Credit Agreement (Tele Communications Inc /Co/)

Consequences of an Event of Default. (a) If an Event of Default specified in subsections (a) through (l), (o), (p) or (q) of Section 7.01 shall occur and, and be continuing or shall exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise, the Lenders shall be under no further obligation to make Loans hereunder, and exist the Administrative Agent may, and, and upon the written request direction of the Required Lenders shallMajority Lenders, shall by notice to the Parent (it being expressly understood that such notice shall be deemed notice to each Borrower, from time to time do any or all of the following:), (ia) Declare declare the Commitments Revolving Credit Commitment of each Lender and the Current Commitment terminated, whereupon the Commitments Revolving Credit Commitment of each Lender and the Current Commitment will terminate and any fees hereunder shall be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (iib) Declare declare the unpaid principal amount of the LoansNotes, interest accrued thereon thereon, the total amount of the Letter of Credit Exposure that is not cash collateralized in accordance with this Agreement, any fees due hereunder and all other obligations amounts owing by the Borrower hereunder or under the Notes to be immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived, and an action therefor shall immediately accrue.; or (bc) If give notice to the Parent (it being understood that such notice shall be deemed to be notice to each Borrower) of the occurrence and continuance of an Event of Default; or (d) any time when there are no Loans outstanding, maintain cash collateral (to the extent any Borrower has or receives cash) equal to 105% of all outstanding Letters of Credit; or (e) apply all funds deposited in each Cash Concentration Account, and in the Letter of Credit Cash Collateral Account to the payment in whole or in part, of the Obligations; or (f) set-off amounts in the Cash Concentration Account, the Letter of Credit Cash Collateral Account, or any other account under the dominion and control of the Administrative Agent and apply such amounts to the Obligations of the Borrower hereunder and under the Related Documents; provided, however, that upon the occurrence of any Event of Default specified described in subsection subsections (mg) or (nh) of Section 7.01 shall occur or exist, then, in addition to all other rights and remedies which the Administrative Agent or any Lender may have hereunder or under any other Loan Document, at law, in equity or otherwise9.01, the Commitments shall automatically terminate Loans and the Lenders shall be under no further obligation to make Loansall Reimbursement Obligations, and the unpaid principal amount of the Loansall interest thereon, interest accrued thereon all fees hereunder and all other obligations amounts shall become immediately and be forthwith due and payable payable, without presentment, demand, protest or further notice of any kind, all of which are hereby waived, and an action therefor shall immediately accrueexpressly waived by the Borrowers.

Appears in 1 contract

Sources: Credit Agreement (Genesis Direct Inc)