Common use of Events of Default and Acceleration Clause in Contracts

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Hadco Acquisition Corp Ii), Revolving Credit Agreement (Hadco Corp), Revolving Credit Agreement (Hadco Acquisition Corp Ii)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants covenant contained in ss.8, 9 Section 7.15 or 10Section 7.16; (d) the Borrower shall fail to comply with any covenant contained in Article 9, and such failure shall continue for 45 days after written notice thereof shall have been given to the Borrower by the Agent; (e) the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (ef) any representation or warranty of the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leasesother Indebtedness, which obligations exceed $5,000,000 in including, without limitation, the aggregatePrudential Loan, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor, (A) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (B) shall commence any case or other proceeding relating to the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (C) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any such of its Subsidiaries or the Guarantor or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor, in each case of the foregoing in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor exceeds in the aggregate $5,000,0005,000,000.00; (jl) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Guarantor or any of their respective stockholdersits holders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or thereof in any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with material respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan as determined by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysMajority Banks; (m) there shall occur any strikedissolution, lockouttermination, labor disputepartial or complete liquidation, embargo, condemnation, act of God merger or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility consolidation of the Borrower or the Guarantor, or any sale, transfer or other disposition of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition assets of the Borrower and or the Guarantor, other than as permitted under the terms of this Agreement or the other Transaction Parties, considered as a wholeLoan Documents; (n) there any suit or proceeding shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by be filed against the Borrower or the Guarantor or any of their respective assets which in the other Transaction Parties good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if such lossadversely determined, suspension, revocation or failure to renew would have a material materially adverse effect affect on the business or financial condition ability of the Borrower or the Guarantor to perform each and every one of its obligations under and by virtue of the other Transaction Parties, considered as a wholeLoan Documents; (o) the Borrower or any of the other Transaction Parties Guarantor, shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.Guarantor;

Appears in 2 contracts

Sources: Revolving Credit Agreement (Meridian Industrial Trust Inc), Revolving Credit Agreement (Meridian Industrial Trust Inc)

Events of Default and Acceleration. If any of the following events or conditions ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two three (23) Business Days after of the day on which date the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply (i) with any of its covenants contained in ss.8§§8.12, 9 (with the exception of 9.7) or 10, or (ii) within ten (10) days after the delivery dates required therein, with any of its covenants contained in §§8.4 or 8.9; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. §13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries set forth in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedrepeated (with such qualifications applicable at such time); (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 Leases or other Indebtedness in the aggregateaggregate amount of $20,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or other Indebtedness in the aggregate, aggregate amount of $20,000,000 or more for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) consecutive days, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries not covered by insurance that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries not covered by insurance exceeds in the aggregate $5,000,0003,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or if the Administrative Agent’s security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholdersmembers or stockholders (as the case may be), or any court of competent jurisdiction or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 3,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0003,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(f)(1) of ERISA), provided provided, that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 3,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would reasonably be expected to have a material adverse effect on the business or financial condition Material Adverse Effect; (m) a Change of the Borrower and the other Transaction Parties, considered as a wholeControl shall occur; (n) the sum of the outstanding amount of the Revolving Credit Loans, the Swing Line Loans, the Maximum Drawing Amount and all Unpaid Reimbursement Obligations exceeds the lesser of (a) the Total Commitment at such time and (b) the Borrowing Base at such time and the Borrower does not remedy such situation (by payment of the amount set forth in § 3.2 or otherwise) within ten (10) days; (o) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which the punishment in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,0007,000,000; or (pq) any person the number of cost equivalent units (or group CEUs) included in the fleet of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated containers owned by the Securities and Exchange Commission under said Act) of thirty percent (30%) Borrower or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of managed by the Borrower on behalf of third-parties (such CEUs to be calculated by Borrower consistently with the first current manner in which it calculates CEUs on behalf of third-party owners of fleets that it manages), shall, as of the last business day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shallany calendar month, at any time, legally or beneficially own be less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)300,000; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided, that in the event of any Event of Default specified in ss.ss.13.1(g§§13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 2 contracts

Sources: Revolving Credit Agreement (SeaCube Container Leasing Ltd.), Revolving Credit Agreement (SeaCube Container Leasing Ltd.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable (including, without limitation, under and pursuant to Section 3.2(a) and (b)) within five (5) Business Days after the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or any of its Subsidiaries shall fail to pay any fees or other sums due hereunder or under any of the other Loan Documents, within five (5) Business Days after the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; provided, that with respect to any fees or other sums due hereunder or under any of the other Loan Documents for which an invoice has been provided by the Administrative Agent but has not been received by the Borrower, the Borrower or any of its Subsidiaries shall fail to pay such fees or other sums within five (5) Business Days after notice of such failure has been given to the Borrower by the Administrative Agent; (d) the Borrower shall fail to comply with any of its covenants contained in ss.8Section 8.1, 9 the first sentence of Section 8.4.1, the first sentence of Section 8.5, Sections 9.1 through 9.6 or Section 10; (de) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (ef) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries (whether in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement) shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed in an aggregate principal amount in excess of $5,000,000 in the aggregate25,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding Leases, in an aggregate principal amount in excess of $5,000,000 in the aggregate25,000,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (gh) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) sixty days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00025,000,000; (jk) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 25,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,00025,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 25,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of its Subsidiaries is obligated to repurchase $25,000,000 or more of receivables of the other Transaction Parties shall be enjoinedtype described in clause (g) of the definition of “Indebtedness” hereof, restrained whether sold under a purchase facility or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemyotherwise, or other casualty, which a termination event occurs in connection with any such case causes, for more than fifteen (15) consecutive days, the cessation sale or substantial curtailment of revenue producing activities at with respect to any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole;facility; or (n) there a Change of Control shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(h) or 13.1(h13.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) any of the Borrower Borrowers shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) any of the Borrower Borrowers shall fail to comply with any of its covenants contained in ss.8ss.ss.6, 8.1, 8.2, 8.4, 8.5.1., 8.5.3, 8.5.4, 8.7, 8.9, 8.12, 8.14, 9 or 10; (d) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower Company by the Agent; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation in excess of $1,000,000 for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the any Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the any Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the any Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the any Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the any Borrower or any of the other Transaction Parties its Subsidiaries and the any Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the any Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the any Borrower or any Subsidiary of the other Transaction Parties such Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the such Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the any Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any of the property of any Borrower or its Subsidiaries, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the any Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the such Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.Subsidiary;

Appears in 2 contracts

Sources: Revolving Credit Agreement (Genrad Inc), Revolving Credit Agreement (Genrad Inc)

Events of Default and Acceleration. If any of the following events ("subject to §12.2, “Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with perform any of its covenants term, covenant or agreement contained in ss.8, 9 or 10§9; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this §12.l(f), involves (i) any Recourse Indebtedness singly or in the aggregate totaling in excess of $25,000,000, or (ii) obligations for Non-Recourse Indebtedness singly or in the aggregate totaling in excess of $100,000,000.00; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, monitor, receiver, receiver-manager, or receiver of the Borrower similar official for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law Insolvency Law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if ; provided that the events described in this §12.1(g) as to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator, monitor, receiver, receiver-manager, or similar official of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any Insolvency Law of any jurisdiction, now or hereafter in effect, and any of the other Transaction Parties and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; provided that the events described in this §12.1(h) as to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator liquidator, receiver, monitor, receiver-manager, or receiver or adjudicating similar official for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws any Insolvency Law; provided that the events described in this §12.1(i) as now to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or hereafter constitutedSubsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00035,000,000.00 per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement, or to contest or challenge the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantors, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs [reserved]; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 35,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole[reserved]; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the other Transaction Parties shall be indicted for a state Lenders of such Guarantor’s intention to attempt to cancel or federal crime, terminate the Guaranty or any civil or criminal action other Loan Document; (p) [reserved]; (q) [reserved]; (r) REIT shall otherwise have been brought or threatened against the Borrower or fail to comply at any the other Transaction Partiestime with all requirements and Applicable Laws necessary to maintain REIT Status and shall continue to receive REIT Status; (s) REIT shall fail to comply, a punishment for which in any such case could include the forfeiture of material respect, with any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000SEC reporting requirements; or (pt) any person or group Change of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Control shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallLenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h)12.1(i) shall occur with respect to the Borrower, REIT or any Subsidiary Guarantor, all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, the Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by the Agent or the Required Revolving Credit Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Revolving Credit Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by the Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by the Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to the Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent for the benefit of the Revolving Credit Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at the Agent’s sole discretion, the Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Revolving Credit Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 2 contracts

Sources: Credit Agreement (Global Net Lease, Inc.), Credit Agreement (Global Net Lease, Inc.)

Events of Default and Acceleration. If 8.1 The occurrence of any one or more of the following shall constitute an Event of Default hereunder: 8.1.1 Failure to make any payment of any principal, interest or other charges in respect of any of the following events Obligations within ten ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults"10) shall occur: (a) the Borrower shall fail to pay any principal days of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at be due. 8.1.2 Default in the stated date observance or performance of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained of Borrower herein set forth or set forth in any of the other Loan and Security Documents or in any agreement, note or instrument heretofore, now or hereafter executed by Borrower in favor of Bank (other than those specified elsewhere set forth in this ss. 13.1Section 8.1) for twenty which is not cured within thirty (2030) days after of written notice of sucH failure has been given from Bank; 8.1.3 If any representation, warranty, certificate, schedule or other information made or furnished by Borrower herein or pursuant hereto or pursuant to the Borrower by the Agent; (e) any representation Loan and Security Documents is or warranty of the Borrower shall be incorrect, untrue or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false misleading in any material respect upon at the date when time made or given; 8.1.4 Default in the performance of any material obligations of Borrower to any third party; unless the Borrower is disputing such obligation in good faith and has set aside adequate reserves therefor; 8.1.5 Any change for any reason whatsoever in the majority ownership or control of Borrower other than as expressly permitted hereunder; 8.1.6 Loss, theft, damage or destruction of any portion of Property of Borrower for which there is either no insurance coverage or for which, in the opinion of Bank, there is insufficient insurance coverage or the making of any levy, seizure or attachment upon any portion of the property of Borrower, provided that Borrower shall not be deemed to have been made be in default of this provision if Borrower has maintained or repeatedcaused to be maintained the insurance coverage required by Section 6.2 and Section 6.3 hereof; (f) the 8.1.7 Insolvency of Borrower or any failure of the other Transaction Parties shall fail Borrower generally to pay at maturity, its debts as they come due or within any applicable period if a creditors' committee is appointed for the business of grace, any obligations for borrowed money Borrower; or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an B▇▇▇▇▇▇▇ makes a general assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply an Order for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order Relief is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating with respect to Borrower under the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted, or if a case in bankruptcy or a petition for reorganization or to effect a plan or arrangement with creditors is filed by or against Borrower; or if Borrower applies for or permits the appointment of a receiver, trustee, custodian or liquidator for any of its property or assets, or if any such receiver, trustee, custodian or liquidator is appointed for any of such property or assets; and, in the case of any one of the above actions or proceedings commenced against Borrower, such action or proceeding is not dismissed within sixty (60) days; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower 8.1.8 If a proceeding is filed or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf against Borrower for its dissolution or liquidation and in the event of a proceeding commenced against Borrower the same remains undismissed or unstayed for a period of sixty (60) days; or if Borrower voluntarily or any of the other Transaction Parties party thereto involuntarily dissolves or any of their respective stockholdersis dissolved, terminates or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereofterminated; (k) the 8.1.9 If Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the a final, non-appealable Court or Administrative order of any court or any administrative or regulatory agency from conducting all or any material part of its business affairs; 8.1.10 The occurrence of an Event of Default under any one or more of the Loan and such order Security Documents or under any other document, instrument or agreement now or hereafter evidencing, securing or executed in connection with any indebtedness or obligation of Borrower to the Bank; 8.1.11 The entry of a final judgment for the payment of money in excess of an aggregate of One Hundred Thousand and 00/100 ($100,000.00) Dollars shall continue in effect be rendered against the Borrower, and the same shall remain undischarged for more than a period of thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation during which execution shall not be effectively stayed; 8.1.12 The occurrence of any attachment of any deposits or substantial curtailment of revenue producing activities at any facility other property of the Borrower in the hands or any possession of the Bank, or the occurrence of any attachment of any other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition property of the Borrower in an amount exceeding One Hundred Thousand and 00/100 ($100,000.00) Dollars which shall not be discharged within thirty (30) days of the other Transaction Parties, considered as a wholedate of such attachment; (n) there shall occur the loss, suspension or revocation of, or failure 8.1.13 Default with respect to renew, any license or permit now held or hereafter acquired by the Borrower or any evidence of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition indebtedness of the Borrower and (other than to the other Transaction PartiesBank) relating to the Property, considered as a whole; (o) if the Borrower effect of such default is to accelerate the maturity of such indebtedness or any of to permit the other Transaction Parties shall be indicted for a state or federal crimeholder thereof to cause such indebtedness to become due prior to the stated maturity thereof, or if any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets indebtedness of the Borrower (other than to the Bank) is not paid when due and payable, whether at the due date thereof or a date fixed for prepayment, whether by acceleration or otherwise; 8.1.14 The Borrower attempts to assign its rights under this Agreement or any interest herein, or if the Property is conveyed or encumbered contrary to the provisions of this Agreement; 8.1.15 Any "Event of Default" as defined in the Property Ground Lease (in each case only to the extent that such other Transaction Party having a fair market value in excess Event of $1,000,000Default is not cured by any leasehold mortgagee as permitted under the Property Ground Lease) or termination of the Property Ground Lease; or (p) 8.1.16 The Property is materially damaged or destroyed by fire or other casualty or cause, and as a result thereof, Tenant has exercised any person contractual right it may have to terminate the Property Ground Lease. 8.2 If any Event of Default shall occur, then or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any timetime thereafter, legally or beneficially own less than one hundred percent (100%) of Bank may declare the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, be immediately due and payable payable, without presentmentnotice, protest, presentment or demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankB▇▇▇▇▇▇▇.

Appears in 2 contracts

Sources: Loan Agreement (Capital Properties Inc /Ri/), Loan Agreement (Capital Properties Inc /Ri/)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occuroccur and be continuing: (a) the Borrower or any Guarantor shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Commitment Fee, the Agent's feeAdministrative Agent Fees, other fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8§§5.4, 9 5.5, 5.10, 6 or 107 hereof, or (ii) shall fail to comply with its covenant contained in §5.6 hereof and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§12.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturitywhen due, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases or any obligations with respect to interest rate protection arrangements or exchange rate protection arrangements which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $50,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or evidencing any interest rate protection arrangement or exchange rate protection arrangement which in the aggregateaggregate represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $50,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gi) the Borrower or any of the other Transaction Parties its Subsidiaries (1) shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or (2) shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or (ii) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries, exceeds in the aggregate $5,000,00050,000,000; (j) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of §302(f)(1) of ERISA), shall have occurred and the Required Lenders shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a Lien in favor of such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, or an offer to prepay, redeem or repurchase the Subordinated Debt in whole or in part shall have been made, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Credit Agreement (Staples Inc), Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Term Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, Term Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure continues for five (5) days; (c) the any Borrower or any Guarantor or any of their respective Subsidiaries shall fail to comply with any of its their respective covenants contained in ss.8Sections 6.01, 9 6.06,6.07, 6.12, 6.14, 6.20 or 106.21; (d) the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents Document (other than those specified elsewhere in this ss. 13.1Section 9.01) and such failure continues for twenty thirty (2030) days after written notice of sucH failure has been given to the Borrower by the Agentdays; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties Guarantor in this Credit Term Loan Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Term Loan Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) an "Event of Default" shall have occurred and be continuing under the Borrower or any terms of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofCredit Agreement; (g) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or of any substantial part of the properties or assets of the Borrower any Borrower. any Guarantor or any of the other Transaction Parties their respective Subsidiaries or shall commence any case or other proceeding relating to the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries and the Borrower (i) any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or (ii) any such petition petition, application, case or application other proceeding shall not have been dismissed within forty-five continue undismissed, or unstayed and in effect, for a period of sixty (4560) days following the filing thereofdays; ; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower Loan Documents or any material provision of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksBank any Guaranty shall be cancelled, terminated, revoked or rescinded at any time or for any reason whatsoever, or any action at law, suit or in equity or other legal proceeding to make unenforceable, cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties party thereto its Subsidiaries or any Guarantor or any of their respective stockholdersits Subsidiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the as to any material terms thereof; (kj) the Borrower any "Event of Default" or default (after notice and expiration of any ERISA Affiliate incurs any liability period of grace, to the PBGC or extent provided, and if none is specifically provided, then for a Guaranteed Pension Plan pursuant to Title IV period of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: thirty (i30) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISAdays after notice), as defined or provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoinedLoan Documents, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)continuing; then, and in any such event, so long as the same may be continuing, the Agent Bank may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Borrowers, declare all amounts owing with respect to this Credit Term Loan Agreement, the Notes Term Loan Note and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowereach Borrower and each Guarantor; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 9.01(g) or 13.1(hSection 9.01(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent Bank or any action by the Bank.

Appears in 2 contracts

Sources: Term Loan Agreement (Sovran Self Storage Inc), Term Loan Agreement (Sovran Acquisition LTD Partnership)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for fifteen (15) calendar days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any other term, covenant or agreement contained in §9; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof or require the termination or other settlement of such obligation; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve (i) Recourse Indebtedness in excess of $10,000,000, or (ii) Non-Recourse Indebtedness in excess of $50,000,000; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty fifteen (3015) daysdays during any calendar year, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments against (x) the Borrower or any Guarantor that, either individually or in the aggregate, exceed $10,000,000.00 in any calendar year or (y) any Subsidiary of the other Transaction Parties Borrower that is not a Subsidiary Guarantor that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00 in any calendar year; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lo) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be enjoinedindicted for a federal crime, restrained or in a punishment for which could include the forfeiture of (i) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any of their respective Subsidiaries which in the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would good faith judgment of the Majority Lenders could reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation ofMaterial Adverse Effect, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or (ii) any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeUnencumbered Pool Properties; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person Guarantor denies that it has any liability or group of persons (within obligation under the meaning of Section 13 Guaranty or 14 any other Loan Document, or shall notify the Agent or any of the Securities Exchange Act Lenders of 1934such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under any Guaranty or any other Loan Document; (q) [reserved]; (r) [reserved]; (s) [reserved]; (t) [reserved]; (u) the Borrower, any Guarantor or any of their respective Subsidiaries shall fail to comply with the covenants set forth in §8.6 hereof; provided, however, no Event of Default shall occur hereunder as amendeda result of such failure if such failure relates solely to a parcel or parcels of Real Estate that are not an Unencumbered Pool Property whose book value, either individually or in the aggregate, does not exceed $10,000,000.00; (v) REIT shall have acquired beneficial ownership fail to comply at any time with all requirements and applicable laws and regulations necessary to maintain REIT Status and shall continue to receive REIT Status; (within the meaning w) REIT shall fail to comply with any SEC reporting requirements; (x) any Change of Rule 13d-3 promulgated by the Securities and Exchange Commission Control shall occur; or (y) an Event of Default under said Act) of thirty percent (30%) or more any of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallLenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by Agent or the Majority Revolving Credit Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 2 contracts

Sources: Credit Agreement (Carter Validus Mission Critical REIT, Inc.), Credit Agreement (Carter Validus Mission Critical REIT, Inc.)

Events of Default and Acceleration. If any Any of the following events ("Events shall constitute an “Event of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occura “Default”: (a) the any Borrower shall fail to pay any principal of the its Loans or any Borrower shall fail to pay any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the any Borrower or any of the other Transaction Parties shall fail to pay (i) any interest on the its Loans, the commitment feeany Commitment Fee, any Letter of Credit Fee, or any fees due under the Agent's feeFee Letter, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure shall continue for three (3) days; or (ii) any other sums due hereunder or under any of the other Loan Documents, when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure shall continue for thirty (30) days; (c) any of the Borrower Borrowers or any of their Restricted Subsidiaries shall fail to comply with any of its the covenants contained in ss.8§§9.1, 9 9.5.1, the first sentence of §9.6, 9.12, 9.14, 10 or 1011; (d) any of the Borrower Borrowers or any of the other Transaction Parties their Restricted Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Applicable Borrower by the Administrative Agent; (e) any representation or warranty of any of the Borrower Borrowers or any of the other Transaction Parties their Restricted Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedmade; (f) any of the Borrower Borrowers or any of the other Transaction Parties their Restricted Subsidiaries shall fail to pay at maturitywhen due, or within any applicable period of grace, any obligations obligation in excess of the aggregate amount of $100,000,000, for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Senior Secured Syndicated Facility Agreement (Genesee & Wyoming Inc), Senior Secured Syndicated Facility Agreement (Genesee & Wyoming Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the any Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the any Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, Loans or fees or other sums due amounts payable hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure shall continue for five (5) days after written notice of such failure has been given to a Borrower by the Administrative Agent; (c) the AMERICAS/2023306744.4 (d) any Borrower shall fail to comply with perform or observe any of its covenants contained in ss.8Sections 6.3.1, 9 6.4.1, 7 or 108; (de) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform or observe any term, covenant covenant, or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 11) for twenty thirty (2030) days after written notice of sucH such failure has been given to the such Borrower by the Administrative Agent, provided, that a failure to perform or observe the terms, covenants and agreements set forth in Section 6.2, Section 6.3.3, Section 6.7 or Section 6.9.1 that continues for more than ten (10) days (regardless of whether notice of such failure is given to such Borrower) shall constitute an Event of Default hereunder; (ef) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or Agreement, any of the other Loan Documents Documents, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false incorrect in any material respect upon the date when made or deemed to have been made or repeated; (fg) failure to make a payment of principal or interest, or the Borrower occurrence of a default, event of default, or other event permitting (with or without the passage of time or the giving of notice) acceleration or exercise of remedies or, with respect to any Swap Contract, as to which the Company or any Subsidiary is the defaulting party, permitting early termination thereof shall occur with respect to (i) any Indebtedness for money borrowed, (ii) any Indebtedness in respect of the deferred purchase price of goods or services, (iii) any Capitalized Lease, (iv) any Broker-Dealer Debt, (v) any Swap Contract or (vi) any Synthetic Lease Obligation, of the Company or any of its Subsidiaries, having a principal amount (or (x) in the other Transaction Parties shall fail case of a Capitalized Lease, scheduled rental payments with a discounted present value from the last day of the initial term to pay at maturitythe date of determination as determined in accordance with generally accepted accounting principles or (y) in the case of a Swap Contract, the Swap Termination Value or (z) in the case of a Synthetic Lease Obligation, the amount of Attributable Indebtedness with respect thereto), in any one case, of $100,000,000 or more, and such failure to make a payment of principal or interest, or within any applicable period a default, event of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatedefault, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other event shall continue for such period of time as would permit (assuming the giving of appropriate notice if required) entitle the holder of such Indebtedness, Capitalized Lease, Swap Contract or holders thereof Synthetic Lease Obligation (with or of any obligations issued thereunder without notice) to accelerate the maturity thereofsuch Indebtedness or terminate such Capitalized Lease, Swap Contract or Synthetic Lease Obligation; (gh) any of the Loan Documents shall be cancelled, terminated, revoked, or rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent, or approval of the Banks, or any Proceeding to cancel, revoke, or rescind any of the Loan Documents shall be commenced by or on behalf of any Borrower or any of its Subsidiaries party thereto, or any Government Authority of competent jurisdiction shall make a determination that, or issue a Government Mandate to the other Transaction Parties effect that, any material provision of one or more of the Loan Documents is illegal, invalid, or unenforceable in accordance with the terms thereof; or any material provision of Section 14 shall cease to be valid and binding on or enforceable against the Company, or the Company shall so state in writing; (i) the Company, Alliance Distributors, the General Partner, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or any Material Subsidiary shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, or receiver of the Borrower Company, Alliance Distributors, the General Partner, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or any of the other Transaction Parties Material Subsidiary or of any substantial part of the assets of the Borrower Company, Alliance Distributors, (j) 58 AMERICAS/2023306744.4 the General Partner, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or any of the other Transaction Parties Material Subsidiary, or shall commence any case or other proceeding Proceeding relating to the Borrower Company, Alliance Distributors, the General Partner, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or any of the other Transaction Parties Material Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation dissolution, liquidation, or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding Proceeding shall be commenced against the Borrower Company, Alliance Distributors, the General Partner, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ or any of the other Transaction Parties Material Subsidiary and the Borrower or any of the other Transaction Parties such parties shall indicate its approval thereof, consent thereto thereto, or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Alliancebernstein L.P.), Revolving Credit Agreement (Alliancebernstein Holding L.P.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to perform any term, covenant or agreement contained in §9, and with respect to a failure to comply with any of its covenants contained in ss.8§9.1 or §9.11 only, 9 or 10such failure shall continue for five (5) Business Days after such occurrence; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument prepared by or on behalf of the Borrower or a Guarantor and delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(f), involves singly or in the aggregate obligations for Indebtedness totaling in excess of (i) prior to the occurrence of the IPO Event, $1,000,000.00, or (ii) from and after the occurrence of the IPO Event, $5,000,000.00; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgmentseither individually or in the aggregate, undischarged, against exceed $1,000,000.00 per occurrence or during any twelve (12) month period prior to the Borrower or any occurrence of the other Transaction Parties exceeds in IPO Event, or $5,000,000.00 per occurrence or during any twelve (12) month period from and after the aggregate $5,000,000occurrence of the IPO Event; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke revoke, rescind or rescind challenge or content the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 prior to the occurrence of the IPO Event, or $5,000,000.00 from and after the occurrence of the IPO Event and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure forfeiture to renewthe United States of America of (i) any assets of the Borrower, any license or permit now held or hereafter acquired by the Borrower Guarantor or any of their respective Subsidiaries which in the other Transaction Parties if such loss, suspension, revocation or failure good faith judgment of the Required Lenders could reasonably be expected to renew would have a material adverse effect on Material Adverse Effect, or (ii) the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeCollateral; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Transaction Parties shall be indicted for a state or federal crimeLoan Document, or shall fail to observe or comply with any civil term, covenant, condition or criminal action shall otherwise have been brought or threatened against the Borrower agreement under any Guaranty or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; orLoan Document; (p) any person or group Change of persons (within Control shall occur without the meaning of Section 13 or 14 consent of the Securities Exchange Act Required Lenders; or (q) an Event of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission Default under said Act) of thirty percent (30%) or more any of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallRequired Lenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, the Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by the Agent or the Required Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by the Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by the Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to the Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at the Agent’s sole discretion, the Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 2 contracts

Sources: Credit Agreement (MedEquities Realty Trust, Inc.), Credit Agreement (MedEquities Realty Trust, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for fifteen (15) calendar days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any other term, covenant or agreement contained in §9; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof or require the termination or other settlement of such obligation; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve Non-Recourse Indebtedness in excess of $20,000,000 individually or in excess of $30,000,000.00 in the aggregate; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty fifteen (3015) daysdays during any calendar year, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments against (x) the Borrower or any Guarantor that, either individually or in the aggregate, exceed $5,000,000.00 in any calendar year or (y) any Subsidiary of the other Transaction Parties Borrower that is not a Subsidiary Guarantor that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,0005,000,000.00 in any calendar year; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lo) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be enjoinedindicted for a federal crime, restrained or in a punishment for which could include the forfeiture of (i) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any of their respective Subsidiaries which in the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would good faith judgment of the Majority Lenders could reasonably be expected to have a material adverse effect on Material Adverse Effect, or (ii) the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeCollateral; (np) there shall occur any Guarantor denies that it has any liability or obligation under the loss, suspension Guaranty or revocation ofany other Loan Document, or failure shall notify the Agent or any of the Lenders of such Guarantor’s intention to renewattempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe or comply with any license term, covenant, condition or permit now held agreement under any Guaranty or hereafter acquired by any other Loan Document; (q) the Borrower or any Subsidiary Guarantor abandons all or a portion (other than de minimis portion) of the Mortgaged Property; (r) any Mortgaged Property shall be taken on execution or other process of law (other than by eminent domain) in any action against Borrower or any Subsidiary Guarantor; (s) the holder of any lien or security interest on the Mortgaged Property (without implying the consent of the Agent or the Lenders to the existence or creation of any such lien or security interest) whether superior or subordinate to the Mortgage or any of the other Transaction Parties if Loan Documents, declares a default and such lossdefault is not cured within the applicable grace or cure period set forth in the applicable document (subject, suspensionto the extent applicable, revocation to Borrower’s right to contest pursuant to §7.8) or failure to renew would have a material adverse effect on such holder institutes foreclosure or other proceedings for the business or financial condition enforcement of the Borrower and the other Transaction Parties, considered as a wholeits remedies thereunder; (ot) the Borrower Mortgaged Property, or any part thereof, is subjected to actual or threatened waste or to removal, demolition or material alteration so that the value of the Mortgaged Property is materially diminished thereby, and the Agent in good faith determines that the Lenders are not adequately protected from any loss, damage or risk associated therewith; (u) the Borrower, any Guarantor or any of their respective Subsidiaries shall fail to comply with the covenants set forth in §8.6 hereof; provided, however, no Event of Default shall occur hereunder as a result of such failure if such failure relates solely to a parcel or parcels of Real Estate that are not a Mortgaged Property whose book value, either individually or in the aggregate, does not exceed $10,000,000.00; (v) REIT shall fail to comply at any time with all requirements and applicable laws and regulations necessary to maintain REIT Status and shall continue to receive REIT Status; (w) REIT shall fail to comply with any SEC reporting requirements; (x) any Change of Control shall occur; or (y) an Event of Default under any of the other Transaction Parties Loan Documents shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallLenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by Agent or the Majority Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 2 contracts

Sources: Credit Agreement (Carter Validus Mission Critical REIT, Inc.), Credit Agreement (Carter Validus Mission Critical REIT, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for fifteen (15) calendar days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained in §9.2 -§9.12; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account of any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof or require the termination or other settlement of such obligation; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve (i) Recourse Indebtedness in excess of $10,000,000.00 or (ii) Non-Recourse Indebtedness in excess of $50,000,000.00 individually or in excess of $75,000,000.00 in the aggregate; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty fifteen (3015) daysdays during any calendar year, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments against (x) the Borrower or any Guarantor that, either individually or in the aggregate, exceed $25,000,000.00 in any calendar year or (y) any Subsidiary of the other Transaction Parties Borrower that is not a Subsidiary Guarantor that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00025,000,000.00 in any calendar year; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Credit Agreement (Carter Validus Mission Critical REIT II, Inc.), Credit Agreement (Carter Validus Mission Critical REIT II, Inc.)

Events of Default and Acceleration. If any of the following events ---------------------------------- ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8(S)(S)9.1, 9 9.2, 9.4, 9.5.1, 9.6, 9.9, and 9.12 - 9.17, (S)10 or 10(S)11; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)14.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated, provided, if any good faith representation made by the Borrower on the -------- Closing Date as to Pivotpoint, Inc. shall prove to have been false in any material respect on such date, such an event shall not constitute a default hereunder if all consequences, liabilities and claims associated with such false representation are in an amount which does not exceed $10,000,000 in the aggregate; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate250,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount in excess of $5,000,000 in the aggregate, 250,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of its Subsidiaries (other than a Non- Material Subsidiary unless the Borrower or any other Transaction Parties Subsidiary has been adversely effected by the occurrence of such event (such a Non-Material Subsidiary causing no adverse effect being hereinafter referred to as a "Deminimis Subsidiary")) shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) or of any substantial part of the assets of the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) or shall commence any case or other proceeding relating to the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) and the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary (other than a Deminimis Subsidiary) of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) that, with other outstanding final judgments, undischarged, against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; ERISA, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Plan, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1(S)302(f)(1) of ERISA), provided that the Agent determines -------- in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (o) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000; or (p) the Borrower shall at any time fail to own one hundred percent (100%) of the Capital Stock of any Guarantor which is a direct Subsidiary (other than any Subsidiary formed in connection with Mapics Business Solutions), and any Guarantor shall fail to own one hundred percent (100%) of the Capital Stock of any Guarantor which is its direct Subsidiary, provided, however, to the extent the Borrower or any Guarantor, as the case -------- ------- may be, owns less than one hundred percent (100%) of the capital stock of any Guarantor at the time such Subsidiary becomes a Guarantor hereunder, then it shall only constitute an Event of Default if the Borrower or the Guarantor, as the case may be, shall at any time own less than one hundred percent (100%) of the amount of the capital stock (in terms of percentages) of such Subsidiary than the Borrower or Guarantor, as the case may be, owned on the date such Person became a Subsidiary of the Borrower or such Guarantor, or any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period the first day on which the majority of twelve consecutive calendar months, individuals who were the directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)are not Continuing Directors; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event -------- of Default specified in ss.ss.13.1(g(S)(S)14.1(g) or 13.1(h14.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc)

Events of Default and Acceleration. If any of the following events ---------------------------------- ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8(S)9, 9 10 or 1011; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)14.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of its Subsidiaries (other than a Non- Material Subsidiary unless the Borrower or any other Transaction Parties Subsidiary has been adversely effected by the occurrence of such event (a "Deminimis Subsidiary")) shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) or of any substantial part of the assets of the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) or shall commence any case or other proceeding relating to the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) and the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary (other than a Deminimis Subsidiary) of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) that, with other outstanding final judgments, undischarged, against the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) exceeds in the aggregate $5,000,0001,000,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; ERISA, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Plan, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1(S)302(f)(1) of ERISA), provided that the Agent determines -------- in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the its Subsidiaries (other Transaction Parties than a Deminimis Subsidiary) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered taken as a whole; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000; or (pq) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) % or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Borrower; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event -------- of Default specified in ss.ss.13.1(g(S)(S)14.1(g), 14.1(h) or 13.1(h14.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower Borrowers shall fail to comply with any of its covenants covenant contained in ss.8, 9 Section 7.14 or 10Section 7.15; (d) the Borrower Borrowers shall fail to comply with any covenant contained in Section 9, and such failure shall continue for 30 days after written notice thereof shall have been given to the Borrowers by the Agent; (e) any of the Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (ef) any representation or warranty made by or on behalf of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrowers, the General Partner, the Guarantors or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,0001,000,000.00; (jl) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Borrowers, the General Partner, the Guarantors or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower Borrowers, the General Partner or the Guarantors or any ERISA Affiliate incurs sale, transfer or other disposition of the assets of any liability to of the PBGC Borrowers, the General Partner or a Guaranteed Pension Plan pursuant to Title IV the Guarantors other than as permitted under the terms of ERISA in an aggregate amount exceeding $2,000,000; this Agreement or the Borrower other Loan Documents; (n) any suit or proceeding shall be filed against any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000the Borrowers, the General Partner or the Guarantors or any of their respective assets which in the following occurs good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if adversely determined, would have a materially adverse affect on the ability of the Borrowers or a Guarantor to perform each and every one of their respective obligations under and by virtue of the Loan Documents; (o) any of the Borrowers, the General Partner or the Guarantors shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person; (p) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrowers, the General Partner, the Guarantors or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lq) any of the Borrower Guarantors denies that such Guarantor has any liability or obligation under the Guaranty, or shall notify the Agent or any of the other Transaction Parties shall be enjoined, restrained Banks of such Guarantor's intention to attempt to cancel or in any way prevented by terminate the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemyGuaranty, or other casualtyshall fail to observe or comply with any term, which in any such case causescovenant, for more than fifteen (15) consecutive days, condition or agreement under the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeGuaranty; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Term Loan Agreement (Walden Residential Properties Inc), Revolving Credit Agreement (Walden Residential Properties Inc)

Events of Default and Acceleration. If Upon the occurrence and at any time during the continuation of any of the following events or occurrences ("Events each an “Event of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur:”): (a) the Borrower shall fail to pay any principal portion of the Loans principal amounts due hereunder (the “Loan”) or any Reimbursement Obligation when interest thereon shall not be paid, or shall not have been satisfied as provided herein, by the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentapplicable Scheduled Maturity Date; (b) (i) there shall have occurred and be continuing any material breach by the Borrower or any in respect of its obligations to the other Transaction Parties shall fail to pay any interest on Lender under that certain 4G MVNO Agreement dated as of November 28, 2008, among the LoansBorrower, the commitment feeLender, any Letter of Credit FeeComcast MVNO II, the Agent's feeLLC, or other sums due hereunder or under any of the other Loan DocumentsTWC Wireless, within two (2) Business Days after the day on which LLC, and BHN Spectrum Investment, as the same has heretofore and may hereafter be amended, restated, supplemented or otherwise modified from time to time (the “4G MVNO Agreement”), including without limitation, as amended by that certain November 2011 Clearwire/Sprint Amendment to the 4G MVNO Agreement dated as of November , 2011, between the Borrower and the Lender (the “4G MVNO Sprint/Clearwire Amendment”)); or (ii) the 4G MVNO Agreement as between the Borrower and the Lender shall become due and payable, whether at the stated date of maturity have been terminated or any accelerated date of maturity or cancelled at any other date fixed for payment;time prior to the Second Scheduled Maturity Date; or (ci) the Borrower shall fail commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to comply bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its covenants contained in ss.8assets, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an a general assignment for the benefit of its creditors, ; or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding (ii) there shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereofcase, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case proceeding or other proceeding, or action of a decree or nature referred to in clause (i) above that (x) results in the entry of an order for relief is entered in respect of the Borrower or any such adjudication or appointment or (y) remains undismissed or undischarged for a period of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) there shall be commenced against the institution by Borrower any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the PBGC entry of proceedings to terminate an order for any such Plan; relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (liv) the Borrower shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the other Transaction Parties shall be enjoinedacts set forth in clause (i), restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemyii), or other casualty, which in any such case causes, for more than fifteen (15iii) consecutive days, the cessation above; or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (ov) the Borrower shall generally not, or any of the other Transaction Parties shall be indicted for a state or federal crimeunable to, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesadmit in writing its inability to, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, pay its debts as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)they become due; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the (A) if such event of any is an Event of Default specified in ss.ss.13.1(gclause (ii) of paragraph (b) above, or in clause (i) or 13.1(h)(ii) of paragraph (c) above, the Loan (with accrued interest thereon) and all such other amounts owing under this Promissory Note shall automatically and immediately become immediately due and payable automatically in full, without further action on the part of the Lender, and without (B) if such event is any requirement other Event of notice from Default, the Agent or any BankLender may declare the Loan (with accrued interest thereon) and all other amounts owing under this Promissory Note to be due and payable forthwith, whereupon the same shall immediately become due and payable in full.

Appears in 2 contracts

Sources: Commitment Agreement, Commitment Agreement (Clearwire Corp /DE)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure shall continue for ten (10) days (provided that such grace period will not apply to interest due upon the maturity of the Obligations); (c) the Borrower or any other Loan Party shall fail to comply with any of its covenants covenant contained in ss.8§7.4, 9 §7.9, §8 or 10§9; (d) the Borrower or any of the other Transaction Parties Loan Party shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in the other subclauses of this ss. 13.1) §12); and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; (e) any Any representation or warranty of the Borrower or made by any of the other Transaction Parties Loan Party in this Credit Agreement or in any of the other Loan Documents Document to which it is a party, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan, or any of the other Loan Documents shall prove to have been false or misleading in any material respect upon the date when made or deemed to have been made or repeated; (fi) the Borrower or any of the other Transaction Parties Restricted Subsidiary shall fail to pay at maturitymaturity or otherwise when due, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect other Indebtedness having an aggregate principal amount outstanding of any Capitalized Leases, which obligations exceed at least $5,000,000 in the aggregate100,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness and remain uncured for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;, including without limitation the occurrence of any “Event of Default” (A) (as such term is defined in the MGP/UPS Credit Facility) under the MGP/UPS Credit Facility and (B) (as such term is defined in the Senior Unsecured Convertible Note Indenture) under the Senior Unsecured Convertible Notes or the Senior Unsecured Convertible Note Indenture; or (ii) any Unrestricted Subsidiary shall fail to pay at maturity or otherwise when due, or within any applicable period of grace, any obligation for borrowed money or credit received or other Indebtedness having an aggregate principal amount outstanding of at least $5,000,000, or fail to comply with any financial covenant with respect thereto, or any bankruptcy or insolvency default with respect to such Unrestricted Subsidiary shall occur under any agreement by which it is bound, evidencing or securing any such borrowed money or credit received or other Indebtedness and remain uncured for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof,. (g) the Borrower or any Restricted Subsidiary (or any Unrestricted Subsidiary with assets in excess of the other Transaction Parties $5,000,000) (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Subsidiary or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, including, without limitation, any Eligible Asset, (2) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) A petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of Borrower or any such Restricted Subsidiary (or any Unrestricted Subsidiary with assets in excess of $5,000,000), or any substantial part of the assets of any thereof, including, without limitation, any Eligible Asset, or a case or other proceeding shall be commenced against the Borrower or such Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of the other Transaction Parties debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five ninety (4590) days following the filing or commencement thereof; (hi) a A decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any Restricted Subsidiary (or any Unrestricted Subsidiary with assets in excess of the other Transaction Parties $5,000,000) bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Subsidiary in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there There shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries, that, with other outstanding final judgments, undischarged, against Borrower and its Restricted Subsidiaries exceeds in the Borrower aggregate $100,000 (or any of the other Transaction Parties against Unrestricted Subsidiaries exceeds in the aggregate $5,000,000) (to the extent not paid or covered by insurance); (jk) if If any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Loan Party or any of their respective stockholders, partners, members or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) Any dissolution, termination, partial or complete liquidation, merger or consolidation of any Loan Party, or any sale, transfer or other disposition of the assets of any Loan Party, other than as permitted under the terms of this Agreement or the other Loan Documents; (m) Borrower or any ERISA Affiliate incurs of its Subsidiaries shall be indicted for a federal crime, a punishment for which could include the forfeiture of any liability to assets of Borrower included in the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with Collateral; (n) With respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN Event shall have occurred that such event (A) reasonably could be expected to result in liability of the Borrower any Loan Party to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) A Change of Control shall occur without the Borrower or prior written approval of all of Lenders (which consent may be withheld by Lenders in their sole and absolute discretion); (p) Any Event of Default, as defined in any of the other Transaction Parties Loan Documents, shall be indicted for occur; (q) Any amendment to or termination of a state or federal crimefinancing statement naming any Loan Party as debtor and Agent as secured party relating to the Collateral, or any civil correction statement with respect thereto, is filed in any jurisdiction by, or criminal action shall otherwise have been brought caused by, or threatened against at the Borrower instance of any Loan Party without the prior written consent of Agent (except to the extent of a release of Collateral permitted by this Agreement); or any the other Transaction Partiesamendment to or termination of a financing statement naming any Loan Party as debtor and Agent as secured party, a punishment for which or any correction statement with respect thereto, is filed in any jurisdiction by any party other than Agent or Agent’s counsel (or by Borrower at Agent’s direction) without the prior written consent of Agent and Borrower fails to use its best efforts to cause the effect of such case could include filing to be completely nullified to the forfeiture reasonable satisfaction of any assets of the Agent within ten (10) days after notice to Borrower or such other Transaction Party having a fair market value in excess of $1,000,000thereof; or (pr) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)maintain its REIT Status; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(g), §12.1(h) or 13.1(h§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent any of Lenders or any Bank.Agent;

Appears in 2 contracts

Sources: Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Revolving Credit Agreement (CorEnergy Infrastructure Trust, Inc.)

Events of Default and Acceleration. If any of the following events Of Maturity: PAYEE ---------------------------------------------- MAY, WITHOUT NOTICE OR DEMAND ("Events of Default" or, if the giving of notice except as otherwise required by statute or otherwise specifically provided in this Note or the lapse of time or both is requiredPledge Agreement), then, prior to such notice or lapse of time, "Defaults") shall occurACCELERATE THE MATURITY OF THIS NOTE AND DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE AT ONCE DUE AND PAYABLE IF: (ai) There is default by Issuer in the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect performance of any Capitalized Leasescovenant, which obligations exceed $5,000,000 in the aggregatecondition, or fail to observe or perform any material term, covenant or agreement contained in this Note or the Pledge Agreement, including any agreement by which it is bound (excludinginstrument securing the payment of this Note, however, any and such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, default continues for such a period of time as would permit thirty (assuming the giving of appropriate 30) days following written notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofIssuer specifying such default; (gii) the Borrower or any of the other Transaction Parties shall make if Issuer makes an assignment for the benefit of creditors, or admit in writing its inability to pay petitions or generally fail to pay its debts as they mature or become due, or shall petition or apply applies for the appointment of a trustee liquidator, receiver or other custodian, liquidator custodian (or receiver similar official) of the Borrower or any of the other Transaction Parties it or of any substantial part of its assets, or if Issuer commences any proceeding or case relating to it under the assets of the Borrower Bankruptcy Code or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take takes any action to authorize or in furtherance of any of the foregoing, ; or (iii) if any petition or application of the type described in subparagraph (c) immediately above is filed or if any such petition proceeding or application shall be filed or any such case or other proceeding shall be described in subparagraph (c) is commenced against the Borrower Issuer and is not dismissed within sixty (60) days, or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate if Issuer indicates its approval thereof, consent consents thereto or acquiescence therein acquiesces therein, or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or if an order is entered appointing any such trustee, custodian, liquidator or receiver or custodian (or similar official), or adjudicating the Borrower or any of the other Transaction Parties Issuer bankrupt or insolvent, or approving a petition in any such case or other proceeding, or if a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties Issuer in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court Bankruptcy Code or any other governmental bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or regulatory authority liquidation or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order similar law of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bankjurisdiction.

Appears in 2 contracts

Sources: Restricted Stock Agreement (Encore Medical Corp), Restricted Stock Agreement (Encore Medical Corp)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the : any Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the ; any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment facility fee, the Bankers' Acceptance Fees, any Letter of Credit Fee, the Agent's feeAgents' fees, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; , and such failure shall continue unremedied for a period of five (c5) the Borrower days; any Obligor shall fail to comply with any of its covenants contained in ss.8(i) ss.10, 9 or (ii) ss.9 and such default shall continue unremedied for a period of ten (10) days after notice of such default is given to the Borrowers by the Administrative Agent or any Lender; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.114.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower such Obligor by the Administrative Agent; (e) ; any representation or warranty of the Borrower or any of the other Transaction Parties Obligor in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower ; The Guarantor or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of gracegrace (not to exceed thirty (30) days), (i) any Indebtedness with an outstanding principal amount in excess of $1,000,000, (ii) any Indebtedness under the Licensed Shoe Debt, or (iii) any obligations for borrowed money or credit received or in respect of any Capitalized Leasesoperating leases where the remaining lease payments (under one or more operating leases) would, which obligations exceed $5,000,000 in the aggregate, be in excess of $1,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money any such Indebtedness described in subclauses (i) or credit received (ii) of this clause (f), or any such operating lease described in respect subclause (iii) of any Capitalized Leases exceeding $5,000,000 in the aggregate, this clause (f) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) thereof or otherwise act to enforce any rights and remedies thereunder, unless, prior to termination of the Borrower Commitments and/or acceleration pursuant to this ss.14.1, the holder or holders of such obligations shall have, in writing, waived such default and a copy of such waiver of default shall have been furnished to the Administrative Agent; the Guarantor or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties such Person or shall commence any case or other proceeding relating to the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries and the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or thereto, acquiescence therein or such petition or application shall not have been dismissed within forty-five otherwise remain undismissed for a period of sixty (4560) days following the filing thereof; (h) days; a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; constituted (iwhich order is not dismissed within sixty (60) days after the entry thereof); there shall remain in force, undischarged, unsatisfied and unstayedunsatisfied, unstayed for more than thirty sixty (3060) days, whether or not consecutive, any final judgment (unless bonded pending appeal) against the Borrower or any of the other Transaction Parties Apparel Obligors that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in $500,000 the aggregate $5,000,000; aggregate; the holders of all or any part of Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; provided, however, that a conversion of the Subordinated Notes into equity interests in the Guarantor (jpursuant to the terms of the indenture under which the Subordinated Notes were issued) shall not constitute a prepayment, redemption or repurchase of such Subordinated Notes; if any of the Loan Documents Documents, including without limitation, the guaranty provisions contained within the Credit Agreement, shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Obligors or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) ; the Borrower or any of the other Transaction Parties Borrowers shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) ; there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen sixty (1560) consecutive days, the complete cessation or substantial curtailment of revenue producing activities at any facility a material number of facilities of the Borrower Guarantor or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have has a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered Borrowers taken as a whole; (n) there shall occur ; except as permitted under ss.9.5, the lossGuarantor shall, suspension at any time, legally or revocation ofbeneficially own directly or indirectly, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any less than one hundred percent of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower issued and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture outstanding capital stock of any assets of the Borrower Borrower, on a fully diluted basis; or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934except as permitted under ss.9.5, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower Casual Male shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the issued and outstanding capital stock of Hadco Santa Clar▇ (each of TCM and TCMB&T, on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gss.ss.14.1(g), 14.1(h) or 13.1(h14.1(k), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender; provided further that in the event of any Event of Default specified in ss.ss.14.1(g), 14.1(h) or 14.1(k), the Total Commitments of the Lenders shall immediately terminate and all such amounts owing shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or the Lenders. No remedy herein conferred upon the Lenders is intended to be exclusive of any other remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or any other provision of law.

Appears in 2 contracts

Sources: Credit Agreement (Baker J Inc), Credit Agreement (Baker J Inc)

Events of Default and Acceleration. If any of the The following events ("shall constitute “Events of Default" or, if the giving ” for purposes of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occurthis Agreement: (a) the Either Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation Loan when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;; or (b) the Either Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment feeany Loan, any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two for a period of three (23) Business Days after following the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;; or (ci) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10; (d) the Borrower or any of the other Transaction Parties Any Loan Party shall fail to perform any term, covenant or agreement contained in Section 6.05, Section 6.06 (but only as to corporate existence), Section 6.10, Section 6.11, Section 6.13 through 6.30, inclusive, or, for so long as NEE Partners has any obligations pursuant to the NEE Partners Guaranty, NEE Partners shall fail to perform any term, covenant or agreement contained in Article IV of the NEE Partners Guaranty or (ii) any Loan Party shall fail to perform any term covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 8.01) for twenty thirty (2030) days after written notice Notice of sucH such failure has been given to the Borrower Borrowers by the Agent;Agent or any Lender; or (ed) any Any representation or warranty of the Borrower or any of the other Transaction Parties Loan Party in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, or for so long as NEE Partners has obligations pursuant to the NEE Partners Guaranty any representation or warranty of NEE Partners in the NEE Partners Guaranty, shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated;by the terms of this Agreement; or (fe) Any Loan Party, NEE Partners (if the Borrower NEE Partners Guaranty is in effect) or, after March 31, 2016 and subject to the proviso below, any Material Project Company, shall default in the payment when due of any principal of or any of the other Transaction Parties shall fail to pay at maturity, interest on any Funded Debt aggregating US$50,000,000 or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatemore, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money Funded Debt, in an aggregate amount of US$50,000,000 or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregatemore, for such period of time as would permit (assuming the giving of appropriate notice or the lapse of time if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;, unless such failure shall have been cured by such Loan Party, NEE Partners or such Material Project Company, as the case may be, or effectively waived by such holder or holders, provided that no Event of Default shall result under this paragraph (f) from an event or circumstance limited to a Material Project Company unless, as result thereof and giving Pro Forma Effect thereto, US Holdings or OpCo would be in violation of Section 6.13, provided further, that no Event of Default shall result under this paragraph (e) from an event or circumstance under the Cash Sweep and Credit Support Agreement until ▇▇▇▇ shall have initiated or participated in legal proceedings to enforce its right to payment under the Cash Sweep and Credit Support Agreement; or (gf) Any Loan Party, NEE Partners (if the Borrower NEE Partners Guaranty is in effect) or, after March 31, 2016 and subject to the proviso below, any Material Project Company shall (1) voluntarily terminate operations or any apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of such Person, or of all or a substantial part of the other Transaction Parties shall assets of such Person, (2) admit in writing its inability, or be generally unable, to pay its debts as the debts become due, (3) make an a general assignment for the benefit of its creditors, (4) commence a voluntary case under the United States Bankruptcy Code (as now or admit hereafter in effect), (5) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts, (6) fail to controvert in a timely and appropriate manner, or acquiesce in writing its inability to pay or generally fail to pay its debts as they mature or become dueto, any petition filed against it in an involuntary case under the Bankruptcy Code, or (7) take any corporate action for the purpose of effecting any of the foregoing; provided that no Event of Default shall petition result under this paragraph (f) from an event or apply for circumstance limited to a Material Project Company unless, as result thereof and giving Pro Forma Effect thereto, US Holdings or OpCo would be in violation of Section 6.13; or (g) without its application, approval or consent, a proceeding shall be commenced, in any court of competent jurisdiction, seeking in respect of any Loan Party, NEE Partners (if the NEE Partners Guaranty is in effect) or, after March 31, 2016 and subject to the proviso below, any Material Project Company: the liquidation, reorganization, dissolution, winding-up, or composition or readjustment of debt, the appointment of a trustee or other custodiantrustee, receiver, liquidator or receiver the like of the Borrower or any of the other Transaction Parties such Person, or of all or any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case such Person, or other proceeding like relief in respect of such Person under any law relating to the Borrower or any of the other Transaction Parties under any bankruptcy, insolvency, reorganization, arrangementwinding-up, insolvencyor composition or adjustment of debts unless such proceeding is contested in good faith by such Person; and, readjustment of debtif the proceeding is being contested in good faith by such Person, dissolution the same shall continue undismissed, or liquidation or similar law of any jurisdiction, now or hereafter unstayed and in effect, or shall take for any action to authorize or in furtherance period of any of the foregoingninety (90) consecutive days, or if any an order for relief against such petition or application Person shall be filed entered in any involuntary case under the Bankruptcy Code; provided that no Event of Default shall result under this paragraph (g) from an event or any such case circumstance limited to a Material Project Company unless, as result thereof and giving Pro Forma Effect thereto, US Holdings or other proceeding shall OpCo would be commenced against the Borrower or any in violation of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof;Section 6.13; or (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against any Loan Party or, NEE Partners (if the Borrower or any of the other Transaction Parties NEE Partners Guaranty is in effect) that, with other then undischarged, unsatisfied and unstayed, outstanding final judgmentsjudgments against such Loan Party, undischargedas the case may be, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000;US$50,000,000; or (ji) if any of the Loan Documents or the NEE Partners Guaranty (other than to the extent provided therein) shall be cancelledcanceled, terminated, revoked or rescindedrescinded by any applicable Loan Party or NEE Partners, respectively, other than in each case otherwise than accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banksall Lenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the NEE Partners Guaranty (other than to the extent provided therein) shall be commenced by or on behalf of the Borrower any applicable Loan Party, or any of the other Transaction Parties party thereto NEE Partners, respectively, or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency Governmental Authority of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents or the NEE Partners Guaranty is illegal, invalid or unenforceable in accordance with the terms thereof;; or (kj) (i) with respect to any Guaranteed Pension Plan, (A) an ERISA Reportable Event shall have occurred; (B) an application for a minimum funding waiver shall have been filed; (C) a notice of intent to terminate such plan pursuant to Section 4041(a)(2) of ERISA shall have been issued; (D) a lien under Section 303(k) of ERISA shall be imposed; (E) the PBGC shall have instituted proceedings to terminate such plan; (F) the PBGC shall have applied to have a trustee appointed to administer such plan pursuant to Section 4042 of ERISA; or (G) any event or condition that constitutes grounds for the termination of, or the appointment of a trustee to administer, such plan pursuant to Section 4042 of ERISA shall have occurred or shall exist, provided that with respect to the event or condition described in Section 4042(a)(4) of ERISA, the PBGC shall have notified a Borrower or any ERISA Affiliate incurs that it has made a determination that such plan should be terminated on such basis; or (ii) with respect to any liability to the PBGC or Multiemployer Plan, a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed shall incur liability as a result of a partial or complete withdrawal liability pursuant to Title IV from such plan or the reorganization, insolvency or termination of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000such plan; and, or any in the case of the following occurs with respect to a Guaranteed Pension Plan: each of (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISAii), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) events or conditions, individually or in the aggregate, reasonably could be expected likely to result in liability of the Borrower to the PBGC or the Plan Borrowers in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension PlanUS$50,000,000; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan;or (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mk) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act Change of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000Control; or (pl) any person Collateral Document after delivery thereof pursuant to Section 7.01 or group of persons 6.11 shall for any reason (within other than pursuant to the meaning terms thereof) cease to create a valid and perfected first priority Lien (subject to Liens permitted by Section 6.15) on the Collateral purported to be covered thereby. Notwithstanding anything to the contrary contained in this Article 8, in the event that OpCo or US Holdings fails to comply with the requirements of Section 13 or 14 6.13, until the expiration of the Securities Exchange Act tenth (10th) day subsequent to the date the certificate calculating such compliance is required to be delivered pursuant to Section 6.04(a) or (b) (the period from such failure to comply to such tenth (10th) day, the “Cure Period”), OpCo or US Holdings shall have the right to receive cash contributions to the capital of 1934OpCo or US Holdings, as amended) shall have acquired beneficial ownership applicable (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuingcollectively, the Agent may“Cure Right”), and upon the request receipt by OpCo or US Holdings, as applicable, of such cash (the “Cure Amount”) pursuant to the exercise by OpCo or US Holdings of such Cure Right compliance with the covenants set forth in Section 6.13 shall be recalculated giving effect to the following pro forma adjustments: (i) Covenant Cash Flow of OpCo or US Holdings, as applicable, shall be increased, solely for the purpose of measuring compliance with Section 6.13 by an amount equal to the Cure Amount; and (ii) if, after giving effect to the foregoing recalculations, OpCo or US Holdings, as applicable, shall then be in compliance with the requirements of Section 6.13, OpCo or US Holdings, as applicable, shall be deemed to have satisfied the requirements of Section 6.13 as of the Majority Banks shallrelevant date of determination with the same effect as though there had been no failure to comply therewith at such date, by notice in writing and the applicable breach or default of Section 6.13 that had occurred shall be deemed cured for the purposes of this Agreement. Notwithstanding anything herein to the Borrower declare all amounts owing contrary, (a) in each Measurement Period there shall be at least two fiscal quarters in which the Cure Right is not exercised, (b) the Cure Amount shall be no greater than the amount required for purposes of complying with Section 6.13 as of the relevant date of determination and (c) for the initial Measurement Period with respect to this Credit Agreementwhich such equity cure was made, the Notes and increase in Covenant Cash Flow of OpCo or US Holdings, as applicable, resulting from the other Loan Documents and all Reimbursement Obligations to be, and they exercise of the Cure Right shall thereupon forthwith become, immediately due and payable without presentment, demand, protest be disregarded for purposes of determining the availability or other notice amount of any kindcovenant baskets and, all for the purposes of which determining compliance with any covenants that require pro forma compliance with Section 6.13, shall not result in any pro forma increase in cash or debt reduction except to the extent such proceeds are hereby expressly waived by actually applied to prepay indebtedness. For the Borrower; PROVIDED that avoidance of doubt, the increase in the event Covenant Cash Flow of any Event of Default specified in ss.ss.13.1(g) OpCo or 13.1(h)US Holdings, all such amounts shall become immediately due and payable automatically and without any requirement of notice as applicable, resulting from the Agent or exercise of the Cure Right shall not be disregarded in any Bankperiod subsequent to the initial Measurement Period, for any of the purposes described in clause (c).

Appears in 2 contracts

Sources: Revolving Credit Agreement, Revolving Credit Agreement (NextEra Energy Partners, LP)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the any Borrower shall fail to pay any principal or interest of the Loans any Loan or any Reimbursement Obligation when the same shall become due and payablepayable (or within three (3) days thereafter), whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the any Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Fees or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, Documents or any Hedging Agreement (other than an amount referred to in clause (a) of this Section 13.1) within two five (25) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the any Borrower shall fail to comply with any of its covenants contained in ss.8Sections 8.3, 9 8.4.1, the first sentence of Section 8.5, Sections 8.11 or 108.13, or Article 10 of this Credit Agreement; (d) the any Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty forty-five (2045) days after written the earlier of (i) the date that the Administrative Agent gives notice of sucH such failure has been given to such Borrower (with a copy to the Borrowing Administrators) and (ii) the date that a senior officer or (with respect to Lionbridge BV) managing director of such Borrower by the Agentobtains actual knowledge of such failure; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Any Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Consolidated Capitalized Leases, which obligations exceed in each case, having an outstanding principal balance in excess of $5,000,000 in the aggregate1,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Consolidated Capitalized Leases exceeding Leases, in each case, having an outstanding principal balance in excess of $5,000,000 in the aggregate1,000,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g1) the Borrower or any of the other Transaction Parties Obligor shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due; or (2) any Obligor shall make an assignment for the benefit of creditors, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Obligor or of any substantial part of the assets of the Borrower or any of the other Transaction Parties such Obligor; or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Obligor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, ; or shall take any action to authorize or in furtherance of any of the foregoing, ; or (3) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties Obligor and the Borrower or any of the other Transaction Parties such Obligor shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five ninety (4590) days following the filing thereof; provided, that with respect to any action taken or event occurring under Dutch law with respect to an Obligor, only bankruptcy (faillissement), suspension of payment (surseance van betaling), emergency proceedings (noodregeling), or any other procedure the effect of which is that the Obligor to which it applies loses the free management or ability to dispose of its property (irrespective of whether that procedure is provisional or final), under Dutch law shall qualify as an action or event referred to in this paragraph (g) for purposes of the Loan Documents; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties Obligor bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties Obligor in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) forty-five consecutive days, any final judgment against any Borrower for the Borrower or any payment of the other Transaction Parties thatmoney, together with other outstanding final judgmentsfinal, undischarged, unsatisfied and unstayed judgments against the Borrower or any Borrowers, in excess of the other Transaction Parties exceeds $1,000,000 in the aggregate $5,000,000aggregate, unless the same is adequately bonded or is being contested by appropriate proceedings properly instituted and diligently conducted; (j) the holders of all or any part of any Subordinated Debt shall accelerate the maturity of all or any part of such Subordinated Debt, or any Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part or an offer to prepay, redeem or repurchase any Subordinated Debt in whole or in part shall have been made; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, or the Administrative Agent’s Liens in a substantial portion of the Collateral shall cease to be perfected or any Pledge Document is deemed ineffective, or shall cease to have the priority contemplated by this Credit Agreement and the Security Documents, in each case otherwise than in accordance with the terms hereof and thereof or with the express prior written agreement, consent or approval of the Banks, Lenders; or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Obligors or any of the other Transaction Parties their Subsidiaries party thereto or any of their respective stockholders, ; or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower 1,000,000, or either Obligor or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower Obligors or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties Obligor shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty forty-five (3045) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the any material damage to, or loss, suspension theft or revocation destruction of, or failure any Collateral, which could reasonably be expected to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Material Adverse Effect; then, and in any such event, so long as the same may be continuing, (1) with the consent of the Required Lenders, the Administrative Agent may, and or upon the request of the Majority Banks Required Lenders, the Administrative Agent shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreementthe principal of and interest on the Loans, the Notes and the Reimbursement Obligations at the time outstanding, and all other amounts owed to the Lenders and to the Administrative Agent under this Credit Agreement or any of the other Loan Documents (including, without limitation, all Reimbursement Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented or shall be entitled to present the documents required thereunder) and all Reimbursement other Obligations (other than Obligations in respect of any Hedging Agreements), to bebe forthwith due and payable, and they whereupon the same shall thereupon forthwith become, immediately become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by waived, anything in this Credit Agreement or the Borrowerother Loan Documents to the contrary notwithstanding; PROVIDED provided, that in upon the event occurrence of any an Event of Default specified in ss.ss.13.1(gSection 13.1(g) or 13.1(h), all such amounts Obligations (other than Obligations in respect of any Hedging Agreements) shall automatically become immediately due and payable automatically without presentment, demand, protest or other notice of any kind, all of which are expressly waived, anything in this Credit Agreement or in any other Loan Document to the contrary notwithstanding; (2) with respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration of payment of the Loans, Notes and without any requirement of Reimbursement Obligations pursuant to the preceding paragraph, within three Business Days after the Domestic Borrowing Administrator receives notice from the Administrative Agent demanding the deposit of cash collateral pursuant to this paragraph, the Domestic Borrowers shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to reimburse the relevant LC Issuers for LC Disbursements for which they have not been reimbursed, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay the other Obligations. After all such Letters of Credit shall have expired or been fully drawn upon, the Reimbursement Obligations shall have been satisfied and all other Obligations shall have been paid in full, the balance, if any, in such cash collateral account, plus any Bankaccrued interest thereon or realized profits with respect thereto, shall be returned to the Domestic Borrowing Administrator for account of the Domestic Borrowers within three Business Days after such payment in full; and (3) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrowers exercise on behalf of the Lenders all of its other rights and remedies under this Credit Agreement, the other Loan Documents and applicable law, in order to satisfy all of the Obligations.

Appears in 2 contracts

Sources: Credit Agreement (Lionbridge Technologies Inc /De/), Credit Agreement (Lionbridge Technologies Inc /De/)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Sections 9.1, 9 or 109.4, 9.6, 9.12, 9.14, 10.1 through 10.6, 10.9 through 10.13, 11 and 29 hereof; (d) the Borrower shall fail to perform any term, covenant or agreement contained herein (other than those specified in subsections (a), (b) and (c), above) and such failure shall continue for 30 days; (e) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 14.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (ef) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of the other Transaction Parties Borrower, its Subsidiaries, or the General Partner shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount greater than $5,000,000 in the aggregate500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount greater than $5,000,000 in the aggregate, 500,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) the Borrower or any of the other Transaction Parties Borrower, its Subsidiaries, or the General Partner shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person(s) or of any substantial part of the assets of the Borrower or any of the other Transaction Parties such Person's or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties such Person(s) and the Borrower or any of the other Transaction Parties such Person(s) shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Borrower, or any of its Subsidiaries, or the other Transaction Parties General Partner bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person(s) in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or Borrower, any of its Subsidiaries, or the other Transaction Parties General Partner that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Person(s) exceeds in the aggregate $5,000,0001,000,000; (jk) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in the Collateral shall cease to be perfected or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the express terms thereof or with the prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties ▇▇▇▇▇▇▇ Group party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 250,000 and (B) could such event in the circumstances occurring would be reasonably likely to constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States of America District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of or a trustee shall have been appointed by such District Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, condemnation or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of or revenue producing activities at any facility or facilities of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business business, assets or condition (financial condition or otherwise) of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (op) the Borrower or any of the other Transaction Parties ▇▇▇▇▇▇▇ Group shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary having a fair market value in excess of $1,000,000250,000; (q) a "Change of Control" under, and as defined in the Senior Indenture shall have occurred; or (pr) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or if the Borrower shall, at any time, legally own or beneficially own control less than one hundred percent (100%) of the shares equity or ownership interests of the capital stock each of Hadco Santa Clar▇ (on its Subsidiaries which is a fully diluted basis)Guarantor; then, and in any such event, so long as the same may be continuing, (x) the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents Documents, and (y) BKB may by notice in writing to the Borrower declare all amounts owing with respect to the Reimbursement Obligations to be, and in either case they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSections 14.1(h) or 13.1(h14.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Restaurant Co), Revolving Credit Agreement (Perkins Finance Corp)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any Reimbursement Obligation accelerated date of maturity or at any other date fixed for payment and such failure shall continue for ten (10) days; (b) Borrower shall fail to pay any interest on the Loans or any other sums due hereunder or under any of the other Loan Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; , and such failure shall continue for ten (b10) days (provided that such grace period will not apply to interest due upon the Borrower or any maturity of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentObligations); (c) the Borrower shall fail to comply with any of its covenants covenant contained in ss.8, 9 §8 or 10§9; (d) the Borrower or shall fail to comply with any of the other Transaction Parties covenant contained in §7.4 and such failure shall continue for ten (10) days; (e) Borrower shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in the other subclauses of this ss. 13.1) §12); and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; (ef) any Any representation or warranty of the made by Borrower or any of the other Transaction Parties in this Credit Agreement or by Borrower in any of the other Loan Documents Document to which it is a party, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan, or any of the other Loan Documents shall prove to have been false or misleading in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of the other Transaction Parties shall fail to pay at maturitymaturity or otherwise when due, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect other Indebtedness having an aggregate principal amount outstanding of any Capitalized Leases, which obligations exceed at least $5,000,000 in the aggregate100,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) the Borrower or any of the other Transaction Parties (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, including, without limitation, any Mortgaged Property, (2) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) A petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of Borrower, or any such substantial part of the assets of any thereof, including, without limitation, any Mortgaged Property, or a case or other proceeding shall be commenced against the Borrower under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five ninety (4590) days following the filing or commencement thereof; (hj) a A decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there There shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties Borrower, that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,0005,000,000 (to the extent not paid or covered by insurance); (jl) if If any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto CORR or any of their respective stockholders, partners, members or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) the Borrower Any dissolution, termination, partial or complete liquidation, merger or consolidation of any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Borrower, or any sale, transfer or other disposition of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Eventassets of Borrower, or a failure to make a required installment or other payment (within than as permitted under the meaning terms of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC this Agreement or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeLoan Documents; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of Borrower included in the Borrower or such other Transaction Party having a fair market value Collateral; (o) A Change of Control shall occur without the prior written approval of all of Lenders (which consent may be withheld by Lenders in excess of $1,000,000; ortheir sole and absolute discretion); (p) Any Event of Default, as defined in any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act other Loan Documents other than the Limited Guaranty or the Pledge and Security Agreement, shall occur; (q) Any amendment to or termination of 1934a financing statement naming Borrower as debtor and Agent as secured party relating to the Collateral, or any correction statement with respect thereto, is filed in any jurisdiction by, or caused by, or at the instance of Borrower without the prior written consent of Agent (except to the extent of a release of Collateral permitted by this Agreement); or any amendment to or termination of a financing statement naming Borrower as amendeddebtor and Agent as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by any party other than Agent or Agent’s counsel (or by Borrower at Agent’s direction) without the prior written consent of Agent and Borrower fails to use its best efforts to cause the effect of such filing to be completely nullified to the reasonable satisfaction of Agent within ten (10) days after notice to Borrower thereof; (r) Either (i) a “▇▇▇▇▇ ▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇” shall have acquired beneficial ownership occur and be continuing under the Ultra Lease, or (ii) any other “Lessee Event of Default” shall occur and not be cured within ninety (90) days after its occurrence; (s) Any action or proceeding is commenced to foreclose or otherwise realize on the meaning of Rule 13d-3 promulgated ▇▇▇▇▇▇▇ Judgment and such Default is not cured by the Securities and Exchange Commission under said ActBorrower by the earlier of (i) sixty (60) days after commencement of thirty percent any action to have the Mortgaged Property related thereto sold to satisfy the ▇▇▇▇▇▇▇ Judgment, or (30%ii) or more five (5) Business Days prior to entry of any judgment directing the sale of the outstanding shares Mortgaged Property related thereto; (t) Any action or proceeding is commenced to foreclose or otherwise realize on the Nerd Enterprise Mortgage, and such Default is not cured by the Borrower by the earlier of common stock (i) 60 days after the mortgagee or any other party commences any action to foreclose the Nerd Enterprise Mortgage whether by judicial action or under advertisement and power of sale, or (ii) five (5) Business Days prior to the earlier of (x) a sale of the Borrower; orMortgaged Property related thereto, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of or (y) a judgment directing such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)sale; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of Lenders or Agent. Notwithstanding the Agent other terms of this Agreement or the terms of any Bankother Loan Document, so long as the Ultra Lease remains in effect and the LGS Assets are used, maintained and operated by Lessee as permitted or required by the terms of the Ultra Lease, the breach, default or failure to perform by Borrower under any provision relating to such matters contained in the Loan Documents shall not, in and of itself, result in a Default or Event of Default under this Agreement.

Appears in 2 contracts

Sources: Term Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Term Credit Agreement (CorEnergy Infrastructure Trust, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment (including, without limitation, amounts due under §3.5); (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan DocumentsDocuments (including, within two (2without limitation, amounts due under §8.17) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure continues for five (5) days; (c) the any Borrower or any Guarantor or any of their respective Subsidiaries shall fail to comply with any of its their respective covenants contained in ss.8§§8.1, 8.6, 8.7, 8.8, 8.9, 8.12, 8.21, 8.22, 8.23, 9 or 10; (d) the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents Document (other than those specified elsewhere in this ss. 13.1§13) and such failure continues for twenty thirty (2030) days after written notice of sucH failure has been given to the Borrower by the Agentdays; (e) any representation or warranty of the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall (i) fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, Leases (x) in respect of any Recourse obligations or credit or (y) in respect of any Without Recourse obligations or credit which obligations exceed total in an aggregate amount in excess of $5,000,000 in the aggregate, 7,500,000; or (ii) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding (x) in respect of any Recourse obligations or credit or (y) in respect of any Without Recourse obligations or credit in an aggregate amount in excess of $5,000,000 7,500,000, in the aggregate, either case for such period of time as would permit (assuming after the giving of appropriate notice if required) as would permit the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;, or an "Event of Default" shall occur and be continuing under the Note Purchase Agreement that permits acceleration; or (iii) default in any payment obligation under a Hedge Agreement, and such default shall continue after any applicable grace period contained in such Hedge Agreement or any other agreement or instrument relating thereto. (g) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or of any substantial part of the properties or assets of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or shall commence any case or other proceeding relating to the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries and the Borrower (i) any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or (ii) any such petition petition, application, case or application other proceeding shall not have been dismissed within forty-five continue undismissed, or unstayed and in effect, for a period of sixty (4560) days following the filing thereofdays; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any uninsured final judgment against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, unsatisfied and unstayed, against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents or any material provision of any Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksRequired Lenders (or all Lenders if required under §26), or any Guaranty shall be cancelled, terminated, revoked or rescinded at any time or for any reason whatsoever, or any action at law, suit or in equity or other legal proceeding to make unenforceable, cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties party thereto its Subsidiaries or any Guarantor or any of their respective stockholdersits Subsidiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the as to any material terms thereof; (k) any "Event of Default" or default (after notice and expiration of any period of grace, to the extent provided, and if none is specifically provided, then for a period of thirty (30) days after notice), as defined or provided in any of the other Loan Documents, shall occur and be continuing; (l) any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the 500,000, or any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the any Borrower or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000, and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days;; or (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (pi) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%a) 20% or more of the outstanding shares of common stock of Sovran, or (b) 33% or more in the Borroweraggregate of the outstanding limited partnership interests of SALP (other than by Sovran and its wholly-owned Subsidiaries); or, (ii) Holdings ceasing to be the sole general partner and sole investment manager of SALP; (iii) Sovran and its wholly-owned Subsidiaries cease to beneficially own 100% of the capital stock of Holdings; or (iv) during any period of twelve consecutive calendar months, individuals who were directors of the Borrower Sovran on the first day of such period (together with directors whose election by the Board of Directors or whose nomination for election by Sovran's stockholders was approved by a vote of at least two-thirds of the members of the Board of Directors then in office who either were members of the Board of Directors on the Restatement Date or whose election or nomination for election was previously so approved) shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Sovran; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower Borrowers, declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowereach Borrower and each Guarantor; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§13.1(g) or §13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of the Lenders or the Administrative Agent or any Bankaction by the Lenders or the Administrative Agent.

Appears in 2 contracts

Sources: Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants covenant contained in ss.8, 9 Section 7.14 or 10Section 7.15; (d) the Borrower shall fail to comply with any covenant contained in Section 9, and such failure shall continue for 30 days after written notice thereof shall have been given to the Borrower by the Agent; (e) any of the Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) any of the Borrower Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the General Partners, the Guarantors or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrower, the General Partners, the Guarantors or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,0001,000,000.00; (jl) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Borrower, the General Partners, the Guarantors or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower, the General Partners, the Guarantors or any sale, transfer or other disposition of the assets of any of the Borrower, the General Partners, the Guarantors other than as permitted under the terms of this Agreement or the other Loan Documents; (n) any suit or proceeding shall be filed against any of the Borrower, the General Partners or the Guarantors or any of their respective assets which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if adversely determined, would have a materially adverse affect on the ability of the Borrower or any ERISA Affiliate incurs any liability a Guarantor to perform each and every one of its obligations under and by virtue of the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or Loan Documents; (o) any of the following occurs Borrower, the General Partners or the Guarantors shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person; (p) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrower, the General Partners, the Guarantors or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lq) any of the Borrower Guarantors denies that such Guarantor has any liability or obligation under the Guaranty, or shall notify the Agent or any of the other Transaction Parties Banks of such Guarantor's intention to attempt to cancel or terminate the Guaranty, or shall be enjoinedfail to observe or comply with any term, restrained covenant, condition or in any way prevented by agreement under the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysGuaranty; (mr) there shall occur any strikeDon R. Daseke, lockoutMarsha▇▇ ▇. ▇▇▇▇▇▇▇, labor dispute, embargo, condemnation, act of God ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ ▇nd ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇i sha▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇te own directly or public enemy, or other casualty, which in any such case causes, for more indirectly less than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty five percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (1005.0%) of the issued and outstanding shares of the capital stock of Hadco Santa ClarWalden; (s) ▇▇▇. Daseke shall c▇▇▇▇ ▇▇ ▇▇ ▇▇e Chairman and Chief Executive Officer of, or Marshall B. Edwards s▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇ ▇▇e President and Chief Acquisitions Officer of, or Mark S. Dillinger sha▇▇ ▇▇▇▇▇ ▇▇ ▇▇ ▇▇e Chief Financial Officer of, or Steve T. Lamberti sha▇▇ ▇▇▇▇▇ ▇▇ ▇▇ ▇▇e Chief Operating Officer of, Walden, and a compete▇▇ ▇▇▇ experienced successor for such Person shall not be approved by the Majority Banks within six (on a fully diluted basis)6) months of such event, such approval not to be unreasonably withheld; or (t) any Event of Default as defined in any of the other Loan Documents, shall occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(h), Section 12.1(i) or 13.1(hSection 12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of the Banks or the Agent. The Borrower and any other Person shall be entitled to conclusively rely on a statement from the Agent or any Bankthat it has the authority to act for and bind the Banks pursuant to this Agreement and the other Loan Documents.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Walden Residential Properties Inc), Revolving Credit Agreement (Walden Residential Properties Inc)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payablepayable (including, without limitation, under and pursuant to Section 3.2(a) and (b)), whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two three (23) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Sections 8.1, 9 the first sentence of 8.4.1, the first sentence of 8.5, 9.1 - 9.6 or 10; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries (whether in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement) shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed in an aggregate principal amount in excess of $5,000,000 in the aggregate5,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding Leases, in an aggregate principal amount in excess of $5,000,000 in the aggregate5,000,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) sixty days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 5,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0005,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided PROVIDED that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of its Subsidiaries is obligated to repurchase $5,000,000 or more of receivables of the other Transaction Parties shall be enjoinedtype described in clause (g) of the definition of "Indebtedness" hereof, restrained whether sold under a purchase facility or otherwise, or a termination event occurs in connection with any way prevented by the order of such sale or with respect to any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days;facility; or (m) there a Change of Control shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of any of the Loans or any Reimbursement Obligation when after the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's feeCredit, or any other fees or sums due hereunder or under any of the other Loan Documents, within two ten (210) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or the Trust shall fail to comply with any covenant contained in §9, and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrower by the Agent; provided, however, that in the event that Borrower or the Trust shall fail to comply with the covenant set forth in §9.5, then the same shall not constitute a Default hereunder in the event that Borrower prepays the Loans or provides additional Mortgaged Property in accordance with the terms of this Agreement in an amount sufficient such that Borrower and the Trust would be fully in compliance with the covenant set forth in §9.5 within ninety (90) days of the earlier to occur of (i) Borrower obtaining knowledge of such noncompliance, (ii) Borrower reporting any such noncompliance, or (iii) receipt by Borrower of written notice of such noncompliance from Agent; provided further that within thirty (30) days of the earlier to occur of the events described in clauses (i)-(iii) above of this §12.1(c), Borrower shall deliver to Agent a description of its covenants contained proposed plan to cure such noncompliance under §9.5 (although the failure to follow such plan shall not constitute an independent Default under this §12.1(c)); and provided further, that during any period in ss.8which Borrower or the Trust shall fail to be in compliance of any covenant in §9.5, 9 then the Banks shall have no obligation to make Loans or 10to issue Letters of Credit; (d) the Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other material term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) §12), and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; provided, however, that in the event that such failure shall be a failure to comply with the terms of §8.7(a) or (b), the Borrower shall be afforded a period of one (1) fiscal quarter to cure such failure provided that the Distribution which caused such failure was historically consistent with prior dividends; (e) any representation or warranty made by or on behalf of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including, without limitation, any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of other Indebtedness (including, without limitation, any Capitalized Leases exceeding $5,000,000 in the aggregate, for Derivatives Contract)for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment or purchase thereof, provided that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this §12.1(f), involve singly or in the aggregate obligations for Recourse Indebtedness totaling in excess of $10,000,000.00 or Non-recourse Indebtedness totaling in excess of $30,000,000.00; (g) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,00010,000,000.00; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or Borrower, any Guarantor, any of the other Transaction Parties party thereto their respective Subsidiaries or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or the Trust or any of their respective Subsidiaries or any sale, transfer or other disposition of the assets of the Borrower, the Trust or any of their respective Subsidiaries other than as permitted under the terms of this Agreement or the other Loan Documents; (m) any suit or proceeding shall be filed against the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries or any of their respective assets which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them if adversely determined, would have a materially adverse effect on the ability of the Borrower, any Guarantor or any of their respective Subsidiaries to perform each and every one of its obligations under and by virtue of the Loan Documents and such suit or proceeding is not dismissed within sixty (60) days following occurs the filing or commencement thereof; (n) the Borrower, any Guarantor, any of their respective Subsidiaries or any Person so connected with them shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of Borrower, any Guarantor or any of their respective Subsidiaries, including the Real Estate; (o) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; Plan or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lp) a Change of Control shall occur; (q) ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ shall cease to be active on a daily basis in the management of the Trust and the Borrower or and a competent and experienced successor for such Person shall not be approved by the Majority Banks within six (6) months of such event, such approval not to be unreasonably withheld; (r) any Event of Default (as defined in any of the other Transaction Parties Loan Documents) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000occur; or (ps) The Borrower and the Guarantor and any person of their respective Subsidiaries shall fail to pay at maturity, or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any applicable period of twelve consecutive calendar monthsgrace, individuals who were directors of the Borrower on the first day of any Subordinated Debt, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any such Subordinated Debt for such period shall cease of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to constitute accelerate the maturity thereof or require a majority of the board of directors of the Borrower redemption, retirement, prepayment, purchase or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)defeasance thereof; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower (in addition to the rights afforded under §12.3) (i) declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED , and (ii) require the Borrower to immediately cash collateralize all outstanding Letters of Credit or obtain replacement letters of credit for such Letters of Credit, all in a manner satisfactory to the Issuing Bank and the Majority Banks, or alternatively upon demand by Agent, the Issuing Bank or the Majority Revolving Credit Banks in their absolute and sole discretion, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Revolving Credit Banks will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit, the proceeds of which will be pledged to and held by Agent as security for any amounts that in become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations or Hedge Obligations and the Banks have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower. In the event of any Event of Default specified in ss.ss.13.1(g§12.1(g), §12.1(h) or 13.1(h§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Banks or any Bankthe Agent.

Appears in 2 contracts

Sources: Secured Master Loan Agreement (Ramco Gershenson Properties Trust), Secured Master Loan Agreement (Ramco Gershenson Properties Trust)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Term Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Term Loans, in which case an Event of Default shall occur immediately, such failure shall, except with respect to the failure to pay the outstanding principal amount of the Term Loans on the Maturity Date (for which no cure period shall exist), continue for a period of five (5) days; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Term Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Term Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days; (c) the Borrower or the Guarantor shall fail to comply with any of its covenants contained in ss.8§§8.1, 8.2 (other than, with respect to the Guarantor, moves within the State of California, or with respect to the Borrower, moves within Barbados), 8.4, 8.5, 8.6, 8.9, 8.12, 9 or 1010 or any of the covenants contained in any of the Security Documents (provided, that this reference to covenants in the Security Documents shall not abridge grace periods provided therein with respect to certain Defaults also addressed in this Loan Agreement); (d) the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. §13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower or the Guarantor by the Administrative Agent; (e) any representation or warranty of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Loan Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Loan Agreement shall prove to have been false false, incorrect or incomplete in any material respect upon the date when made or deemed to have been made or repeated; (f) Borrower, the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries shall (x) fail to pay at maturity, or within any applicable period of grace, (i) any obligations obligation for borrowed money or credit received or in an aggregate principal amount in excess of $20,000,000, (ii) any obligation in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate20,000,000, or (iii) any obligation in respect of any operating leases with respect to which the present value (calculated at a discount rate of nine percent (9%) per annum) of the future obligations of the Borrower, the Guarantor or any of their respective Subsidiaries thereunder exceeds $20,000,000, or (y) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound referenced in clauses (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, i) through (iii) above for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (gi) the Borrower Borrower, the Guarantor or any of the other Transaction Parties Material Subsidiary shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower Borrower, the Guarantor or any of the other Transaction Parties such Material Subsidiary or of any substantial part of the assets of the Borrower Borrower, the Guarantor or any of the other Transaction Parties such Material Subsidiary or shall commence any case or other proceeding relating to the Borrower Borrower, the Guarantor or any of the other Transaction Parties such Material Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, ; or (ii) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower Borrower, the Guarantor or any of Material Subsidiary and, with respect to this clause (ii) only, (x) the other Transaction Parties and Borrower, the Borrower Guarantor or any of the other Transaction Parties such Material Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or (y) such petition or application shall not have been dismissed within forty-five thirty (4530) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Borrower, the Guarantor or any of the other Transaction Parties Material Subsidiary bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Borrower, the Guarantor or any of the other Transaction Parties Material Subsidiary in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against Borrower, the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against Borrower, the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked revoked, voided or rescindedrescinded or the Administrative Agent’s Liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower any Loan Party or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan in connection with the termination of a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower 5,000,000, or any Loan Party or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0005,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(0(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower Borrower, the Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien Lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower Borrower, the Guarantor or any of the other Transaction Parties Material Subsidiary shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business if such circumstance could reasonably be expected to have a Material Adverse Effect, and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (o) Borrower, the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against Borrower, the Borrower Guarantor or any the other Transaction Partiesof their respective Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower Borrower, the Guarantor or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower, the Guarantor or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,0005,000,000; or (p) any person or group a Change of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Control shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Loan Agreement, the Term Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrower and the Guarantor; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§13.1(g) or 13.1(h), all such amounts shall become immediately due and payable payable, automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 2 contracts

Sources: Term Loan Agreement (CAI International, Inc.), Term Loan Agreement (CAI International, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to perform any term, covenant or agreement contained in §9, and with respect to a failure to comply with any of its covenants contained in ss.8§9.1, 9 or 10§9.2 and §9.4 only, such failure shall continue for five (5) Business Days after such occurrence; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument prepared by or on behalf of the Borrower or a Guarantor and delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(f), involves singly or in the aggregate (i) any obligations for Indebtedness or under Derivative Contracts (other than Non-Recourse Indebtedness) or (ii) Non-Recourse Indebtedness totaling $25,000,000.00 or greater; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five ninety (4590) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty forty-five (3045) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00 per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, rescinded by the Borrower or any Guarantor other than in each case otherwise than accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke revoke, rescind or rescind challenge or content the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 10,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure forfeiture to renewthe United States of America of (i) any assets of the Borrower, any license or permit now held or hereafter acquired by the Borrower Guarantor or any of their respective Subsidiaries which in the other Transaction Parties if such loss, suspension, revocation or failure good faith judgment of the Required Lenders could reasonably be expected to renew would have a material adverse effect on the business Material Adverse Effect, or financial condition of the Borrower and the other Transaction Parties, considered as a whole(ii) any Collateral; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Transaction Parties shall be indicted for a state or federal crimeLoan Document, or shall fail to observe or comply with any civil term, covenant, condition or criminal action shall otherwise have been brought or threatened against the Borrower agreement under any Guaranty or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; orLoan Document; (p) any person Change of Control shall occur; (q) any default, material misrepresentation or group breach of persons warranty by the Borrower as the subordinate lender under any Subordination Agreement; or (within the meaning r) an Event of Section 13 or 14 Default under any of the Securities Exchange Act of 1934, as amended) other Loan Documents shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallRequired Lenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, the Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by the Agent or the Required Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by the Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by the Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to the Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at the Agent’s sole discretion, the Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 2 contracts

Sources: Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of any of the Loans or any Reimbursement Obligation when after the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, other fees or other sums due hereunder or under any of the other Loan Documents, within two ten (210) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or the Trust shall fail to comply with any of its covenants covenant contained in ss.8§9, 9 and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrower by the Agent; provided, however, that in the event that Borrower or 10the Trust shall fail to comply with §9.5, then the same shall not constitute a Default hereunder in the event that Borrower prepays the Loans or provides additional Unencumbered Borrowing Base Property in accordance with the terms of this Agreement in an amount sufficient such that Borrower and the Trust would be fully in compliance with the covenant set forth in §9.5 within five (5) days of the earlier to occur of (i) Borrower obtaining knowledge of such noncompliance, (ii) Borrower reporting any such noncompliance, or (iii) receipt by Borrower of written notice of such noncompliance from Agent; and provided further, that during any period in which Borrower or the Trust shall fail to be in compliance of any covenant in §9.5, then the Banks shall have no obligation to make Loans; (d) the Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) §12), and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; provided , however , that in the event that such failure shall be a failure to comply with the terms of §8.7(b), the Borrower shall be afforded a period of one (1) fiscal quarter to cure such failure provided that the Distribution which caused such failure was historically consistent with prior dividends; provided , further that no cure period shall be available with respect to a failure to comply with the terms of §7.5(a) or §8.4; (e) any representation or warranty made by or on behalf of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including, without limitation, any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of other Indebtedness (including, without limitation, any Capitalized Leases exceeding $5,000,000 in the aggregate, for Derivatives Contract)for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment or purchase thereof, provided that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this §12.1(f), involve singly or in the aggregate obligations for Recourse Indebtedness totaling in excess of $10,000,000.00 or Non-recourse Indebtedness totaling in excess of $30,000,000.00; (g) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,00010,000,000.00; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or Borrower, any Guarantor, any of the other Transaction Parties party thereto their respective Subsidiaries or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or the Trust or any of their respective Subsidiaries or any sale, transfer or other disposition of the assets of the Borrower, the Trust or any of their respective Subsidiaries other than as permitted under the terms of this Agreement or the other Loan Documents; (m) any suit or proceeding shall be filed against the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries or any of their respective assets which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them if adversely determined, would have a materially adverse effect on the ability of the Borrower, any Guarantor or any of their respective Subsidiaries to perform each and every one of its obligations under and by virtue of the Loan Documents and such suit or proceeding is not dismissed within sixty (60) days following occurs the filing or commencement thereof; (n) the Borrower, any Guarantor, any of their respective Subsidiaries or any Person so connected with them shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of Borrower, any Guarantor or any of their respective Subsidiaries, including the Real Estate; (o) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; Plan or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lp) a Change of Control shall occur; (q) ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ shall cease to be active on a daily basis in the management of the Trust and the Borrower or and a competent and experienced successor for such Person shall not be approved by the Majority Banks within six (6) months of such event, such approval not to be unreasonably withheld; (r) any Event of Default (as defined in any of the other Transaction Parties Loan Documents) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000occur; or (ps) The Borrower and the Guarantor and any person of their respective Subsidiaries shall fail to pay at maturity, or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any applicable period of twelve consecutive calendar monthsgrace, individuals who were directors of the Borrower on the first day of any Subordinated Debt, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any such Subordinated Debt for such period shall cease of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to constitute accelerate the maturity thereof or require a majority of the board of directors of the Borrower redemption, retirement, prepayment, purchase or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)defeasance thereof; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower (in addition to the rights afforded under §12.3) declare all amounts owing with respect to this Credit Agreement, the Notes Notes, and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in . In the event of any Event of Default specified in ss.ss.13.1(g§12.1(g), §12.1(h) or 13.1(h§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Banks or any Bankthe Agent.

Appears in 2 contracts

Sources: Unsecured Term Loan Agreement (Ramco Gershenson Properties Trust), Unsecured Term Loan Agreement (Ramco Gershenson Properties Trust)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal amount of the Loans any Loan or any Reimbursement Obligation when the same shall become due and payabledue, whether at the stated date of maturity prior to or following any accelerated date of maturity or at any other date fixed for paymentacceleration in accordance with Section 13.1 hereof; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest payment on any Loan or any Fee when due and payable, and the Loanscontinuation of such failure to pay for more than three (3) Business Days after such amounts shall have become due and payable; (c) [Intentionally Left Blank] (d) default in the payment of any other Obligations other than the amounts described in clauses (a) and (b) above, and the commitment fee, any Letter continuation of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two such default for more than fifteen (215) Business Days after the day date on which the same shall become due and payable, whether at the stated date a Senior Designated Officer received written notice of maturity or any accelerated date of maturity or at any other date fixed for non-payment; (ce) the Borrower shall fail to comply with any of its covenants contained in ss.8, Section 9 or Section 10; (df) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere which is not otherwise addressed in this ss. 13.1) Section 13), which failure materially and adversely affects the interests of the Administrative Agent or the Lenders and continues for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agenta Senior Designated Officer; (eg) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or made in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Loan Document shall prove to have been false incorrect in any material respect upon the date when made or deemed to have been made or repeated; (f) which materially and adversely affects the Borrower interest of the Administrative Agent or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable Lender and which (if curable) remains unremedied for a period of grace, any obligations for borrowed money or credit thirty (30) days after the first date on which a Senior Designated Officer has received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate written notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) the Borrower Borrower, any of its Restricted Subsidiaries (other than a Special Purpose Vehicle) or TAL Group (each a "Credit Party") shall commence a voluntary case concerning itself under the Federal Bankruptcy Code; or an involuntary case is commenced against any Credit Party and the petition is not controverted within 10 days, or is not dismissed within 60 days, after commencement of the case; or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property of any Credit Party; or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or Credit Party commences any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment adjustment of debt, dissolution relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction, jurisdiction whether now or hereafter in effect, effect relating to any Credit Party and such proceeding remains undismissed for a period of 60 days; or shall take any Credit Party is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or any Credit Party suffers any appointment of any custodian or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or any Credit Party makes a general assignment for the benefit of creditors; or any Company action to authorize or in furtherance is taken by any Credit Party for the purpose of effecting any of the foregoing, ; (i) a Change of Control occurs without the prior consent of the Administrative Agent and the Majority Lenders; (j) the Security Agreement or if the Lien purported to be created thereby shall become or be adjudged by a court of competent jurisdiction to be invalid or enforceable against the Borrower for any such petition reason other than any action taken by the Administrative Agent or application any Lender or the failure of the Administrative Agent or any Lender to take any action within its control; (k) one or more judgments or decrees shall be filed or any such case or other proceeding shall be commenced entered against the Parent, the Borrower or any of its Restricted Subsidiaries (other than a Special Purpose Vehicle) involving a liability (to the other Transaction Parties extent not paid when due or covered by a reputable and the Borrower solvent insurance company (with any portion of any judgment or decree not so covered to be included in any determination hereunder)) equal to or in excess of the other Transaction Parties Twenty Million Dollars ($20,000,000) for all such judgments and decrees and all such judgments or decrees shall indicate its approval thereof, consent thereto either be final and non-appealable or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree vacated, discharged or order is entered appointing stayed or bonded pending appeal for any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any period of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 30 consecutive days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of its Restricted Subsidiaries fails to make any payment when due (beyond the applicable grace or cure period with respect thereto, if any) or defaults in the observance or performance (beyond the applicable grace or cure period with respect thereto, if any) of any payment obligation, or any other Transaction Parties shall be enjoinedagreement or covenant with respect to the Indebtedness that, restrained individually or in any way prevented by the order aggregate for all such Persons, exceeds Twenty Million Dollars ($20,000,000) and the holder(s) of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days;Indebtedness have accelerated such Indebtedness; and (m) there any law, rule or regulation shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemyrender invalid, or preclude enforcement of, any material provision of this Credit Agreement or any other casualtyLoan Document or impair performance of the obligations of any Credit Party under this Credit Agreement or under any other Loan Document, which in any such case causeseach case, for more any reason other than fifteen (15) consecutive days, any action taken by the cessation Administrative Agent or substantial curtailment of revenue producing activities at any facility Lender or the failure of the Borrower Administrative Agent or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure Lender to renew, take any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)its control; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower declare declares all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g) or Sections 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (TAL International Group, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Revolving Credit Loans or any Bankers' Acceptances or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Revolving Credit Loans, the commitment feeCommitment Fee, the Acceptance Fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment within three (3) Business Days of when the same shall become due and payable; (c) the Borrower Borrowers shall fail to comply with any of its their covenants contained in ss.8Section 9.1, 9 9.3, 9.4, 9.5.1, 9.5.4, 9.12, 9.15, 9.16, 9.18, 10 or 10;11; -96- 106 (d) the Borrower Borrowers or any of the other Transaction Parties their Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower Company by the Agent; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed if the aggregate principal amount of such Indebtedness is in excess of $5,000,000 in the aggregate5,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the any Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the such Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the such Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the such Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the such Borrower or any of the other Transaction Parties its Subsidiaries and the such Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the any Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the any Borrower or any Subsidiary of the other Transaction Parties any Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the such Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be (or shall be required at such time to be) prepaid, redeemed or repurchased in whole or in part; or the Company shall be or become required under the Subordinated Indenture to prepay, redeem or repurchase (or shall be or become required thereunder to offer to prepay, redeem or repurchase) all or any part of the Subordinated Debt; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Borrowers or any of the other Transaction Parties their Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000500,000; the any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the a Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court Court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (lm) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the any Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (op) the Borrower any Borrowers or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the such Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the such Borrower or such other Transaction Party having which could reasonably be likely to have a fair market value in excess of $1,000,000Material Adverse Effect; or (pi) any person or group of persons except for directors' qualifying shares in jurisdictions where such qualifying shares are required, (within i) the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Company shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ FIUI, Flextronics Holdings UK Limited, Flextronics Singapore, Flextronics de Mexico, S.A. de C.V., Flextronics Manufacturing (on a fully diluted basis); thenHK) Ltd., and in any such eventAstron Technologies Ltd., so long as the same may be continuing, the Agent may, and upon the request or Flextronics International (UK) Limited or less than 92% of the Majority Banks shallcapital stock of Neutronics; or (ii) Flextronics Holdings UK Limited shall at any time, legally or beneficially own less than one hundred percent of the capital stock of Flextronics Holdings; or (iii) Flextronics Holdings shall at any time, legally or beneficially own less than one hundred percent of the capital stock of Flextronics Sweden; or (iv) FIUI shall at any time legally or beneficially own less than one hundred percent of the capital stock of DTM and, until the date of its liquidation by notice in writing to FIUI, FIUI shall at any time legally or beneficially own less than one hundred percent of the Borrower declare all amounts owing with respect to this Credit Agreementcapital stock of Flex Asia (UK) Limited; or (v) Flextronics Singapore shall at any time, legally or beneficially own less than one hundred percent of the Notes capital stock of Flextronics Computer (Shekou) Ltd., Flextronics Industrial (Shenshen) Co. Ltd., Flextronics Malaysia Sdn Bhd and Flex International Marketing (L) Ltd.; or (vi) Flextronics Manufacturing (HK) Ltd. shall at any time, legally or beneficially own less than one hundred percent of the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice capital stock of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.Astron

Appears in 1 contract

Sources: Revolving Credit Agreement (Flextronics International LTD)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, Documents within two five (25) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or Holdings, as the case may be, shall fail to comply with any of its covenants contained in ss.8§ 9.1 (subject to § 14.1(b)), 9 9.2, 9.4(a), 9.4(b), 9.4(d), 9.7, 9.9.1, 9.12, 9.14-9.16, 10 or 1011; (d) Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§ 14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed in an amount in excess of $5,000,000 250,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against Holdings, the—Borrower or any of its Subsidiaries and Holdings, the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of Holdings, the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries not otherwise covered by insurance exceeds in the aggregate $5,000,0001,000,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or, except as expressly permitted by §10.8, the Subordinated Debt shall be (or shall be required at such time to be) prepaid, redeemed or repurchased in whole or in part or the Borrower shall be or become required under the terms of the Subordinated Debt to prepay, redeem or repurchase (or shall be or become required thereunder to offer to prepay, redeem or repurchase) all or any part of the Subordinated Debt; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents (other than resulting solely from the Agent's gross negligence or willful misconduct), in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, cancel revoke or rescind any of the Loan Documents shall be commenced by or on behalf of Holdings, the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, illegal invalid or unenforceable in accordance with the terms thereofthereof in any material respects; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV W of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§ 302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, -any Collateral whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would could not reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would could reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (o) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary having a fair market value in excess of $1,000,000; or500,000; (p) the Borrower shall at any time, legally or beneficially own less than 100% of the capital stock of each Guarantor, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital of the Borrower; (q) for so long as Holdings shall legally exist, the Investors shall at any time, legally or beneficially own less than 100% of the capital stock of Holdings, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital stock of Holdings; (r) Holdings or the Investors shall at any prior to the Initial Public Offering legally or beneficially own less than 51% of the capital stock of the Borrower, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital stock of the Borrower, and after the Initial Public Offering, (i) Holdings or the Investors shall at any time, legally or beneficially own less than 20% of the outstanding shares of common stock of the Borrower and (ii) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) ), other than Holdings or the Investors, shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) 20% or more of the outstanding shares of common stock of the Borrower; or (s) so long as Holdings shall legally exist, during Holdings shall at any period of twelve consecutive calendar months, individuals who were directors time prior to the Initial Public Offering legally or beneficially own less than 51% of the Borrower on the first day of such period shall cease to constitute a majority capital stock of the board of directors Borrower, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the Borrower or capital stock of the Borrower shallBorrower, and after the Initial Public Offering, (i) Holdings shall at any time, legally or beneficially own less than one hundred percent 20% of the outstanding shares of common stock of the Borrower and (100%ii) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended), other than Holdings, shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 20% or more of the outstanding shares of the capital common stock of Hadco Santa Clar▇ (on a fully diluted basis); the Borrower then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§14.1(g) or 13.1(h14.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Fargo Electronics Inc)

Events of Default and Acceleration. If any of the following events ---------------------------------- ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8(S)(S)9.1, 9 9.2, 9.4, 9.5.1, 9.6, 9.9, and 9.12 - 9.17, (S)10 or 10(S)11; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)14.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of graceprovided, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced good faith representation made by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of -------- Closing Date as to Pivotpoint, Inc. shall prove to have been false in any material respect on such period date, such an event shall cease to not constitute a majority of the board of directors of the Borrower or the Borrower shalldefault hereunder if all consequences, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, liabilities and claims associated with such false representation are in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of an amount which are hereby expressly waived by the Borrower; PROVIDED that does not exceed $10,000,000 in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.aggregate;

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Mapics Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, Loans within two five (25) Business Days days after the day on which notice that the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with pay within five (5) days after written notice from the Agent any other sums due hereunder or under any of its covenants contained in ss.8, 9 or 10the other Loan Documents; (d) the Borrower or any of the other Transaction Parties shall fail to perform comply with any covenant contained in ss. ss. 8.6, 8.10 or 9.6 or, except with respect to the Mortgaged Properties, ss. ss. 8.7, 8.8, 9.2 or 9.5, and such failure shall continue for thirty (30) days after written notice from the Agent of such failure; provided, however, that the same shall not constitute an Event of Default if Borrower satisfies the Collateral Cure Condition. For purposes hereof, the "Collateral Cure Condition" shall be deemed to be satisfied if and only if (i) within five (5) business days after such written notice from the Agent, the Borrower delivers to the Agent for approval, which approval shall not be unreasonably withheld, a plan acceptable to the Agent, for (x) at the option of the Borrower, the provision of additional Collateral for the Revolving Credit Loans or the repayment of such portion of the Revolving Credit Loans as is necessary to reduce the Outstanding balance of the Revolving Credit Loans to an amount which is equal to or less than the Maximum Advance Amount, which Amount shall be adjusted (the "Adjusted Maximum Advance Amount") to disregard any Collateral that is the subject of any such failure (the "Defaulting Collateral"), and (y) if required by the Agent or elected by the Borrower, the termination of all Security Documents with respect to the Defaulting Collateral, so that within ninety (90) days after the initial notice from the Agent the amount of the Revolving Credit Loans shall be equal to or less than the Adjusted Maximum Advance Amount, and (ii) within said ninety (90) day period, consistent with said plan as approved, the Borrower shall have (A) either (1) delivered or caused to be delivered to the Agent additional Collateral in accordance with the requirements and subject to the terms of ss. 6.8, together with the repayment of the amount, if any, necessary to reduce the Outstanding balance of the Loans to an amount which is equal to or less than the Adjusted Maximum Advance Amount, or (2) repaid the Agent in the amount necessary to reduce the Outstanding balance of the Revolving Credit Loans to an amount which is equal to or less than the Adjusted Maximum Advance Amount, and (B) if required by the Agent or elected by the Borrower in the plan submitted to and approved by the Agent, terminated all of the Security Documents with respect to the Defaulting Collateral. Disapproval by the Agent of a plan submitted by the Borrower, or the failure by the Borrower to complete the transactions contemplated by said plan as approved within sixty (60) days after the initial default notice in accordance with the foregoing, shall constitute an Event of Default. Any Defaulting Collateral that remains subject to the Security Documents in accordance with the foregoing shall again be deemed Collateral for purposes of determining the Maximum Advance Amount upon the cure of all conditions with respect to such Defaulting Collateral constituting Defaults hereunder; (e) the Borrower shall fail to comply with any covenant contained in ss. 8.2 or ss. 8.3, and such failure shall continue for thirty (30) days after written notice from the Agent of such failure; (f) the Borrower or any Guarantor shall fail to comply with any other term, covenant covenant, obligation or agreement contained herein or in any of the other Loan Documents (other than those specified not specifically addressed elsewhere in this ss. Section 13.1) , or shall repudiate or fail to perform any term, covenant, obligation or agreement contained herein or in any of the other Loan Documents not specifically addressed elsewhere in this Section 13.1 and in the case of any such failure to comply or perform, such failure shall continue for twenty thirty (2030) days after written notice from the Agent of sucH such failure; provided that if such failure has been given to cannot reasonably be cured within said thirty (30) day period and provided that the Borrower by shall have commenced or caused to be commenced such cure within said thirty (30) day period and shall diligently prosecute such cure to its completion, such period shall be extended for an additional time reasonably necessary to complete such cure not to exceed ninety (90) days after the Agent;initial written notice from the Agent of such failure. (eg) any representation or warranty of the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships in this Credit Agreement or any of the other Loan Documents or in the Representation Letters or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; provided, however, that if such matter pertains only to Other Real Property or Other Partnerships, the same shall not constitute an Event of Default if the Borrower satisfies the Collateral Cure Condition; (fh) except to the Borrower extent expressly provided herein, the Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof thereof, or of any obligations issued thereunder to accelerate the maturity thereof; provided, however, that if such matter pertains only to Other Real Property or Other Partnerships, the same shall not constitute an Event of Default if the Borrower satisfies the Collateral Cure Condition; (gi) the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships or any of the general partners or Subsidiaries of any of them shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties such Person or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties and the Borrower Other Partnerships or any of the other Transaction Parties general partners or Subsidiaries of any of them and such Person shall indicate its or his approval thereof, consent thereto or acquiescence therein therein; provided, however, that if such matter pertains only to Other Real Property or such petition or application Other Partnerships, the same shall not have been dismissed within forty-five (45) days following constitute an Event of Default if the filing thereofBorrower satisfies the Collateral Cure Condition; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships or any of the general partners or Subsidiaries of any of them bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships or any of the general partners or Subsidiaries of any of them in an involuntary case under federal bankruptcy laws as now or hereafter constituted, unless in the case of an involuntary case, such decree or order is withdrawn within sixty (60) days; provided, however, that if such matter pertains only to Other Real Property or Other Partnerships, the same shall not constitute an Event of Default if the Borrower satisfies the Collateral Cure Condition; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any uninsured final judgment against the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships or any of the general partners or Subsidiaries of any of them, that, with other outstanding uninsured final judgments, undischarged, against the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties Other Partnerships exceeds in the aggregate $5,000,0001,000,000; provided, however, that if such matter pertains only to Other Real Property or Other Partnerships, the same shall not constitute an Event of Default if the Borrower satisfies the Collateral Cure Condition; (jl) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksAgent, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Guarantors or any of the Other Partnerships or any of their respective stockholdersstockholders or partners, as the case may be, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Borrower, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability Guarantors of the Borrower to the PBGC Other Partnerships or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination general partners of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties them shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower, any of the Guarantors or any of the Other Partnerships included in the Collateral or any assets of the Borrower or such other Transaction Party Subsidiaries not included in the Collateral but having a fair market value in excess of $1,000,000; orprovided, however, that if such matter pertains only to Other Real Property or Other Partnerships, the same shall not constitute an Event of Default if the Borrower satisfies the Collateral Cure Condition; (n) if the Borrower or any Guarantor ceases to own an item of Collateral owned by it on the Effective Date without meeting the requirements of this Agreement and the other applicable Loan Documents; (o) title to any of the Collateral is or becomes unsatisfactory to the Agent by reason of any lien, charge, encumbrance, title condition or exception (including without limitation, any mechanic's, materialman's or similar statutory or common law lien or notice thereof) other than the Permitted Liens, and such matter causing title to be or become unsatisfactory is not cured or removed (including by bonding), within twenty (20) days after notice thereof from the Agent to the Borrower; provided, however, that the same shall not constitute an Event of Default if Borrower satisfies the Collateral Cure Condition. (p) there occurs any person dissolution, termination, partial or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors complete liquidation of the Borrower or any Guarantor, or any sale, transfer or other disposition of any part of, all or substantially all of the assets of the Borrower shallor any Guarantor other than as permitted under the terms of this Agreement or the other Loan Documents; (q) to the extent that same would have a materially adverse effect on the Lenders' interests hereunder or on the Collateral or the Other Real Property, at any timefailure by the Borrower or any Guarantor to obtain or cause to be obtained any approvals, legally consents, waivers, orders, agreements, acknowledgements, authorizations, permits and licenses required under any law, ordinance, code, order, rule or beneficially own less than one hundred percent (100%) regulation of any Governmental Authority relating in any way to the acquisition, ownership, use, occupancy and operation of any of the shares Real Property ("Requirements"), or under the terms of any restriction, covenant or easement affecting any of the capital stock Collateral, or otherwise necessary or desirable, for the ownership, acquisition, use, occupancy and operation of Hadco Santa Clar▇ any of the Collateral or Other Real Property, whether obtained from a Governmental Authority or any other Person ("Project Approvals"), or the revocation or other invalidation of any Project Approvals previously obtained, and such matter is not cured or removed (including by bonding), within twenty (20) days after notice thereof from the Agent to the Borrower; provided, however, that the same shall not constitute an Event of Default if Borrower satisfies the Collateral Cure Condition; (r) without the prior written consent of the Agent which may be withheld in the Agent's sole discretion, there shall be any amendment, modification or termination of, or material default, after applicable notice and grace periods, under the Advisory Agreement, or any change in control of the Advisor; (s) Borrower or any Guarantor shall be in default of any obligations under the terms of any loan documents entered into in connection with (i) nonrecourse Third Party Indebtedness, but only if nonrecourse Third Party Indebtedness in the aggregate exceeds $15,000,000; or (ii) any Other Recourse Indebtedness but only if such Other Recourse Indebtedness that is the subject of such default in the aggregate exceeds $1,000,000; or (t) Any suit or proceeding shall be filed against the Borrower or any of the Guarantors or the Collateral or the Other Real Property which, if adversely determined, would have a materially adverse affect on a fully diluted basis)the ability of the Borrower or any of the Guarantors to perform each and every one of their respective obligations under and by virtue of the Loan Documents; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, may by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.this

Appears in 1 contract

Sources: Revolving Credit Agreement (Aegis Realty Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loan or any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for five (5) days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any other term, covenant or agreement contained in §9.2, §9.3, §9.4 or §9.5; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for an Advance or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or to require the prepayment, purchase or redemption thereof; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $25,000,000.00; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, one or more uninsured or unbonded final judgments against Borrower, any final judgment against the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersa Guarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of (i) any assets of Borrower, any Guarantor or any of their respective Subsidiaries which in the Borrower good faith judgment of the Required Lenders could reasonably be expected to have a Material Adverse Effect, or such other Transaction Party having a fair market value (ii) the assets included in excess the calculation of $1,000,000; orthe Unencumbered Asset Value; (p) any person Guarantor denies that it has any liability or group of persons (within obligations under the meaning of Section 13 Guaranty or 14 any other Loan Document, or shall notify the Agent or any of the Securities Exchange Act Lenders of 1934such Guarantor’s intention to attempt to cancel or terminate the Guaranty or cancel the Contribution Agreement or any other Loan Document, as amendedor shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document; or (q) shall have acquired beneficial ownership (within the meaning an Event of Rule 13d-3 promulgated by the Securities and Exchange Commission Default under said Act) of thirty percent (30%) or more any of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Lenders or any Bankthe Agent.

Appears in 1 contract

Sources: Term Loan Agreement (Dupont Fabros Technology, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFee, or other sums due hereunder or under any of the other Loan Documents, within two three (23) Business Days after the day on which of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or any of its Subsidiaries shall fail to comply with any of its covenants contained in ss.8Sections 9.1, 9 9.4, 9.5, 9.6 (as it relates to corporate existence), 9.8, 10 or 1011; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) any of the Borrower or any of the other Transaction Parties its Subsidiaries shall (i) fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate2,500,000, or (ii) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount in excess of $5,000,000 in the aggregate, 2,500,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) any of the Borrower or any of the its Subsidiaries (other Transaction Parties than Designated Subsidiaries) shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties such Person or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or 91 -83- any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties such Person and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the its Subsidiaries (other Transaction Parties than Designated Subsidiaries) bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against against, the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in any material part of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could reasonably constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the 92 -84- appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien against the assets of the Borrower or any of its Subsidiaries in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) any of the Borrower or any of the its Subsidiaries (other Transaction Parties than Designated Subsidiaries) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered taken as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered taken as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section Sections 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty twenty percent (3020%) or more of the outstanding shares of common stock of the Borrower; or, or during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Borrower; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 14.1(g) or 13.1(h14.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Aviall Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsEVENTS OF DEFAULT") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two three (23) Business Days after the day on which the same shall become days of such sum becoming due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Sections 8.5, 8.6.1, 8.12, 9 or 10; (d) the Borrower or any of its Subsidiaries shall (i) fail to comply with the other Transaction Parties shall covenants contained in Section 8.4 for five (5) days, or (ii) fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 13.1 (including Section 13.1(a) and (b))) for twenty (20) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this 81 Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of its Subsidiaries (other than the other Transaction Parties SPVs) shall (i)(A) fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money (including the obligations of the Borrower and its Subsidiaries, as the case may be, under the Senior Note Indenture or the Sale-Leaseback Transaction but excluding (subject to clause (i)(B) hereof) the FFCA Mortgage Financing Documents), credit received or in respect of any Capitalized LeasesLeases which obligation exceeds $1,000,000, which obligations exceed $5,000,000 or (B) fail to observe or perform any material term, covenant or agreement contained in the aggregateFFCA Master Leases or the FFCA Amended and Restated Master Lease, or (ii) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money (including the Senior Note Indenture and the Sale-Leaseback Transaction Documents but excluding the FFCA Mortgage Financing Documents) or credit received or in respect of any Capitalized Leases exceeding which obligation exceeds $5,000,000 in the aggregate, 1,000,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof or to require the Borrower, to prepay, redeem or repurchase such obligations in whole or in part or offer to prepay, redeem or repurchase such obligations in whole or in part; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, days any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate (exclusive of any amounts fully covered by insurance (less any applicable deductible)) $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Administrative Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or pursuant to any transaction permitted hereunder or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any termination liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000100,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN PROVIDED that such event (A) could reasonably be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 100,000 and (B) could reasonably be expected to constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, or any eviction of the Borrower from any Units, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and its Subsidiaries which would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (nm) there a Change of Control shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSection Section 13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit Agreement (Friendly Ice Cream Corp)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 or 10[Intentionally Omitted]; (d) the Borrower or any of the other Transaction Parties Guarantor shall fail to perform any other term, covenant or agreement contained in §9.1, §9.2, §9.3, §9.4, §9.5 or §9.6; (e) Borrower or Guarantor or any of its Subsidiaries shall fail to perform, or comply with, any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower or any of the other Transaction Parties Guarantor in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; provided that, in the case of the Guarantor, the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $25,000,000.00; (gh) the Borrower or any of the other Transaction Parties Guarantor or REIT, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of Borrower or Guarantor or REIT or any such substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver for Borrower or Guarantor or REIT or adjudicating the Borrower or any of the other Transaction Parties such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments against the Borrower or any of the other Transaction Parties Guarantor that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00; (jl) if any of the Loan Documents (including, without limitation, any Liens created, or purported to be created by, any of the Loan Documents) shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents (including, without limitation, any Liens created, or purported to be created by, any of the Loan Documents) shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, Guarantor or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents (including, without limitation, any Liens created, or purported to be created by, any of the Loan Documents) is illegal, invalid or unenforceable in accordance with the terms thereof; (km) the any dissolution, termination, partial or complete liquidation, merger or consolidation of Borrower or Guarantor shall occur or any ERISA Affiliate incurs any liability to sale, transfer or other disposition of the PBGC or a Guaranteed Pension Plan pursuant to Title IV assets of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV Guarantor shall occur other than as permitted under the terms of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000this Agreement or the other Loan Documents, or any dissolution or liquidation of the following occurs REIT shall occur, or if REIT shall wind-up its business, affairs or assets; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or Guarantor or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Planplan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or Guarantor or any shareholder, officer, director, partner or member of any of the other Transaction Parties them shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of (i) any assets of the Borrower or such Guarantor or any of its Subsidiaries which in the good faith judgment of the Required Lenders could have a Material Adverse Effect, or (ii) the Collateral; (p) Borrower shall fail to comply with the covenants set forth in §8.9(b) hereof; (q) an Event of Default under any of the other Transaction Party having Loan Documents shall occur; (r) Borrower shall fail to comply with the covenants set forth in §8.6 hereof; (s) a fair market value in excess default (beyond applicable notice and cure periods (if any)) or an event of $1,000,000default has occurred and is continuing under the Grizzly Loan, the Revolving Credit Agreement and/or any of the other Revolving Loan Documents; or (pt) any person a default (beyond applicable notice and cure periods (if any)) or group an event of persons (within default on the meaning of Section 13 or 14 part of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities landlord has occurred and Exchange Commission is continuing under said Act) of thirty any Lease with a tenant that leases at least twenty-five percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (10025%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)critical load power available to any Building; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Lenders or any Bankthe Agent.

Appears in 1 contract

Sources: Credit Agreement (Dupont Fabros Technology, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay (i) on any Payment Date any principal payment, or (ii) on the date on which the principal balance of the Loans or any Reimbursement Obligation when Revolving Credit Notes have been accelerated in accordance with Section 13.1 hereof, the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentthen Aggregate Note Principal Balance; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay on any Payment Date any interest payment, Commitment Fees or Agent Fee then due and payable on the LoansRevolving Credit Notes and the continuation of such default for more than five (5) Business Days after such amounts shall have become due and payable; (c) on any Payment Date, the commitment feeAggregate Note Principal Balance (after giving effect to any payments of principal made on such Payment Date) exceeds an amount equal to the Asset Base then in effect and such condition shall have then existed for a period of 30 consecutive days; (d) default in the payment of any amounts due and owing to the Lenders of any Revolving Credit Notes other than the amounts described in clauses (a) and (b) above, any Letter and the continuation of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two such default for more than fifteen (215) Business Days after the day date on which a Senior Designated Officer of the same shall become due and payable, whether at the stated date Borrowers received written notice of maturity or any accelerated date of maturity or at any other date fixed for non-payment; (ce) the any Borrower shall fail to comply with any of its covenants contained in ss.8Sections 9.1, 9 9.2, 9.3, 9.4, 9.5, 9.6, 9.7, 9.8 or Section 10; (df) the Borrower or any of the other Transaction Parties Borrower, shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere which is not otherwise addressed in this ss. 13.1Section 13) which failure materially and adversely affects the interests of the Administrative Agent or the Lenders and continues for twenty (20) thirty days after written notice of sucH such failure has been given to a Senior Designated Officer of the Borrower by the AgentBorrower; (eg) any representation or warranty of the any Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or made in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Loan Document shall prove to have been false incorrect in any material respect upon the date when made or deemed to have been made or repeated; (f) which materially and adversely affects the Borrower interest of the Administrative Agent or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable Lender and which (if curable) remains unremedied for a period of grace, any obligations for borrowed money or credit 30 days after the first date on which a Senior Designated Officer of such Borrower has received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate written notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Borrower Guarantor shall commence a voluntary case concerning itself under the Federal Bankruptcy Code; or an involuntary case is commenced against any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Guarantor and the petition is not controverted within 10 days, or is not dismissed within 60 days, after commencement of the case; or a custodian (as defined in the Bankruptcy Code) is appointed for, or takes charge of, all or substantially all of the property of any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Guarantor; or any of the other Transaction Parties shall make an assignment for the benefit of creditorsBorrower, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the other Transaction Parties or of Guarantor commences any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment adjustment of debt, dissolution relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction, jurisdiction whether now or hereafter in effecteffect relating to any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or shall take the Guarantor and such proceeding remains undismissed for a period of 60 days; or any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Guarantor is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Guarantor suffers any appointment of any custodian or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or the Guarantor makes a general assignment for the benefit of creditors; or any Company action to authorize is taken by any Borrower, any of their respective Restricted Subsidiaries (other than a Special Purpose Vehicle) or in furtherance the Guarantor for the purpose of effecting any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against a Change of Control occurs without the Borrower or any prior consent of the other Transaction Parties that, with other outstanding final judgments, undischarged, against Administrative Agent and the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000Majority Lenders; (j) if the Security Agreement or the Lien purported to be created thereby shall become or be adjudged by a court of competent jurisdiction to be invalid or enforceable against any Borrower for any reason other than any action taken by the Administrative Agent or any Lender or the failure of the Loan Documents Administrative Agent or any Lender to take any action within its control; (k) one or more judgments or decrees shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the entered against a Borrower or any of its Restricted Subsidiaries (other than a Special Purpose Vehicle) involving a liability (to the other Transaction Parties party thereto extent not paid when due or covered by a reputable and solvent insurance company (with any portion of any judgment or decree not so covered to be included in any determination hereunder)) equal to or in excess of $20 Million Dollars for all such judgments and decrees and all such judgments or decrees shall either be final and non-appealable or shall not have been vacated, discharged or stayed or bonded pending appeal for any period of 30 consecutive days; (l) TAL Group, any Borrower or any of their respective stockholdersRestricted Subsidiaries fails to make any payment when due (beyond the applicable grace or cure period with respect thereto, if any) or defaults in the observance or performance (beyond the applicable grace or cure period with respect thereto, if any) of any payment obligation, or any court other agreement or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs covenant with respect to a Guaranteed Pension Plan: the Indebtedness that, individually or in the aggregate for all such Persons, exceeds Twenty Million Dollars (i$20,000,000) an ERISA Reportable Event, or a failure to make a required installment or other payment (within and the meaning of ss.302(f)(1holder(s) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of Indebtedness have accelerated such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysIndebtedness; (m) there any law, rule or regulation shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemyrender invalid, or preclude enforcement of, any material provision of this Credit Agreement, the Guaranty or any other casualtyLoan Document or impair performance of the obligations of any Borrower or TAL Group under this Credit Agreement or under any other Loan Document, which in any such case causeseach case, for more any reason other than fifteen (15) consecutive days, any action taken by the cessation Administrative Agent or substantial curtailment of revenue producing activities at any facility Lender or the failure of the Borrower Administrative Agent or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance Lender to take any action within its control; and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g) or Sections 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankAdministrative Agent.

Appears in 1 contract

Sources: Credit Agreement (TAL International Group, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans, the commitment feeCommitment Fee, any Letter of Credit Fee, the Agent's ’s fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment within five (5) days of the due date thereof; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8§§9.4, 9 the first sentence of 9.6, 9.9.1, 10.1-10.6, 10.8, 10.16, or 1011; (d) any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§14.1) for twenty (20) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases or Synthetic Leases in excess of $5,000,000 in the aggregate2,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, or Synthetic Leases for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries or of any substantial part of the assets of any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries or shall commence any case or other proceeding relating to any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against any of the Parent Companies, the Borrower or any of their Subsidiaries and any of the other Transaction Parties and Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any Parent Company, the Borrower or any of the other Transaction Parties such Subsidiary in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0002,000,000 excluding any portion covered by insurance; (ji) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or (ii) the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent’s security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 500,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of any Parent Company, the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of any Parent Company, the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (op) any of the Parent Companies, the Borrower or any of the other Transaction Parties their Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against any of the Parent Companies, the Borrower or any the other Transaction Partiesof their Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of any Parent Company, the Borrower or such other Transaction Party Subsidiary included having a fair market value in excess of $1,000,000500,000; or (pq) Digitas shall at any time, legally or beneficially own directly or indirectly less than 100% of the shares of the common stock or other equity interests of each of its Subsidiaries, except with respect to any foreign Subsidiary, if such 100% ownership is not permitted by the laws of the jurisdiction of its incorporation or formation, less than the sum of (i) 100% of the shares of the common stock or other equity interests of each of such foreign Subsidiaries minus (ii) the minimum number of shares required to comply with applicable law; or (r) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired after the Closing Date beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty twenty percent (3020%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Digitas; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§14.1(g), 14.1(h) or 13.1(h14.1(j)(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Digitas Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) 12.1.1. the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) 12.1.2. the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) 12.1.3. the Borrower shall fail to comply with any of its covenants covenant contained in ss.8, 9 or 10Section 7.17; (d) 12.1.4. the Borrower shall fail to comply with any covenant contained in Section 9, and such failure shall continue for 30 days after written notice thereof shall have been given to the Borrower by the Agent; 12.1.5. the Borrower or any of its Subsidiaries or the other Transaction Parties Guarantor shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (e) 12.1.6. any representation or warranty made by or on behalf of the Borrower Borrower, its General Partner, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) 12.1.7. the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatereceived, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) 12.1.8. the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries, (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (2) shall commence any case or other proceeding relating to the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; 12.1.9. a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any of its general partners, the Guarantor or any such of the Borrower's Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 90 days following the filing or commencement thereof; (h) 12.1.10. a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) 12.1.11. there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower Borrower, any of its general partners, the Guarantor or any of the other Transaction Parties Borrower's Subsidiaries exceeds in the aggregate $5,000,00010,000,000.00; (j) 12.1.12. if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or Borrower, any of its general partners, the Guarantor, any of the other Transaction Parties party thereto Borrower's Subsidiaries or any of their respective stockholders, partners or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) 12.1.13. any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower, any of its general partners or the Guarantor, or any sale, transfer or other disposition of the assets of the Borrower, any of its general partners or the Guarantor, other than as permitted under the terms of this Agreement or the other Loan Documents; 12.1.14. any suit or proceeding shall be filed against the Borrower, the Guarantor or any of their respective assets, which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if adversely determined, would have a materially adverse affect on the ability of the Borrower or the Guarantor to perform each and every one of its respective obligations under and by virtue of the Loan Documents; 12.1.15. the Borrower, any ERISA Affiliate incurs any liability to of its general partners, the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of the following occurs Borrower's or the Guarantor's Subsidiaries shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person; 12.1.16. with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, any of its general partners, the Guarantor or any of the Borrower's Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) 12.1.17. the Borrower Guarantor denies that it has any liability or obligation under the Guaranty, or shall notify the Agent or any of the other Transaction Parties Banks of the Guarantor's intention to attempt to cancel or terminate the Guaranty, or shall be enjoinedfail to observe or comply with any term, restrained covenant, condition or in any way prevented by agreement under the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysGuaranty; 12.1. 18. (m1) there shall occur any strikeat least two of Rich▇▇▇ ▇▇▇▇▇▇▇▇▇, lockout▇▇hn ▇. ▇▇▇▇ ▇▇▇ Gera▇▇ ▇▇▇▇▇▇▇ ▇▇▇ll not collectively occupy two of the following positions: Chairman of the Board, labor disputeChief Executive Officer, embargo, condemnation, act Vice-Chairman and President of God or public enemyGuarantor, or other casualty(2) Rich▇▇▇ ▇▇▇▇▇▇▇▇▇, which ▇▇hn ▇. ▇▇▇▇ ▇▇▇ Gera▇▇ ▇▇▇▇▇▇▇ ▇▇ the aggregate shall no longer own units in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or shares in Guarantor which, on a combined basis, equal to at least a ten percent (10%) economic interest in the Borrower (provided, however, in the event that the circumstances described in (1) or (2) have occurred as a result of the death or mental incapacity of any of such Persons, the other Transaction Parties if same shall not constitute an Event of Default hereunder so long as within six (6) months from the date of such event death or circumstance is not covered by business interruption insurance mental incapacitation the Majority Banks shall have approved the individual or individuals who shall replace such Person as the Chairman of the Board, Chief Executive Officer, Vice-Chairman or President, as applicable, of Guarantor and would have a material adverse effect on the business or financial condition of who shall own such interests in the Borrower and Guarantor), or (3) without the other Transaction Parties, considered as a whole; (n) prior written approval of the Majority Banks there shall occur be any other material change in the loss, suspension management of Guarantor or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Crescent Real Estate Equities Inc)

Events of Default and Acceleration. If any of the following events (each, an "Events of DefaultEVENT OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULT") shall occur: (a) the Borrower 9.1.1 The Company shall fail to pay any principal of the Loans Convertible Notes or any Reimbursement Obligation fees due hereunder when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties 9.1.2 The Company shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, Convertible Notes or other sums due hereunder or under any of the other Loan Transaction Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, in each case within ten (10) Business Days after the same shall become due and payable; (c) the Borrower 9.1.3 The Company or any of its Subsidiaries shall fail to comply with any of its covenants contained in ss.8, 9 or 10ARTICLE VIII hereof; (d) the Borrower or any of the other Transaction Parties 9.1.4 The Company shall fail to perform any other term, covenant or agreement contained herein (other than those set forth in SECTIONS 9.1.1, 9.1.2 or 9.1.3 above) or in any of the other Loan Transaction Documents (other than those specified elsewhere in this ss. 13.1SECTION 9.1) for twenty thirty (2030) days after the Company's receipt of written notice of sucH such failure has been given to the Borrower by the Agentfrom a Purchaser; (e) any 9.1.5 Any representation or warranty of the Borrower Company in this Agreement or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties 9.1.6 The Company shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, creditors or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties Company or of any substantial part of the assets of the Borrower or any of the other Transaction Parties Company or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties Company and the Borrower or any of the other Transaction Parties Company shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a 9.1.7 A decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties Company bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties Company in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, (a) A Majority Interest then outstanding, so long voting together as the same may be continuinga single class, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Company, elect to declare the entire unpaid principal amount of the Convertible Notes plus all amounts owing with respect to this Credit Agreement, the Notes interest accrued and the other Loan Documents unpaid thereon and all Reimbursement Obligations other amounts payable under this Agreement to bebe forthwith due and payable, whereupon all such accrued interest and they all such amounts shall thereupon become and be forthwith become, immediately due and payable (unless there shall have occurred an Event of Default under SECTION 9.1.6 or SECTION 9.1.7 above, in which case all such amounts shall automatically become due and payable), without presentment, demand, protest or other further notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that Company, and (b) In the case of events of default under SECTION 9.1.1 or SECTION 9.1.2 above, each Purchaser may proceed to protect and enforce its rights by suit in the event equity, action at law and/or other appropriate proceeding either for specific performance of any Event covenant, provision or condition contained or incorporated by reference in this Agreement or in aid of Default specified the exercise of any power granted in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bankthis Agreement.

Appears in 1 contract

Sources: Convertible Note Purchase Agreement (Front Porch Digital Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a1) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when after the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b2) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any other fees or sums due hereunder or under any of the other Loan Documents, within two ten (210) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c3) the Borrower or the Guarantor shall fail to comply with any of its covenants covenant contained in ss.8Section 9, 9 or 10and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrower by the Agent; (d4) the Borrower or the Guarantor or any of the other Transaction Parties its Subsidiaries shall fail to perform any other material term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) Section 12), and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; provided, however, that in the event that such failure shall be a failure to comply with the terms of Section 8.7(a), the Borrower shall be afforded a period of one (1) fiscal quarter to cure such failure provided that the Distribution which caused such failure was historically consistent with prior dividends; (e5) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f6) the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; provided that the events described in this Section 12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this Section 12.1(f), involve singly or in the aggregate obligations for borrowed money or credit received totaling in excess of $5,000,000.00; (g7) the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (8) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (h9) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i10) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (3060) days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,0001,000,000.00; (j11) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or Borrower, the Guarantor, any of the other Transaction Parties party thereto their respective Subsidiaries or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k12) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or the Guarantor or any of their respective Subsidiaries or any sale, transfer or other disposition of the assets of the Borrower or any ERISA Affiliate incurs of its Subsidiaries other than as permitted under the terms of this Agreement or the other Loan Documents; (13) any liability to suit or proceeding shall be filed against the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; Borrower, the Borrower Guarantor or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, their respective Subsidiaries or any of the Mortgaged Properties which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto -84- 92 and based on the information available to them if adversely determined, would have a materially adverse effect on the ability of the Borrower, the Guarantor or any of their respective Subsidiaries to perform each and every one of its obligations under and by virtue of the Loan Documents and such suit or proceeding is not dismissed within sixty (60) days following occurs the filing or commencement thereof; (14) the Borrower shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person, including the Mortgaged Property; (15) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; Plan or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l16) without the Borrower or any prior written approval of the other Transaction Parties Agent, Joel ▇▇▇▇▇▇▇▇▇▇, ▇▇nn▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ch▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇uc▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ Mich▇▇▇ ▇▇▇▇, ▇▇eir family members or estate planning trusts established for their benefit, shall be enjoinedin the aggregate own, restrained directly or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more indirectly, less than thirty five percent (305%) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower issued and outstanding partnership interests or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition shares of the Borrower and the other Transaction Parties, considered as Guarantor on a wholeConsolidated basis; (n17) there shall occur either of the loss, suspension President or revocation of, or failure to renew, any license or permit now held or hereafter acquired Chief Executive Officer of the Borrower approved by the Majority Banks as of the date of this Agreement shall cease to be the President or Chief Executive Officer, as applicable, of the Borrower or and a competent and experienced successor for such Person shall not be approved by the Agent within six (6) months of such event, such approval not to be unreasonably withheld; (18) any Event of Default, as defined in any of the other Transaction Parties if such lossLoan Documents, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000occur; or (p19) any person or group "Event of persons Default" (within as defined in the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amendedUnsecured Term Loan Agreement) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower (i) declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in Borrower and (ii) require the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.Borrower to

Appears in 1 contract

Sources: Master Revolving Credit Agreement (Ramco Gershenson Properties Trust)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of of, or interest on, the Loans Term Loan or any Reimbursement Obligation other sums due hereunder or under the other Loan Documents, when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower Guarantor shall fail to comply with any of its covenants contained in ss.8Section 6 (other than those specified in Section 10.1(c)), 9 Section 7 or Section 8 hereof; (c) the Borrower or any Guarantor shall fail to comply with any of its covenants contained in Sections 6.3 through 6.5 hereof, the second sentence of Section 6.6 hereof, or Sections 6.8 through 6.14 hereof and such failure shall continue for ten (10) days; (d) the Borrower or any of the other Transaction Parties Guarantor shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 10) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower or such Guarantor by the AgentLender; (e) any representation or warranty of any Guarantor or the Borrower or any of the other Transaction Parties in this Credit Agreement or Loan Agreement, any of the other Loan Documents Documents, or in any other document or instrument delivered pursuant to or in connection with this Credit Loan Agreement or any other Loan Document shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedmade; (f) any Guarantor or the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases in excess, which obligations exceed $5,000,000 individually or in the aggregate, of $3,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in excess, individually or in the aggregate, of $3,000,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) thereof provided that if the Borrower or any of the other Transaction Parties Guarantors fails to perform the covenant set forth in Section 5.18 of the Senior Indenture, such failure shall not constitute an Event of Default under this clause (f) if the Borrower or such Guarantor and the Holders (as defined in the Senior Indenture) are negotiating a waiver of such default under the Senior Indenture diligently and in good faith and such waiver is obtained or such default is cured within thirty (30) days; (g) any Guarantor or the Borrower shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of any Guarantor or the Borrower or any of the other Transaction Parties or of any substantial part of the assets of any Guarantor or the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to any Guarantor or the Borrower or any of under the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against any Guarantor or the Borrower and any Guarantor or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any Guarantor or the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any Guarantor or the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Guarantors or the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Guarantors and the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,0003,000,000; (j) if any one or more of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's, BKB's, or the Lender's security interests, mortgages or liens in the Vessel shall cease to be perfected, or shall cease to have the priority contemplated by the Vessel Mortgage, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLender, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties Guarantors or the Borrower party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Lender shall have determined in its reasonable discretioN discretion that such event (A) could reasonably would be expected to result in liability of the Borrower or any of the Guarantors to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties Guarantors or the Borrower shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, the Vessel or any material assets of the Borrower, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties Guarantors or the Borrower if such event or circumstance is not covered by business interruption insurance and would reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower ▇▇▇▇▇ and the other Transaction Parties, considered as its Restricted Subsidiaries on a wholeconsolidated basis; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties Guarantors or the Borrower if such loss, suspension, revocation or failure to renew would reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower ▇▇▇▇▇ and the other Transaction Parties, considered as its Restricted Subsidiaries on a wholeconsolidated basis; (o) the Borrower or any of the other Transaction Parties Guarantors or the Borrower shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against any of the Guarantors or the Borrower or by any the other Transaction PartiesGovernmental Authority, a punishment for which in any such case could include the forfeiture of any assets of such Guarantor or the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or1,500,000; (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) ▇▇▇▇▇ shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own own, directly or indirectly, less than one hundred percent (100%) of the shares common stock of the Borrower, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital stock of Hadco Santa Clar▇ such corporation; (on q) the Lender shall have received a fully diluted basis)report by the American Bureau of Shipping or any other classification society, or by any marine engineer or surveyor following an inspection at the request of the Lender, that the Vessel is not in compliance with the requirements of applicable law for use as intended and action shall not have been commenced within fifteen (15) days after written notice thereof shall have been given by the Lender to the Borrower and such corrective action shall not be diligently prosecuted or completed in a manner and time schedule consistent with industry standards; or (r) any "Event of Default" under and as defined in the Parent Credit Agreement shall have occurred and be continuing or any "Default" under and as defined in the Parent Credit Agreement shall have occurred and be continuing; provided that until such "Default" under the Parent Credit Agreement constitutes an "Event of Default" thereunder, it shall constitute a Default, but not an Event of Default hereunder; then, and in any such event, so long as the same may be continuing, the Agent Lender may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Loan Agreement, the Notes Note and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrower and the Guarantors; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSection 10.1(g) or 13.1(h)Section 10.1(h) hereof, all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankLender.

Appears in 1 contract

Sources: Term Loan Agreement (Moran Transportation Co)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day date on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Sections 9.4, 9 9.5, the first sentence of 9.6, 9.7, 9.9, 9.12, 10 or 1011; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered by the Borrower or any of its Subsidiaries pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate1,500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount in excess of $5,000,000 in the aggregate1,500,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have an immediate right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, unsatisfied or unstayed, against the Borrower or any of its Subsidiaries, exceeds insurance coverage applicable thereto for which the other Transaction Parties exceeds relevant insurance carrier has accepted liability by $1,000,000 or more, in the aggregate $5,000,000aggregate; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Administrative Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms hereof or thereof or with the express prior written agreement, consent or approval of the BanksRequired Lenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholdersthereto, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in any material respect against the Borrower or any of its Subsidiaries in accordance with the terms thereofthereof (other than as a result of the application of general principals of equity); (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected is reasonably likely to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could is reasonably likely to constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty fifteen (3015) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (o) the Borrower or any a Change of the other Transaction Parties Control shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000occur; or (p) any person or group of persons (within ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ shall cease to be the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities President and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock Chief Executive Officer of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute and a successor President and Chief Executive Officer approved by a majority of the board Board of directors Directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); shall not have been appointed within 60 days. then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 14.1(g) or 13.1(h14.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Buca Inc /Mn)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower Borrowers or any of the other Transaction Parties their Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two three (23) Business Days after days following the day on date upon which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) any of the Borrower Borrowers shall fail to comply with any of its covenants contained in ss.8Sections 8.1, 8.4, 8.5.1, the first sentence of 8.6, 8.7, 8.12, 8.14, 8.15, 8.17, 9 (other than 9.7 and 9.9) or 10; (d) any of the Borrower Borrowers or any of the other Transaction Parties their Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower Borrowers by either of the Administrative Agent (such grace period to be applicable only in the event such Default can be remedied by corrective action of the Borrowers as determined by the AgentAdministrative Agent in its sole discretion); (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, the Senior Notes or any obligations obligation for borrowed money or credit received or Indebtedness with an aggregate outstanding principal amount in respect excess of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate25,000,000, or fail to observe or perform any material term, covenant or agreement contained in the Senior Note Agreement or the Senior Notes or any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or Indebtedness with an aggregate outstanding principal amount in respect excess of any Capitalized Leases exceeding $5,000,000 in the aggregate, 25,000,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the any Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, receiver or receiver administrator of the such Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the such Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the such Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the such Borrower or any of the other Transaction Parties its Subsidiaries and the such Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or liquidator, receiver or administrator or adjudicating the any Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the any Borrower or any Subsidiary of the other Transaction Parties any Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) sixty days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the any Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00025,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or contest the Administrative Agent's security interests and liens in any portion of the Collateral or the priority of the Administrative Agent's security interests and liens in any portion of the Collateral contemplated by the Security Documents, shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the 25,000,000, or any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,00025,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the any Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 25,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysdays and such restraint or enjoinment or similar restriction by any Governmental Authority would have a Material Adverse Effect; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on Material Adverse Effect; (n) an Event of Default shall have occurred under the business Kmart Indemnity such that Kmart shall have the right thereunder to exercise the rights granted to it pursuant to Sections 3(c)(ii) or financial condition Sections 3(c)(iii) thereof in respect of the Borrower and the other Transaction Parties, considered more than two (2) Premises (as a wholesuch term is defined therein); (o) the Borrower or any a Change of the other Transaction Parties Control shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each of the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(g) or 13.1(h(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender. Upon written demand by the Required Lenders after the occurrence of any Event of Default, and automatically without the necessity of demand in the event of any Event of Default specified in Section 13.1(g) or Section 13.1(h), the applicable Borrower(s) shall immediately provide to the Administrative Agent cash in an amount equal to the aggregate LC Exposure to be held by the Administrative Agent as Cash Collateral in respect of such LC Exposure.

Appears in 1 contract

Sources: Multicurrency Revolving Credit Agreement (Borders Group Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the any Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation reimbursement of payments under Letters of Credit when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the any Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which days of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the REIT or any Borrower or other Obligor shall fail to comply with any of its covenants covenant contained in ss.8Section 7.7. Section 7.9, 9 Section 7.17, Section 8 or 10Section 9; (d) the Borrower or any of the other Transaction Parties Obligor shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) Section 12.1), and such failure shall continue for twenty (20) 30 days after an executive or financial officer of the REIT or any Borrower shall have actual knowledge thereof or written notice of sucH failure has thereof shall have been given to the Borrower REIT and the Borrowers by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties Obligor in this Credit Agreement or any of the other Loan Documents Document or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; PROVIDED, that, if such false representation or warranty shall have been made without any Obligor having actual knowledge of its falsehood, such falsity shall continue for 15 days after an executive or financial officer of the REIT or any Borrower shall have actual knowledge thereof or written notice thereof shall have been given to the REIT and the Borrowers by the Administrative Agent; (f) with respect to (i) any Indebtedness other than Non-recourse Indebtedness valued in the aggregate in excess of $10,000,000 or (ii) any Non-recourse Indebtedness valued in the aggregate in excess of $25,000,000, the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the REIT, any Borrower or any such of their 83 Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the REIT, any Borrower or any of the other Transaction Parties its Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 30 days, whether or not consecutive, any uninsured final judgment against the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the REIT, any Borrower or any of the other Transaction Parties their Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (jk) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Obligor or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the REIT, any Borrower or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan;; 84 (lm) the REIT, any Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties their Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the any Borrower or such other Transaction Party having a fair market value any Subsidiaries included in excess of $1,000,000; orthe Borrowing Base Property; (pn) the REIT shall cease to own directly or indirectly at least 51% of the voting partnership interests and total equity interests of any person or group Borrower; (o) at any time following a public offering of persons (common stock of the REIT, any Person, together with "affiliates" and "associates" of such Person within the meaning of Section 13 or 14 Rule 12b-2 of the Securities Exchange Act Act, or any "group" including such Person under sections 13(d) and 14(d) of 1934the Exchange Act, as amendedother than New England Teamsters and Trucking Industry Pension Fund and the individuals described in subsection (q) below (and other than an underwriter or group of underwriters during the underwriting period for such a public offering), shall have acquired acquire beneficial ownership (within the meaning of Rule 13d-3 promulgated by of the Securities and Exchange Commission under said Act) Act of thirty percent (30%) 33% or more of the outstanding shares voting stock or total equity capital of the REIT; (i) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇ shall cease to be Chief Executive Officer of the Borrowers or shall cease to be actively involved in the executive management of the Borrowers; and (ii) ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ shall cease to be Chief Financial Officer of the Borrowers or shall cease to be actively involved in the executive management of the Borrowers; (q) Prudential or any other holder of preferred or common stock of the BorrowerREIT shall become entitled pursuant to Section 9.2 of the Prudential 1999 Securities Agreement to demand rescission of all or any portion of the securities subject to such agreement and shall demand such rescission; (r) Prudential or any other holder of Equity Interests of the REIT or any holder of Equity Interests of Heritage OP or ▇▇▇▇▇▇▇ OP (excluding the holders of limited partnership units of the ▇▇▇▇▇▇▇ OP outstanding on the Initial Closing Date) shall exercise the right under Section 4 of the Prudential Stockholders Agreement or other applicable agreement to require the REIT or, as the case may be, Heritage OP or ▇▇▇▇▇▇▇ OP to repurchase all or a portion of the Equity Interests of such holder; PROVIDED, that such exercise shall not constitute an Event of Default if (i) such exercise is conditioned upon compliance with Section 8.8 or (ii) such right can be satisfied with Distributions permitted under Section 8.8 and, in either case, no other Default or Event of Default shall have occurred and be continuing or will exist immediately after the payment required to make such repurchase; (s) there shall occur any "Event of Default" as defined in Section 501 of the MTN Indenture, as amended by the MTN Supplemental Indentures; or, during (t) there shall occur any period "Event of twelve consecutive calendar months, individuals who were directors Default" as defined in Section 12 of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); REIT Subordinated Term Loan Agreement then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower REIT and the Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable and require the Borrowers immediately to deposit with the Administrative Agent in cash an amount equal to the then Letter of Credit Exposure (which cash shall be held and applied to reimbursement of Letter of Credit payments, in each case) without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(g), Section 12.1(h) or 13.1(hSection 12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of the Agent Lenders or any Bankthe Administrative Agent.

Appears in 1 contract

Sources: Revolving and Term Credit Agreement (Heritage Property Investment Trust Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, ss. ss. 9 or 1010 or any Guarantor shall fail to comply with any of its covenants in the Guaranty; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss.than 13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the AgentLender; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties Guarantor in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement or the Guaranty shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedmade; (f) the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties Guarantor shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor or of any substantial part of the assets of the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor or shall commence any case or other proceeding relating to the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor and the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (hg) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (jh) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLender, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties Guarantor party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent Lender may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gss. ss. 13.1(f) or 13.1(h13.1(g), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (DSL Net Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants covenant contained in ss.8Section 9.3, 9 in which event, subject to the provisions of Section 12.1A, the Borrower shall have the cure period or 10periods provided in Section 12.1B; (d) the Borrower shall fail to comply with any covenant contained in Section 9.1, Section 9.2, Section 9.4 or Section 9.5 and such failure shall continue for 30 Business Days after written notice thereof shall have been given to the Borrower by the Agent; (e) the Borrower, any of its Subsidiaries, any Guarantor or any of the other Transaction Parties party shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12.1); (ef) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatereceived, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; provided that the events described in this Section 12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this Section 12.1(g), involve singly or in the aggregate obligations for borrowed money or credit received totaling in excess of $10,000,000; (gh) the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor, (A) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (B) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (C) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any such of its Subsidiaries or any Guarantor or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of its Subsidiaries or any Guarantor, in each case of the other Transaction Parties foregoing in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries or any Guarantor exceeds in the aggregate $5,000,0001,000,000.00; (jl) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower Borrower, any of its Subsidiaries or any of the other Transaction Parties party thereto Guarantor or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or thereof in any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with material respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan as determined by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysMajority Banks; (m) there shall occur any strikedissolution, lockouttermination, labor disputepartial or complete liquidation, embargo, condemnation, act of God merger or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility consolidation of the Borrower or any of its Subsidiaries or any Guarantor, or any sale, transfer or other disposition of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition assets of the Borrower and or any of its Subsidiaries or any Guarantor, other than as permitted under the terms of this Agreement or the other Transaction Parties, considered as a wholeLoan Documents; (n) there any suit or proceeding shall occur be filed against the loss, suspension or revocation of, or failure to renewBorrower, any license of its Subsidiaries, any Guarantor, any of the Mortgaged Property, any other Collateral or permit now held any Collateral Property which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or hereafter acquired by proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if adversely determined, would have a materially adverse affect on the ability of the Borrower or any the Guarantor to perform each and every one of their respective obligations under and by virtue of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeLoan Documents; (o) the Borrower or any of the other Transaction Parties Guarantor shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that Guarantor included in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.Mortgaged Property;

Appears in 1 contract

Sources: Revolving Credit Agreement (Wellsford Real Properties Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after days following receipt of written notice from the day Agent, on which date the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, Section 9 or Section 10; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 10,000,000 in the aggregate, or fail to observe or perform in any material respect any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding Leases, which exceed $5,000,000 10,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) sixty days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (j) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability in connection with a termination of a Guaranteed Pension Plan to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 5,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0005,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided PROVIDED that the Agent determines in its reasonable discretioN discretion that such event (A) could reasonably be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000 and (B) could constitute grounds would present a material risk for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such PlanGuaranteed Pension Plan and such proceedings have not been dismissed within sixty (60) days following the date of such institution; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any assets of the Borrower or its Subsidiaries, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered its Subsidiaries taken as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which Change in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock Control of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(g), 13.1(h) or 13.1(h13.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Michaels Stores Inc)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation Loan when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the LoansLoan, the commitment fee, any Letter of Credit Closing Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8, 9 Sections 6 or 107; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 10.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the AgentLender; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Loan Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Loan Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or any Insolvency Event shall occur, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five fourteen (4514) days following the filing thereof; (h) the Borrower or any of its Subsidiaries organized in Germany shall become obligated to file for bankruptcy proceedings pursuant to Section 64 of the GmbH Act; (i) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty fourteen (3014) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000200,000; (jk) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Lender's security interests or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLender, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 50,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,00050,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided PROVIDED that the Agent Lender determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 50,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty fourteen (3014) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, causes the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have in the opinion of the Lender a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have in the opinion of the Lender a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole;or such Subsidiary; and (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state fail to observe or federal crimeperform, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of material respect, any assets covenant, agreement or obligation contained in any of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower Merger Documents or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Bridgestone Acquisition Documents; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, Lender may by notice in writing to the Borrower declare all amounts owing with respect to this Credit Loan Agreement, the Notes Note and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(hSections 10.1(g), 10.1(h), 10.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankLender.

Appears in 1 contract

Sources: Loan Agreement (Applied Opsec Corp)

Events of Default and Acceleration. If any of the following events ("subject to §12.2, “Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with perform any of its covenants term, covenant or agreement contained in ss.8, 9 or 10§9; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involves (i) any Recourse Indebtedness, or (ii) obligations for Non-Recourse Indebtedness singly or in the aggregate totaling in excess of $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, involves any Recourse Indebtedness or Non-Recourse Indebtedness singly or in the aggregate totaling in excess of $20,000,000.00); (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if ; provided that the events described in this §12.1(g) as to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; provided that the events described in this §12.1(h) as to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; provided that the events described in this §12.1(i) as to any Subsidiary of the Borrower that is not a Guarantor shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00 (or if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $20,000,000.00) per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement, or to contest or challenge the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantors, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs [reserved]; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole[reserved]; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Transaction Parties shall be indicted for a state or federal crimeLoan Document, or shall fail to observe or comply with any civil term, covenant, condition or criminal action shall otherwise have been brought or threatened against the Borrower agreement under any Guaranty or any the other Transaction PartiesLoan Document; (p) [reserved]; (q) [reserved]; (r) REIT shall fail to comply at any time with all requirements and applicable laws and regulations necessary to maintain REIT Status and shall continue to receive REIT Status; (s) REIT shall fail to comply, a punishment for which in any such case could include the forfeiture material respect, with any SEC reporting requirements; (t) any Change of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000Control shall occur; or (pu) an Event of Default under any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) other Loan Documents shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallLenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h)12.1(i) shall occur with respect to the Borrower, REIT or any Subsidiary Guarantor, all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, the Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by the Agent or the Majority Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by the Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by the Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to the Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at the Agent’s sole discretion, the Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 1 contract

Sources: Senior Secured Revolving Credit Agreement (American Realty Capital Healthcare Trust II, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feeFees, or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after the day on which of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8(S)(S)8.1, 8.4, 8.5.1, the first sentence of 8.6, 8.12, 8.13, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateLease, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding Lease in each case in excess of $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Significant Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Significant Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Significant Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Significant Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Significant Subsidiaries and the Borrower or any of the other Transaction Parties its Significant Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Significant Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective its stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 10,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,00010,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1(S)302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 10,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties its Significant Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Significant Subsidiaries if such event or circumstance is not covered by business interruption insurance and would could reasonably be foreseen to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (o) the Borrower or any a Change of the other Transaction Parties Control shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g(S)(S)13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 1 contract

Sources: Senior Unsecured Revolving Credit Agreement (Barnes Group Inc)

Events of Default and Acceleration. If any of the following events ---------------------------------- ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, time "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation Loan when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loan or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or any of its Subsidiaries shall fail to comply with any of its covenants contained in ss.8(S)5, 9 (S)6 or 10(S)7 hereof or any of the covenants contained in any other Loan Documents; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)11) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the AgentLender; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove is determined by the Lender to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatecapitalized leases, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, capitalized leases for such period of time as would permit (assuming the giving of appropriate notice if required) , the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereofSubsidiaries; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any uninsured final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000100,000.00; (ji) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, rescinded or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersBorrower, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kj) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Lender shall have determined in its reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the on such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 100,000.00 and (Bi) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States PBGC or District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (ii) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lk) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; orSubsidiaries; (pl) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) there shall have acquired beneficial ownership (within occurred any material adverse change, in or to the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) assets, liabilities, financial condition, or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors business operations of the Borrower or any of its Subsidiaries; (m) any change in the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares ownership of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)the Borrower, other than transfers amongst the existing stockholders as of the date hereof; then, and in any such event, so long as the same may be continuing, the Agent Lender may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Borrower, declare all amounts owing with respect to this Credit Agreement, the Notes Note and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, demand protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of -------- Default specified in ss.ss.13.1(g) or 13.1(h(S)11.1(g), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankLender.

Appears in 1 contract

Sources: Term Loan Agreement (Periscope Sportswear Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment (including, without limitation, amounts due under §2.7 and §3.8); (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan DocumentsDocuments (including, within two (2without limitation, amounts due under §8.17) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure continues for five (5) days; (c) the any Borrower or any Guarantor or any of their respective Subsidiaries shall fail to comply with any of its their respective covenants contained in ss.8§§8.1, 8.6, 8.7, 8.8, 8.9, 8.12, 8.21, 8.22, 8.23, 9 or 10; (d) the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents Document (other than those specified elsewhere in this ss. 13.1§13) and such failure continues for twenty thirty (2030) days after written notice of sucH failure has been given to the Borrower by the Agentdays; (e) any representation or warranty of the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any Guarantor or any of the other Transaction Parties their respective Subsidiaries shall (i) fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, Leases (x) in respect of any Recourse obligations or credit or (y) in respect of any Without Recourse obligations or credit which obligations exceed total in an aggregate amount in excess of $5,000,000 in the aggregate, 7,500,000; or (ii) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding (x) in respect of any Recourse obligations or credit or (y) in respect of any Without Recourse obligations or credit in an aggregate amount in excess of $5,000,000 7,500,000, in the aggregate, either case for such period of time as would permit (assuming after the giving of appropriate notice if required) as would permit the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or an "Event of Default" shall petition or apply for occur and be continuing under the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN Note Purchase Agreement that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Planpermits acceleration; or (iii) default in any payment obligation under a Hedge Agreement, and such default shall continue after any applicable grace period contained in such Hedge Agreement or any other agreement or instrument relating thereto or (iv) becomes obligated to purchase or repay Indebtedness (other than the institution Obligations) before its regular maturity or before its regularly scheduled dates of payment in an aggregate principal amount of at least $7,500,000, as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests or the exercise by the PBGC of proceedings to terminate such Plan; (l) the either Borrower or any Subsidiary of the other Transaction Parties shall be enjoined, restrained a contractual right to prepay such Indebtedness) or in (iv) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there event shall occur which results in a demand to SALP from any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in Joint Venture Lender for any such case causes, for more than fifteen single payment (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amendedrelated payments) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa ClarL▇▇▇(on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of Indemnity Agreement which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bankexceeds $1,000,000.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)

Events of Default and Acceleration. If any of the following events ("subject to §12.2, “Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether by mandatory prepayment, at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with perform any of its covenants term, covenant or agreement contained in ss.8, 9 or 10§9; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this §12.l(f), involves (i) any Recourse Indebtedness singly or in the aggregate totaling in excess of $25,000,000 (provided, that solely for the purposes of this §12(f), Recourse Indebtedness shall include the Borrower’s obligations under the Incentive Listing Note), or (ii) obligations for Non-Recourse Indebtedness singly or in the aggregate totaling in excess of $100,000,000.00; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, monitor, receiver, receiver-manager, or receiver of the Borrower similar official for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law Insolvency Law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, ; provided that the events described in this §12.1(g) as to any Subsidiary of the Borrower that is not a Guarantor or if an Approved JV shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor or an Approved JV (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator, monitor, receiver, receiver-manager, or similar official of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any Insolvency Law of any jurisdiction, now or hereafter in effect, and any of the other Transaction Parties and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; provided that the events described in this §12.1(h) as to any Subsidiary of the Borrower that is not a Guarantor or an Approved JV shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor or an Approved JV (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator liquidator, receiver, monitor, receiver-manager, or receiver or adjudicating similar official for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws any Insolvency Law; provided that the events described in this §12.1(i) as now to any Subsidiary of the Borrower that is not a Guarantor or hereafter constitutedan Approved JV shall not constitute an Event of Default unless the value of the assets of any such Subsidiary or Subsidiaries that is not a Guarantor or an Approved JV (calculated, to the extent applicable, consistent with the calculation of Consolidated Total Asset Value) subject to an event or events described in §12.1(g), 12.1(h) or 12.1(i) individually exceeds $5,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $15,000,000.00) or in the aggregate exceeds $10,000,000.00 (or, if the Consolidated Tangible Net Worth equals or exceeds $750,000,000.00, $30,000,000.00); (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00035,000,000.00 per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement, or to contest or challenge the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower Borrower, any of the Guarantors or any of the other Transaction Parties party thereto or any of their respective stockholdersApproved JVs, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any default, material misrepresentation or breach of warranty in the Subordination and Standstill Agreement by the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000Special Limited Partner; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 35,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Senior Secured Credit Agreement (Healthcare Trust, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of of, or interest on the Loans or any Reimbursement Obligation or any Letter of Credit Fee, commitment fee, or other fee or expense hereunder when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under comply with any of the other Loan Documentstheir covenants contained in ss.ss.11.5, within two (2) Business Days after the day on which the same shall become due and payable11.6(a), whether at the stated date of maturity 11.7, 11.12, 11.13, 12 or any accelerated date of maturity or at any other date fixed for payment13; (c) the Borrower shall fail to comply with or any of its covenants contained Subsidiaries shall, in ss.8any material respect, 9 or 10; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.116.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agentoccurrence thereof; (ed) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fe) the Borrower or any of its Subsidiaries shall default in the other Transaction Parties shall fail to pay at maturitypayment when due of any principal of or interest on any post-petition Indebtedness, or within any applicable period pre-petition Indebtedness if, by order of gracethe Bankruptcy Court issued with respect to such pre-petition Indebtedness, any obligations for borrowed money a default thereunder would entitle the holder thereof to relief from the automatic stay of ss.362 of the Bankruptcy Code in excess of $1,000,000 of such post-petition or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregatepre-petition Indebtedness, or fail to observe or perform any material term, covenant or agreement contained event specified in any agreement by which it is bound (excludingnote, howeveragreement, any such term, covenant indenture or agreement relating to the pledge or disposition of Margin Stock), other document evidencing or securing borrowed money any such Indebtedness shall occur if the effect of such event is to cause, or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming with the giving of appropriate notice if requiredor the lapse of time or both) to permit the holder or holders thereof of such Indebtedness (or a trustee or agent on behalf of any obligations issued thereunder such holder or holders) to accelerate the maturity thereof; (g) cause such Indebtedness to become due, or to be prepaid in full prior to its stated maturity; or the Borrower or any of its Subsidiaries shall default in the other payment when due of any amount in excess of $1,000,000 under any Derivative Transaction; or any event specified in any Derivative Transaction Parties to which the Borrower or any Subsidiary is a party shall make an assignment for occur if the benefit effect of creditorssuch event is to cause, or admit (with the giving of notice or the lapse of time or both) to permit, termination or liquidation payments in writing its inability respect of such Derivative Transaction in excess of $1,000,000 to pay or generally fail to pay its debts as they mature or become due; (f) the Borrower or a Guarantor shall be enjoined from conducting any part of its business as a debtor in possession, or there shall petition occur any disruption to such business, or apply for the appointment of a trustee there shall occur any loss or other custodian, liquidator change in any license or receiver permit of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of Guarantor, which in each such case would reasonably be expected to have a material adverse effect on the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcyand its Subsidiaries, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereofconsidered as a whole; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (jg) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded; or the Documentation Agent's or the Administrative Agent's, as appropriate, security interests in each case otherwise than any of the Collateral shall cease to be perfected or have the priority contemplated by the Security Documents, except in compliance with the provisions hereof, including, without limitation, ss.13.1 hereof, or with the express prior written agreement, consent or approval of the Banks, ; or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, thereto; or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kh) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000 or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mi) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemymaterial damage to, or other casualtyloss, theft or destruction of any material item of Collateral which is not insured or which is insured but as to which loss, theft or destruction, the insurance proceeds relating thereto have not been paid to the Documentation Agent, for the benefit of the Banks and the Agents, in accordance with the terms of the Security Documents; (j) the Bankruptcy Court shall enter any order (i) amending, supplementing, altering, staying, vacating, rescinding or otherwise modifying any Order, (ii) appointing a chapter 11 trustee or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in Section 1106(a)(3) and (4) of the Bankruptcy Code) under Section 1106(b) of the Bankruptcy Code in any such of the Cases, (iii) dismissing any of the Cases or converting any of the Cases to a chapter 7 case causesor (iv) granting relief from the automatic stay to any creditor holding or asserting a Lien or reclamation claim on a material portion (i.e., for more than fifteen (15$100,000 per creditor or $500,000 in the aggregate) consecutive days, of the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any a Guarantor or where the deprivation of the other Transaction Parties if Borrower or a Guarantor of such event or circumstance is not covered by business interruption insurance and assets would reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered as a whole; (k) the Bankruptcy Court shall fail to enter the Final Order within thirty (30) days of the Filing Date, such Final Order to be in form and substance satisfactory to the Agents; (l) an application shall be filed by the Borrower or a Guarantor for the approval of any other Super-Priority Claim in any of the Cases which is pari passu with or senior to the claims of the Agents and the Banks against the Borrower or a Guarantor hereunder or under any of the other Loan Documents (unless after giving effect to the transactions contemplated by such application, all Obligations (whether contingent or otherwise) shall be paid in full in cash and the Commitments shall be terminated), or there shall arise any such Super-Priority Claim; (m) the Borrower or a Guarantor shall be unable to pay its post-petition debts as they mature or shall fail to comply with any order of the Bankruptcy Court in any material respect; (n) there shall occur the loss, suspension remain undischarged for more than thirty (30) days any final post-petition judgment or revocation of, or failure to renew, any license or permit now held or hereafter acquired by execution action against the Borrower or any a Guarantor, or relief from the automatic stay of Section 362(a) of the other Transaction Parties if Bankruptcy Code shall be granted to any creditor or creditors of the Borrower or a Guarantor with respect to assets having an aggregate value in excess of $500,000 or where the deprivation of the Borrower or a Guarantor of such loss, suspension, revocation or failure assets would reasonably be expected to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered as a whole; (o) the Borrower or a Guarantor shall pay or discharge any pre-petition Indebtedness (other than Prepetition Bank Debt, pre-petition Indebtedness contemplated to be paid pursuant to the Cash Budget, and customary first day orders reasonably acceptable to the Agents) in excess of $100,000 in the aggregate; (p) the Borrower or a Guarantor shall file a motion in any of the Cases (i) to use cash collateral of the Banks under Section 363(c) of the Bankruptcy Code without the Banks' consent, (ii) to recover from any portions of the Collateral any costs or expenses of preserving or disposing of such Collateral under Section 506(c) of the Bankruptcy Code, or (iii) to take any other action or actions adverse to the Banks or their rights and remedies hereunder or under any of the other Transaction Parties Loan Documents or the Banks' interest in any of the Collateral, which other action or actions would, individually or in the aggregate, have a material adverse effect on the Borrower and its Subsidiaries, considered as a whole; (q) a suit or action against the Banks or the Agents shall be indicted commenced by the Borrower, a Guarantor, any federal, state environmental protection or health and safety agency or any official committee in any Case, which suit or action asserts any claim or legal or equitable remedy contemplating subordination of any claim or Lien of the Banks or the Agents, and, with respect to any suit or action by any such federal or state agency, (i) a preliminary order for relief or judgment or decree shall have been entered in such suit or action against the Banks or the Agents or (ii) a motion to dismiss brought by the Banks or the Agents in response thereto shall have been denied; (i) the failure, by February 1, 2000, of a Reorganization Plan, contemplating the repayment in full, in cash, of the Obligations and the provision for the cash-collateralization of all Letters of Credit in an amount equal to 110% of the Maximum Drawing Amount thereof, to be approved by the votes of the holders of the Senior Notes required for a state or federal crimeconfirmation of such Reorganization Plan, or any civil or criminal action shall otherwise have been brought or threatened against unless the Borrower has delivered to the Agents and the Banks on or any the other Transaction Parties, before such date a punishment for which in any such case could include the forfeiture of any assets commitment letter or "highly confident" letter of the Borrower type described below contemplating a repayment of the Obligations and the cash-collateralization of all Letters of Credit in an amount equal to 110% of the Maximum Drawing Amount thereof on or before the Termination Date outside of a Reorganization Plan; (ii) the failure of such other Transaction Party having a fair market value in excess Reorganization Plan to be confirmed by the Bankruptcy Court by February 15, 2000; or (iii) the failure of $1,000,000such Reorganization Plan to become effective by February 28, 2000; or (ps) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors failure of the Borrower to deliver to the Agents and the Banks, on or before February 1, 2000, commitment letters from one or more financial institutions, investors or asset purchasers acceptable to the first day Agents, or a letter from an investment banking firm of recognized national or international standing, indicating that such period shall cease to constitute a majority firm is "highly confident" that it could arrange the placement of the board of directors securities of the Borrower or by the Borrower shallTermination Date; in each case, at any time, legally or beneficially own less than one hundred percent (100%) in form and substance reasonably satisfactory to the Agents and providing for the repayment of the shares Obligations and the cash-collateralization of all Letters of Credit in an amount equal to 110% of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Maximum Drawing Amount thereof from funds from such financings, investments, securities offerings and asset sales; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Required Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Debtor in Possession Revolving Credit and Term Loan Agreement (Hvide Marine Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occuroccur and be continuing: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Loans, the commitment feeFacility Fee, any the Letter of Credit FeeFees, the Agent's fee, Fee or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8secs.6.4, 9 6.5, 6.10, 7 or 108 hereof, or (ii) shall fail to comply with its covenant contained in ss.6.6 hereof and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.111.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases or any obligations with respect to interest rate protection arrangements or exchange rate protection arrangements which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $10,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or evidencing any interest rate protection arrangement or exchange rate protection arrangement which in the aggregateaggregate represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $10,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (j) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and the Majority Banks shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower or the Holding Company (as the case may be) shall fail to comply with any of its covenants contained in ss.8(i) Sections 9.9, 9.11, 9.13, 9.15 and 9.18 hereof within thirty (30) days after the date on which the same shall have become due or required to be performed, or (ii) the remaining subsections of SECTION 9 or 10Sections 10 or 11 hereof or any of the covenants contained in the Mortgages; (d) the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents to which such Person is a party (other than those specified elsewhere in this ss. 13.1SECTION 14.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement herewith or therewith shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation in excess of $500,000 (either individually or in the aggregate) for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing such obligation for borrowed money or credit received or in respect of any such Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower Holding Company, or any Subsidiary of the other Transaction Parties Holding Company or of any substantial part of the assets of the Borrower Holding Company, or any Subsidiary of the other Transaction Parties Holding Company or shall commence any case or other proceeding relating to the Holding Company, the Borrower or any Subsidiary of the other Transaction Parties Borrower under any bankruptcyBankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower Holding Company, or any Subsidiary of the other Transaction Parties Holding Company and the Borrower Holding Company, or any Subsidiary of the other Transaction Parties Holding Company shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower Holding Company or any Subsidiary of the other Transaction Parties Holding Company bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower Holding Company, or any Subsidiary of the other Transaction Parties Holding Company in an involuntary case under federal bankruptcy Bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries, exceeds in the aggregate $5,000,000500,000; (j) there shall exist any default under the terms of any promissory note evidencing Subordinated Debt; the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt; the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; or any interest is paid on the Subordinated Debt while any Default or Event of Default is continuing hereunder; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents and the UK Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksAgent and the Lenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or Holding Company, any of the other Transaction Parties party thereto its Subsidiaries or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Holding Company or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty forty-five (3045) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business business, operations or financial condition of the Borrower and the other Transaction Parties, considered as a wholesuch Person; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower Holding Company or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business business, operations or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000Person; or (p) any person or group of persons (within the meaning of Section 13 or 14 Primary Investors and Persons who are part of the Securities Exchange Act of 1934Primary Investors' Investor's Control Group, collectively as amendeda group, shall at any time, (i) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities cease to own, hold and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of control common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of Holding Company having the Borrower on the first day of such period shall cease unrestricted right to constitute elect a majority of the board Board of directors Directors of the Borrower Holding Company, or (ii) legally or beneficially own less than fifty percent (50%) of the shares of the voting common stock of the Holding Company, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital of the Holding Company; or the Borrower shall, Holding Company shall at any time, legally or beneficially own less than one hundred percent (100%) % of the shares of the capital stock of Hadco Santa Clar▇ the Borrower, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital stock of the Borrower; or the Borrower shall at any time, legally or beneficially own less than 100% of the shares of the capital stock of each of its Subsidiaries in existence as of the date hereof, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital of such Subsidiary; (on a fully diluted basis)q) the Holding Company or UK Holdings shall, at any time, engage in any business activity whatsoever, other than to hold beneficially all of the issued and outstanding capital stock of the Borrower or the UK Subsidiary, respectively; or (r) there shall occur an Event of Default under (and as defined in) the Facility Agreement; then, and in any such event, for so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other U.S. Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSECTIONS 14.1(G), 14.1(H) or 13.1(h)14.1(J) above, all such amounts shall become immediately due and payable automatically and without any requirement of notice to the Borrower from the Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (CRC Evans International Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower Borrowers shall fail to comply with any of its covenants covenant contained in ss.8Section 5.2, 9 Section 7.14 or 10Section 7.15; (d) the Borrower Borrowers shall fail to comply with any covenant contained in Section 9, and such failure shall continue for 30 days after written notice thereof shall have been given to the Borrowers by the Agent; (e) any of the Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (ef) any representation or warranty made by or on behalf of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or in any Property Certificate, report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gh) any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrowers, the General Partner, the Guarantors or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrowers, the General Partner, the Guarantors or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,0001,000,000.00; (jl) if any of the Loan Documents or the Escrowed Security Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Escrowed Security Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Borrowers, the General Partner, the Guarantors or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents or the Escrowed Security Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower Borrowers, the General Partner or the Guarantors or any ERISA Affiliate incurs sale, transfer or other disposition of the assets of any liability to of the PBGC Borrowers, the General Partner or a Guaranteed Pension Plan pursuant to Title IV the Guarantors other than as permitted under the terms of ERISA in an aggregate amount exceeding $2,000,000; this Agreement or the Borrower other Loan Documents; (n) any suit or proceeding shall be filed against any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000the Borrowers, the General Partner or the Guarantors or any of their respective assets which in the following occurs good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if adversely determined, would have a materially adverse affect on the ability of the Borrowers or a Guarantor to perform each and every one of their respective obligations under and by virtue of the Loan Documents; (o) any of the Borrowers, the General Partner or the Guarantors shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person; (p) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrowers, the General Partner, the Guarantors or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of or a trustee to shall have been appointed by the ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lq) any of the Borrower Guarantors denies that such Guarantor has any liability or obligation under the Guaranty or any other Loan Document, or shall notify the Agent or any of the other Transaction Parties shall be enjoined, restrained Banks of such Guarantor's intention to attempt to cancel or in any way prevented by terminate the order of any court Guaranty or any administrative other Loan Document, or regulatory agency from conducting shall fail to observe or comply with any material part of its business and such order shall continue in effect for more than thirty (30) daysterm, covenant, condition or agreement under the Guaranty or any other Loan Document; (mr) there shall occur any strikeMars▇▇▇▇ ▇. ▇▇▇▇▇▇▇, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, ▇▇rk ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇ the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority members of the board of directors of Wald▇▇ ▇▇▇t are also officers of Wald▇▇ ▇▇▇ll in the Borrower aggregate own directly or the Borrower shall, at any time, legally or beneficially own indirectly less than one hundred five percent (1005.0%) of the issued and outstanding shares of the capital stock of Hadco Santa ClarWald▇▇; (s) Mars▇▇▇▇. ▇▇▇▇▇▇▇ ▇▇▇ll cease to be the President of, or Mark ▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇ll cease to be the Chief Financial Officer of, Wald▇▇, ▇▇d a competent and experienced successor for such Person shall not be approved by the Majority Banks within six (on a fully diluted basis)6) months of such event, such approval not to be unreasonably withheld; or (t) any Event of Default as defined in any of the other Loan Documents, shall occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(h), Section 12.1(i) or 13.1(hSection 12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of the Banks or the Agent. The Borrowers and any other Person shall be entitled to conclusively rely on a statement from the Agent or any Bankthat it has the authority to act for and bind the Banks pursuant to this Agreement and the other Loan Documents.

Appears in 1 contract

Sources: Revolving Credit Agreement (Walden Residential Properties Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, other fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after the day on which days of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower and the Guarantor shall fail to comply with any of its covenants covenant contained in ss.8, 9 Section 8 or 10;Section 9. (d) the Borrower or the Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other material term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) Section 12), and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; (e) any representation or warranty made by or on behalf of the Borrower or any of the other Transaction Parties Guarantor in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false or misleading in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment or purchase thereof; provided, however, that the events described in this Section 12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this Section 12.1(f), involve singly or in the aggregate obligations for borrowed money or credit received totaling in excess of $10,000,000.00; (g) the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties such Person or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (3060) days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrower, the Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties such Persons exceeds in the aggregate $5,000,00010,000,000.00; (jk) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or Borrower, the Guarantor, any of the other Transaction Parties party thereto their respective Subsidiaries or any of their respective stockholdersholders of Voting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or the Guarantor or any of their respective Subsidiaries or any sale, transfer or other disposition of the assets of the Borrower or any ERISA Affiliate incurs of its Subsidiaries other than as permitted under the terms of this Agreement or the other Loan Documents; (m) any liability to suit or proceeding shall be filed against the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; Borrower, the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries or any of their respective assets which in the good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them if adversely determined, could reasonably be expected to have a Material Adverse Effect and such suit or proceeding is not dismissed within sixty (60) days following occurs the filing or commencement thereof; (n) the Borrower, the Guarantor, any of their respective Subsidiaries or any Person so connected with any of them shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person; (o) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; Plan or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lp) the Borrower Guarantor denies that it has any liability or obligation under the Guaranty or any other Loan Document or shall notify the Agent or any of the other Transaction Parties shall be enjoined, restrained Banks of such Guarantor's intention to attempt to cancel or in any way prevented by terminate the order of any court Guaranty or any administrative other Loan Document, or regulatory agency from conducting shall fail to observe or comply with any material part of its business and such order shall continue in effect for more than thirty (30) daysterm, covenant, condition or agreement under the Guaranty or any other Loan Document beyond any applicable cure period; (mq) there a Change of Control shall occur; (i) any event shall occur which, with the passage of time or the giving of notice or both, may become an "Event of Default" (as defined in the Revolving Credit Agreement) and the same is not cured within any strike, lockout, labor dispute, embargo, condemnation, act of God applicable grace or public enemynotice and cure period provided in the Revolving Credit Agreement, or other casualty(ii) any "Event of Default" (as defined in the Revolving Credit Agreement) shall occur; or (s) any Event of Default, which as defined in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction PartiesLoan Documents, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); occur. then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(g), Section 12.1(h) or 13.1(hSection 12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Banks or any Bankthe Agent.

Appears in 1 contract

Sources: Bridge Loan Agreement (Windrose Medical Properties Trust)

Events of Default and Acceleration. If any of the following events (each, an "Events Event of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, a "DefaultsDefault") shall occur: (a) a. the Borrower Company shall fail to pay any principal of or interest on the Loans or any Reimbursement Obligation Convertible Note when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) ; provided however, such failure shall not constitute a default if the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, required payment is made within two (2) Business Days five days after the day on which the same shall become date it first became due and payable, whether at payable and such failure has not occurred more than two times in the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;preceding 12 months. (c) b. the Borrower Company shall fail to comply in any material respect with any of its covenants contained in ss.8this Agreement, 9 the Convertible Note, the Warrant, the Bank One Loan Documents, the Security Agreements or 10any other document, instrument or agreement entered into in connection with this Agreement; (d) c. the Borrower or any of the other Transaction Parties Company shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agentherein; (e) d. any representation or warranty of the Borrower or any of the other Transaction Parties Company in this Credit Agreement or any of in the other Loan Documents Convertible Note or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) e. the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties Company shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties Company or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its assets, or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties Company under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties Company and the Borrower or any of the other Transaction Parties Company shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following fail to contest the filing thereofsame in a timely manner; (h) a decree f. an involuntary petition shall be filed or order is entered appointing any such trusteean involuntary proceeding shall be commenced seeking liquidation, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case reorganization or other proceeding, or a decree or order for relief is entered in respect of the Borrower Company or of its debts or any substantial part of its assets, under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constitutedforegoing shall be entered; (i) g. there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any uninsured final judgment against the Borrower or any of the other Transaction Parties Company that, alone or with other outstanding uninsured final judgments, undischarged, undischarged against the Borrower or any of the other Transaction Parties Company, exceeds in the aggregate $5,000,000100,000; (j) h. if this Agreement, the Convertible Note or any of the Loan Documents documents executed in connection herewith, shall be cancelled, terminated, revoked or rescinded, rescinded other than in each case otherwise than accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksSubscriber, or any action or suit at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents such documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersCompany, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents such documents is illegal, invalid or unenforceable in any material respect in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) i. there shall occur a material and adverse effect as to the properties, assets, business, condition (financial or otherwise), prospects or results of operations of the Company; or j. the Company shall fail to pay any strikeprincipal of or premium of interest on any indebtedness (other than that arising hereunder) when the same becomes due and payable (whether by scheduled maturity, lockoutrequired prepayment, labor disputeacceleration, embargo, condemnation, act of God demand or public enemy, otherwise); or any other casualty, which in event shall occur or condition shall exist under any agreement or instrument relating to any such case causesindebtedness, for more than fifteen (15) consecutive days, if the cessation or substantial curtailment effect of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance condition is not covered by business interruption insurance and would have a material adverse effect on to accelerate, or to permit the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation acceleration of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower maturity of such indebtedness; or any of such indebtedness shall become or be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), or the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties Company shall be indicted for a state required to repurchase or federal crimeoffer to repurchase such indebtedness, or any civil or criminal action shall otherwise have been brought or threatened against prior to the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); stated maturity thereof. then, and in any such event, so long as (A) if such event is an Event of Default specified in Section (e) or(f) above with respect to the same may be continuingCompany, automatically all amounts owing with respect to this Agreement, the Agent mayConvertible Note and the other documents executed in connection herewith shall become immediately due and payable without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Company and upon (B) if such event is any other Event of Default the request of the Majority Banks shall, Subscriber shall by notice in writing to the Borrower Company, declare all amounts owing with respect to this Credit Agreement, the Notes Convertible Note and the other Loan Documents and all Reimbursement Obligations documents executed in connection herewith to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED Company. As to any non-monetary default, the Company shall receive notice and a fifteen (15) day cure period (unless another cure period is specifically granted, provided that such cure right shall not be extended more than three (3) times in the event of any Event of Default specified in ss.ss.13.1(gpreceding twelve (12) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bankmonths.

Appears in 1 contract

Sources: Subscription and Investment Representation Agreement (Big Buck Brewery & Steakhouse Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both notice and lapse of time is required, then, prior to such notice or and/or lapse of time, "Defaults") shall occur: (a) if the Borrower or the Canadian Borrower shall fail to pay default in the payment of any (i) principal of the Loans hereunder or under any Reimbursement Obligation Note when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; payment or prepayment or by declaration as a result of a Default or Event of Default or otherwise or (bii) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums amounts due hereunder or under any of the other Loan Documents, Note within two (2) Business Days after the day on which of when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;payment or prepayment or by declaration as a result of a Default or Event of Default or otherwise; or (b) if the Borrower shall default in the performance of or compliance with the covenants set forth in ss.12 hereof; or (c) if the Borrower shall fail to comply default in the payment or performance of or compliance with any other liability, obligation or covenant hereunder other than those specifically referenced in this ss.13.1 and such default shall not have been remedied within 20 days after written notice thereof shall have been given to the Borrower by the Administrative Agent (which notice the Administrative Agent shall give to the Borrower upon the written instruction of its covenants contained in ss.8, 9 or 10;the Majority Banks); or (d) if any representation or warranty made by the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained its Subsidiaries herein or in any of the other Loan Documents (or in any certificate or other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given writing at any time delivered to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement Banks pursuant hereto or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false or incorrect in any material respect upon on the date when made or deemed to have been made or repeated;as of which made; or (fe) if the Borrower or any of its Subsidiaries shall default (as principal or guarantor or other surety) in the other Transaction Parties shall fail to pay at maturitypayment of any principal of or premium, if any, or within interest on any Indebtedness for borrowed money or in respect of capitalized leases equal to or in excess of $2,500,000 in the aggregate, or with respect to the performance of any of the terms of any evidence of such Indebtedness or any agreement relating thereto, such default shall continue for longer than the applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leasesif any, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application specified therein and no waiver shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000thereto; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Allied Holdings Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with perform any of its covenants term, covenant or agreement contained in ss.8, 9 or 10§9; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) (i) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in Derivatives Contract) or any Subordinate Debt (other than the aggregateInitial Subordinate Debt), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in Derivatives Contract) or any Subordinate Debt (other than the aggregate, Initial Subordinate Debt) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f)(i) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(f)(i), involves singly or in the aggregate (iA) any obligations for Indebtedness or under Derivative Contracts (other than Non-Recourse Indebtedness) totaling $500,000.00 or greater or (ii, (B) any obligation with respect to any Subordinate Debt (other than the Initial Subordinate Debt), or (C) Non-Recourse Indebtedness totaling $10,000,000.00 or greater, provided that after the date of the Ninth Amendment to Credit Agreement, any such event with respect to such Non-Recourse Indebtedness as to which the revenue from the collateral for such Non-Recourse Indebtedness is insufficient to pay the interest due and payable thereon and the Required Lenders have not permitted proceeds of a Revolving Credit Loan to be used to pay such interest, then the occurrence of such event with respect to such Non-Recourse Indebtedness shall not be counted against such $10,000,000.00 limit, or (ii) the obligations under the Initial Subordinate Debt shall be or have been accelerated; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,0002,500,000.00 per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or, the Contribution Agreement or a Subordination and Standstill Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke revoke, rescind or rescind challenge or contest the validity or enforceability of any of the Loan Documents or, the Contribution Agreement or a Subordination and Standstill Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Guarantor or any of their respective stockholdersSubordinate Lender, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or, the Contribution Agreement or a Subordination and Standstill Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding excess of $2,000,000 2,500,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (ln) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be enjoinedindicted for a federal crime, restrained or in a punishment for which could include the forfeiture of (i) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any of their respective Subsidiaries which in the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would good faith judgment of the Required Lenders could reasonably be expected to have a material adverse effect on the business Material Adverse Effect, (ii) any Borrowing Base Property or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation ofany Material Contract, or failure to renew, any license or permit now held or hereafter acquired by (iii) the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeCollateral; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Transaction Parties shall be indicted for a state or federal crimeLoan Document, or shall fail to observe or comply with any civil term, covenant, condition or criminal action shall otherwise have been brought or threatened against the Borrower agreement under any Guaranty or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; orLoan Document; (p) any person or group Change of persons Control shall occur; or (within the meaning q) an Event of Section 13 or 14 Default under any of the Securities Exchange Act other Loan Documents shall occur; (r) any default, material misrepresentation or breach of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated warranty in a Subordination and Standstill Agreement by the Securities and Exchange Commission under said ActREIT or any Subordinate Lender; or (s) of thirty percent (30%) or more of the outstanding shares of The Initial Subordinate Debt is not converted to common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower REIT or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and paid in any such event, so long full as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived permitted by the Borrower; PROVIDED Initial Subordination and Standstill Agreement on or before July 1, 2021, provided that in the event that the conversion of any Event the Initial Subordinate Debt to common stock of Default specified in ss.ss.13.1(gthe REIT becomes the subject of an SEC review proceeding, such date may be extended provided that (i) or 13.1(h), all such amounts shall become immediately due the REIT diligently and payable automatically and without any requirement of notice continuously pursues approval from the Agent or any Bank.SEC of the necessary documentation and (ii) such conversion occurs no later than August 30, 2021;

Appears in 1 contract

Sources: Credit Agreement (Condor Hospitality Trust, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, fee or other sums due hereunder or under any of the other Loan Documents, Documents within two (2) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8ss.ss.8.1, 8.4, 8.5.1, 8.9, 8.14, 8.16, 8.17, 9 or 10; (d) GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the AgentAgent or any Bank; (e) any representation or warranty of GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries and GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of GTCR, the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000500,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of GTCR, the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 500,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided that the Agent or the Majority Banks determines in its or their reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (o) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary having a fair market value in excess of $1,000,000; or500,000; (p) the Borrower shall at any person time, legally or group of persons (within the meaning of Section 13 or 14 beneficially own less than 100% of the Securities Exchange Act capital stock of 1934each Subsidiary (other than AppNet Commerce Services, as amended) Inc.), or the Investors shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) at any time, legally or more beneficially own less than 51% of the outstanding shares of common capital stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or Borrower; or (q) an "Event of Default" (as such term is defined in the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%Guaranteed Credit Agreement) of has occurred under the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Guaranteed Credit Agreement; then, and in any such event, so long as the same may be continuing, the Agent mayAgent, and upon the request of the Majority Banks Banks, shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Appnet Systems Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation reimbursement obligations with respect to the Letters of Credit when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, fees or other sums Obligations due hereunder or under any of the other Loan Documents, within two Documents (2other than those described in §12.1(a)) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the provisions contained in ss.8, 9 or 10§§9.1 - 9.4; (d) the Borrower or any of its Subsidiaries or the other Transaction Parties REIT shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty of made by the Borrower or any of the other Transaction Parties Guarantor, if any, in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of a Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or Borrower, any of its Subsidiaries or the other Transaction Parties REIT shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account of any obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or shall fail to observe or perform any material term, covenant or agreement agreement, or any other event occurs, contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, under a Derivatives Contract or other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, settlement or purchase thereof; provided that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to pay or perform or the occurrence of such event, together with other failures to pay or perform or the occurrence of such events as described in this §12.1(f), involve singly or in the aggregate (i) obligations for Indebtedness (other than Non-Recourse Indebtedness) totaling in excess of $100,000,000.00 or (ii) Non-Recourse Indebtedness totaling in excess of $250,000,000.00; (g) the Borrower or Borrower, any of its Material Subsidiaries, any Guarantor or the other Transaction Parties REIT (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any of its Material Subsidiaries, any Guarantor or the REIT or any such substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating the Borrower or for any of the other Transaction Parties Borrower, any of its Material Subsidiaries, any Guarantor or the REIT or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments, orders or awards against the Borrower or any of its Subsidiaries or the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower REIT that exceed $150,000,000.00 per occurrence or any of the other Transaction Parties exceeds in the aggregate $5,000,000in any calendar year; (jk) if any of the Loan Documents shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksRequired Lenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke or rescind any of the Loan Documents, or to contest or challenge the validity or enforceability of any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantors, if any, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, any of its Subsidiaries or the REIT to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 35,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there any Change of Control shall occur any strike, lockout, labor dispute, embargo, condemnation, act occur; or (n) an Event of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or Default under any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there Loan Documents shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare (i) all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrower and (ii) an amount equal to 103% of the aggregate amount of all Letter of Credit Liabilities shall become immediately due and payable for deposit into the Collateral Account; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(g), §12.1(h) or 13.1(h§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations or any Bankif there are no outstanding Obligations and Lenders have no further obligation to make Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 1 contract

Sources: Credit Agreement (Mid-America Apartments, L.P.)

Events of Default and Acceleration. If Upon notice to the Company of the occurrence of any of the following events of default (each, an "Event of Default") by a Majority Interest, any part or all of the Note Amount due to the Holder hereunder shall become immediately due and payable; provided, however, that the occurrence of any event described in paragraphs (d), (e), (f) and (h) below shall be an automatic Events of Default" or, if Default and shall not require the giving delivery of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occurany notice: (a) the Borrower shall fail Company fails to pay any make the payment of principal of the Loans or any Reimbursement Obligation interest under this Note when the same shall become becomes due and payable, whether at payable on the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;Maturity Date; or (b) any representation or warranty set forth in the Borrower or Note and Warrant Purchase Agreement, shall be untrue in any of the other Transaction Parties shall fail to pay any interest material respect on the Loans, the commitment fee, any Letter date as of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the facts set forth are stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;certified; or (c) the Borrower shall fail to comply with Company violates any material provision of its covenants contained in ss.8, 9 or 10;the Note and Warrant Purchase Agreement; or (d) the Borrower or any of the other Transaction Parties Company shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties shall generally fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due; or the Company shall apply for, consent to, or shall petition or apply for acquiesce in the appointment of a trustee trustee, receiver or other custodian, liquidator or receiver of the Borrower custodian for itself or any of its property, or make a general assignment composition, or similar device for the benefit of its creditors; or a trustee, receiver or other Transaction Parties or of any substantial part of custodian shall otherwise be appointed for the assets of the Borrower Company or any of the other Transaction Parties its assets; an attachment or shall commence any case receivership of assets or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, debt arrangement, insolvencyor other case or proceeding under any bankruptcy or insolvency law, readjustment of debt, or any dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of against the Borrower Company; or the Company shall take any corporate action to authorize, or in furtherance of, any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;foregoing. (ke) the Borrower Company shall enter into or there shall have occurred any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000Acquisition Transaction; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan;or (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mf) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act Event of God or public enemy, or Default under any other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility Convertible Promissory Note of the Borrower or any of the other Transaction Parties if such event or circumstance Series to which this Note is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000part; or (pg) any person the Company's Ordinary Shares are suspended from trading on, or group of persons delisted from, the Nasdaq Stock Market for more than three business days; or (within h) the meaning of Section 13 or 14 Nasdaq Stock Market notifies the Company that the transactions under which this Note was issued violate the rules and regulations of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by Nasdaq Stock Market or the Securities and Exchange Commission under said Act) notifies the Company that the offer or issuance of thirty percent (30%) or more this Note violates any provision of the outstanding shares Securities Act of common stock of 1933, as amended, or the Borrowerrules and regulations promulgated thereunder; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Note and Warrant Purchase Agreement (On Track Innovations LTD)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) either of the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any either of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) either of the Borrower Borrowers shall fail to comply with any of its covenants covenant contained in ss.8Section 5.3, 9 or 10Section 7.13, Section 8.1, Section 8.2, Section 8.3 and Section 8.7; (d) either of the Borrower Borrowers shall fail to comply with any covenant contained in Section 9, and such failure shall continue for 20 days after written notice thereof shall have been given to the Borrowers by the Agent; (e) either of the Borrowers or any of the other Transaction Parties their respective Controlled Subsidiaries or any Guarantor shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere above in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the AgentSection 12); (ef) any representation or warranty made by or on behalf of any Borrower, any of the Borrower General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; provided that the events described in this Section 12.1(g) shall not constitute an Event of Default unless such failure to pay or perform, together with other failures to pay or perform, involve singly or in the aggregate recourse obligations for borrowed money or credit received or other Indebtedness totaling in excess of $5,000,000.00 or, with respect to non-recourse obligations for borrowed money or credit received or other Indebtedness totaling in excess of $15,000,000.00 (except that with respect to non-recourse Indebtedness of a Controlled Subsidiary of a Borrower it shall not be an Event of Default hereunder unless the Borrowers' aggregate equity Investment in all of such Controlled Subsidiaries exceeds $15,000,000.00); (gh) any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower, (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (2) shall commence any case or other proceeding relating to any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrowers, any of the General Partners, any Guarantor or any such of the Controlled Subsidiaries of a Borrower or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 90 days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) 60 days, whether or not consecutive, any uninsured final judgment against any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower that, with other outstanding uninsured final judgments, undischarged, against any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower exceeds in the aggregate $5,000,0001,000,000.00; (jl) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Borrowers, any of the General Partners, any Guarantor or any of their respective stockholders, partners or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower Borrowers, any of the General Partners or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Guarantor, or any sale, transfer or other disposition of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning assets of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoinedBorrowers, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the General Partners or any Guarantor, other Transaction Parties if such event than as permitted under the terms of this Agreement or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeLoan Documents; (n) there any suit or proceeding shall occur be filed against any of the loss, suspension or revocation of, or failure to renewBorrowers, any license or permit now held or hereafter acquired by of the Borrower General Partners, any Guarantor or any of their respective assets which in the other Transaction Parties good faith business judgment of the Majority Banks after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them, if such lossadversely determined, suspension, revocation or failure to renew would have a material materially adverse effect affect on the business or financial condition ability of any of the Borrower Borrowers or any Guarantor to perform its obligations under and by virtue of the other Transaction Parties, considered as a wholeLoan Documents; (o) any of the Borrower Borrowers, any of the General Partners, any Guarantor or any of the other Transaction Parties Controlled Subsidiaries of a Borrower shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of such Person included in the Collateral or the Property; (i) an ERISA Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Employee Benefit Plan, which ERISA Reportable Event or institution of proceedings is, in the opinion of the Majority Banks, likely to result in the termination of such Plan for purposes of Title IV of ERISA, and, in the case of an ERISA Reportable Event, the continuance of such ERISA Reportable Event unremedied for 30 days after notice of such ERISA Reportable Event pursuant to Section 4043(a), (c) or (d) of ERISA is given or, in the case of institution of proceedings, the continuance of such proceedings for 30 days after commencement thereof, (ii) any Employee Benefit Plan shall terminate for purposes of Title IV of ERISA, or (iii) any other event or condition shall occur or exist with respect to an Employee Benefit Plan and in each case in clauses (i) through (iii) above, such event or condition, together with all other such events or conditions, if any, could subject any of the Borrowers or any of their respective Controlled Subsidiaries or any Guarantor to any tax, penalty or other liabilities in the aggregate material in relation to the business, operations, property or financial or other condition of any of the Borrowers, any Guarantor or of a Borrower and its Controlled Subsidiaries taken as a whole; (q) any Guarantor denies that such Guarantor has any liability or obligation under the Guaranty, or shall notify the Agent or any of the Banks of such other Transaction Party having Guarantor's intention to attempt to cancel or terminate the Guaranty, or shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty; (r) a fair market value in excess Change of $1,000,000Control shall occur; or (ps) any person or group Event of persons (within the meaning of Section 13 or 14 Default, as defined in any of the Securities Exchange Act of 1934other Loan Documents, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(h), Section 12.1(i) or 13.1(hSection 12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from any of the Agent Banks or the Agent. Notwithstanding the foregoing, it shall not be an Event of Default upon the occurrence of any Bankof the events described under Section 12.1(f), (h), (i) or (j) with respect to a Controlled Subsidiary or Non- Controlled Subsidiary unless the Borrowers' aggregate equity Investment in all of such Controlled Subsidiaries or Non-Controlled Subsidiaries exceeds $15,000,000.00.

Appears in 1 contract

Sources: Master Credit Agreement (Wellsford Real Properties Inc)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occuroccur and be continuing: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Facility Fee, the Agent's fee, Agent Fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8Sections 5.4, 9 5.5, 5.10, 6 or 107 hereof, or (ii) shall fail to comply with its covenant contained in Section 5.6 hereof and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 10.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases or any obligations with respect to interest rate protection arrangements or exchange rate protection arrangements which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional -34- principal amount thereof) of $10,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or evidencing any interest rate protection arrangement or exchange rate protection arrangement which in the aggregateaggregate represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $10,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (j) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and the Majority Banks shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;; or (km) a "CHANGE IN CONTROL" shall have occurred (which for the Borrower or any ERISA Affiliate incurs any liability to purposes of this subsection (m) shall mean the PBGC or a Guaranteed Pension Plan pursuant to Title IV occurrence of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: events): (i) an ERISA Reportable Event, or a failure to make a required installment or other payment the acquisition by any Person (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or including any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person syndicate or group of persons (within the meaning of deemed to be a "PERSON" under Section 13 or 14 13(d)(3) of the Securities and Exchange Act of 1934, as amended) shall have acquired of beneficial ownership (within ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of Capital Stock of the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) Borrower entitling such Person to exercise 50% or more of the total voting power of all shares of Capital Stock of the Borrower entitled to vote generally in the elections of directors (any shares of voting stock of which such person or group is the beneficial owner that are not then outstanding being deemed outstanding for purposes of calculating such percentage); (ii) any consolidation of the Borrower with, or merger of the Borrower into, any other Person, any merger of another Person into the Borrower, or any sale or transfer of all or substantially all of the assets of the Borrower to another Person (other than a transfer of assets to one or more Guarantors or a merger (A) which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of common stock Capital Stock of the Borrower or (B) which is effected solely to change the jurisdiction of incorporation of the Borrower); or, (iii) during any period of twelve consecutive calendar monthstwo-year period, individuals who were directors at the beginning of such period constituted the Board of Directors of the Borrower on (together with any new directors whose election by such Board of Directors or whose nomination for election by the first day stockholders of the Borrower was approved by a vote of 66-2/3% of the directors then still in office who were either directors at the beginning of such period shall or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board Board of directors Directors of the Borrower or then in office; (n) any of (i) the Borrower shallor any of its Subsidiaries shall fail to make any payment under the Securitization when the same becomes due and payable (whether by scheduled maturity, at required prepayment, acceleration, demand, or otherwise), and any timesuch failure shall continue after the applicable grace period, legally if any, specified in the documents relating to the Securitization, or beneficially own less than one hundred percent (100%ii) the "TERMINATION DATE" (under and as defined in the Receivables Purchase Agreement, dated as of October 27, 2000, among the Borrower, Lincolnshire Funding, LLC, Corporate Receivables Corporation, the financial institutions from time to time party thereto as Purchasers, and Citicorp North America, Inc., as Agent) shall have been declared to have occurred pursuant to Section 7.01 of such Receivables Purchase Agreement, or (iii) any "EVENT OF TERMINATION" (under and as defined in any of the shares documents relating to the Securitization) shall occur and continue after the applicable grace period, if any, specified in such documents if either, pursuant to such documents, (A) the existence of such Event of Termination would cause the capital stock Termination Date to occur or (B) the existence of Hadco Santa Clar▇ such Event of Termination would permit the Purchaser under such documents to declare the Termination Date to have occurred and such Event of Termination continues unremedied or unwaived for a period of more than ninety (on a fully diluted basis)90) days after the date that the Agent gives notice to the Borrower of such Event of Termination; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSections 10.1(g) or 13.1(h)10.1(h) hereof, all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's feefees, or other sums due hereunder or under any of the other Loan Documents, Documents within two five (25) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower Borrowers shall fail to comply with any of its the covenants contained in ss.8§§6, 9 7 or 108; (d) the Borrower or any of the other Transaction Parties Borrowers shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§12.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower Borrowers by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties Borrowers in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money (other than the Obligations or credit received the Noteholders’ Debt) or any guaranty with respect thereto in respect of any Capitalized Leases, which obligations exceed an aggregate amount greater than $5,000,000 in the aggregate1,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding an aggregate amount greater than $5,000,000 in the aggregate, 1,000,000 for such period of time as would, or would permit have permitted (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the any Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the any Borrower or any of the other Transaction Parties or of any substantial part of the assets of the any Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the any Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the any Borrower or and any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the any Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the any Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the any Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Collateral Agent’s security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,0001,000,000; the or any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the any Borrower to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the any Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeany Borrower; (on) the any Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction PartiesBorrower, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Borrowers having a fair market value in excess of $1,000,000; or; (pi) except with respect to the applicable Designated LLC after a Permitted Transfer, the Parent shall at any time, legally or beneficially, directly or indirectly own less than one hundred percent (100%) of the Equity Interests of each other of the Borrower; or (ii) any person or group of persons (within the meaning of Section §13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) 20% or more of the outstanding shares of common stock Equity Interests of the Borrower; Parent or, during any period of twelve (12) consecutive calendar months, individuals who were directors of the Borrower Parent on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower Parent; or (iii) a “change of control” as defined in the Borrower shallPermitted Subordinated Debt Offering documents shall occur; or (p) (i) a default or event of default shall have occurred under the Noteholders’ Debt, at or (ii) the holders of all or any time, legally or beneficially own less than one hundred percent (100%) part of the shares Noteholders’ Debt shall accelerate the maturity of all or any part of the capital stock Noteholders’ Debt, or (iii) the Noteholders’ Debt shall be prepaid, redeemed or repurchased in whole or in part or amended except as permitted under §7.7 hereof without the prior consent of Hadco Santa Clar▇ (on a fully diluted basis)the Required Banks and the Administrative Agent; then, and in any such eventEvent of Default, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Required Banks shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h§12.1(p)(ii), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Waste Industries Usa Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, Documents within two three (23) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Section 8.1, 8.4, 8.5.1, 8.6, 8.9.1, 8.12, 8.16, 8.18, 9 or 10; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or Agreement, any of the other Loan Documents, any of the Subordinated Debt Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement or the Subordinated Debt Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in a principal amount in excess of $5,000,000 in the aggregate2,500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in a principal amount in excess of $5,000,000 in the aggregate2,500,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effecteffect or any Insolvency Event shall occur, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0002,500,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be (or shall be required at such to be) prepaid, redeemed or repurchased in whole or in part; or the Borrower or any of its Subsidiaries shall be or become required under the Subordinated Indenture or the Subsequent Subordinated Indenture to prepay, redeem or repurchase (or shall be or become required thereunder to offer to prepay, redeem or repurchase) all or any part of the Subordinated Debt; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 2,500,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0002,500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1Section 302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 2,500,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary having a fair market value in excess of $1,000,0005,000,000; (q) a Change of Control (as such term is defined in the Subordinated Indenture) occurs or an "Event of Default" (as such terms are defined in the Subordinated Indenture) occurs; (r) a Change of Control (as such term is defined in the Subsequent Subordinated Indenture) occurs or an "Event of Default" (as such terms are defined in the Subsequent Subordinated Indenture) occurs; (s) the Borrower shall at any time, legally or beneficially directly or indirectly own less than 100% of the capital stock of each of its Subsidiaries (other than directors' qualifying shares); or (pt) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) other than Magten Asset Management Corp. shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty twenty percent (3020%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Borrower; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(g), 13.1(h) or 13.1(h13.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Anacomp Inc)

Events of Default and Acceleration. If Upon the occurrence and during the continuance of any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur:events, (a) the Borrower shall fail to pay any principal of the Loans or Loans, any Reimbursement Obligation when the same shall become due and payableArrangement Fee, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due sum hereunder or under any of the other Loan DocumentsDocuments to which it is a party, in any such case within two (2) Business Days three days after the day date on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;; or (cb) the Borrower shall fail to comply with any of its the covenants contained in ss.8Article VII or (S)6.10, 9 6.14(i) or 10;6.15; or (dc) Parent or the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)10.01) and such failure shall continue for twenty (20) days after written notice a period of sucH failure has been given to the Borrower by the Agent;30 days; or (ed) any representation or warranty of the Borrower or any of Parent under the other Transaction Parties in this Credit Loan Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement or any Loan Document shall prove to have been false not be correct in any material respect upon the date when made or deemed to have been made or repeated;; or (fe) the Borrower or any of the other Transaction Parties shall fail to pay at maturity, or within any applicable period of grace, any obligations for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;shall (gi) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditors, or (ii) generally not pay its debts as such debts become due or admit in writing its inability to generally pay or generally fail to pay its debts as they mature or become due, or shall or (iii) petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or Borrower, or (iv) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdictionjurisdiction providing for the relief of debtors, now or hereafter in effect, or or (v) shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not be able to have such proceeding dismissed within 30 days thereof or any of the actions sought in such proceeding (including the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or any substantial part of its property) shall occur; or the Borrower or Parent shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or (f) the Borrower shall fail to pay any principal of, premium or interest on or any other amount payable in respect of any Indebtedness that is outstanding in a principal amount of at least $5 million in the aggregate (but excluding Indebtedness outstanding hereunder) of the Borrower, when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), or any other event shall occur or condition shall exist under any agreement or instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Indebtedness or otherwise to cause, or to permit the holder thereof to cause, such Indebtedness to mature; or any such Indebtedness shall be declared to be due and payable or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to the stated maturity thereof; or (g) any judgment or order for the payment of money in excess of $1,000,000 (excluding any portion thereof that an insurance company of recognized standing and creditworthiness has agreed to pay) shall be rendered against the Borrower and either (i) enforcement proceedings shall have been dismissed within forty-five commenced by any creditor upon such judgment or order, or (45ii) there shall be any period of 30 consecutive days following the filing thereof;during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective its stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;; or (ki) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 250,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan;; or appointed a trustee to administer or liquidate any plan; or (j) the Borrower shall be the subject of writs of attachment or garnishment and the like that might have a Material Adverse Effect and that are unstayed for a period of 30 consecutive days or any such attachment shall not have been bonded over within 30 days of the entry thereof; or (k) the FCC or any other Governmental Body shall cancel, revoke or suspend any of the Borrower's material Licenses for the New York PCS Network or fails to renew any such License; or (l) the Borrower FCC or any other Governmental Body shall commence any proceeding to cancel, revoke or suspend any of the other Transaction Parties shall Borrower's material Licenses for the New York PCS Network which proceeding for the cancellation, revocation or suspension (i) could reasonably be enjoined, restrained expected to have a Material Adverse Effect and (ii) has not been stayed or in any way prevented enjoined by the order Borrower within five business days after the commencement of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days;proceeding; or (m) the Borrower shall fail to pay when due amounts owing the FCC unless (i) the Borrower's failure to pay can reasonably be expected, in the sole judgment of Required Lenders, not to result in any cancellation, revocation or suspension of the Borrower's License for the New York PCS Network or (ii) the Borrower has obtained a stay or injunction against any action by the FCC to cancel, revoke or suspend such License notwithstanding the Borrower's failure to pay; or (n) the Collateral Agent shall cease to have a valid and perfected first-priority Lien on any Collateral securing the Borrower's obligations hereunder (or, in the case of Collateral pledged by Parent, Parent's guaranty of the Borrower's obligations hereunder), or the Borrower or Parent shall so assert; or (o) at any time any of the following shall occur: (i) Grand Parent shall cease to have legal and beneficial title, directly or indirectly through one or more subsidiaries all of the issued and outstanding shares of capital Stock are owned by it, at least a majority of the Voting Stock of the Borrower then outstanding; (ii) any person (other than Ericsson and its affiliates) engaged in, or having an Affiliate engaged in, the business of manufacturing, selling or distributing telecommunications equipment shall own, directly or indirectly and as legal or beneficial owner, more than 30% of the Voting Stock of the Borrower then outstanding; (iii) at least 95.6% of each series and class of issued and outstanding shares of capital Stock of the Borrower shall not be pledged as security for the Borrower's obligations hereunder and under the other Loan Documents, or as security for the obligations of Parent under the Parent Guaranty; or (iv) any sale of capital Stock of the Borrower held by Parent or any other shareholder (other than Associated PCN Company), or any sale of capital Stock of the Parent, shall occur, in either case for consideration other than cash, or in either case unless the Borrower shall receive the entire Net Cash Proceeds of such sale; or (p) there shall occur in the judgment of the Required Lenders any strikechange in the business, lockoutcondition (financial or otherwise), labor disputeoperations, embargoperformance, condemnation, act of God properties or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility prospects of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would that could reasonably be expected to have a material adverse effect on the business or financial condition ability of the Borrower to perform its obligations under the Loan Agreement and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000related documents; or (pq) the Borrower shall default, after any person applicable grace period, under any equipment-acquisition agreement (other than the Supply Agreement) providing for the purchase of more than $10,000,000 in aggregate purchase price of equipment or group of persons (within the meaning of Section 13 other goods, from any Person, or 14 of the Securities Exchange Act of 1934, as amended) such Person shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrowerso allege in writing; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day (r) as of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); date * then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower Borrower, (i) declare the obligation of each Lender to make Advances to be terminated, whereupon the same shall forthwith terminate, and/or (ii) declare the Notes, all interest thereon and all other amounts owing with respect to payable under this Credit Agreement, the Notes Agreement and the other Loan Documents to be forthwith due and payable, whereupon the Notes, all such interest and all Reimbursement Obligations to be, such amounts shall become and they shall thereupon be forthwith become, immediately due and payable payable, without presentment, demand, protest or other further notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in upon the event occurrence -------- ------------- * Confidential information has been omitted and filed separately with the Commission. of any an Event of Default specified in ss.ss.13.1(gunder subsection (e) or 13.1(h)above, (A) the obligation of each Lender to make Advances shall automatically be terminated and (B) the Notes, all such interest and all such amounts shall automatically become immediately and be due and payable automatically and payable, without any requirement of notice from the Agent presentment, demand, protest or any Banknotice of any kind, all of which are hereby expressly waived by the Borrower.

Appears in 1 contract

Sources: Loan Agreement (Omnipoint Corp \De\)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEventsofDefault" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the any Borrower shall fail to pay any principal of the Revolving Credit Loans, Swing Line Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Revolving Credit Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days; (b) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans or the Swing Line Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Revolving Credit Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days; (c) the any Borrower shall fail to comply with any of its covenants contained in ss.8§§8.1, 8.2 (other than, with respect to CAI, moves within the State of California or with respect to CAI Barbados, moves within Barbados), 8.4, 8.5, 8.9, 8.12, 9 or 1010 or any of the covenants contained in any of the Security Documents (provided, that this reference to covenants in the Security Documents shall not abridge grace periods provided therein with respect to certain Defaults also addressed in this Agreement); (d) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. §13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower Borrowers by the Administrative Agent; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false false, incorrect or incomplete in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall (x) fail to pay at maturity, or within any applicable period of grace, (i) any obligations obligation for borrowed money or credit received or in an aggregate principal amount in excess of $10,000,000, (ii) any obligation in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate10,000,000, or (iii) any obligation in respect of any operating leases with respect to which the present value (calculated at a discount rate of nine percent (9%) per annum) of the future obligations of the Borrowers and their Subsidiaries thereunder exceeds $10,000,000, or (y) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound referenced in clauses (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, i) through (iii) above for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (gi) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the such Borrower , such Guarantor or any of the other Transaction Parties such Material Subsidiary or of any substantial part of the assets of the Borrower such Borrower, such Guarantor or any of the other Transaction Parties such Material Subsidiary or shall commence any case or other proceeding relating to the Borrower such Borrower, such Guarantor or any of the other Transaction Parties such Material Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, ; or (ii) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties and the Borrower Material Subsidiary and, with respect to this clause (ii) only, (x) such Borrowers, such Guarantor or any of the other Transaction Parties such Material Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or (y) such petition or application shall not have been dismissed within forty-five thirty (4530) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the any Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000; (j) reserved; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Administrative Agent's Liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan in connection with the termination of a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the 5,000,000, or any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0005,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1§302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower Borrowers or any of their Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 5,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien Lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business if such circumstance could reasonably be expected to have a Material Adverse Effect, and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the any Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (op) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the any Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the such Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or the Domestic Borrowing Base or any assets of any Borrower or such Subsidiary not included in the Borrowing Base or the Domestic Borrowing Base but having a fair market value in excess of $1,000,0005,000,000; or (pq) any person or group a Change of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Control shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations and Swing Line Loans to be, and they shall thereupon forthwith become, immediately due and payable and the require the Borrowers to provide Cash Collateral for all L/C Exposure, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§13.1(g) or 13.1(h), all such amounts shall become immediately due and payable and the Borrowers shall be required to provide Cash Collateral for all L/C Exposure, in each case, automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit Agreement (CAI International, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (ai) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (bj) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, and such failure shall continue for ten (10) days (provided that such grace period will not apply to interest due upon the maturity of the Obligations); (ck) the Borrower or any other Loan Party shall fail to comply with any of its covenants covenant contained in ss.8§7.4, 9 §7.9, §7.11, §7.21, §8 or 10§9; (dl) the Borrower or any of the other Transaction Parties Loan Party shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in the other subclauses of this ss. 13.1) §12); and such failure shall continue for twenty thirty (2030) days after written notice of sucH failure has thereof shall have been given to the Borrower by the Agent; (em) any Any representation or warranty of the Borrower or made by any of the other Transaction Parties Loan Party in this Credit Agreement or any of the other Loan Documents Document, or in any report, certificate, financial statement, request for a Loan or a Letter of Credit, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false or misleading in any material respect upon the date when made or deemed to have been made or repeated; (fn) the Borrower or any of the other Transaction Parties Any Loan Party shall fail to pay at maturitymaturity or otherwise when due, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect other Indebtedness (other than Non-Recourse Indebtedness) having an aggregate principal amount outstanding of any Capitalized Leases, which obligations exceed at least $5,000,000 in the aggregate20,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any such borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (go) the Borrower or any of the other Transaction Parties Any Loan Party (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties Loan Party or of any substantial part of the assets of the Borrower any thereof, including, without limitation, any Mortgaged Property or any of the other Transaction Parties or Negative Pledge Property, (2) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties Loan Party under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (p) A petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any Loan Party, or any such substantial part of the assets of any thereof, including, without limitation, any Mortgaged Property or any Negative Pledge Property, or a case or other proceeding shall be commenced against the Borrower any Loan Party under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties Loan Party thereof shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five ninety (4590) days following the filing or commencement thereof; (hq) a A decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties Loan Party thereof bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties Loan Party thereof in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ir) there There shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower any Loan Party, or any of the other Transaction Parties Subsidiary thereof, that, with other outstanding final judgments, undischarged, against the Borrower Loan Parties and their Subsidiaries (or any of the other Transaction Parties them) exceeds in the aggregate $5,000,00010,000,000 (to the extent not paid or covered by insurance); (js) if If any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto Loan Party or any of their respective stockholders, partners, members or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kt) the Borrower Any dissolution, termination, partial or complete liquidation, merger or consolidation of any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000Loan Party, or any Subsidiary thereof, or any sale, transfer or other disposition of the following occurs with assets of any Loan Party, other than as permitted under the terms of this Agreement or the other Loan Documents; (u) Any Loan Party shall be indicted for a federal crime, a punishment for which could include the forfeiture of any assets of such Person included in the Collateral; (v) With respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN Event shall have occurred that such event (A) reasonably could be expected to result in liability of the Borrower any of any Loan Party to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lw) A Change of Control shall occur without the Borrower or prior written approval of all of Lenders (which consent may be withheld by Lenders in their sole and absolute discretion); (x) Any Event of Default, as defined in any of the other Transaction Parties Loan Documents, shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) daysoccur; (my) there shall occur Any amendment to or termination of a financing statement naming any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, Loan Party as debtor and Agent as secured party relating to the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crimeCollateral, or any civil correction statement with respect thereto, is filed in any jurisdiction by, or criminal action shall otherwise have been brought caused by, or threatened against at the instance of any Loan Party without the prior written consent of Agent (except to the extent of a release of Collateral permitted by this Agreement); or any amendment to or termination of a financing statement naming any Loan Party as debtor and Agent as secured party, or any correction statement with respect thereto, is filed in any jurisdiction by any party other than Agent or Agent’s counsel (or by a Loan Party at Agent’s direction) without the prior written consent of Agent and Borrower or the affected other Loan Party fails to use its best efforts to cause the effect of such filing to be completely nullified to the reasonable satisfaction of Agent within ten (10) days after notice to Borrower thereof; or (z) Temple-Inland shall make any written claim for indemnity against Forestar Group under the other Transaction Parties, a punishment for which in any such case could include Spin-off Tax Sharing Agreement related to the forfeiture of any assets taxable nature of the Borrower or such other Spin-off Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)25,000,000; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(g), §12.1(h) or 13.1(h§12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent any of Lenders or any BankAgent.

Appears in 1 contract

Sources: Revolving Credit Agreement (Forestar Group Inc.)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occur: (a) any of the Borrower Borrowers shall fail to pay any principal of of, or interest on the Loans or any Reimbursement Obligation or any Letter of Credit Fee, commitment fee, or other fee or expense hereunder when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower Borrowers shall fail to comply with any of its their covenants contained in ss.8ss.10, 9 11 or 1012; (dc) the Borrower or any of the other Transaction Parties Borrowers shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.115.1) anD such default shall continue for twenty a period of ten (2010) days after written notice of sucH failure has been given to the Borrower by the Agentoccurrence thereof; (ed) any representation or warranty of the Borrower or any of the other Transaction Parties Borrowers in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fe) any of the Borrower Borrowers shall default in the payment when due of any principal of or interest on any postpetition Indebtedness, or any pre-petition Indebtedness if, by order of the Bankruptcy Court issued with respect to such pre-petition Indebtedness, the default thereunder entitles the holder thereof to relief from the automatic stay of ss.362 of the Bankruptcy Code, in excess oF $250,000 in the aggregate of such postpetition or pre-petition Indebtedness, or any event specified in any note, agreement, indenture or other document evidencing or securing any such postpetition Indebtedness shall occur if the effect of such event is to cause, or (with the giving of notice or the lapse of time or both) to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause such Indebtedness to become due, or to be prepaid in full prior to its stated maturity; or any of the other Transaction Parties Borrowers shall fail to pay at maturitydefault in the payment when due of any amount in excess of $250,000 in the aggregate under any postpetition Derivative Transaction, or within any applicable period event specified in any postpetition Derivative Transaction to which any of gracethe Borrowers is a party shall occur if the effect of such event is to cause, any obligations for borrowed money or credit received (with the giving of notice or the lapse of time or both) to permit, termination or liquidation payments in respect of such postpetition Derivative Transaction in excess of $250,000 to become due; (f) any Capitalized Leasesof the Borrowers shall be enjoined from conducting any part of its business as a debtor in possession, there shall occur any act of terrorism or other "force majeure" event disrupting any material -71- portion of the businesses of the Borrowers, or there shall occur any loss or change in any license or permit of any of the Borrowers, which obligations exceed $5,000,000 in each such case referred to this clause (f) would reasonably be expected to have a material adverse effect on the aggregateBorrowers, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time considered as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofa whole; (g) the Borrower or any of the other Transaction Parties shall make an assignment for the benefit of creditorsIF ANY OF THE LOAN DOCUMENTS OR ANY OF THE DOCUMENTS CREATING OR EVIDENCING ANY OF THE PREPETITION LENDER DEBT SHALL BE CANCELLED, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become dueTERMINATED, or shall petition or apply for the appointment of a trustee or other custodianREVOKED OR RESCINDED; OR THE ADMINISTRATIVE AGENT'S LIEN ON ANY OF THE COLLATERAL OR ANY OF THE LIENS SECURING THE PREPETITION LENDER DEBT SHALL CEASE TO BE PERFECTED OR HAVE THE PRIORITY CONTEMPLATED BY THIS CREDIT AGREEMENT, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties under any bankruptcyTHE PREPETITION CREDIT AGREEMENT, reorganizationOR THE ORDERS, arrangementAS THE CASE MAY BE, insolvencyOR ANY ACTION AT LAW, readjustment of debtSUIT OR IN EQUITY OR OTHER LEGAL PROCEEDING TO CANCEL, dissolution or liquidation or similar law of any jurisdictionREVOKE, now or hereafter in effectRESCIND OR OTHERWISE CHALLENGE ANY OF THE LOAN DOCUMENTS OR THE PREPETITION LENDER DEBT OR THE LIENS SECURING THE OBLIGATIONS OR THE PREPETITION LENDER DEBT SHALL BE COMMENCED BY ANY OF THE BORROWERS; OR ANY COURT OR ANY OTHER GOVERNMENTAL OR REGULATORY AUTHORITY OR AGENCY OF COMPETENT JURISDICTION SHALL MAKE A DETERMINATION THAT, or shall take any action to authorize or in furtherance of any of the foregoingOR ISSUE A JUDGMENT, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties and the Borrower or any of the other Transaction Parties shall indicate its approval thereofORDER, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereofDECREE OR RULING TO THE EFFECT THAT, ANY ONE OR MORE OF THE LOAN DOCUMENTS OR ANY OF THE DOCUMENTS CREATING OR EVIDENCING ANY OF THE PREPETITION LENDER DEBT IS ILLEGAL, INVALID OR UNENFORCEABLE IN ACCORDANCE WITH THE TERMS THEREOF; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or (i) any of the other Transaction Parties bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower Borrowers or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding in excess of $2,000,000250,000; (ii) any of the Borrower Borrowers or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding in an amount in excess of $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: 250,000; (iiii) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided ERISA in an amount iN excess of $250,000 shall occur and the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; (iiiv) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iiiv) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mi) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemymaterial damage to, or other casualtyloss, theft or destruction of any material item of Collateral which in any such case causesis not insured or which is insured but as to which loss, theft or destruction, the insurance proceeds relating thereto have not been paid to the Administrative Agent, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility benefit of the Borrower Banks and the Agents, in accordance with the terms of the Security Documents; (j) the Bankruptcy Court shall enter any order (i) amending, supplementing, altering, staying, vacating, rescinding or otherwise modifying any Order or any other order with respect to any of the other Transaction Parties if Cases affecting in any material respect this Credit Agreement or the Prepetition Credit Agreement, (ii) appointing a chapter 11 trustee or an examiner with enlarged powers relating to the operation of the business (powers beyond those set forth in Section 1106(a)(3) and (4) of the Bankruptcy Code) under Section 1106(b) of the Bankruptcy Code in any of the Cases, (iii) dismissing any of the Cases or converting any of the Cases to a chapter 7 case, or (iv) granting relief from the automatic stay to any creditor holding or asserting a Lien or reclamation claim on a material portion (i.e., more than $250,000 in the aggregate) of the assets of any of the Borrowers or where the deprivation of any of the Borrowers of such event or circumstance is not covered by business interruption insurance and assets would reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction PartiesBorrowers, considered as a whole; (k) the Bankruptcy Court shall fail to enter the Final Order by January 31, 2002; (l) an application shall be filed by any of the Borrowers for the approval of any other Superpriority Claim (exclusive of the Superpriority Claim in favor of the Prepetition Lenders) in any of the Cases which is PARI PASSU with or senior to the claims of the Administrative Agent and the Banks against any of the Borrowers unless after giving effect to the transactions contemplated by such application, all Obligations and the Prepetition Lender Debt (whether contingent or otherwise) shall be paid in full in cash and the Commitments shall be terminated), or there shall arise any such Superpriority Claim; (m) any of the Borrowers shall be unable to pay its postpetition debts as they mature, shall fail to comply with any order of the Bankruptcy Court in any material respect, or shall fail to make, as and when such payments become due or otherwise, any adequate protection payments with respect to the Prepetition Debt which are required or permitted by the Orders or any other order of the Bankruptcy Court; (n) there shall occur the loss, suspension remain undischarged for more than thirty (30) days any final postpetition judgment or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or execution action against any of the other Transaction Parties if Borrowers, or relief from the automatic stay of Section 362(a) of the Bankruptcy Code shall be granted to any creditor or creditors of any of the Borrowers with respect to assets having an aggregate value in excess of $250,000 or where the deprivation of any of the Borrowers of such loss, suspension, revocation or failure assets would reasonably be expected to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction PartiesBorrowers, considered as a whole; (o) ANY OF THE BORROWERS SHALL FILE A MOTION IN ANY OF THE CASES (I) EXCEPT FOR THE PAYMENT OF PAYROLL AND PAYROLL-RELATED EXPENSES AND AS OTHERWISE PROVIDED IN THE ORDERS, TO USE CASH COLLATERAL OF THE BANKS OR OF THE PREPETITION LENDERS UNDER SECTION 363(C) OF THE BANKRUPTCY CODE WITHOUT THE BANKS' AND THE PREPETITION LENDERS' CONSENT, (II) TO RECOVER FROM ANY PORTIONS OF THE COLLATERAL ANY COSTS OR EXPENSES OF PRESERVING OR DISPOSING OF SUCH COLLATERAL UNDER SECTION 506(C) OF THE BANKRUPTCY CODE, TO CUT OFF RIGHTS IN THE COLLATERAL UNDER SECTION 552(B) OF THE BANKRUPTCY CODE, OR (III) TO TAKE ANY OTHER ACTION OR ACTIONS ADVERSE TO THE BANKS OR THE PREPETITION LENDERS OR THEIR RIGHTS AND REMEDIES HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY OF THE DOCUMENTS EVIDENCING OR CREATING ANY OF THE PREPETITION LENDER DEBT OR THE BANKS' OR THE PREPETITION LENDERS' INTEREST IN ANY OF THE COLLATERAL; (p) A SUIT OR ACTION AGAINST ANY OF THE BANKS, THE AGENTS, THE PREPETITION AGENTS, OR THE PREPETITION LENDERS SHALL BE COMMENCED BY ANY OF THE BORROWERS OR THE PREPETITION BORROWERS, ANY FEDERAL, STATE ENVIRONMENTAL PROTECTION OR HEALTH AND SAFETY AGENCY OR ANY OFFICIAL COMMITTEE IN ANY CASE, WHICH SUIT OR ACTION ASSERTS ANY CLAIM OR LEGAL OR EQUITABLE REMEDY CONTEMPLATING SUBORDINATION OF ANY CLAIM OR LIEN OF THE BANKS, THE AGENTS, THE PREPETITION LENDERS, OR THE PREPETITION AGENTS, AND SHALL REMAIN UNDISMISSED OR UNSTAYED FOR THIRTY (30) DAYS AFTER ITS COMMENCEMENT WITHOUT ANY PRELIMINARY RELIEF OF THE NATURE SOUGHT HAVING BEEN GRANTED; AND, WITH RESPECT TO ANY SUIT OR ACTION BY ANY SUCH FEDERAL OR STATE AGENCY OR OFFICIAL COMMITTEE, A PRELIMINARY ORDER FOR RELIEF OR JUDGMENT OR DECREE SHALL HAVE BEEN ENTERED IN SUCH SUIT OR ACTION AGAINST THE BANKS, THE AGENTS, THE PREPETITION AGENTS, OR THE PREPETITION LENDERS AND, IN THE CASE OF A PRELIMINARY ORDER, SUCH PRELIMINARY ORDER HAS NOT BEEN STAYED WITHIN TEN (10) DAYS AFTER ITS ENTRY; (q) (i) the Borrower failure to submit to the Agents, the Banks, the Prepetition Agents and the Prepetition Lenders by February 28, 2002, the Borrowers' business plan addressing the restructuring of the Borrowers' business operations; (ii) the failure to submit to the Agents, the Banks, the Prepetition Agents and the Prepetition Lenders by March 31, 2002, the Borrowers' capital restructuring plan; (iii) the failure to file by June 30, 2002, a Reorganization Plan and a disclosure statement consistent with the business and capital restructuring plans; and (iv) unless waived by the Required Lenders and the Agents in connection with the extension of the Termination Date as contemplated by the definition of that term, the failure of such Reorganization Plan to become effective within 12 months following the Closing Date; (r) the subordination terms of the Subordinated Debt or any other prepetition subordination agreements in favor of any of the other Transaction Parties Prepetition Lenders or the Banks shall not be indicted for a state or federal crimeenforceable by any of the Prepetition Lenders, the Prepetition Agents, the Banks, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000Agents; or (ps) any person the occurrence of an event of default or group of persons (within the meaning of Section 13 or 14 contempt under either of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Orders; then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Required Banks shall, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each of the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankBorrowers.

Appears in 1 contract

Sources: Revolving Credit Agreement (Nationsrent Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payablepayable or required, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries (i) shall fail to pay any interest on the LoansLoans (A) within one (1) day following the date when the same shall become due and payable, other than at the commitment fee, stated date of maturity or any Letter accelerated date of Credit Fee, maturity or (B) when the Agent's fee, same shall become due and payable at the stated date of maturity or other any accelerated date of maturity or (ii) shall fail to pay sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8Section 8 (other than Sections 8.6(b), 8.13 and 8.17), 9 or 10; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. Section 13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall (i) fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or (ii) fail to observe or perform any material term, covenant covenant, or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received received, or in respect of any Capitalized Leases exceeding Leases, in each case under this subparagraph (f) in excess of $5,000,000 in 1,000,000.00, including without limitation, under the aggregateSenior Loan Documents or under the Trade Vendor Term Sheet or the Trade Vendor Extension Agreement, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, whether or not any such acceleration has taken place; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0001,500,000.00; (j) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescindedrescinded or the Collateral Agent’s security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,500,000.00 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen ten (1510) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility retail locations of the Borrower or any of its Subsidiaries constituting twenty-five percent (25%) or more of the other Transaction Parties Borrower’s and its Subsidiaries retail locations if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeinsurance; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole;or such Subsidiary; or (o) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)1,500,000.00; then, and in any such event, event so long as the same may be continuing, the Agent Agents may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSections 13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent Agents or any BankLenders.

Appears in 1 contract

Sources: Intercreditor and Lien Subordination Agreement (Whitehall Jewellers Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur:: ( (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; ; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Facility Fee, the Administrative Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; ; (c) the Borrower or the Parent shall fail to comply with any of its their covenants contained in ss.87 (other than 7.2, 9 7.7, 7.10 and 7.11), 8 or 10; 9; (d) the Borrower or the Parent or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.112) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; ; (e) any representation or warranty of the Borrower or the Parent or any of the other Transaction Parties their Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; ; (f) any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations for obligation (including any guaranties thereof) in respect of borrowed money or credit received (including letters of credit issued for the account of the Borrower, the Parent or any of its Subsidiaries) or in respect of any Capitalized Leases, which obligations exceed Leases in excess of $5,000,000 10,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in excess of $5,000,000 10,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; ; (g) any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries or of any substantial part of the assets of any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries or shall commence any case or other proceeding relating to any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against any of the Borrower Borrower, the Parent or any of their Subsidiaries and any of the other Transaction Parties and Borrower, the Borrower Parent or any of the other Transaction Parties their Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; ; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; ; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or Borrower, the Parent and any of the other Transaction Parties their Subsidiaries exceeds in the aggregate $5,000,000;; (j) (ji) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or (ii) any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of (A) the other Transaction Parties party thereto Borrower, the Parent or any of their respective Subsidiaries party thereto, or (B) any of the ▇▇▇▇▇ family stockholders, or (C) any other stockholder if such action, suit or proceeding has not been dismissed or withdrawn within sixty (60) days of the commencement thereof, or (iii) any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; ; (k) the Borrower or any ERISA Affiliate incurs any liability pursuant to Title IV of ERISA (other than for premiums) to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 1,000,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1302(f)(1) of ERISA), provided that the Administrative Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; ; (l) any of the Borrower Borrower, the Parent or any of the other Transaction Parties their Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; ; or (m) there the Parent shall occur any strikecease to own, lockoutdirectly or indirectly, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility 100% of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common capital stock of the Borrower; or ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ and members of the ▇▇▇▇▇ family (or any trusts or similar entities established for the benefit of members of the ▇▇▇▇▇ family) shall at any time cease to own, legally or beneficially, at least fifty-one percent (51%) (by number of votes) of the Voting Stock of the Parent; or, during any period of twelve consecutive calendar months, individuals who were directors or who were elected by the members of the Borrower board of directors of the Parent on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); Parent. then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrower and the Parent; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g12.1(g) or 13.1(h12.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Administrative Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Watts Industries Inc)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occuroccur and be continuing: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Facility Fee, the Agent's fee, Agent Fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8Sections 5.4, 9 5.5, 5.10, 6 or 107 hereof, or (ii) shall fail to comply with its covenant contained in Section 5.6 hereof and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 10.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases or any obligations with respect to interest rate protection arrangements or exchange rate protection arrangements which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $10,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or evidencing any interest rate protection arrangement or exchange rate protection arrangement which in the aggregateaggregate represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $10,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (j) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred and the Majority Banks shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;; or (km) a "Change in Control" shall have occurred (which for the Borrower or any ERISA Affiliate incurs any liability to purposes of this subsection (m) shall mean the PBGC or a Guaranteed Pension Plan pursuant to Title IV occurrence of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: events): (i) an ERISA Reportable Event, or a failure to make a required installment or other payment the acquisition by any Person (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or including any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person syndicate or group of persons (within the meaning of deemed to be a "person" under Section 13 or 14 13(d)(3) of the Securities and Exchange Act of 1934, as amended) shall have acquired of beneficial ownership (within ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of Capital Stock of the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) Borrower entitling such Person to exercise 50% or more of the total voting power of all shares of Capital Stock of the Borrower entitled to vote generally in the elections of directors (any shares of voting stock of which such person or group is the beneficial owner that are not then outstanding being deemed outstanding for purposes of calculating such percentage); (ii) any consolidation of the Borrower with, or merger of the Borrower into, any other Person, any merger of another Person into the Borrower, or any sale or transfer of all or substantially all of the assets of the Borrower to another Person (other than a transfer of assets to one or more Guarantors or a merger (A) which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of common stock Capital Stock of the Borrower or (B) which is effected solely to change the jurisdiction of incorporation of the Borrower); or, (iii) during any period of twelve consecutive calendar monthstwo-year period, individuals who were directors at the beginning of such period constituted the Board of Directors of the Borrower on (together with any new directors whose election by such Board of Directors or whose nomination for election by the first day stockholders of the Borrower was approved by a vote of 66-2/3% of the directors then still in office who were either directors at the beginning of such period shall or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board Board of directors Directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)then in office; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSections 10.1(g) or 13.1(h)10.1(h) hereof, all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loans or any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for fifteen (15) calendar days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any other term, covenant or agreement contained in §9; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan, or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof or require the termination or other settlement of such obligation; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve (i) Recourse Indebtedness in excess of $10,000,000, or (ii) Non-Recourse Indebtedness in excess of $50,000,000; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty fifteen (3015) daysdays during any calendar year, any whether or not consecutive, one or more uninsured or unbonded final judgment judgments against (x) the Borrower or any Guarantor that, either individually or in the aggregate, exceed $10,000,000.00 in any calendar year or (y) any Subsidiary of the other Transaction Parties Borrower that is not a Subsidiary Guarantor that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00 in any calendar year; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lo) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be enjoinedindicted for a federal crime, restrained or in a punishment for which could include the forfeiture of (i) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any of their respective Subsidiaries which in the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would good faith judgment of the Majority Lenders could reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation ofMaterial Adverse Effect, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or (ii) any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeUnencumbered Pool Properties; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person Guarantor denies that it has any liability or group of persons (within obligation under the meaning of Section 13 Guaranty or 14 any other Loan Document, or shall notify the Agent or any of the Securities Exchange Act Lenders of 1934such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under any Guaranty or any other Loan Document; (q) [reserved]; (r) [reserved]; (s) [reserved]; (t) [reserved]; (u) the Borrower, any Guarantor or any of their respective Subsidiaries shall fail to comply with the covenants set forth in §8.6 hereof; provided, however, no Event of Default shall occur hereunder as amendeda result of such failure if such failure relates solely to a parcel or parcels of Real Estate that are not an Unencumbered Pool Property whose book value, either individually or in the aggregate, does not exceed $10,000,000.00; (v) REIT shall have acquired beneficial ownership fail to comply at any time with all requirements and applicable laws and regulations necessary to maintain REIT Status and shall continue to receive REIT Status; (within the meaning w) REIT shall fail to comply with any SEC reporting requirements; (x) any Change of Rule 13d-3 promulgated by the Securities and Exchange Commission Control shall occur; or (y) an Event of Default under said Act) of thirty percent (30%) or more any of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallLenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Lenders or the Agent, Borrower hereby expressly waiving any Bankright to notice of intent to accelerate and notice of acceleration.

Appears in 1 contract

Sources: Term Loan Agreement (Carter Validus Mission Critical REIT, Inc.)

Events of Default and Acceleration. If any Any of the following events ("Events shall constitute an Event of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment feeFacility Fee, any Letter of Credit Feefees due under the Fee Letter, the Agent's fee, other fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8§§6.4, 9 6.5, 6.6 (with respect to the Borrower’s existence), 7 or 108 hereof, or (ii) shall fail to comply with its covenants contained in §§6.6 (other than with respect to the Borrower’s existence), 6.10 or 6.13 and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§11.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Administrative Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturitywhen due, or within any applicable period of grace, any obligations obligation for borrowed money or credit received (other than trade credit in the ordinary course of business) or in respect of any Capitalized LeasesLeases or any obligations with respect to Swap Contracts which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to Swap Contracts, based on the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof) of $75,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received (other than trade credit in the ordinary course of business) or in respect of any Capitalized Leases exceeding $5,000,000 or Swap Contracts which, in the aggregate, represents Indebtedness (calculated, with respect to Swap Contracts, based on the Swap Termination Value owed by the Borrower or such Subsidiary as a result thereof) of $75,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gi) the Borrower or any of the other Transaction Parties its Material Subsidiaries (1) shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or (2) shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Material Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Material Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Material Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or (ii) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Material Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Material Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Material Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Material Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00075,000,000; (ji) an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in accelerated liability of the Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $75,000,000, (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, and the extension of the time to pay in connection with the resolution of any dispute in accordance with the terms of Title IV of ERISA, any installment payment with respect to its withdrawal liability under §4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $75,000,000, (iii) the Borrower or any of its Subsidiaries fails to comply with Applicable Pension Laws with respect to any Foreign Plan and such failure has resulted or could reasonably be expected to result in accelerated liability in an aggregate amount in excess of $75,000,000, or (iv) a Foreign Plan is terminated and such termination has resulted or could reasonably be expected to (x) result in accelerated liability in an aggregate amount in excess of $75,000,000 and (y) have a material adverse effect on the business, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, or an offer to prepay, redeem or repurchase the Subordinated Debt in whole or in part shall have been made, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;; or (km) a “Change in Control” shall have occurred (which for the Borrower or any ERISA Affiliate incurs any liability to purposes of this subsection (m) shall mean the PBGC or a Guaranteed Pension Plan pursuant to Title IV occurrence of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: events): (i) an ERISA Reportable Event, or a failure to make a required installment or other payment the acquisition by any Person (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or including any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person syndicate or group of persons (within the meaning of deemed to be a “person” under Section 13 or 14 13(d)(3) of the Securities and Exchange Act of 1934, as amended) shall have acquired of beneficial ownership (within ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of Capital Stock of the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) Borrower entitling such Person to exercise 50% or more of the total voting power of all shares of Capital Stock of the Borrower entitled to vote generally in the elections of directors (any shares of voting 47438543.7 stock of which such person or group is the beneficial owner that are not then outstanding being deemed outstanding for purposes of calculating such percentage); (ii) any consolidation of the Borrower with, or merger of the Borrower into, any other Person, any merger of another Person into the Borrower, or any sale or transfer of all or substantially all of the assets of the Borrower to another Person (other than a merger (A) which does not result in any reclassification, conversion, exchange or cancellation of outstanding shares of common stock Capital Stock of the Borrower or (B) which is effected solely to change the jurisdiction of incorporation of the Borrower); or, (iii) during any period of twelve consecutive calendar monthstwo-year period, individuals who were directors at the beginning of such period constituted the Board of Directors of the Borrower on (together with any new directors whose election by such Board of Directors or whose nomination for election by the first day stockholders of the Borrower was approved by a vote of 66-2/3% of the directors then still in office who were either directors at the beginning of such period shall or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board Board of directors Directors of the Borrower or then in office; or (n) any of (i) the Borrower shallor any of its Subsidiaries shall fail to make any payment under any Permitted Securitization Transaction that is a Material Securitization Transaction, at when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise), and any timesuch failure shall continue after the applicable grace period, legally if any, specified in the documents relating to such transaction, or beneficially own less than one hundred percent (100%ii) any Event of Termination under any Material Securitization Transaction shall occur and continue after the applicable grace period, if any, specified in such documents if either, pursuant to such documents, (A) the existence of such Event of Termination would automatically cause the acceleration of all indebtedness due to the purchaser or lender under such documents or (B) the existence of such Event of Termination would permit the purchaser or lender under such documents to accelerate the payment of all indebtedness due to the purchaser or lender under such documents or require the repurchase of the shares receivables sold thereunder and (1) such Event of Termination continues unremedied or unwaived for a period of more than ninety (90) days after the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as date that the same may be continuing, the Administrative Agent may, and upon the request of the Majority Banks shall, by gives notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any such Event of Default specified in ss.ss.13.1(gTermination or (2) the purchaser or 13.1(h), all lender under such amounts shall become immediately due and payable automatically and without any requirement documents accelerates the payment of notice from such indebtedness or requires the Agent or any Bankrepurchase of the receivables sold thereunder.

Appears in 1 contract

Sources: Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur:: -57- (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) intentionally omitted; (d) the Borrower shall fail to comply with any of its covenants covenant contained in ss.8Section 9.2, 9 Section 9.3, Section 9.4, Section 9.5, Section 9.6, Section 9.7, Section 9.9 or 10Section 9.10 and such failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrower by the Agent; (de) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to Section 12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, any advance of a Loan, or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries (i) shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateother Indebtedness, or (ii) shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; provided that the events described in this Section 12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in this Section 12.1(g), involve singly or in the aggregate obligations for borrowed money or credit received totaling in excess of $5,000,000.00; (gh) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, one or more uninsured or unbonded final judgments against any final judgment against of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,000; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of any of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantors, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of any of the Borrower or any ERISA Affiliate incurs Guarantor shall occur or any liability to sale, transfer or other disposition of the PBGC or a Guaranteed Pension Plan pursuant to Title IV assets of ERISA in an aggregate amount exceeding $2,000,000; any of the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV Guarantor shall occur other than as permitted under the terms of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, this Agreement or any of the following occurs other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) any suit or proceeding shall be filed against or with respect to the Borrower Borrower, any Guarantor, any of their respective Subsidiaries or any Collateral which in the good faith business judgment of the Required Lenders after giving consideration to the likelihood of success of such suit or proceeding and the availability of insurance to cover any judgment with respect thereto and based on the information available to them if adversely determined, would have a materially adverse effect on the ability of the Borrower, any Guarantor or any of their respective Subsidiaries to perform each and every one of its obligations under and by virtue of the other Transaction Parties Loan Documents and such suit or proceeding shall not have been dismissed within sixty (60) days following the filing thereof; (p) the Borrower, any Guarantor or any of their respective Subsidiaries or any Person so connected with any of them shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of Borrower, any Guarantor or any of their respective Subsidiaries which in the Borrower good faith judgment of the Required Lenders could have a Material Adverse Effect; (q) any Guarantor denies that it has any liability or obligation under the Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor's intention to attempt to cancel or terminate the Guaranty or any other Transaction Party having a fair market value in excess Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document beyond any applicable cure period; (r) any Change of $1,000,000Control shall occur; (s) an Event of Default under any of the other Loan Documents shall occur; or (pt) any person or group an "Event of persons Default" (within as defined in the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amendedMaster Credit Agreement) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gSection 12.1(h), Section 12.1(i) or 13.1(hSection 12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Agent Lenders or any Bankthe Agent.

Appears in 1 contract

Sources: Term Loan Agreement (JDN Realty Corp)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10§9.1 and such failure shall continue for five (5) Business Days after written notice thereof shall have been given to the Borrower by the Agent; (d) the Borrower or any of the other Transaction Parties shall fail to perform any other term, covenant or agreement contained in §9.2, §9.3, §9.4 or §9.5; (e) the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (ef) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (fg) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contracts), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contracts) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or to require the settlement, termination, prepayment, purchase or redemption thereof; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve (i) in respect of Recourse Indebtedness, singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $50,000,000.00 or (ii) in respect of Non-Recourse Indebtedness, singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $75,000,000.00; (gh) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, monitor, receiver, receiver-manager, or receiver of the Borrower similar official for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effectInsolvency Law, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (i) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator, receiver, monitor, receiver-manager, or similar official of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties such Person under any Insolvency Law, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hj) a decree or order is entered appointing any such a trustee, custodian, liquidator liquidator, receiver, monitor, receiver-manager, or receiver or adjudicating similar official for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constitutedany Insolvency Law; (ik) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, one or more uninsured or unbonded final judgments against Borrower, any final judgment against the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00050,000,000.00; (jl) if any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersa Guarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (km) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur other than as permitted under the terms of this Agreement or the other Loan Documents; (n) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 25,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be indicted for a state federal or federal foreign crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of (i) any assets of Borrower, any Guarantor or any of their respective Subsidiaries which in the Borrower good faith judgment of the Required Lenders could reasonably be expected to have a Material Adverse Effect, or such other Transaction Party having a fair market value (ii) the assets included in excess the calculation of $1,000,000; orthe Unencumbered Asset Value; (p) any person Guarantor denies that it has any liability or group of persons (within obligations under the meaning of Section 13 Guaranty or 14 any other Loan Document, or shall notify the Agent or any of the Securities Exchange Act Lenders of 1934such Guarantor’s intention to attempt to cancel or terminate the Guaranty or cancel the Contribution Agreement or any other Loan Document, as amendedor shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document; or (q) shall have acquired beneficial ownership (within the meaning an Event of Rule 13d-3 promulgated by the Securities and Exchange Commission Default under said Act) of thirty percent (30%) or more any of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. Upon demand by Agent or the Required Revolving Credit Lenders in their absolute and sole discretion after the occurrence of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Revolving Credit Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by Agent as security for any amounts that become payable first under the Letters of Credit and then to all other Revolving Credit Loans. In the alternative, if demanded by Agent in its absolute and sole discretion after the occurrence of an Event of Default, Borrower will deposit in the Collateral Account and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable first under the Letters of Credit and then to other Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations as provided above or if there are no outstanding Obligations and Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by Borrower will be released to Borrower.

Appears in 1 contract

Sources: Credit Agreement (Dupont Fabros Technology, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans, the commitment feeCommitment Fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8ss.ss.8.1, 8.4, 8.5, the first sentence of 8.6, 8.7-8.10, 8.12-8.15, 8.18, 9 or 10; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases or Synthetic Leases in excess of $5,000,000 in the aggregate500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, or Synthetic Leases for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0001,000,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 500,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, a material portion of the assets of the Borrower or any of its Subsidiaries, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeits Subsidiaries; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included having a fair market value in excess of $1,000,000; or (pq) the Borrower shall at any time, legally or beneficially own less than (i) 100% of the shares (on a fully diluted basis) of the common stock and other equity interests of each of its domestic Subsidiaries or (ii) the percentage of shares (on a fully diluted basis) of the common stock and other equity interests of each of its foreign Subsidiaries which it legally or beneficially owned as of the Closing Date except as otherwise permitted by ss.9.5.2(b); (r) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty twenty percent (3020%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Borrower; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g), 13.1(h) or 13.1(h13.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Ionics Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8§§6(a), 9 (b), (d)(i), (e), (f), (i), (j), (k), 7 or 108; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1§11.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the AgentLender; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount in excess of $5,000,000 in the aggregate, 500,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment not covered by insurance against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgmentsjudgments not covered by insurance, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0001,000,000; (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLender, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of under ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) which could reasonably be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of have a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such PlanMaterial Adverse Effect; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur , or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business Material Adverse Effect or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000Material Adverse Effect; or (pm) any person or group a Change of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Control shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent Lender may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Agreement and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§11.1(g) or 13.1(h11.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent Lender. In addition, upon the occurrence and continuation of an Event of Default hereunder, the Lender is permitted to terminate the ▇▇▇ Letter of Credit pursuant to the terms thereof by delivering a notice to the beneficiary of the ▇▇▇ Letter of Credit that such Letter of Credit is being terminated by the Lender, all as more fully set forth in such ▇▇▇ Letter of Credit, provided, other than in the event of any Event of Default specified in §§11.1(g) or any Bank11.1(h), the Lender shall provide the Borrower with ten (10) days advance notice prior to terminating such ▇▇▇ Letter of Credit (provided, however, for the avoidance of doubt, the parties hereto hereby acknowledge and agree that the Lender shall have the immediate right to take the action set forth in the immediately preceding sentence and the ten day advance notice to the Borrower of terminating the ▇▇▇ Letter of Credit only applies to the such termination, and not the Lender’s rights to accelerate the Obligations, demand cash collateral or take other actions against the Borrower the Lender is so entitled to take hereunder).

Appears in 1 contract

Sources: Standby Letter of Credit Agreement (Ade Corp)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occuroccur and be continuing: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Guarantor shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Facility Fee, the Agent's feeUtilization Fees, the Agent Fees, other fees or other sums due hereunder or under any of the other Loan Documents, within two five (25) Business Days after of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower (i) shall fail to comply with any of its covenants contained in ss.8Sections 6.4, 9 6.5, 6.10, 7 or 108 hereof, or (ii) shall fail to comply with its covenant contained in Section 6.6 hereof and such failure shall continue for thirty (30) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 11.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any material representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized LeasesLeases or any obligations with respect to interest rate protection arrangements or exchange rate protection arrangements which, which obligations exceed $5,000,000 in the aggregate, represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $25,000,000 or more, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 or evidencing any interest rate protection arrangement or exchange rate protection arrangement which in the aggregateaggregate represents Indebtedness (calculated, with respect to interest rate protection arrangements and exchange rate protection arrangements based on the notional principal amount thereof) of $25,000,000 or more, and for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and shall not have been dismissed within sixty (60) days, or the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,00010,000,000; (j) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of Section 302(f)(1) of ERISA), shall have occurred and the Required Lenders shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding $10,000,000 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a Lien in favor of such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; (k) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part, or an offer to prepay, redeem or repurchase the Subordinated Debt in whole or in part shall have been made, in each case in violation of the provisions of this Credit Agreement; (l) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Staples Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply comply, within any applicable grace period set forth in this ss.12 or in the applicable covenant, with any of its covenants contained in ss.8ss.ss.7.1, 9 7.4, 7.5.1, 7.5.3, the first sentence of ss.7.6, ss.ss.7.7 through 7.12, 8 or 109; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.112.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount greater than $5,000,000 in the aggregate100,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding in an aggregate amount greater than $5,000,000 in the aggregate, 100,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower CTI or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower CTI or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower CTI or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower CTI or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower CTI or any of the other Transaction Parties its Subsidiaries and the Borrower CTI or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower CTI or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower CTI or any Subsidiary of the other Transaction Parties CTI in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower CTI or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower CTI or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000100,000 and CTI shall have failed to provide evidence satisfactory to the Banks that such judgment or award is fully covered by independent third-party insurance; (j) CTI shall accelerate the maturity of all or any part of the Subordinated Debt or all or any part of the Subordinated Debt shall be prepaid, redeemed or repurchased; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 100,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000100,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided PROVIDED that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 100,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen thirty (1530) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would would have a material materially adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered taken as a whole; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered taken as a whole; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000; or100,000; (pq) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) CTI shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred ninety-seven and seventy-nine tenths percent (10097.79%) of the shares of the capital stock of Hadco Santa Clar▇ the Borrower, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital of the Borrower; or (on a fully diluted basis)r) any Guaranty shall be cancelled, terminated, revoked or rescinded; then, and in any such event, so long as the same may be continuing, (i) the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents Documents, or (ii) any Bank, with respect to all amounts owing to such Bank following at least forty-five (45) days prior written notice to the other Banks of its intent to accelerate the Obligations owing to such Bank may, in either case declare such amounts owing to such Bank with respect to this Credit Agreement, the Notes and all Reimbursement Obligations the other Loan Documents, to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gss.ss.12.1(g), 12.1(h) or 13.1(h12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Connectivity Technologies Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) : the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) ; the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) ; the Borrower shall fail to comply with any of its covenants the covenant contained in ss.8, 9 or 10; §9.1 and such failure shall continue for five (d5) Business Days after written notice thereof shall have been given to the Borrower or any of by the other Transaction Parties Agent; the Borrower shall fail to perform any other term, covenant or agreement contained in §9.2, §9.3, §9.4 or §9.5; the Borrower, the Guarantors or any of their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subclauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agent; (e) other Loan Documents); any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) ; any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations principal, interest or other amount on account any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contracts), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contracts) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or to require the settlement, termination, prepayment, purchase or redemption thereof; ; provided that the events described in §12.1(g) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(g), involve (gi) in respect of Recourse Indebtedness, singly or in the Borrower aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $50,000,000.00 or (ii) in respect of Non-Recourse Indebtedness, singly or in the aggregate obligations for borrowed money or credit received or other Indebtedness totaling in excess of $75,000,000.00; the Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, monitor, receiver, receiver-manager, or receiver of the Borrower similar official for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effectInsolvency Law, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator, receiver, monitor, receiver-manager, or similar official of the Borrower, any Guarantor or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties such Person under any Insolvency Law, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (h) ; a decree or order is entered appointing any such a trustee, custodian, liquidator liquidator, receiver, monitor, receiver-manager, or receiver or adjudicating similar official for the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) any Insolvency Law; there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty sixty (3060) days, whether or not consecutive, one or more uninsured or unbonded final judgments against Borrower, any final judgment against the Borrower Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,000; (j) if 50,000,000.00; any of the Loan Documents or the Contribution Agreement shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersa Guarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (k) ; any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur other than as permitted under the terms of this Agreement or the other Loan Documents; with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of any of the Borrower Borrower, any Guarantor or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 25,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower ; Borrower, any Guarantor or any of the other Transaction Parties shall be enjoinedtheir respective Subsidiaries or any shareholder, restrained officer, director, partner or in any way prevented by the order member of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties them shall be indicted for a state federal or federal foreign crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of (i) any assets of Borrower, any Guarantor or any of their respective Subsidiaries which in the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 good faith judgment of the Securities Exchange Act of 1934Required Lenders could reasonably be expected to have a Material Adverse Effect, as amendedor (ii) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by assets included in the Securities and Exchange Commission under said Act) of thirty percent (30%) or more calculation of the outstanding shares of common stock Unencumbered Asset Value; any Guarantor denies that it has any liability or obligations under the Guaranty or any other Loan Document, or shall notify the Agent or any of the BorrowerLenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or cancel the Contribution Agreement or any other Loan Document, or shall fail to observe or comply with any term, covenant, condition or agreement under the Guaranty or any other Loan Document; or, during or an Event of Default under any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period other Loan Documents shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Required Lenders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§12.1(h), §12.1(i) or 13.1(h§12.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. Upon demand by Agent or the Required U.S. Dollar Revolving Credit Lenders in their absolute and sole discretion after the occurrence of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the U.S. Dollar Revolving Credit Lenders will cause a U.S. Dollar Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch U.S. Dollar Revolving Credit Loan will be pledged to and held by Agent as security for any amounts that become payable first under the Letters of Credit and then to all other Revolving Credit Loans. In the alternative, if demanded by Agent in its absolute and sole discretion after the occurrence of an Event of Default, Borrower will deposit in the Collateral Account and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by Agent for the benefit of the Lenders as security for any amounts that become payable first under the Letters of Credit and then to other Obligations. Upon any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations as provided above or if there are no outstanding Obligations and Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by Borrower will be released to Borrower.

Appears in 1 contract

Sources: Credit Agreement (DuPont Fabros Technology LP)

Events of Default and Acceleration. If any of the following ------------------------------------ events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Loans, the commitment feeAdministrative Fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8ss.ss.8.1, 8.2, 8.4(f), 8.5, 8.6, 8.7, 8.9, 8.12, 8.14, 8.15, 9 or 1010 hereof; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement Agreement, as such representation or warranty may be updated in writing from time to time by the Borrower or any of its Subsidiaries, shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,0001,000,000; (j) the holders of all or any part of the Subordinated Debt shall accelerate the maturity of all or any part of the Subordinated Debt or the Subordinated Debt shall be prepaid, redeemed or repurchased in whole or in part; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; 500,000, or the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000500,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided that the Agent determines in its -------- reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court Court of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (lm) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (op) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000200,000; or (pq) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) 20% or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or Borrower; or (r) if there shall exist an "Event of Default" under (and as defined in) the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)FAC Credit Agreement; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in -------- ss.ss.13.1(g), 13.1(h) or 13.1(h13.1(j), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Fairfield Communities Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall (i) fail to comply with any of its covenants contained in ss.8(i) Sections 7.4, 8.1 through 8.6, or 9 or (ii) fail to comply with any of its covenants contained in Sections 7.1 through 7.3, Sections 7.5 through 7.18 and Sections 8.7 through 8.12 for a period exceeding ten (10) days; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1Section 12.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofthereof and which default is not waived by the parties thereto; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000500,000; (j) the holders of all or any part of the Subordinated Debt or Indebtedness under the Funding Indenture or Indebtedness under the Bravo Facility Documents shall accelerate the maturity of all or any part of such debt or such debt shall be prepaid or repurchased in whole or in part which in the case of Subordinated Debt violate any provision thereof; PROVIDED, HOWEVER, that early termination of the Funding Indenture by Funding I pursuant to the terms thereof shall not constitute an acceleration by such holders; AND PROVIDED FURTHER that (A) the early termination of the Bravo Credit Agreement by Bravo pursuant to the terms thereof shall not constitute an acceleration by such holders and (B) payments by Bravo pursuant to Sections 2.05(b) and 2.05(c) of the Purchase Agreement shall not constitute prepayment of Indebtedness under the Bravo Credit Agreement; (k) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in substantially all of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents loan documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(g) or 13.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (HPSC Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the any Borrower shall fail to pay any principal of the Revolving Credit Loans, Swing Line Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Revolving Credit Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days; (b) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay any interest on the Revolving Credit Loans or the Swing Line Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and, except in the case of an acceleration of the maturity of the Revolving Credit Loans, in which case an Event of Default shall occur immediately, such failure shall continue for a period of five (5) days; (c) the any Borrower shall fail to comply with (i) any of its covenants contained in ss.8§§8.1, 8.2 (other than, with respect to CAI, moves within the State of California or with respect to CAL, moves within Barbados), 8.4(e), 8.5, 8.9, 8.12, 9 or 10 or any of the covenants contained in any of the Security Documents (provided, that this reference to covenants in the Security Documents shall not abridge grace periods provided therein with respect to certain Defaults also addressed in this Agreement or (ii) any of its covenants contained in §8.4 (except for clause (e) thereof) and such failure shall continue unremedied for ten (10) days; (d) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. §13.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower Borrowers by the Administrative Agent; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false false, incorrect or incomplete in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall (x) fail to pay at maturity, or within any applicable period of grace, (i) any obligations obligation for borrowed money or credit received or in an aggregate principal amount in excess of $50,000,000, (ii) any obligation in respect of any Capitalized LeasesLeases in an aggregate amount in excess of $50,000,000, (iii) any obligation in respect of any operating leases with respect to which the present value (calculated at a discount rate of nine percent (9%) per annum) of the future obligations exceed of the Borrowers and their Subsidiaries thereunder exceeds $5,000,000 in the aggregate50,000,000, or (iv) any obligation under any documentation of Indebtedness incurred in connection with a Permitted Securitization in an aggregate amount in excess of $50,000,000 (including any “termination event”, “event of termination” or any default or event of default thereunder), or (y) fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound referenced in clauses (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, i) through (iv) above for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or require the prepayment, repurchase, redemption or defeasance thereof or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (gi) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the such Borrower , such Guarantor or any of the other Transaction Parties such Material Subsidiary or of any substantial part of the assets of the Borrower such Borrower, such Guarantor or any of the other Transaction Parties such Material Subsidiary or shall commence any case or other proceeding relating to the Borrower such Borrower, such Guarantor or any of the other Transaction Parties such Material Subsidiary under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, ; or (ii) if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower any Borrower, any Guarantor or any of the other Transaction Parties and the Borrower Material Subsidiary and, with respect to this clause (ii) only, (x) such Borrowers, such Guarantor or any of the other Transaction Parties such Material Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or (y) such petition or application shall not have been dismissed within forty-five thirty (4530) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the any Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the any Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000; (j) [reserved]; (k) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Administrative Agent's Liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (ki) the Borrower or any An ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following Event occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, Plan or a failure to make a required installment Multiemployer Plan which has resulted or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could reasonably be expected to result in liability of the Borrower under Title IV of ERISA to the PBGC Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $5,000,000, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount exceeding in excess of $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan5,000,000; (lm) the Borrower any Borrower, any Guarantor or any of the other Transaction Parties Material Subsidiary shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency Governmental Authority from conducting any material part of its business if such circumstance could reasonably be expected to have a Material Adverse Effect, and such order shall continue in effect for more than thirty (30) days; (mn) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the any Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (no) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeMaterial Adverse Effect; (op) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the any Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the such Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or the Domestic Borrowing Base or any assets of any Borrower or such Subsidiary not included in the Borrowing Base or the Domestic Borrowing Base but having a fair market value in excess of $1,000,0005,000,000; or (pq) any person or group a Change of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) Control shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Administrative Agent shall, at the request of, or may, and upon with the request of consent of, the Majority Banks shallRequired Lenders, by notice in writing to the Borrower Borrowers declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations and Swing Line Loans to be, and they shall thereupon forthwith become, immediately due and payable and the require the Borrowers to provide Cash Collateral for all L/C Exposure, in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§13.1(g) or 13.1(h), all such amounts shall become immediately due and payable and the Borrowers shall be required to provide Cash Collateral for all L/C Exposure, in each case, automatically and without any requirement of notice from the Administrative Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit Agreement (CAI International, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of DefaultEVENTS OF DEFAULT" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "DefaultsDEFAULTS") shall occur: (a) the Borrower or any of its Subsidiaries shall fail to pay any principal of the Loans or Loans, any Reimbursement Obligation Obligation, any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Facility Agent's Fee, or other sums due hereunder or under any of the other Loan Documents, when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8ss.9 (other than ss.ss.9.8, 9 9.10, 9.11, 9.14, 9.17, 9.19), ss.10 (other than ss.10.9) or 10ss.11; (dc) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.114.1) for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the Facility Agent; (ed) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedrepeated (subject to any materiality thresholds therein); (fe) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received (including, without limitation, the Senior Notes), or in respect of any Capitalized Leases, which obligations exceed Leases in either case in excess of $5,000,000 in the aggregate500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received (including, without limitation, the Senior Notes) or in respect of any Capitalized Leases exceeding in either case in excess of $5,000,000 in the aggregate, 500,000 for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof; (gf) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five thirty (4530) days following the filing thereof; (hg) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any Subsidiary of the other Transaction Parties Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ih) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds (net of any applicable insurance coverage) in the aggregate $5,000,000500,000; (ji) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Facility Agent's security interests or liens in any portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholdersAffiliates, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (kj) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (lk) the Borrower or any of the its Subsidiaries (other Transaction Parties than Sassco Europe, Viewmon, Ltd., or Tomwell, Ltd.) shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business their respective businesses and such order shall continue in effect for more than thirty ten (3010) consecutive days; (ml) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case either (i) could reasonably be expected to have a material adverse effect on the business or financial condition of ASL Retail Outlets, Inc. or (ii) causes, for more than fifteen ten (1510) consecutive days, the cessation or substantial curtailment of the revenue producing activities at any facility of the Borrower or any of the its Subsidiaries (other Transaction Parties if such event than ASL Retail Outlets, Inc., Sassco Europe, Viewmon, Ltd. or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction PartiesTomwell, considered as a wholeLtd.); (nm) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would could reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the or any of its Subsidiaries (other Transaction Partiesthan Sassco Europe, considered as a wholeViewmon, Ltd. or Tomwell, Ltd.); (on) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of the Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000; or (po) any person Person or group of persons (within the meaning of Section 13 or Section 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership acquire more than fifty percent (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act50%) of thirty percent (30%) or more the capital stock of the outstanding shares Borrower, other than a group controlled by ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇; (p) ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ (or another person reasonably satisfactory to the Agents, other than BancBoston Securities, Inc.) shall cease to be the Chairman of common stock the Board of Directors and the Chief Executive Officer of the Borrower; or (q) the Confirmation Order or the Plan shall be amended, during stayed or otherwise modified without the prior written consent of the Agents, unless such amendment, stay or modification shall not, in the reasonable opinion of the Agents, (i) adversely affect (A) any period of twelve consecutive calendar monthsthe rights, individuals who were directors properties or interests of the Borrower on the first day of such period shall cease to constitute a majority and its Subsidiaries, (B) any of the board rights or interests of directors the Agents and the Lenders hereunder or under the other Loan Documents, or (C) the perfection or priority of any security interests or liens granted to the Facility Agent pursuant to the Loan Documents or (ii) impose any additional obligations on the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)its Subsidiaries; then, and in any such event, so long as the same may be continuing, the Facility Agent may, and upon the request of the Majority Banks Lenders shall, by notice in writing to the Borrower declare and require (i) the unpaid principal amount of the Loans and all Reimbursement Obligations and all interest accrued and unpaid thereon to be due and payable and (ii) all other amounts owing with respect to this Credit Agreement, the Notes payable hereunder and under the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gss.ss.14.1(f), 14.1(g) or 13.1(h14.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Facility Agent or any BankLender.

Appears in 1 contract

Sources: Revolving Credit Agreement (Sassco Fashions LTD /De/)

Events of Default and Acceleration. If any of the following ---------------------------------- events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation Loan when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment, including, without limitation, the mandatory payments specified in (S)3.2 hereof; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Loan or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, Documents within two five (25) Business Days after days of the day on which date when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8(S)7, 9 (S)8 or 10(S)9 hereof; (d) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1(S)11) and such failure continues for twenty thirty (2030) days after written notice of sucH such failure has been given to the Borrower by the AgentBank; (e) any representation or warranty of the Borrower or any of the other Transaction Parties in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeatedmade; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed $5,000,000 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregatereceived, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereofsuch obligations exceeding $250,000.00 in the aggregate; (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties such Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereoftherein; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties its Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any uninsured final judgment against the Borrower or any of the other Transaction Parties that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties exceeds in the aggregate $5,000,000;750,000.00. (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the BanksBank, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any its holders of their respective stockholdersVoting Interests, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof;; or (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or of any such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Subsidiary; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, Bank may by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Note and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g(S)11(b) or 13.1(h(S)11(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Loan Agreement (Copley Pharmaceutical Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Revolving Credit Loans or any Reimbursement Obligation Obligations when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail fall to pay any interest on the Revolving Credit Loans, the commitment fee, any Letter of Credit Fee, the Agent's fee, Fee or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for paymentpayment and such failure shall continue for a period of three (3) Business Days; (c) the Borrower shall fail to comply with any of its covenants contained in ss.8ss.8.1, 9 8.4 - 8.7, 8.9, 8.10, 8.12, 8.14 or 109.1 - 9.6; (d) the Borrower or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.112.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower by the Agent; (e) any representation or warranty of the Borrower or any of the other Transaction Parties Subsidiary in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which in either case with respect to obligations exceed in excess of $5,000,000 in the aggregate500,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding Leases, in either case with respect to obligations in excess of $5,000,000 in the aggregate500,000, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;, and shall not cure such failure within three (3) Business Days thereof. (g) the Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries and the Borrower or any of the other Transaction Parties such Subsidiary shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five sixty (4560) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties its Subsidiaries in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000500,000; (j) if any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties Subsidiary party thereto or any of their respective its stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Majority Banks shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 500,000 and (B) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) or a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iii) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (l) the Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Partiesits Subsidiaries, considered as a whole; (o) the Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, of its Subsidiaries a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party any of its Subsidiaries having a fair market value in excess of $1,000,000; or500,000 or a material adverse effect on the business or financial condition of the Borrower and its Subsidiaries, considered as a whole; (p) The Existing Stockholders collectively shall at any person time, legally or group of persons (within beneficially, own in the meaning of Section 13 or 14 aggregate less than 51% of the Securities Exchange Act issued and outstanding capital stock of 1934, as amendedthe Borrower; (q) Any Person (other than a current stockholder of Borrower) or "group" of Persons shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by of the Securities and Exchange Commission under said Act) the Securities Exchange Act of thirty percent (30%) 1934, as amended), directly or indirectly, of 25% or more of the issued and outstanding shares of common capital stock of the Borrower; or, during ; (r) at any period of twelve consecutive calendar months, time individuals who were directors of the Borrower on the first day Closing Date or within six (6) months of such period the Closing Date shall cease cease, for any reason, to constitute a majority of the board or directors (except to the extent that individuals who were directors on the Closing Date were replaced by individuals (i) elected by a majority of the remaining members of the board of directors of the Borrower or (ii) nominated for election by a majority of the remaining members of the board of directors of the Borrower); or (s) there shall occur any material adverse change in the financial condition of the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) and its Subsidiaries as reported on the audited financial statements of the shares Borrower for the fiscal year ended June 30, 1998 delivered to the Agent in accordance with ss.7.4, hereof, from the financial condition of the capital stock of Hadco Santa Clar▇ (Borrower and its Subsidiaries as reported on a fully diluted basis)the Unaudited Financial Statements; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Revolving Credit Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gss.ss.12.1(g) or 13.1(h12.1(h)), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit Agreement (Provant Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail to pay any principal of the Loans or any Reimbursement Obligation when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the commitment fee, any Letter Letters of Credit Fee, the Agent's fee, or any fees or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) the Borrower shall fail to comply with perform any of its covenants term, covenant or agreement contained in ss.8, 9 or 10§9; (d) any of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified elsewhere in the other subsections or clauses of this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to §12 or in the Borrower by the Agentother Loan Documents); (e) any representation or warranty made by or on behalf of the Borrower Borrower, the Guarantors or any of the other Transaction Parties their respective Subsidiaries in this Credit Agreement or any of the other Loan Documents Document, or any report, certificate, financial statement, request for a Loan, Letter of Credit Request, or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit Agreement or any of the other Loan Documents shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their Subsidiaries shall fail to pay when due (including, without limitation, at maturity), or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases, which obligations exceed $5,000,000 in the aggregateDerivatives Contract), or shall fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing any obligation for borrowed money or credit received or in respect of other Indebtedness (including under any Capitalized Leases exceeding $5,000,000 in the aggregate, Derivatives Contract) for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof or require the prepayment, redemption, purchase, termination or other settlement thereof; provided, however, that the events described in this §12.1(f) shall not constitute an Event of Default unless such failure to perform, together with other failures to perform as described in §12.1(f), involves singly or in the aggregate obligations totaling $25,000,000.00 of Indebtedness or more; (g) any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries, (i) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower for it or any of the other Transaction Parties or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or its assets, (ii) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (h) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of any of the Borrower, the Guarantors, or any such of their respective Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any of the other Transaction Parties jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties such Person shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five sixty (4560) days following the filing or commencement thereof; (hi) a decree or order is entered appointing any such a trustee, custodian, liquidator or receiver or adjudicating for any of the Borrower Borrower, the Guarantors, or any of the other Transaction Parties their respective Subsidiaries or adjudicating any such Person, bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties such Person in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (ij) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, any whether or not consecutive, one (1) or more uninsured or unbonded final judgment judgments against the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower either individually or any of the other Transaction Parties exceeds in the aggregate aggregate, exceed $5,000,00010,000,000.00 per occurrence or during any twelve (12) month period; (jk) if any of the Loan Documents or the Contribution Agreement shall be cancelleddisavowed, canceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the BanksLenders, or any action at law, suit or in equity or other legal proceeding to disavow, cancel, revoke revoke, rescind or rescind challenge or content the validity or enforceability of any of the Loan Documents or the Contribution Agreement shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto or any of their respective stockholdersGuarantor, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination thatdetermination, or issue a judgment, order, decree or ruling ruling, to the effect that, that any one or more of the Loan Documents or the Contribution Agreement is illegal, invalid or unenforceable in accordance with the terms thereof; (kl) any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or Borrower, any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, Guarantor or any of their respective Subsidiaries shall occur or any sale, transfer or other disposition of the following occurs assets of the Borrower, any Guarantor or any of their respective Subsidiaries shall occur, in each case, other than as permitted under the terms of this Agreement or the other Loan Documents; (m) with respect to a any Guaranteed Pension Plan: (i) , an ERISA Reportable Event, or a failure to make a required installment or other payment (within Event shall have occurred and the meaning of ss.302(f)(1) of ERISA), provided the Agent determines Required Lenders shall have determined in its their reasonable discretioN discretion that such event (A) reasonably could be expected to result in liability of the Borrower Borrower, the Guarantors or any of their respective Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding excess of $2,000,000 10,000,000.00 and (Bx) such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; or (iiy) a trustee shall have been appointed by the appointment by a United States District court of a trustee Court to administer such Plan; or (iiiz) the institution by the PBGC of shall have instituted proceedings to terminate such Guaranteed Pension Plan; (ln) the Borrower Borrower, any Guarantor or any of the other Transaction Parties their respective Subsidiaries or any shareholder, officer, director, partner or member of any of them shall be enjoinedindicted for a federal crime, restrained or in a punishment for which could include the forfeiture of (i) any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility assets of the Borrower or any of their respective Subsidiaries which in the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would good faith judgment of the Required Lenders could reasonably be expected to have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation ofMaterial Adverse Effect, or failure to renew, any license or permit now held or hereafter acquired by (ii) the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a wholeCollateral; (o) any Guarantor denies that it has any liability or obligation under the Borrower Guaranty or any other Loan Document, or shall notify the Agent or any of the Lenders of such Guarantor’s intention to attempt to cancel or terminate the Guaranty or any other Transaction Parties shall be indicted for a state or federal crimeLoan Document, or shall fail to observe or comply with any civil term, covenant, condition or criminal action shall otherwise have been brought or threatened against the Borrower agreement under any Guaranty or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; orLoan Document; (p) any person or group Change of persons Control shall occur; or (within the meaning q) an Event of Section 13 or 14 Default under any of the Securities Exchange Act of 1934, as amended) other Loan Documents shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)occur; then, and in any such event, so long as the same may be continuing, the Agent may, and and, upon the request of the Majority Banks shallRequired Lenders, shall by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes Notes, the Letters of Credit and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(g§§12.1(g), 12.1(h) or 13.1(h12.1(i), all such amounts shall become immediately due and payable automatically and without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent, the Borrower hereby expressly waiving any right to notice of intent to accelerate and notice of acceleration. Upon demand by the Agent or the Required Lenders in their absolute and sole discretion after the occurrence and during the continuance of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Revolving Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any Banksuch Revolving Credit Loan will be pledged to and held by the Agent as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. In the alternative, if demanded by the Agent in its absolute and sole discretion after the occurrence and during the continuance of an Event of Default, the Borrower will deposit into the Collateral Account and pledge to the Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by the Agent for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations and Hedge Obligations. Upon any draws under Letters of Credit, at the Agent’s sole discretion, the Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit any remaining amounts will be applied to the payment of all other Obligations and Hedge Obligations or if there are no outstanding Obligations and Hedge Obligations and the Lenders have no further obligation to make Revolving Credit Loans or issue Letters of Credit or if such excess no longer exists, such proceeds deposited by the Borrower will be released to the Borrower.

Appears in 1 contract

Sources: Credit Agreement (GTJ REIT, Inc.)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) the Borrower shall fail fall to pay any principal of of, or premium, if any, on the Loans or any Reimbursement Obligation Notes when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;; or (b) the Borrower or any of the other Transaction Parties shall fail to pay any interest on the Loans, the commitment fee, Notes or any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which Documents when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment;; or (c) the Borrower or any of its Subsidiaries shall fail to comply with any of its other covenants contained in ss.8, 9 or 10; (d) the Borrower this Agreement or any of the other Transaction Parties shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.1) for twenty (20) days after written notice of sucH failure has been given to the Borrower by the Agent;Documents; or (ed) any representation or warranty of the Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated;; or (fe) the Borrower or any of the other Transaction Parties its Subsidiaries shall fail (i) to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or other Indebtedness or Contingent Obligations in respect of any Capitalized Leases, which obligations exceed an amount equal to or greater than $5,000,000 5,000,000.00 in the aggregate, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock), evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, aggregate for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;, or (ii) to observe or perform any term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing borrowed money or credit received or other Indebtedness or Contingent Obligations in an amount equal to or greater than $5,000,000.00 in the aggregate and such failure shall have resulted in such obligation becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable; or (gf) the Borrower or any of the other Transaction Parties its Subsidiaries, (1) shall make an assignment for the benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the Borrower or any of the other Transaction Parties or thereof, (2) shall commence any case or other proceeding relating to the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, or (3) shall take any action to authorize or in furtherance of any of the foregoing, or if any such ; (g) a petition or application shall be filed for the appointment of a trustee or other custodian, liquidator or receiver of the Borrower or any such of its Subsidiaries or any substantial part of the assets of any thereof, or a case or other proceeding shall be commenced against the Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and the Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition petition, application, case or application proceeding shall not have been dismissed within forty-five (45) 60 days following the filing or commencement thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the Borrower or any of the other Transaction Parties its Subsidiaries, in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any uninsured final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries, that, with other outstanding uninsured final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000;2,000,000.00; or (j) except as permitted in this Agreement, any dissolution, termination, partial or complete liquidation, merger or consolidation of the Borrower or any of its Subsidiaries, or any sale, transfer or other disposition of any of the assets of the Borrower or any of its Subsidiaries; or (i) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or institution of proceedings is, in the opinion of the Majority Holders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, and, in the case of a Reportable Event, the continuance of such Reportable Event unremedied for 30 days after notice of such Reportable Event pursuant to Section 4043(a), (c) or (d) of ERISA is given or, in the case of institution of proceedings, the continuance of such proceedings for 30 days after commencement thereof, (ii) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, or (iii) any other event or condition shall occur or exist with respect to a Single Employer Plan and in each case in clauses (i) through (iii) above, such event or condition, together with all other such events or conditions, if any, could subject the Borrower or any of its Subsidiaries to any tax, penalty or other liabilities in the aggregate material in relation to the business, operations, property or financial or other condition of the Borrower or of the Borrower and its Subsidiaries taken as a whole; or (l) any of the Loan Documents shall be cancelledcanceled, terminated, revoked or rescinded, in each case rescinded otherwise than in accordance with the terms thereof or as permitted by this Agreement or with the express prior written agreement, consent or approval of the BanksMajority Holders, or any action at law, suit or in equity or other legal proceeding to cancel, terminate, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the Borrower or any of the other Transaction Parties party thereto its Subsidiaries or any of their respective stockholders, partners or beneficiaries, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided the Agent determines in its reasonable discretioN that such event (A) could be expected to result in liability of the Borrower to the PBGC or the Plan in an aggregate amount exceeding $2,000,000 and (B) could constitute grounds for the termination of such Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Plan or for the imposition of a lien in favor of the Guaranteed Pension Plan; (ii) the appointment by a United States District court of a trustee to administer such Plan; or (iii) the institution by the PBGC of proceedings to terminate such Plan; (l) the Borrower or any of the other Transaction Parties shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the Borrower or any of the other Transaction Parties if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the Borrower or any of the other Transaction Parties if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the Borrower and the other Transaction Parties, considered as a whole; (o) the Borrower or any of the other Transaction Parties shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the Borrower or any the other Transaction Parties, a punishment for which in any such case could include the forfeiture of any assets of the Borrower or such other Transaction Party having a fair market value in excess of $1,000,000; or (p) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of thirty percent (30%) or more of the outstanding shares of common stock of the Borrower; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis); then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks Holders shall, by notice in writing to the Borrower declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; PROVIDED that in the event of any Event of Default specified in ss.ss.13.1(gSection 9.1(f), Section 9.1(g) or 13.1(hSection 9.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any BankLenders.

Appears in 1 contract

Sources: Credit Agreement (M I Schottenstein Homes Inc)

Events of Default and Acceleration. If any of the following events ("Events of Default" or, if the giving of notice or the lapse of time or both is required, then, prior to such notice or lapse of time, "Defaults") shall occur: (a) any of the Borrower Borrowers shall fail to pay any principal of the Loans or any Reimbursement Obligation or any amounts on the Overdraft Facility when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (b) the Borrower or any of the other Transaction Parties Borrowers shall fail to pay any interest on the Loans, the commitment feeCommitment Fee, any Letter of Credit Fee, the Agent's fee, or other sums due hereunder or under any of the other Loan Documents, within two (2) Business Days after the day on which when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; (c) any of the Borrower Borrowers shall fail to comply with any of its covenants contained in ss.8ss.ss.8, 9 10.1, 10.2, 10.4, 10.5.1, 10.5.3, 10.7, 10.9, 10.12, 10.13, 10.15, 10.16, 10.17, 10.18, 11 or 1012; (d) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents (other than those specified elsewhere in this ss. 13.115.1) for twenty fifteen (2015) days after written notice of sucH such failure has been given to the Borrower Company by the Agent; (e) any representation or warranty of the any Borrower or any of the other Transaction Parties its Subsidiaries in this Credit Agreement or any of the other Loan Documents or in any other document or instrument delivered pursuant to or in connection with this Credit Agreement shall prove to have been false in any material respect upon the date when made or deemed to have been made or repeated; (f) the any Borrower or any of the other Transaction Parties its Subsidiaries shall fail to pay at maturity, or within any applicable period of grace, any obligations obligation for borrowed money or credit received or in respect of any Capitalized Leases, which obligations exceed Leases in an aggregate amount in excess of $5,000,000 in the aggregate1,000,000, or fail to observe or perform any material term, covenant or agreement contained in any agreement by which it is bound (excluding, however, any such term, covenant or agreement relating to the pledge or disposition of Margin Stock)bound, evidencing or securing borrowed money or credit received or in respect of any Capitalized Leases exceeding $5,000,000 in the aggregate, for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof, or any such holder or holders shall rescind or shall have a right to rescind the purchase of any such obligations; (g) the any Borrower or any of the other Transaction Parties its Subsidiaries shall make an assignment for the benefit of creditors, or admit in writing its inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator liquidator, examiner or receiver of the any Borrower or any of the other Transaction Parties its Subsidiaries or of any substantial part of the assets of the any Borrower or any of the other Transaction Parties its Subsidiaries or shall commence any case or other proceeding relating to the any Borrower or any of the other Transaction Parties its Subsidiaries under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution dissolution, examinership or liquidation or similar law of any jurisdiction, now or hereafter in effect, or any Insolvency Event shall occur, or any Borrower or any of its Subsidiaries shall take any action to authorize or in furtherance of any of the foregoing, or if any such petition or application shall be filed or any such case or other proceeding shall be commenced against the any Borrower or any of the other Transaction Parties its Subsidiaries and the any Borrower or any of the other Transaction Parties its Subsidiaries shall indicate its approval thereof, consent thereto or acquiescence therein or such petition or application shall not have been dismissed within forty-five (45) days following the filing thereof; (h) a decree or order is entered appointing any such trustee, custodian, liquidator or receiver or adjudicating the any Borrower or any of the other Transaction Parties its Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of the any Borrower or any Subsidiary of the other Transaction Parties any Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; (i) there shall remain in force, undischarged, unsatisfied and unstayed, for more than thirty (30) days, whether or not consecutive, any final judgment against the Borrower or any of the other Transaction Parties its Subsidiaries that, with other outstanding final judgments, undischarged, against the Borrower or any of the other Transaction Parties its Subsidiaries exceeds in the aggregate $5,000,000;1,000,000. (j) if any of the Loan Documents shall be cancelled, terminated, revoked or rescindedrescinded or the Agent's security interests, mortgages or liens in a substantial portion of the Collateral shall cease to be perfected, or shall cease to have the priority contemplated by the Security Documents, in each case otherwise than in accordance with the terms thereof or with the express prior written agreement, consent or approval of the Banks, or any action at law, suit or in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of the any Borrower or any of the other Transaction Parties its Subsidiaries party thereto or any of their respective stockholders, or any court or any other governmental or regulatory authority or agency of competent jurisdiction shall make a determination that, or issue a judgment, order, decree or ruling to the effect that, any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the terms thereof; (k) the any Borrower or any ERISA Affiliate incurs any liability to the PBGC or a Guaranteed Pension Plan pursuant to Title IV of ERISA in an aggregate amount exceeding $2,000,000; the 1,000,000, or any Borrower or any ERISA Affiliate is assessed withdrawal liability pursuant to Title IV of ERISA by a Multiemployer Plan requiring aggregate annual payments exceeding $2,000,0001,000,000, or any of the following occurs with respect to a Guaranteed Pension Plan: (i) an ERISA Reportable Event, or a failure to make a required installment or other payment (within the meaning of ss.302(f)(1) of ERISA), provided that the Agent determines in its reasonable discretioN discretion that such event (A) could be expected to result in liability of the Borrower or any of its Subsidiaries to the PBGC or the such Guaranteed Pension Plan in an aggregate amount exceeding $2,000,000 1,000,000 and (B) could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC, for the appointment by the appropriate United States District Court of a trustee to administer such Guaranteed Pension Plan or for the imposition of a lien in favor of the such Guaranteed Pension Plan; or (ii) the appointment by a United States District court ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ of a trustee to administer such Guaranteed Pension Plan; or (iii) the institution by the PBGC of proceedings to terminate such Guaranteed Pension Plan; (l) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be enjoined, restrained or in any way prevented by the order of any court or any administrative or regulatory agency from conducting any material part of its business and such order shall continue in effect for more than thirty (30) days; (m) there shall occur any material damage to, or loss, theft or destruction of, any Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than fifteen (15) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of the any Borrower or any of the other Transaction Parties its Subsidiaries if such event or circumstance is not covered by business interruption insurance and would have a material adverse effect on the business or financial condition of the such Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (n) there shall occur the loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired by the any Borrower or any of the other Transaction Parties its Subsidiaries if such loss, suspension, revocation or failure to renew would have a material adverse effect on the business or financial condition of the such Borrower and the other Transaction Parties, considered as a wholeor such Subsidiary; (o) the any Borrower or any of the other Transaction Parties its Subsidiaries shall be indicted for a state or federal crime, or any civil or criminal action shall otherwise have been brought or threatened against the such Borrower or any the other Transaction Partiesof its Subsidiaries, a punishment for which in any such case could include the forfeiture of any assets of the such Borrower or such other Transaction Party Subsidiary included in the Borrowing Base or any assets of such Borrower or such Subsidiary not included in the Borrowing Base but having a fair market value in excess of $1,000,000; or (p) the Company shall at any time, legally or beneficially own less than one hundred percent (100%) of the capital stock of Holdings, GenRad Ireland, and any Domestic Subsidiary which is a Guarantor, and, after the AutoDiagnos Acquisition has been consummated, AutoDiagnos, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital of each such other Person; or Holdings shall at any time, legally or beneficially own less than one hundred percent (100%) of the capital stock of the other UK Borrowers, as adjusted pursuant to any stock split, stock dividend or recapitalization or reclassification of the capital stock of each such other UK Borrower; or (q) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the -98- Securities and Exchange Commission under said Act) of thirty twenty percent (3020%) or more of the outstanding shares of common stock of the BorrowerCompany; or, during any period of twelve consecutive calendar months, individuals who were directors of the Borrower Company on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower or the Borrower shall, at any time, legally or beneficially own less than one hundred percent (100%) of the shares of the capital stock of Hadco Santa Clar▇ (on a fully diluted basis)Company; then, and in any such event, so long as the same may be continuing, the Agent may, and upon the request of the Majority Banks shall, by notice in writing to the Borrower Company declare all amounts owing with respect to this Credit Agreement, the Notes and the other Loan Documents and all Reimbursement Obligations to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the BorrowerBorrowers; PROVIDED provided that in the event of any Event of Default specified in ss.ss.13.1(gss.ss.15.1(g) or 13.1(h15.1(h), all such amounts shall become immediately due and payable automatically and without any requirement of notice from the Agent or any Bank.

Appears in 1 contract

Sources: Revolving Credit and Term Loan Agreement (Genrad Inc)