Common use of Consequences of Event of Default Clause in Contracts

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (o) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Loans hereunder and the Administrative Agent upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 3 contracts

Samples: Credit Agreement (Mariner Post Acute Network Inc), Credit Agreement (Mariner Post Acute Network Inc), Credit Agreement (Mariner Post Acute Network Inc)

AutoNDA by SimpleDocs

Consequences of Event of Default. In every such event (a) If other than an Event of Default specified under subsections event with respect to the Borrower described in clause (a) through (ol) of Section 9.01 hereof shall occur 7.01), and be continuingat any time thereafter during the continuance of such event, the Banks shall be under no further obligation to make Loans hereunder and the Administrative Agent upon may, and at the request of the Required BanksLenders shall, shall (i) by written notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the unpaid Loans then outstanding to be due and payable in whole (or in part, in which case any principal amount not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder Loans so declared to be forthwith due and payable, together with accrued interest thereon and all fees and other obligations of the same Borrower accrued hereunder, shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank immediately, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waivedwaived by the Borrower; and in case of any event with respect to the Borrower described in clause (l) of Section 7.01, (i) the Commitments shall automatically terminate, and (ii) require the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower toaccrued hereunder, shall automatically become due and the Borrower shall thereuponpayable, deposit in a non-interest bearing account with the Administrative Agentwithout presentment, as cash collateral for its obligations under the Loan Documentsdemand, an amount equal to the maximum amount currently protest or at other notice of any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest inkind, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to which are hereby waived by the Borrower; and.

Appears in 3 contracts

Samples: Credit Agreement (Erie Indemnity Co), Credit Agreement (Erie Indemnity Co), Credit Agreement (Erie Indemnity Co)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (om) of Section 9.01 9.1 hereof shall occur and be continuing, the Agent and the Banks shall be under no further obligation to make Loans hereunder or issue Letters of Credit hereunder, and the Administrative Agent may, and upon the request of the Required BanksBanks shall, shall (i) by written notice to the BorrowerBorrowers, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower Co-Borrowers to, and the Borrower Co-Borrowers shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Co-Borrowers hereby pledges pledge to the Administrative Agent and the Banks, and grants grant to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerCo-Borrowers; and

Appears in 2 contracts

Samples: Credit Agreement (Zaring National Corp), Credit Agreement (Zaring National Corp)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) 8.1.1 through (o) 8.1.13 of Section 9.01 hereof 8.1 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants grant to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 2 contracts

Samples: Credit Agreement (Triumph Group Inc /), Credit Agreement (Triumph Group Inc /)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) 8.1.1 through (o) 8.1.13 of Section 9.01 hereof 8.1 shall occur and be continuing, the Banks and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants grant to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 2 contracts

Samples: Credit Agreement (Triumph Group Inc /), Credit Agreement (Triumph Group Inc /)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (om) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Loans hereunder and the Administrative Agent upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 2 contracts

Samples: Credit Agreement (Mariner Health Group Inc), Credit Agreement (Mariner Health Group Inc)

Consequences of Event of Default. (a) Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an any Event of Default specified under subsections (a) through (o) of Section 9.01 hereof 10.1 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders shall, shall take any or all of the following actions: (i) by written notice declare the commitment of each Lender to make Loans and any obligation of the BorrowerIssuing Lender to issue, amend or extend Letters of Credit to be terminated, whereupon such commitments and obligation shall be terminated; (ii) declare the unpaid principal amount of the Notes then all outstanding and Loans, all interest accrued and unpaid thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks amounts owing or payable hereunder and thereunder or under any other Loan Document to be forthwith immediately due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and waived by the Borrower; (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral Cash Collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on Minimum Collateral Amount for all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and84 135035202_4

Appears in 1 contract

Samples: Credit Agreement (Chesapeake Utilities Corp)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. ------------------------------------------------------------------------------- If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the BorrowerBorrowers, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower Borrowers to, and the Borrower Borrowers shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Borrowers hereby pledges pledge to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerBorrowers; and

Appears in 1 contract

Samples: Credit Agreement (Primesource Corp)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.11 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Credit Agreement (Federated Investors Inc /Pa/)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) 9.1.1 through (o) 9.1.13 of Section 9.01 hereof 9.1 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Revolving Credit Loans hereunder or issue Letters of Credit as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to PhyMatrix as agent for the BorrowerBorrowers, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the each Borrower to, and the each Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the each Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerBorrowers; and

Appears in 1 contract

Samples: Credit Agreement (Phymatrix Corp)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (ol) of Section 9.01 hereof shall occur and be continuing, continuing (i) the Facility A Banks shall be under no further obligation to make Revolving Credit Loans or Facility A Term Loans, issue Letters of Credit or enter into Escrow Agreements hereunder and the Administrative Agent Facility B Banks shall be under no further obligation to make Facility B Loans (provided that, so long as a Simple Majority of the Banks do not accelerate the Notes pursuant to clause (ii) below, a Required Majority of Facility A Banks may continue to bind the Facility A Banks to make Revolving Credit Loans or Facility A Term Loans, issue Letters of Credit and enter into Escrow Agreements to the extent the Required Majority of Facility A Banks agree upon at the time by sending written notice of such election to the other Facility A Banks and all of the Facility A Banks shall be bound by such agreement) and (ii) upon the request of a Simple Majority of the Required Banks, the Agent shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) upon the request of a Simple Majority of Facility A Banks, the Agent shall require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of CreditCredit and obligations under Escrow Agreements, and the Borrower hereby pledges to the Administrative Agent and the Facility A Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Majority of Facility A Banks, the Administrative Agent shall return such cash collateral to the Borrower; and (b) If an Event of Default specified under subsections (m) or (n) of Section 9.01 hereof shall occur, the Banks shall be under no further obligations to make Loans, issue Letters of Credit or enter into Escrow Agreements hereunder and the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Loan Parties to the Banks hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and (c) If an Event of Default shall occur and be continuing, any Bank to whom any obligation is owed by the Loan Parties hereunder or under any other Loan Document or any participant of such Bank which has agreed in writing to be bound by the provisions of Section 11.11(b) hereof and any branch, subsidiary or affiliate of such Bank or participant anywhere in the world shall have the right, in addition to all other rights and remedies available to it, without notice to the Loan Parties, to set-off against and apply to the then unpaid balance of all the Loans and all other obligations of the Loan Parties hereunder or under any other Loan Document any debt owing to, and any other funds held in any manner for the account of, the Loan Parties by such Bank or participant or by such branch, subsidiary or affiliate, including, without limitation, all funds in all deposit accounts (whether time or demand, general or special, provisionally credited or finally credited, or otherwise) now or hereafter maintained by the Loan Parties for its own account (but not including funds held in custodian or trust accounts) with such Bank or participant or such branch, subsidiary or affiliate. Such right shall exist whether or not any Bank or the Agent shall have made any demand under this Agreement or any other Loan Document, whether or not such debt owing to or funds held for the account of the Loan Parties is or are matured or unmatured and regardless of the existence or adequacy of any Collateral, Guaranty or any other security, right or remedy available to any Bank or the Agent; and (d) If an Event of Default shall occur and be continuing and the Agent shall have accelerated the maturity of Loans of the Borrower or such Loans otherwise shall have been accelerated pursuant to any of the foregoing provisions of this Section 9.02, the Agent, at the request of a Simple Majority of the Banks, will proceed to protect and enforce its and the Banks' rights by suit in equity, action at law and/or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement or the Notes, including as permitted by applicable Law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Agent or the Banks; and (e) In addition to the other remedies set forth in this Section 9.02, as provided in Section 7.01(b) and 7.02 hereof, the occurrence of an Event of Default hereunder shall constitute a Security Event, entitling the Agent to record all Collateral Documents; (f) From and after the date on which the Agent has taken any action pursuant to this Section 9.02 upon the authorization of a Simple Majority of the Banks and until all obligations of the Loan Parties have been paid in full, any and all proceeds received by the Agent from any sale or other disposition of the collateral under the Collateral Documents, if any, or any part thereof, or the exercise of any other remedy by the Agent, shall be applied as follows: (i) first, to reimburse the Agent and the Banks for out-of-pocket costs, expenses and disbursements, including without limitation reasonable attorneys' fees and legal expenses, incurred by the Agent or the Banks in connection with realizing on such collateral or collection of any obligations of the Loan Parties under any of the Loan Documents, including advances made by the Banks or any one of them or the Agent for the reasonable maintenance, preservation, protection or enforcement of, or realization upon, such collateral, including without limitation, advances for taxes, insurance, repairs and the like and reasonable expenses incurred to sell or otherwise realize on, or prepare for sale or other realization on, any of such collateral; (ii) second, to the repayment of all Indebtedness then due and unpaid of the Loan Parties to the Banks incurred under this Agreement or any of the Loan Documents, whether of principal, interest, fees, expenses or otherwise, in such manner as the Agent may determine in its discretion, provided that (1) such proceeds shall first be allocated to the Facility A Banks as a group and to each Borrowing Tranche of Facility B Banks as a group based on the amount of principal interest and other obligations (including any unreimbursed obligations under outstanding Letters of Credit or Escrow Agreements or obligations to Cash Collateralize any Letters of Credit or Escrow Agreements) due to each of these groups of Banks and (2) after giving effect to the allocation in clause (1) payments of principal and interest and other amounts shall be allocated to the Banks within each group of Banks described in clause (1) on a pro rata basis as set forth in Section 4.02; and (iii) the balance, if any, as required by Law. (g) In addition to all of the rights and remedies contained in this Agreement or in any of the other Loan Documents, the Agent shall have all of the rights and remedies under applicable Law, all of which rights and remedies shall be cumulative and non-exclusive, to the extent permitted by Law. The Agent may, and upon the request of the Simple Majority of Banks shall, exercise all post-default rights granted to the Agent and the Banks under the Loan Documents or applicable Law. 9.03

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Consequences of Event of Default. (a) Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.11 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Credit Agreement (Sun Hydraulics Corp)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (ok) or (n) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Revolving Credit Loans or issue any Letters of Credit hereunder and the Administrative Agent may, and upon the written request of the Required BanksBanks shall, shall (i) by written notice to the BorrowerLoan Parties, declare the unpaid principal amount of the Revolving Credit Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Loan Parties to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, ; and (ii) require the each Borrower to, and the each Borrower shall thereupon, deposit in a non-non- interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of CreditCredit issued on its account, and the each Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the applicable Borrower. It is acknowledged that the authority given to the Agent to take the actions set forth in clauses (i) and (ii) above without first obtaining the written request of the Required Banks is intended primarily to enable the Agent to act on behalf of the Banks when obtaining such written request is not feasible or practical or would result in unacceptable delays as determined by the Agent in its sole discretion; and

Appears in 1 contract

Samples: Credit Agreement (Novacare Inc)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (oh) of Section 9.01 hereof 9.1 shall occur and be continuing, the Banks no Bank shall be under no have any further obligation to make Loans hereunder and the Administrative Agent Agent, upon the request of the Required Banks, shall (i) by written notice to the BorrowerBorrower take any or all of the following actions: (i) terminate the Commitments, (ii) declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness (including the stated amount of all outstanding Letters of Credit of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Bank, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Senior Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon , provided that upon the earlier of (x) the curing of all existing Events of Default to the satisfaction of the Required BanksBanks and (y) payment in full of the Loans, satisfaction of all of the Borrower's other obligations hereunder and termination of the Commitments, the Administrative Agent shall return such cash collateral to the Borrower; and if an Event of Default specified under subsections (i) or (j) of Section 9.1 shall occur, the Banks shall have no further obligation to make Loans hereunder, the Commitments shall without any further action terminate and the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness (including the stated amount of all outstanding Letters of Credit) of the Borrower to the Banks hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and In case an Event of Default shall occur and be continuing, any Bank to whom any obligation is owed by the Borrower hereunder or under any other Senior Loan Document or any participant of such Bank which has agreed in writing to be bound by the provisions of Section 10.14 and any branch, subsidiary or affiliate of such Bank or participant anywhere in the world shall have the right, in addition to all other rights and remedies available to it, without notice to the Borrower, to set off against and apply to the then unpaid balance of all the Loans and all other obligations of the Borrower hereunder or under any other Senior Loan Document any debt owing to, and any other funds held in any manner for the account of, the Borrower by such Bank or participant or by such branch, subsidiary or affiliate, including all funds in all deposit accounts (whether time or demand, general or special, provisionally credited or finally credited, or otherwise) now or hereafter maintained by the Borrower for its own account (but not including funds held in custodian or trust accounts) with such Bank or participant or such branch, subsidiary or affiliate. Such right shall exist whether or not any Bank or the Agent shall have made any demand under this Agreement or any other Senior Loan Document, whether or not such debt owing to or funds held for the account of the Borrower is or are matured or unmatured and regardless of the existence or adequacy of any collateral, guaranty or any other security, right or remedy available to any Bank or the Agent; and In case an Event of Default shall occur and be continuing, and whether or not the Agent shall have accelerated the maturity of the Loans of the Borrower pursuant to any of the foregoing provisions of this Section 9.2, the Agent on behalf of the Banks may proceed to protect and enforce its rights by suit in equity, action at law and/or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement or the Notes, including as permitted by applicable Law the obtaining of the EX PARTE appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any other legal or equitable right of the Agent on behalf of the Banks; and From and after the date on which the Agent has taken any action pursuant to this Section 9.2 and until all obligations of the Borrower have been paid in full, any and all proceeds received by the Agent from any sale or other disposition of the Collateral, or any part thereof, or the exercise of any other remedy by the Agent, shall be applied as follows: first, to reimburse the Agent and the Banks for out-of-pocket costs, expenses and disbursements, including reasonable attorneys' fees and legal expenses, incurred by the Agent or the Banks in connection with realizing on the Collateral or collection of any obligations of the Borrower under any of the Senior Loan Documents, including advances made subsequent to an Event of Default by the Banks or any one of them or the Agent for the reasonable maintenance, preservation, protection or enforcement of, or realization upon, the Collateral, including advances for taxes, insurance, repairs and the like and reasonable expenses incurred to sell or otherwise realize on, or prepare for sale or other realization on, any of the Collateral; second, to the repayment of all Indebtedness then due and unpaid of the Borrower to the Banks incurred under this Agreement or any of the Senior Loan Documents, whether of principal, interest, fees, expenses or otherwise, in such manner as the Agent may determine in its discretion, subject to the provisions of Section 5.2; and the balance, if any, as required by Law. In addition to all of the rights and remedies contained in this Agreement or in any of the other Senior Loan Documents, the Agent shall have all of the rights and remedies of a secured party under the Uniform Commercial Code or other applicable Law, all of which rights and remedies shall be cumulative and non-exclusive, to the extent permitted by Law. The Agent may, and upon the request of the Required Banks shall, exercise all post-default rights granted to the Agent and the Banks under the Senior Loan Documents or applicable Law.

Appears in 1 contract

Samples: Shareholder Rights Agreement (Federated Investors Inc /Pa/)

Consequences of Event of Default. (a) 9.2.1. EVENTS OF DEFAULT OTHER THAN BANKRUPTCY, INSOLVENCY OR REORGANIZATION PROCEEDINGS. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Revolving Credit Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, take one or both of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force and effect, or (ii) declare the unpaid principal amount of the Notes Revolving Credit Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (on) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Loans hereunder and the Administrative Agent upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Mariner Health Group Inc)

Consequences of Event of Default. (a) 9.2.1 EVENTS OF DEFAULT OTHER THAN BANKRUPTCY, INSOLVENCY OR REORGANIZATION PROCEEDINGS. If an Event of Default specified under subsections (a) Sections 0 through (o) of Section 9.01 hereof 9.1.14 and 9.1.17 and 9.1.18 shall occur and be continuing, the Banks and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banksappropriate Banks in accordance with the provisions of Section 11.19, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Orius Corp)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (om) or subsection (p) of Section 9.01 hereof 10.01 shall occur and be continuing, the Banks Lenders, the Issuing Bank and the Agents shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and (i) the Administrative Agent may, and upon the request of the Required BanksLenders shall, shall (i) by written notice to the BorrowerCompany, cancel the Commitments, (ii) the Administrative Agent may, and upon the request of the Required Lenders shall, by written notice to the Company, declare the unpaid principal amount of the Notes Revolving Credit Loans and Swing Loans then outstanding and all interest accrued thereon, any unpaid fees Fees and all other Indebtedness Obligations (other than the Bid Loans) of the Borrower Borrowers to the Banks hereunder Lenders, the Swing Lenders and thereunder the Issuing Bank to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) the Administrative Agent may, and upon the request of the Required Lenders shall, require the Borrower Borrowers to, and the Borrower Borrowers shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Borrowers hereby pledges pledge to the Administrative Agent for the benefit of the Agents, the Lenders, the Swing Lenders and the BanksIssuing Bank, and grants grant to the Administrative Agent for the benefit of the Agents, the Lenders, the Swing Lenders and the Banks Issuing Bank a security interest in, all such cash as security for such obligations. Upon Obligations, provided that, upon the curing of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the BorrowerBorrowers, and provided further that within 14 days after cancellation of the Commitments or acceleration of the Revolving Credit Loans and all other Obligations of the Borrowers to the Agents, the Lenders, the Swing Lenders and the Issuing Bank and before any judgment or decree for the payment therefor shall have been obtained or entered, the Required Lenders, in their sole discretion, may by notice to the Company and the Administrative Agent rescind and annul any such cancellation or acceleration; and

Appears in 1 contract

Samples: Credit Agreement (Borders Group Inc)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or ------------------------------------------------------ Reorganization Proceedings. -------------------------- If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of Section 9.01 hereof 8.1.14 shall occur and be continuing, the Banks and the Agent shall be be, if determined by the Required Banks, under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the BorrowerBorrowers, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower Borrowers to, and the Borrower Borrowers shall thereupon, deposit in a non-non- interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Borrowers hereby pledges pledge to the Administrative Agent and the Banks, and grants grant to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Guaranty and Suretyship Agreement (Option Care Inc/De)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. ----------------------------------------- If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower and the Co-Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower and the Co-Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower and the Co-Borrower to, and the Borrower and the Co-Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower and the Co-Borrower hereby pledges pledge to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the Borrower and the Co-Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Rent Way Inc)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (og) of Section 9.01 hereof 91 shall occur and be continuing, the Banks no Bank shall be under no have any further obligation to make Loans hereunder and the Administrative Agent Agent, upon the request of the Required Banks, shall (i) by written notice to the BorrowerBorrower take any or all of the following actions: (i) terminate the Commitments, (ii) declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness (including the stated amount of all outstanding Letters of Credit of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Bank, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Senior Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon , provided that upon the earlier of (x) the curing of all existing Events of Default to the satisfaction of the Required BanksBanks and (y) payment in full of the Loans, satisfaction of all of the Borrower's other obligations hereunder and termination of the Commitments, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Federated Investors Inc /Pa/)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, ---------------------------------------- Insolvency or Reorganization Proceedings. ----------------------------------------- If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Consequences of Event of Default. (a) 9.2.1. Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required BanksBanks shall, shall (i) by written notice to the Borrower, take one or both of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force and effect, or (ii) declare the unpaid principal amount of the Notes and Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (New Jersey Resources Corp)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Section 8.1.1 [Payments Under Loan Documents] through (o) 8.1.11 [Change of Section 9.01 hereof Control] shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Lead Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower Borrowers to, and the Borrower Borrowers shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Borrowers hereby pledges pledge to the Administrative Agent and the BanksLenders, and grants grant to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligationsObligations. Upon the curing waiving of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the applicable Borrower; andand 8.2.2

Appears in 1 contract

Samples: Credit Agreement (Designer Brands Inc.)

AutoNDA by SimpleDocs

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (oh) of Section 9.01 hereof 9.1 shall occur and be continuing, the Banks no Bank shall be under no have any further obligation to make Loans hereunder and the Administrative Agent Agent, upon the request of the Required Banks, shall (i) by written notice to the BorrowerBorrower take any or all of the following actions: (i) terminate the Commitments, (ii) declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness (including the stated amount of all outstanding Letters of Credit of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Bank, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Senior Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon , provided that upon the earlier of (x) the curing of all existing Events of Default to the satisfaction of the Required BanksBanks and (y) payment in full of the Loans, satisfaction of all of the Borrower's other obligations hereunder and termination of the Commitments, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Federated Investors Inc /Pa/)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (ol) of Section 9.01 hereof shall occur and be continuing, continuing (i) the Banks shall be under no further obligation to make Loans Loans, issue Letters of Credit or enter into Escrow Agreements hereunder (provided that a Required Majority of the Banks may continue to bind the Banks to make Loans, issue Letters of Credit and enter into Escrow Agreements to the Administrative Agent extent the Banks agree upon at the time by sending written notice of such election to the other Banks and all of the Banks shall be bound by such agreement) and (ii) upon the request of a Simple Majority of the Required Banks, the Agent shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) upon the request of a Simple Majority of the Banks, the Agent shall require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of CreditCredit and obligations under Escrow Agreements, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Majority of Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Revolving Credit Agreement (Toll Brothers Inc)

Consequences of Event of Default. (a) 1. Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.11 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Credit Agreement (Federated Investors Inc /Pa/)

Consequences of Event of Default. (a) 1.1.iEvents of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.10 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Credit Agreement (Gentex Corp)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.10 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders shall, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Credit Agreement (Nacco Industries Inc)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (ok) or (n) of Section 9.01 hereof shall occur and be continuing, the Banks shall be under no further obligation to make Revolving Credit Loans or issue any Letters of Credit hereunder and the Administrative Agent may, and upon the written request of the Required BanksBanks shall, shall (i) by written notice to the BorrowerLoan Parties, declare the unpaid principal amount of the Revolving Credit Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Loan Parties to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, ; and (ii) require the each Borrower to, and the each Borrower shall thereupon, deposit in a non-non- interest bearing account with the Administrative Agent, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of CreditCredit issued on its account, and the each Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the applicable Borrower. It is acknowledged that the authority given to the Agent to take the actions set forth in clauses (i) and (ii) above without first obtaining the written -70- 117 request of the Required Banks is intended primarily to enable the Agent to act on behalf of the Banks when obtaining such written request is not feasible or practical or would result in unacceptable delays as determined by the Agent in its sole discretion; and

Appears in 1 contract

Samples: Credit Agreement (Novacare Inc)

Consequences of Event of Default. (a) 9.2.1 Events of Default Other Than Bankruptcy, Insolvency or ------------------------------------------------------ Reorganization Proceedings. -------------------------- If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.13 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Elgin National Industries Inc)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of Section 9.01 hereof 8.1.13 shall occur and be continuing, the Banks, the Issuing Banks and the Administrative Agent shall be under no further obligation to make Revolving Credit Loans hereunder or Swing Loans or issue Letters of Credit, as the case may be (and the Administrative Agent shall not make any Swing Loans without the consent of the Required Banks nor shall any Issuing Bank issue any Letter of Credit without consent of the Required Banks), and the Administrative Agent may, and upon the request of the Required BanksBanks shall, shall (i) by written notice to the Borrower, take one or more of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force and effect, or (ii) declare the unpaid principal amount of the Notes Revolving Credit Loans and Swing Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Arch Coal Inc)

Consequences of Event of Default. (a) If an Event of Default specified under subsections (a) through (ok) of Section 9.01 9.1 hereof shall occur and be continuing, the Banks Bank shall be under no further obligation to make Revolving Credit Loans or issue any Letters of Credit hereunder and the Administrative Agent upon the request of the Required Banks, shall Bank may (i) by written notice to Integra, on behalf of the BorrowerLoan Parties, declare the unpaid principal amount of the Notes Revolving Credit Note then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Loan Parties to the Banks Bank hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, ; and (ii) require the each Borrower to, and the each Borrower shall thereupon, deposit in a non-interest bearing account with the Administrative AgentBank, as cash collateral for its obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of CreditCredit issued on its account, and the each Borrower hereby pledges to the Administrative Agent and the BanksBank, and grants to the Administrative Agent and the Banks Bank a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required BanksBank, the Administrative Agent Bank shall return such cash collateral to the applicable Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Integra Inc)

Consequences of Event of Default. (a) 8.2.1. EVENTS OF DEFAULT OTHER THAN BANKRUPTCY, INSOLVENCY OR REORGANIZATION PROCEEDINGS. If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of Section 9.01 hereof 8.1.12 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent Agent, with the written consent of the Required Lenders may, and upon the written request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any - 84 - unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a nonan interest-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Key Energy Services Inc)

Consequences of Event of Default. (a) 8.2.1. Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of Section 9.01 hereof 8.1.12 shall occur and be continuing, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent Agent, with the written consent of the Required Lenders may, and upon the written request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a nonan interest-interest bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Key Energy Services Inc)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of Section 9.01 hereof 8.1.10 shall occur and be continuingcontinuing beyond any applicable grace or cure period, the Banks Lenders and the Administrative Agent shall be under no further obligation to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerObligations; and

Appears in 1 contract

Samples: Joinder and Assumption Agreement (Under Armour, Inc.)

Consequences of Event of Default. (a) 9.2.1. Events of Default Other Than Bankruptcy, Insolvency or ------------------------------------------------------ Reorganization Proceedings. --------------------------- If an Event of Default specified under subsections (a) Sections 9.1.1 through (o) of Section 9.01 hereof 9.1.14 shall occur and be continuing, the Banks and the Administrative Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the Banks, and grants to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Koppers Inc)

Consequences of Event of Default. (a) 8.2.1 Events of Default Other Than Bankruptcy, Insolvency --------------------------------------------------- or Reorganization Proceedings. ----------------------------- If an Event of Default specified under subsections (a) Sections 8.1.1 through (o) of 8.1.13 or Section 9.01 hereof 8.1.15 shall occur and be continuing, the Banks and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required Banks, shall (i) by written notice to the Administrative Borrower, declare the unpaid principal amount of the Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower Borrowers to the Banks hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower Borrowers to, and the Borrower Borrowers shall thereupon, deposit in a non-interest interest- bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower Borrowers hereby pledges pledge to the Administrative Agent and the Banks, and grants grant to the Administrative Agent and the Banks a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the BorrowerBorrowers; and

Appears in 1 contract

Samples: Pledge Agreement (Internet Capital Group Inc)

Consequences of Event of Default. (a) Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under subsections (aSection 8.01(a) through (om) of Section 9.01 hereof shall occur and be continuing, the Banks Lenders and the Agent shall be under no further obligation to make Loans hereunder or issue Letters of Credit, as the case may be, and the Administrative Agent may, and upon the request of the Required BanksLenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the Notes Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Banks Lenders hereunder and thereunder to be forthwith due and payable, and the same shall thereupon become and be immediately due and payable to the Administrative Agent for the benefit of each Bank Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest interest-bearing account with the Administrative Agent, as cash collateral for its obligations Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative Agent and the BanksLenders, and grants to the Administrative Agent and the Banks Lenders a security interest in, all such cash as security for such obligationsObligations. Upon the curing of all existing Events of Default to the satisfaction of the Required BanksLenders, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (Too Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.