Common use of Environmental Default Clause in Contracts

Environmental Default. The Borrower or any of its Subsidiaries shall be the subject of any proceeding or investigation pertaining to the release by Borrower or any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, or any violation of any Environmental Law, which, in either case, would reasonably be expected to have a Material Adverse Effect. THEN, and in any such event (except an Event of Default specified in paragraph (g) or (h) of this Section) and at any time thereafter while an Event of Default is continuing, Agent may with the consent of Majority Lenders, and at the direction of the Majority Lenders shall, take one or more of the following actions: (A) declare the Revolving Commitments terminated, whereupon the Revolving Commitment(s) of each Lender hereunder shall terminate immediately and all fees and other amounts accrued in accordance with this Agreement shall forthwith become due and payable without any other notice of any kind; (B) declare all sums then owing by Borrower hereunder and under the Notes to be forthwith due and payable, whereupon all such sums shall become and be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Borrower; (C) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law and (D) terminate any Letter of Credit which may be terminated in accordance with its terms, (iv) direct Borrower to pay (and Borrower agrees that upon receipt of such notice, or upon the occurrence of any Event of Default specified in SECTION 9.1(e) or SECTION 9.1(f) with respect to Borrower it will pay) to Agent such additional amount of cash, to be held as security by Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of Borrower and its subsidiaries and then outstanding, PROVIDED, HOWEVER, that if an Event of Default specified in paragraph (g) or (h) of this Section shall occur, the result which would occur upon the giving of notice by Agent to Borrower, as specified in clauses (A) or (B) above, shall occur automatically without the giving of any such notice. Promptly following the making of any such declaration, Agent shall give notice thereof to Borrower and each Lender, but failure to notify any Person shall not impair the effect of such declaration.

Environmental Default. The Borrower or any of its Subsidiaries shall be the subject of any proceeding or investigation pertaining to the release Release by the Borrower or any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance Contaminant into the environment, or any violation of any Environmental Law, which, in either case, would reasonably be expected to have a Material Adverse Effect. THEN, and in any such event (except an a Bankruptcy Event of Default specified in paragraph (g) or (h) of this SectionDefault) and at any time thereafter while an Event of Default is continuing, the Administrative Agent may with the consent of Majority Lenders, and at the direction of the Majority Lenders shall, take one or more of the following actions: : (Ai) declare the Revolving Commitments obligation of the Issuing Banks to issue or renew Letters of Credit and of each Lender to make Loans (other than to fund drawings under L/C Outstandings or to refinance Swing Line Advances) to be terminated, whereupon such obligation shall be terminated; (ii) declare the Revolving Commitment(s) unpaid principal amount of each Lender hereunder shall terminate all outstanding Loans, all interest accrued and unpaid thereon and immediately and all fees and other amounts accrued in accordance with this Agreement shall forthwith become due and payable without any other notice of any kind; (B) declare all sums then owing by Borrower hereunder and under the Notes Loan Documents to be forthwith due and payable, whereupon all such sums shall become and be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrowerthe Company and demand cash collateralization of the L/C Outstandings; and (Ciii) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law and (D) terminate any Letter of Credit which may be terminated in accordance with its terms, (iv) direct Borrower to pay (and Borrower agrees that upon receipt of such notice, or upon the occurrence of any Event of Default specified in SECTION 9.1(e) or SECTION 9.1(f) with respect to Borrower it will pay) to Agent such additional amount of cash, to be held as security by Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of Borrower and its subsidiaries and then outstanding, law; PROVIDED, HOWEVER, that if an a Bankruptcy Event of Default specified in paragraph (g) or (h) of this Section shall occur, the result which would occur upon the giving of notice by the Administrative Agent to the Borrower, as specified in clauses CLAUSES (Ai) or (Bii) above, shall occur automatically without the giving of any such notice. Promptly following the making of any such declaration, the Administrative Agent shall give notice thereof to the Borrower and each Lender, but failure to notify any Person shall not impair the effect of such declaration. If any Lender which made a Competitive Loan shall suffer an Event of Default under SECTION 7.1(a) due to Borrower's failure to pay any amount of principal of or interest on any Competitive Loan, such Lender may send a written request to Administrative Agent to obtain approval of the Majority Lenders to terminate the Revolving Commitments and, if such approval is not obtained within ten Business Days after the date such request is received, the requesting Lender (or assignee) may commence enforcement of such default by any and all legal means. Any payments received after the Lenders have taken action pursuant to CLAUSE (ii) above shall be allocated ratably among the Committed Loans and the Competitive Loans. Upon the occurrence of any Event of Default (and PROVIDED the Loans are accelerated), the Company shall immediately pay to the Agent, for the benefit of the Lenders, an amount (the "L/C OUTSTANDINGS AMOUNT") equal to the aggregate L/C Outstandings, and upon receipt of the payment of the L/C Outstandings Amount, the Agent shall deposit such funds in an interest-bearing cash account (the "CASH ACCOUNT") in the name of the Company maintained with the Agent as to which the Company shall have NO right of withdrawal EXCEPT as provided below. The Company hereby irrevocably authorizes and directs the Agent to apply amounts on deposit in the Cash Account in reimbursement of draws on the outstanding Letters of Credit as such draws are made. Upon expiration or surrender of a Letter of Credit or drawing and reimbursement in full of all draws thereunder, the Administrative Agent shall reapply the amount held in respect of that Letter of Credit to pay any and all Obligations then due and owing and, if all Loans and other Obligations (other than Obligations in respect of remaining L/C Outstandings which are fully secured by amounts in the Cash Account) have been paid in full, the Administrative Agent shall release the remaining portion of the amount held in respect of that Letter of Credit to the Borrower. Upon expiration or surrender of all Letters of Credit or drawing and reimbursement in full of all draws thereunder and of all Obligations, the balance, if any, of amounts then on deposit in the Cash Account and any interest accrued thereon shall then be returned to the Company (to the extent any funds remain in the Cash Account after application of such funds as provided above).

Environmental Default. The Borrower or any of its Subsidiaries shall be the subject of any proceeding or investigation pertaining to the release by Borrower or any of its Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, or any violation of any Environmental Law, which, in either case, would reasonably be expected to have a Material Adverse Effect. THEN, and in any such event (except an Event of Default specified in paragraph (g) or (h) of this Section) and at any time thereafter while an Event of Default is continuing, Agent may with the consent of Majority Lenders, and at the direction of the Majority Lenders shall, take one or more of the following actions: (A) declare the Revolving Commitments terminated, whereupon the Revolving Commitment(s) of each Lender hereunder shall terminate immediately and all fees and other amounts accrued in accordance with this Agreement shall forthwith become due and payable without any other notice of any kind; (B) declare all sums then owing by Borrower hereunder and under the Notes to be forthwith due and payable, whereupon all such sums shall become and be immediately due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by Borrower; (C) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law and (D) terminate any Letter of Credit which may be terminated in accordance with its terms, (iv) direct Borrower to pay (and Borrower agrees that upon receipt of such notice, or upon the occurrence of any Event of Default specified in SECTION Section 9.1(e) or SECTION Section 9.1(f) with respect to Borrower it will pay) to Agent such additional amount of cash, to be held as security by Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of Borrower and its subsidiaries and then outstanding, PROVIDED, HOWEVER, that if an Event of Default specified in paragraph (g) or (h) of this Section shall occur, the result which would occur upon the giving of notice by Agent to Borrower, as specified in clauses (A) or (B) above, shall occur automatically without the giving of any such notice. Promptly following the making of any such declaration, Agent shall give notice thereof to Borrower and each Lender, but failure to notify any Person shall not impair the effect of such declaration.as