Common use of Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings Clause in Contracts

Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Sections 8.1.1 [Payments Under Loan Documents] through 8.1.13 [Change of Control] shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Term Loans, and the Administrative Agent may, and upon the request of the Required Lenders shall, 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, (ii) declare the unpaid principal amount of the Term Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the 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 Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iii) prohibit loans by the Borrower to the Parent, provided, however, that action under this clause (iii) shall be taken only upon the request of the Required Lenders; and

Appears in 1 contract

Samples: Note Pledge Agreement (Arch Coal Inc)

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Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default or Potential Default specified under Sections 8.1.1 [Payments Under Loan Documents] Section 8.01(a) through 8.1.13 [Change of Control] Section 8.01(l) shall occur and be continuing, the Lenders Banks and the Administrative Agent shall be under no further obligation to make Term Revolving Credit Loans, Term Loans or Bid Loans, as the case may be, and if any such Event of Default shall occur and be continuing, the Administrative Agent may, and upon the request of the Required Lenders shallBanks, shall by written notice to the BorrowerBorrowers, take one or both any of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force and or effect, or (ii) declare the unpaid principal amount of the Revolving Credit Notes, Term Loans and Bid Notes then outstanding and all interest accrued thereon, any unpaid fees fees, and all other Indebtedness of the Borrower Borrowers to the Lenders 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 Lender Bank without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iii) prohibit loans by the Borrower to the Parent, provided, however, that action under this clause (iii) shall be taken only upon the request of the Required Lenders; and

Appears in 1 contract

Samples: Credit Agreement (Assured Guaranty LTD)

Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Sections 8.1.1 [Payments Under Loan Documents] through 8.1.13 [Change of Control] shall occur and be continuing, the Lenders and the Administrative Agent shall be under no further obligation to make Term Loans, and the Administrative Agent may, and upon the request of the Required Lenders shall, by written notice to the Borrower, take one or both more of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force and effect, (ii) declare the unpaid principal amount of the Term Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the 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 Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iii) prohibit loans by the Borrower or any Subsidiary of the Borrower to the Parent, provided, however, that action under this clause (iii) shall be taken only upon the request of the Required Lenders; and

Appears in 1 contract

Samples: Credit Agreement (Mountain Coal Co LLC)

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Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Sections 8.1.1 [Payments Under Loan Documents] through 8.1.13 [Change of Control] 8.1.10 shall occur and be continuing, the Lenders and the Administrative Agent Lender shall be under no further obligation to make Term Loans, Loans or to issue Letters of Credit and the Administrative Agent may, and upon the request of the Required Lenders shall, Lender may (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, (ii) declare the unpaid principal amount of the Term Loans Notes then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders Lender 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 Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and (iiiii) prohibit loans by require the Borrower to, and the Borrower shall thereupon, Cash Collateralize all outstanding Letters of Credit, and each Borrower hereby pledges to the ParentLender, providedand grants to the Lender a security interest in, however, that action under this clause (iii) shall be taken only upon the request of the Required Lendersall such cash as security for such Obligations; and

Appears in 1 contract

Samples: Credit Agreement (DSW Inc.)

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