Common use of Exercise of Remedies Clause in Contracts

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 3 contracts

Samples: Security Agreement (Quantum Fuel Systems Technologies Worldwide Inc), Credit Agreement (Quantum Fuel Systems Technologies Worldwide Inc), Credit Agreement (Starcraft Corp /In/)

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Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or lawDocuments, including without limitation any of the Collateral Documents.

Appears in 3 contracts

Samples: Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, if upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents Documents, including without limitation any of the Collateral Documents, or law.

Appears in 2 contracts

Samples: Credit Agreement (Credit Acceptance Corp), Credit Agreement (Credit Acceptance Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j9.1(k) above and to the extent permitted by law, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, demand immediate delivery of cash collateral, and Company Borrower and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 2 contracts

Samples: Credit Agreement (Noble International, Ltd.), Credit Agreement (Noble International, Ltd.)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section subsection 9.1(j) ), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Meadowbrook Insurance Group Inc), Revolving Credit Agreement (Meadowbrook Insurance Group Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or lawDocuments, including without limitation any of the Collateral Documents.

Appears in 2 contracts

Samples: Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Alrenco Inc), Credit Agreement (Renters Choice Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Required Banks, declare the Commitments Revolving Credit Aggregate Commitment, terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Required Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 11.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; , (dy) the Agent shall, upon being directed to do so by the Majority Required Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon on demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry expiring date of all outstanding Letters of Credit; , and (ez) the Agent may, and shall, if directed to do so by the Majority Required Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Jacobson Stores Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become Detroit_3438916_18_ automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, if upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents Documents, including without limitation any of the Collateral Documents, or law.

Appears in 1 contract

Samples: Credit Agreement (Credit Acceptance Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare any commitment of the Commitments Lenders to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the entire unpaid principal Indebtedness, including the Notes, Indebtedness immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Lenders' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness shall become automatically and immediately due and payablepayable without presentment, notice or demand; and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks Required Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Term Revolving Credit Agreement (Vishay Intertechnology Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Administrative Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare the Commitments terminated; (b) the Administrative Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Administrative Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Administrative Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent Agents may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Security Agreement (Aspect Communications Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j8.1(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Security Agreement (Quanex Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Credit Acceptance Corporation)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 8.1(1), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; and (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law. The Agent shall (i) provide each Bank with copies of all the notices delivered under this Section and (ii) notify each Bank in the event it accelerates any of Company's obligations hereunder.

Appears in 1 contract

Samples: Credit Agreement (North Pointe Holdings Corp)

Exercise of Remedies. (a) If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (b), the entire unpaid principal Indebtedness Indebtedness, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the all Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Saturn Electronics & Engineering Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, if upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.remedy

Appears in 1 contract

Samples: Credit Agreement (Credit Acceptance Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Banks, shall, declare the Commitments commitment of the Banks to make Advances and to issue Letters of Credit terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, shall, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 9.1(k), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments commitment of the Banks to make Advances and to issue Letters of Credit shall be automatically and immediately terminated; (dy) the Agent shallmay, and upon being directed to do so by the Majority Banks, shall, demand immediate delivery of cash collateralLetter of Credit Cash Collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (ez) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Champion Enterprises Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section subsection 9.1(j) ), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Ha Lo Industries Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (cb) upon the occurrence of any Event of Default specified in Section 9.1(j9.l(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (dc) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, notify Borrowers or any Credit Party that interest shall be payable on demand immediate delivery of cash collateralon all Indebtedness (other than Term Loan Advances with respect to which Section 4.6 hereof shall govern) owing from time to time to the Agent or any Lender, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount at a per annum rate equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Creditthen applicable Base Rate plus three percent (3%); and (ed) the Agent may, and shall, if upon being directed to do so by the Majority Banks Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Term Loan Agreement (RetailMeNot, Inc.)

Exercise of Remedies. (a) If an Event of Default has occurred and is continuing hereunder: (ai) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare the Commitments Commitment terminated; (bii) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal IndebtednessObligations, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (ciii) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (ai) or (b)ii) of this Section 9.2, the entire unpaid principal Indebtedness Obligations shall become automatically and immediately due and payable, and the Commitments Commitment shall be automatically and immediately terminated; (div) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (ev) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Olympic Steel Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(k), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (ez) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Mce Companies Inc)

Exercise of Remedies. (a) If an Event of Default has occurred and is continuing hereunder: (ai) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Commitment terminated; (bii) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal IndebtednessObligations, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (ciii) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (ai) or (b)ii) of this Section 9.2, the entire unpaid principal Indebtedness Obligations shall become automatically and immediately due and payable, and the Commitments Commitment shall be automatically and immediately terminated; (div) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (ev) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Olympic Steel Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j9.1(i) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees the Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Staktek Holdings Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees the Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (MSC Software Corp)

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Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the Commitments any commitment of Lenders to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the entire unpaid principal Indebtedness, including the Notes, Indebtedness immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), Lenders’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority BanksRequired Lenders, demand immediate delivery of cash collateral, and Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks Required Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Vishay Intertechnology Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment (and any commitment to increase the Revolving Credit Aggregate Commitment), terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (ez) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Jpe Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 8.1(l), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; and (dy) the Agent shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the Loan Documents or law and (z) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; . The Agent shall (i) provide each Bank with copies of all the notices delivered under this Section and (eii) notify each Bank in the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise event it accelerates any remedy permitted by this Agreement, the other Loan Documents or lawof Company's obligations hereunder.

Appears in 1 contract

Samples: Credit Agreement (North Pointe Holdings Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCredit Parties; (c) upon the occurrence of any Event of Default specified in Section 9.1(jsubsection 9.1(k) above and to the extent permitted by law, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, shall demand immediate delivery of cash collateral, and Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Plastipak Holdings Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare any commitment of the Commitments Lenders to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the entire unpaid principal Indebtedness, including the Notes, Indebtedness immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Lenders' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority BanksRequired Lenders, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks Required Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Vishay Intertechnology Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment (and any commitment to increase the Revolving Credit Aggregate Commitment) terminated; (bw) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses clause (a) or (bw), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry expiring of all outstanding Letters of Credit; and (ez) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Valassis Communications Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksEquipment Credit Lenders, declare the Equipment Credit Aggregate Commitment terminated; (c) the Agent may, and shall, upon being directed to do so by the Majority Lenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrower; (cd) upon the occurrence of any Event of Default specified in Section 9.1(j9.1(i) and notwithstanding the lack of any declaration by Agent under preceding clauses (a), (b) or (bc), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment and Equipment Credit Aggregate Commitment shall be automatically and immediately terminated; (de) the Agent shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.cash

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Universal Truckload Services, Inc.)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so Credit for deposit into an account controlled by the Majority Banks or the BanksAgent, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.and

Appears in 1 contract

Samples: Credit Agreement (Credit Acceptance Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Revolving Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j8.1(i) and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Revolving Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Multimedia Games Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Administrative Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments terminated; (b) the Administrative Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) and notwithstanding the lack of any declaration by Administrative Agent under preceding clauses (a) or (b), the entire unpaid principal Indebtedness shall become automatically and immediately due and payable, and the Commitments shall be automatically and immediately terminated; (d) the Administrative Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent Agents may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit Agreement (Aspect Communications Corp)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Commitments Banks to extend credit hereunder immediately terminated; (b) the Agent may, and shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clauses clause (a) or (b), the Banks' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payablepayable without presentment, and the Commitments shall be automatically and immediately terminatednotice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or lawDocuments, including without limitation any of the Collateral Documents.

Appears in 1 contract

Samples: Credit Agreement (Credit Acceptance Corporation)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section subsection 9.1(j) ), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority BanksRevolving Credit Lenders, demand immediate delivery of cash collateral, and Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks Revolving Credit Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Revolving Credit Agreement (Capital Automotive Reit)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1 (j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Commercial Vehicle Group, Inc.)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.drawn

Appears in 1 contract

Samples: Revolving Credit Agreement (Alrenco Inc)

Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the Commitments Revolving Credit Aggregate Commitment terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under preceding clauses (a) or clause (b), the entire unpaid principal Indebtedness Indebtedness, including the Notes, shall become automatically and immediately due and payable, and the Commitments Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit; , and (e) the Agent may, and shall, if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents or law.

Appears in 1 contract

Samples: Security Agreement (Aqua Chem Inc)

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