Common use of Acceleration of the Obligations Clause in Contracts

Acceleration of the Obligations. Without in any way limiting ------------------------------- the right of Agent to demand payment of any portion of the Obligations payable on demand in accordance with this Agreement, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, Agent may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which notice and demand each Borrower expressly waives), forthwith due and payable and Borrowers shall forthwith pay to Agent the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 hereof, all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent and the Commitments shall automatically terminate as if terminated by Agent pursuant to Section 5.2.1 hereof and with the effect specified in Section 5.2.4 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Gulf States Steel Inc /Al/)

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Acceleration of the Obligations. Without in any way limiting ------------------------------- the right of Agent to demand payment of any portion of the Obligations payable on demand in accordance with this AgreementSection 5.4 hereof, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall existDefault, Agent may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which notice and demand each Borrower expressly waives), forthwith due and payable and Borrowers Borrower shall forthwith pay to Agent the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 12.1.9 hereof, all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent and the Commitments shall automatically terminate as if terminated by Agent pursuant to Section 5.2.1 hereof and with the effect specified in Section 5.2.4 hereofterminate.

Appears in 1 contract

Samples: Loan and Security Agreement (Rhodes Inc)

Acceleration of the Obligations. Without in any way limiting ------------------------------- the right of Agent Lender to demand payment of any portion of the Obligations payable on demand in accordance with this Agreement, upon or at any time after the occurrence of an Event of Default which remains uncured after the expiration of any applicable grace period and for so long as such Event of Default shall exist, Agent Lender may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which further notice and demand each Borrower expressly waives), forthwith due and payable and Borrowers Borrower shall forthwith pay to Agent Lender the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-at- law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 hereof, 11.1.9 hereof all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent Lender and the Commitments this Agreement shall automatically terminate as if terminated by Agent Lender pursuant to Section 5.2.1 hereof and with the effect specified set forth in Section 5.2.4 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Miltope Group Inc)

Acceleration of the Obligations. Without in any way limiting ------------------------------- the right of Agent to demand payment of any portion of the Obligations payable on demand in accordance with this AgreementSection 4.4 hereof, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, Agent may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which notice and demand each Borrower expressly waives), forthwith due and payable and Borrowers Borrower shall forthwith pay to Agent the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 11.1.6 hereof, all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent and the Commitments shall automatically terminate as if terminated by Agent pursuant to Section 5.2.1 hereof and with the effect effects specified in Section 5.2.4 5.2.3 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Dan River Inc /Ga/)

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Acceleration of the Obligations. Without in any way limiting the ------------------------------- the right of Agent Lender to demand payment of any portion of the Obligations payable on demand in accordance with this Agreement, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, Agent Lender may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which further notice and demand each Borrower expressly waives), forthwith due and payable and Borrowers Borrower shall forthwith pay to Agent Lender the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses ---- if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 hereof, 11.1.9 hereof all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent Lender and the Commitments this Agreement shall automatically terminate as if terminated by Agent Lender pursuant to Section 5.2.1 hereof and with the effect specified set forth in Section 5.2.4 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Master Graphics Inc)

Acceleration of the Obligations. Without in any way limiting ------------------------------- the right of Agent Lender to demand payment of any portion of the Obligations payable on demand in accordance with this Agreement, upon or at any time after the occurrence of an Event of Default and for so long as such Event of Default shall exist, Agent Lender may in its discretion (and, upon receipt of written instructions to do so from the Required Lenders, shall) declare the principal of and any accrued interest on the Loans and all other Obligations owing under any of the Loan Documents to be, whereupon the same shall become without further notice or demand (all of which further notice and demand each Borrower Borrowers expressly waiveswaive), forthwith due and payable and Borrowers shall forthwith pay to Agent Lender the entire principal of and accrued and unpaid interest on the Loans and other Obligations plus reasonable attorneys' fees and expenses if such principal and interest are collected by or through an attorney-at-law. Notwithstanding the foregoing, upon the occurrence of an Event of Default specified in Section 11.1.10 hereof, hereof all of the Obligations shall become automatically due and payable without declaration, notice or demand by Agent Lender and the Commitments this Agreement shall automatically terminate as if terminated by Agent Lender pursuant to Section 5.2.1 hereof and with the effect specified set forth in Section 5.2.4 hereof.

Appears in 1 contract

Samples: Loan and Security Agreement (Atlantic Premium Brands LTD)

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