Common use of Covenant Breaches Clause in Contracts

Covenant Breaches. (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.6, or Article VI of this Agreement, or (ii) the Borrower shall fail to perform or observe any term or covenant set forth in any Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 if such failure shall remain unremedied for 30 days after the earlier of the date written notice of such default shall have been given to the Borrower by the Administrative Agent or any Lender or the date a Responsible Officer of the Borrower has actual knowledge of such default;

Appears in 3 contracts

Samples: Assignment and Assumption (National Oilwell Varco Inc), 364 Day Credit Agreement (National Oilwell Varco Inc), Year Credit Agreement (National Oilwell Varco Inc)

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Covenant Breaches. A Borrower or any other Loan Party shall (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.65.02, or 5.05(a), 5.05(b), 5.12, and Article VI of this Agreement, Agreement or (ii) the Borrower shall fail to perform or observe any other term or covenant set forth in this Agreement or in any other Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 7.01 if such failure shall remain unremedied for 30 days after from the earlier of the date written notice of such default shall have been given to the Borrower by Company from the Administrative Agent or any Lender or the date of actual knowledge of such default by a Responsible Officer of the Borrower has actual knowledge Company or any of such defaultits Subsidiaries;

Appears in 2 contracts

Samples: Credit Agreement (Global Industries LTD), Credit Agreement (Global Industries LTD)

Covenant Breaches. (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.6, or Article VI of this Agreement, or (ii) the Borrower any Credit Party shall fail to perform or observe any term or covenant set forth in any Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 if such failure shall remain unremedied for 30 days after the earlier of the date written notice of such default shall have been given to the Borrower by the Administrative Agent or any Lender or the date a Responsible Officer of the Borrower has actual knowledge of such default;

Appears in 2 contracts

Samples: Credit Agreement (NOW Inc.), Credit Agreement (NOW Inc.)

Covenant Breaches. (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.6, or Article VI of this Agreement, or (ii) the Borrower shall fail to perform or observe any term or covenant set forth in any Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 if such failure shall remain unremedied for 30 days after the earlier of the date written notice of such default shall have been given to the Borrower by the any Administrative Agent or any Lender or the date a Responsible Officer of the Borrower has actual knowledge of such default;

Appears in 1 contract

Samples: Credit Agreement (National Oilwell Varco Inc)

Covenant Breaches. Any of the Obligors shall (i) The Borrower shall fail to ----------------- perform or observe any covenant contained in Sections 5.3 or 5.65.05(a), or 5.09 and Article VI of this Agreement, Agreement or (ii) the Borrower shall fail to perform or observe any other term or covenant set forth in this Agreement or in any Credit other Loan Document which is not covered by clause (i) above or any other provision of this Section 7.1 7.01 if such failure shall remain unremedied for 30 days after the earlier of the date written notice of such default shall have been given to any of the Borrower Borrowers by the Administrative Agent Agents or any Lender Bank or the date a Responsible Officer of the Borrower has any actual knowledge of such defaultdefault by the U.S. Borrower or any of its Subsidiaries;

Appears in 1 contract

Samples: Credit Agreement (Wiser Oil Co)

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Covenant Breaches. A Borrower or any other Loan Party shall (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.65.02, or 5.05(a), 5.05(b), and Article VI of this Agreement, Agreement or (ii) the Borrower shall fail to perform or observe any other term or covenant set forth in this Agreement or in any other Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 7.01 if such failure shall remain unremedied for 30 days after 30days from the earlier of the date written notice of such default shall have been given to the Borrower by Company from the Administrative Agent or any Lender or the date of actual knowledge of such default by a Responsible Officer of the Borrower has actual knowledge Company or any of such defaultits Subsidiaries;

Appears in 1 contract

Samples: Credit Agreement (Global Industries LTD)

Covenant Breaches. The Borrower or any other Credit Party shall (i) The Borrower shall fail to perform or observe any covenant contained in Sections 5.3 or 5.65.2, or 5.5 (other than clauses (b), (c) and (d) of such Section), 5.8, 5.10 and 5.11 and Article VI of this Agreement, Agreement or (ii) the Borrower shall fail to perform or observe any other term or covenant set forth in this Agreement or in any other Credit Document which is not covered by clause (i) above or any other provision of this Section 7.1 if such failure shall remain unremedied for 30 days after the earlier of the date (A) written notice of such default shall have been given to the Borrower by the Administrative Agent or any Lender or the date a Responsible Officer of the Borrower has (B) any actual knowledge of such defaultdefault by a Responsible Officer;

Appears in 1 contract

Samples: Revolving Credit Agreement (McDermott International Inc)

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