After the occurrence and during the continuance of a Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Bank, bear interest at the Default Rate.
After the occurrence and during the continuance of a Default, each Borrower at its own expense, shall cause the certified public accountant then engaged by such Borrower to prepare and deliver to Lender at any time and from time to time, promptly upon Lender's request, the following reports: (i) a reconciliation of all Accounts; (ii) an aging of all Accounts; (iii) trial balances; and (iv) test verifications of such Accounts as Lender may request. Each Borrower, at its own expense, shall cause its certified independent public accountants to deliver to Lender the results of any physical verifications of all or any portion of the Inventory made or observed by such accountants when and if such verification is conducted. Lender shall be permitted to observe and consult with each Borrower's accountants in the performance of these tasks.
After the occurrence and during the continuance of a Default, the principal amount of the Term Loans and Revolving Credit Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided, however, that automatically whether or not the Required Banks elect to do so, any overdue principal of and, to the extent permitted by law, overdue interest on any Term Loan and on any Revolving Credit Loan shall bear interest payable on demand, for each day until paid at a rate per annum equal to the Default Rate.
After the occurrence and during the continuance of a Default, the Borrower shall promptly reimburse the Agent and the Lenders for all costs, fees and expenses incurred by each of them in connection with any workout, restructuring, renegotiation or refinancing of the Loans and the other Obligations under the Credit Agreement and the other Credit Documents.
After the occurrence and during the continuance of a Default, the principal amount of the Term Loans and Revolving Credit Loans (excluding any Swing Line Loans) (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided, however, that automatically whether or not the Required Banks elect to do so, any overdue principal of and, to the extent permitted by law, overdue interest on any Term Loan and on any Revolving Credit Loan (excluding any Swing Line Loan) shall bear interest payable on demand, for each day until paid at a rate per annum equal to the Default Rate. After the occurrence and during the continuance of a Default, the principal amount of the Swing Line Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Swing Line Lender, bear interest at the Default Rate.
After the occurrence and during the continuance of an Event of Default, and at any time thereafter, at the direction of the Required Lenders, the Agent shall, upon the written or telecopied request of the Required Lenders, and by delivery of written notice to the Borrower from the Agent, take any or all of the following actions, without prejudice to the rights of the Agent, any Lender or the holder of any Note to enforce its claims against the Borrower:
After the occurrence and during the continuance of a Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate; provided that the Required Banks shall deliver written notice to Franklin Electric of such election prior to or promptly after such election.
After the occurrence and during the continuance of a Default or an Event of Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Lenders, bear interest at the Default Rate from the date of such Default or Event of Default (which date with respect to SECTION 5.19 shall be deemed to occur on the date such Default or Event of Default occurred, not the date of delivery of the Compliance Certificate).
After the occurrence and during the continuance of a Default, the principal amount of the Advances (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Banks, bear interest at the Default Rate. The Advances shall bear interest at a rate per annum equal to the Default Rate following any judgment in favor of the Banks on the Notes.
After the occurrence and during. THE (i) at any time and from time to time, (1) to file financing statements CONTINUANCE OF AN EVENT OF DEFAULT, EACH GRANTOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS THE COLLATERAL AGENT AS ITS PROXY AND st in the Collateral and (2) to file a ATTORNEY-IN-FACT (AS SET FORTH IN SECTION 6.2(A)(II)) WITH RESPECT TO ITS PLEDGED carbon, photographic or other reproduction of this Security Agreement or any financing statement COLLATERAL, INCLUDING THE RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, with respect to the Collateral as a financing statement and to file any other financing statement or WITH FULL POWER OF SUBSTITUTION TO DO SO IN ACCORDANCE WITH SECTION 4.4(C). amendment of a financing statement (which does not add new collateral or add a debtor, in each IN ADDITION TO SUCH RIGHT TO VOTE ANY OF THE PLEDGED COLLATERAL, THE APPOINTMENT OF THE COLLATERAL AGENT AS PROXY AND ATTORNEY-IN-FACT SHALL reasonable discretion deems necessary or desirable to perfect and to maintain the perfection and INCLUDE, AFTER THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE RIGHT TO EXERCISE ALL OTHER RIGHTS, POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF ANY OF THE PLEDGED COLLATERAL WOULD BE (ii) after the occurrence and during the continuance of an Event of Default, (1) ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF to endorse and collect any cash proceeds of the Collateral, (2) to the extent such Grantor is required SHAREHOLDERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS AND VOTING AT SUCH to provide Control hereunder, to contact and enter into one or more agreements with the issuers of MEETINGS). SUCH PROXY SHALL BE EFFECTIVE, AUTOMATICALLY AND WITHOUT THE uncertificated Securities which are Pledged Collateral or with securities intermediaries holding NECESSITY OF ANY ACTION (INCLUDING ANY TRANSFER OF ANY OF THE PLEDGED Pledged Collateral as may be necessary or advisable, in the reasonable discretion of the Collateral COLLATERAL ON THE RECORD BOOKS OF THE ISSUER THEREOF) BY ANY PERSON Agent, to give the Collateral Agent Control over such Pledged Collateral, (3) to discharge past due (INCLUDING THE ISSUER OF THE PLEDGED COLLATERAL OR ANY OFFICER OR AGENT taxes, assessments, charges, fees or Liens on the Collateral (except for such Liens that are Permitted THEREOF), SOLELY DURING THE EXISTENCE OF AN EVENT OF DEFAULT AND UPON Liens), except as otherwise permitted to be outstanding pursuant to the terms of the Loan WRITTEN NOTICE BY TH...
