Common use of Application of Collateral; Termination of Agreements Clause in Contracts

Application of Collateral; Termination of Agreements. Upon the occurrence and during the continuance of an Event of Default, Agent may (and shall, at the direction of Majority Lenders) also, with or without proceeding with such sale or foreclosure or demanding payment of the Obligations, without notice, terminate further performance under this Agreement or any other Loan Document, without further liability or obligation by Agent or any Lender, and may also, at any time, appropriate and apply on any Obligations any and all Collateral in the possession of Agent or any Lender, and any and all balances, credits, deposits, accounts, reserves, indebtedness, or other monies due or owing to Borrowers or held by Agent or any Lender hereunder or otherwise, whether accrued or not; and Agent and Lenders shall not, in any manner, be liable to Borrowers for any failure to make or continue to make any Revolving Loans or Advances under this Agreement. Neither such termination, nor the termination of this Agreement by lapse of time, the giving of notice, or otherwise shall absolve, release, or otherwise affect the liability of Borrowers in respect of transactions had prior to such termination, nor affect any of the Liens, security interests, rights, powers and remedies of Agent or any Lender, but they shall, in all events, continue until all Obligations of Borrowers to Agent and Lenders have been Paid in Full.

Application of Collateral; Termination of Agreements. Upon the occurrence and during the continuance of an Event of Default, Agent may (and shall, at the direction of Majority Lenders) also, with or without proceeding with such sale or foreclosure or demanding payment of the Obligations, without notice, terminate further performance under this Agreement or any other Loan Document, agreement or agreements between Agent or any Lender and Borrowers without further liability or obligation by Agent or any Lender, and may also, at any time, appropriate and apply on any Obligations any and all Collateral in the possession of Agent or any Lender, and any and all balances, credits, deposits, accounts, reserves, indebtedness, or other monies due or owing to Borrowers or held by Agent or any Lender hereunder or under any such financing agreement or otherwise, whether accrued or not; and Agent and Lenders shall not, in any manner, be liable to Borrowers for any failure to make or continue to make any Revolving Loans or Advances under this Agreement. Neither such termination, nor the termination of this Agreement by lapse of time, the giving of notice, or otherwise shall absolve, release, or otherwise affect the liability of Borrowers in respect of transactions had prior to such termination, nor affect any of the Liensliens, security interests, rights, powers and remedies of Agent or any Lender, but they shall, in all events, continue until all Obligations of Borrowers to Agent and Lenders have been Paid in Fullare satisfied.

Application of Collateral; Termination of Agreements. Upon the occurrence and during the continuance of an any Event of Default, Agent may (and shall, at the direction of Majority Lenders) alsoRequired Lenders may, with or without the Administrative Agent's proceeding with such any aforesaid sale or foreclosure or the Required Lenders' demanding acceleration of the payment of the Obligations, without notice, terminate further performance under this Agreement or any other Loan Documenteach Lender's Commitment, without further liability or obligation by Agent or such Lender. Upon the occurrence of any LenderEvent of Default, and may alsobut otherwise subject to Section 11.8 hereof, each Lender may, at any time, appropriate and apply on (as provided below) to any Obligations owing to such Lender any and all Collateral in the its possession of Agent or any Lender, and any and all balances, credits, deposits, accounts, reserves, indebtedness, indebtedness or other monies due or owing to Borrowers or the Borrower held by Agent or any such Lender hereunder or under any other financing agreement or otherwise, whether accrued or not; and Agent and Lenders shall not, in any manner, be liable to Borrowers for any failure to make or continue to make any Revolving Loans or Advances under this Agreement. Neither such terminationthe termination of Commitments, nor the termination of this Agreement by lapse of time, the giving of noticenotice 115 or otherwise, or otherwise shall absolve, release, release or otherwise affect the liability of Borrowers the Borrower in respect of transactions had prior to such termination, nor or affect any of the Liens, security interests, rights, powers and remedies of the Administrative Agent or the Lenders hereunder or under any Lenderother Security Document, but they shall, in all events, continue until all of the Obligations of Borrowers to Agent and Lenders have been Paid in Fullare satisfied.