Common use of Automatic Acceleration of Maturity Clause in Contracts

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur: (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 8 contracts

Samples: Credit Agreement (Berry Petroleum Corp), Credit Agreement (Berry Petroleum Corp), Credit Agreement (Jagged Peak Energy Inc.)

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Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 7 contracts

Samples: Loan Agreement (Resaca Exploitation, Inc.), Loan Agreement (Resaca Exploitation, Inc.), Loan Agreement (Resaca Exploitation, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account Collateralize an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are Exposure is not otherwise paid or Cash Collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 6 contracts

Samples: Credit Agreement (Aly Energy Services, Inc.), Credit Agreement (Aly Energy Services, Inc.), Credit Agreement (Aly Energy Services, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 6 contracts

Samples: Credit Agreement (Abraxas Petroleum Corp), Credit Agreement (Abraxas Petroleum Corp), Credit Agreement (Abraxas Petroleum Corp)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all accrued and unpaid interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 5 contracts

Samples: Credit Agreement (Hi-Crush Partners LP), Commitment Increase Agreement and Second Amendment (Hi-Crush Partners LP), Credit Agreement (Hi-Crush Partners LP)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur: (a) (i) the Commitments and the obligation of each Lender, the Swing Line Lender and the Issuing Bank to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to 105% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 4 contracts

Samples: Credit Agreement (Quintana Energy Services Inc.), Credit Agreement (Quintana Energy Services Inc.), Credit Agreement (Quintana Energy Services Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lender and the Lenders by appropriate proceedings.

Appears in 4 contracts

Samples: Credit Agreement (Edge Petroleum Corp), Credit Agreement (Continental Resources Inc), Credit Agreement (Mariner Energy Resources, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur: (a) the obligation of each Lender to make Advances Loans and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Loan Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 3 contracts

Samples: Credit Agreement (Extraction Oil & Gas, Inc.), Credit Agreement (Extraction Oil & Gas, LLC), Credit Agreement (Extraction Oil & Gas, LLC)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender and the Swing Line Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all accrued and unpaid interest on the Notesthereon, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit PartiesBorrower, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 103% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 3 contracts

Samples: Credit Agreement (Pioneer Energy Services Corp), Credit Agreement (Pioneer Drilling Co), Credit Agreement (Pioneer Drilling Co)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur: (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Required Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 3 contracts

Samples: Credit Agreement (Triangle Petroleum Corp), Credit Agreement (Triangle Petroleum Corp), Credit Agreement (Triangle Petroleum Corp)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing, or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lender and the Lenders by appropriate proceedings.

Appears in 3 contracts

Samples: Credit Agreement (Alta Mesa Holdings, LP), Credit Agreement (Alta Mesa Holdings, LP), Credit Agreement (Alta Mesa Energy LLC)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the each Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lenders and the Lenders by appropriate proceedings.

Appears in 3 contracts

Samples: Credit Agreement (Callon Petroleum Co), Credit Agreement (Callon Petroleum Co), Credit Agreement (Callon Petroleum Co)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (a) (i) the Commitments and the obligation of each Lender, the Swingline Lender and the Issuing Bank to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue Swingline Loans and issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrowers; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Borrowers shall Cash Collateral Account Collateralize an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure Minimum Collateral Amount as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (CorEnergy Infrastructure Trust, Inc.), Credit Agreement (CorEnergy Infrastructure Trust, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, Borrowers shall deposit with the Administrative Agent into the Tranche A Cash Collateral Account an amount of cash necessary to cause the amount held in such account to equal to the outstanding Tranche A Letter of Credit Exposure as security for the Secured Obligations Obligations; (c) the Borrowers shall deposit with the Administrative Agent into the Tranche B Cash Collateral Account necessary to cause the extent amount held in such account to equal the Tranche B Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Exposure as security for the Obligations; and (cd) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lender and the Lenders by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Mariner Energy Resources, Inc.), Credit Agreement (Mariner Energy Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender and the Swing Line Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit PartiesBorrower, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Flotek Industries Inc/Cn/), Credit Agreement (Flotek Industries Inc/Cn/)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the NotesAdvances, all interest on the NotesAdvances, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the US Borrower shall, on demand of the US Administrative Agent at the request or with the consent of the US Majority Lenders, deposit with the US Administrative Agent into the Cash Collateral Account an amount of cash equal to 105% of the outstanding Letter of Credit Exposure as security for the US Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, and (c) the applicable Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the applicable Secured Parties by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (NCS Multistage Holdings, Inc.), Credit Agreement (NCS Multistage Holdings, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (a) (i) the Commitments and the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Brigham Exploration Co), Credit Agreement (Brigham Exploration Co)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur: (a) (i) the Commitments and the obligation of each Lender, the Swing Line Lender and the Issuing Bank to make extensions of credit hereunder, including making Revolving Advances and the obligation of the Issuing Lender to issue Swing Line Advances and issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the each Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to 105% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Total Gas & Electricity (PA) Inc), Credit Agreement (MxEnergy Holdings Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g7.1(f) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 105% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, Guaranties or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Carbo Ceramics Inc), Credit Agreement (Carbo Ceramics Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, Borrowers shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash necessary to cause the amount held in such account to equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or Instruments and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lender and the Lenders by appropriate proceedings.

Appears in 2 contracts

Samples: Credit Agreement (Contango Oil & Gas Co), Credit Agreement (Contango Oil & Gas Co)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e)(ii) of Section 7.1(g) 7.01 and with respect to the Borrower shall occur: (a) (i) the Revolving Commitments and the obligation of each Lender and the Issuing Bank to make extensions of credit hereunder, including making Revolving Advances and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties,; (b) to the Borrower shall, extent the XX Xxxx Collateral Account does not contain an amount equal to 105% of the outstanding Letter of Credit Exposure on such date and on demand of the Administrative Agent at the request or with the consent of the Majority Required Lenders, the Borrower shall deposit with the Administrative Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure such deficit as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Revolving Credit Agreement (Seahawk Drilling, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances Loans and the obligation of the Issuing Lender Lenders to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Revolving Notes, all accrued and unpaid interest on the Revolving Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Required Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or and may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Hi-Crush Partners LP)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all accrued and unpaid interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or and may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Hi-Crush Partners LP)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; 78 (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Abraxas Petroleum Corp)

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Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g7.01(e) shall occur: (a) (i) the Commitments and the obligation of each Lender and the Issuing Bank to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrowers; (b) the each Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the written request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 103% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Isramco Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender and the Issuing Lenders to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing, increasing, or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lenders and the Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Silver Run Acquisition Corp II)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 105% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Abraxas Petroleum Corp)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent Collateral Trustee shall at the request of, or may with the consent of, the Majority Lenders Required Plurality proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Cano Petroleum, Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Continental Resources Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g7.01(e) shall occur:, (ai) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue make extensions of credit hereunder, including making Advances and issuing, increasing or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Crusader Energy Group Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur: (a) the obligation of each Lender to make Advances Loans and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Loan Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 103% (or such lower amount as may be acceptable to the Issuing Lender) of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized cash collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Extraction Oil & Gas, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the each Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to 105% of the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Document for the ratable benefit of the Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant described in Section 8.1(f) or (g) occurs with respect to Section 7.1(g) shall occurthe Borrower: (ai) the obligation obligations of each Lender the Lenders (including the Swing Line Lender) to make Advances Loans hereunder and the obligation and power of the Issuing Lender LC Issuers to issue Letters of Credit Facility LCs shall automatically terminate and the Obligations shall immediately and automatically be terminated and the Obligations, the Notes, all interest on the Notes, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any other notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration)kind, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (bii) the Borrower shallwill be and become thereby unconditionally obligated, on demand of the Administrative Agent at the request without any further notice, act or with the consent of the Majority Lendersdemand, to deposit with the Administrative Agent into an amount in immediately available funds, which funds shall be held in the Cash Collateral Account, equal to the difference of (x) the amount of LC Obligations at such time minus (y) the amount on deposit in the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such timetime which is free and clear of all rights and claims of third parties (other than the Agent, the LC Issuers and the Lenders) and has not been applied against the Obligations (the “Collateral Shortfall Amount”); and (ciii) the Administrative Agent shall at the request of, or may with the consent of, the Majority Required Lenders proceed to enforce its rights and remedies under the Security Documents, the Guaranties, or any other Credit Loan Document for the ratable benefit of the Secured Parties by appropriate proceedingsLenders and the LC Issuers.

Appears in 1 contract

Samples: Revolving Credit Agreement (Enable Midstream Partners, LP)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g) shall occur:, (a) the obligation of each Lender to make Advances and the obligation of the Issuing Lender to issue Letters of Credit shall immediately and automatically be terminated and the Obligations, the NotesAdvances, all interest on the NotesAdvances, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by each of the Credit Parties, (b) the Borrower Borrowers shall, on demand of the US Administrative Agent at the request or with the consent of the US Majority Lenders, deposit with the US Administrative Agent into the Cash Collateral Account an amount of cash equal to 105% of the outstanding Letter of Credit Exposure as security for the US Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, and (c) the applicable Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the GuarantiesGuaranty, or any other Credit Document for the ratable benefit of the applicable Secured Parties by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (NCS Multistage Holdings, Inc.)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur:, (ai) the obligation of each Lender and the Issuing Lenders to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing, increasing, or extending Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement Agreement, the Notes, and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of 90 nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash Collateral Account an amount of cash equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, Obligations; and (c) the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security DocumentsInstruments, the Guaranties, or and any other Credit Loan Document for the ratable benefit of itself, the Secured Parties Issuing Lenders and the Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Alta Mesa Holdings, LP)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g7.01(e) shall occur: (a) (i) the Commitments and the obligation of each Lender and the Issuing Bank to make Advances extensions of credit hereunder, including making Loans and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrower; (b) the Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Agent shall at the written request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling International)

Automatic Acceleration of Maturity. If any Event of Default pursuant to Section 7.1(g7.01(e) shall occur: (a) (i) the Commitments and the obligation of each Lender and the Issuing Bank to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrowers; (b) the each Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Collateral Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Collateral Agent shall at the written request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1(g) 7.01 shall occur: (a) (i) the Commitments and the obligation of each Lender and each Issuing Bank to make extensions of credit hereunder, including making Advances and the obligation of the Issuing Lender to issue issuing Letters of Credit Credit, shall immediately terminate, and automatically be terminated and the Obligations(ii) all principal, the Notesinterest, all interest on the Notesfees, reimbursements, indemnifications, and all other amounts payable under this Agreement and the other Loan Documents shall immediately and automatically become and be forthwith due and payable in full, without presentment, demand, protest or any notice of any kind (including, without limitation, any notice of intent to accelerate or demand, demand, presentment for payment, notice of nonpayment, protest, notice of protest, grace, notice of dishonor, notice of intent to accelerate, notice of acceleration), and all other notices, all of which are hereby expressly waived by each of the Credit Parties,Borrowers; (b) the each Borrower shall, on demand of the Administrative Agent at the request or with the consent of the Majority Lenders, shall deposit with the Administrative Facility Agent into the Cash XX Xxxx Collateral Account an amount of cash in Dollars equal to the outstanding Letter of Credit Exposure as security for the Secured Obligations to the extent the Letter of Credit Obligations are not otherwise paid or Cash Collateralized at such time, ; and (c) the Administrative Collateral Agent shall at the written request of, or may with the consent of, the Majority Lenders proceed to enforce its rights and remedies under the Security Documents, the Guarantiesthis Agreement, or and any other Credit Loan Document for the ratable benefit of the Secured Parties Lenders by appropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Vantage Drilling CO)

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