Common use of Automatic Acceleration of Maturity Clause in Contracts

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1 shall occur, (a) the obligation of each Lender to make Advances and the obligation of each Issuing Lender to issue, increase, or extend Letters of Credit shall immediately and automatically be terminated and all Obligations, including all interest, Letter of Credit Obligations, 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 any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower; and (b) to the extent permitted by law or court order, the Borrower shall deposit with the Administrative Agent into the Cash Collateral Account held by the Administrative Agent an amount of cash equal to the Letter of Credit Exposure, without presentment, demand, protest or further notice of any kind (including any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower.

Appears in 5 contracts

Samples: 5 Year Credit Agreement (NOV Inc.), 5 Year Credit Agreement (National Oilwell Varco Inc), Credit Agreement (National Oilwell Varco Inc)

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Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1 shall occur, (a) the obligation of each Lender to make Advances and the obligation of each Issuing Lender to issue, increase, or extend Letters of Credit shall immediately and automatically be terminated and all Obligations, including all interest, Letter of Credit Obligations, 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 any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower; and (b) to the extent permitted by law or court order, the Borrower shall deposit with the Administrative Agent into the Cash Collateral Account held by the Administrative Agent an amount of cash equal to the Letter of Credit ExposureMinimum Collateral Amount, without presentment, demand, protest or further notice of any kind (including any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower.

Appears in 2 contracts

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

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1 7.01 shall occur, (a) the obligation of each Lender Bank to make Advances and the obligation of each the Issuing Lender Banks to issue, increase, or extend Letters of Credit shall immediately and automatically be terminated and the Notes, all Obligationsinterest on the Notes, including all interest, Letter of Credit Obligations, 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 including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower; and; (b) to the extent permitted by law or court order, the Borrower shall deposit with the Administrative Agent into the Cash Collateral Account held by the Administrative Agent an amount of cash equal to the outstanding Letter of Credit ExposureExposure as security for the Obligations to the extent the Letter of Credit Obligations are not otherwise paid at such time; and (c) the Agent shall at the request of, without presentmentor may with the consent of, demand, protest the Majority Banks proceed to enforce its rights and remedies under the Guaranties or further notice any other Credit Document for the ratable benefit of any kind (including any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived the Banks by the Borrowerappropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Living Centers of America Inc)

Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (e) of Section 7.1 7.6, 7.7, or 7.8 shall occur, (a) the obligation of each Lender to make Advances Loans and the obligation of each Issuing Lender Bank to issue, increase, or extend Letters of Credit shall immediately and automatically be terminated and the Notes, all Obligationsinterest on the Notes, including all interest, Letter of Credit Obligations, and all other amounts payable under this Agreement shall immediately and automatically become and be due and payable in full, without presentment, demand, protest protest, or any notice of any kind (including including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower; andBorrowers; (b) to the extent permitted by law or court order, the Borrower shall deposit with the Administrative Agent into the Cash Collateral Account held by the Administrative Agent an amount of cash equal to the outstanding Letter of Credit ExposureExposure as security for the Obligations to the extent the Letter of Credit Obligations are not otherwise paid at such time; and (c) the Agent shall at the request of, without presentmentor may with the consent of, demand, protest the Required Lenders proceed to enforce its rights and remedies under the Parent Guaranty or further notice any other Loan Document for the ratable benefit of any kind (including any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived the Lenders by the Borrowerappropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Cooper Cameron Corp)

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Automatic Acceleration of Maturity. If any Event of Default pursuant to paragraph (eSection 6.1(g) of Section 7.1 shall occur, (a) the obligation of each Lender Bank to make Advances and the obligation of each the Issuing Lender Bank to issue, increase, or extend Letters of Credit shall immediately and automatically be terminated and the Notes, all Obligationsinterest on the Notes, including all interest, Letter of Credit Obligations, 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 including, without limitation, any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived by the Borrower; and; (b) to the extent permitted by law or court order, the Borrower shall deposit with the Administrative Agent into the Cash Collateral Account held by the Administrative Agent an amount of cash equal to the outstanding Letter of Credit ExposureExposure as security for the Credit Obligations to the extent the Letter of Credit Obligations are not otherwise paid at such time; and (c) the Agent shall at the request of, without presentmentor may with the consent of, demandthe Majority Banks proceed to enforce its rights and remedies under the Security Documents, protest the Guaranties, or further notice any other Credit Document for the ratable benefit of any kind (including any notice of intent to accelerate or notice of acceleration), all of which are hereby expressly waived the Banks by the Borrowerappropriate proceedings.

Appears in 1 contract

Samples: Credit Agreement (Maxxim Medical Inc)

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