Common use of Automatic Clause in Contracts

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), the principal of, and all accrued interest on, the Loan and the Notes at the time outstanding, any prepayment premium (if applicable) under Section 2.8. and all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties.

Appears in 4 contracts

Samples: Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust)

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Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e11.1(e) or 11.1.(f11.1(f), the principal of, and all accrued interest on, the Loan and the Notes at the time outstanding, any prepayment premium (if applicable) under Section 2.8. 2.8 and all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and the other Loan Parties.

Appears in 2 contracts

Samples: Term Loan Agreement (RLJ Lodging Trust), Term Loan Agreement (RLJ Lodging Trust)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), (1) (A) the principal of, and all accrued interest on, the Loan Loans and the Notes at the time outstanding, any prepayment premium outstanding and (if applicableB) under Section 2.8. and all of the other Obligations of the BorrowerBorrowers, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents or the Fee Letter shall become immediately and automatically due and payable by the each Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the such Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate.

Appears in 1 contract

Samples: Delayed Draw Term Loan Agreement (Park Hotels & Resorts Inc.)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(eSection 11.1(f) or 11.1.(f11.1(g), (A)(i) the principal of, and all accrued interest on, the Loan Loans and the Term Notes at the time outstanding, any prepayment premium and (if applicableii) under Section 2.8. and all of the other Obligations (other than obligations in respect of the BorrowerDerivatives Contracts), including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Term Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf and (B) all of itself the Commitments, the obligation of the Lenders to make Loans shall all immediately and the other Loan Partiesautomatically terminate.

Appears in 1 contract

Samples: Credit Agreement (National Storage Affiliates Trust)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e10.1.(e) or 11.1.(f10.1.(f), (A)(i) the principal of, and all accrued interest on, the Loan Loans and the Notes at the time outstanding, any prepayment premium outstanding and (if applicableii) under Section 2.8. and all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders Lenders, the Agent and the Administrative Agent Swingline Lender under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf of itself and (B) the Commitments and the other Loan PartiesSwingline Commitment shall immediately and automatically terminate.

Appears in 1 contract

Samples: Credit Agreement (Physicians Specialty Corp)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e10.1(f) or 11.1.(f)10.1(g) with respect to the Borrower, (A)(i) the principal of, and all accrued interest on, the Loan Loans and the Notes at the time outstanding, any prepayment premium and (if applicableii) under Section 2.8. and all of the other Obligations of the Borrower, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower on behalf and (B) all of itself the Commitments and the other Loan Partiesobligation of the Lenders to make Loans, shall all immediately and automatically terminate.

Appears in 1 contract

Samples: Credit Agreement (Wells Real Estate Investment Trust Ii Inc)

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Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e11.1(e) or 11.1.(f)11.1(f) with respect to the Parent or the Borrower, (1)(A) the principal of, and all accrued interest on, the Loan Loans and the Term Notes at the time outstanding, any prepayment premium outstanding and (if applicableB) under Section 2.8. and all of the other Obligations of the BorrowerObligations, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Term Notes or any of the other Loan Documents shall become immediately and automatically due and payable by the Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the Borrower Parent and the Borrower, each on behalf of itself and the other Loan Parties, and (2) the Commitments shall all immediately and automatically terminate.

Appears in 1 contract

Samples: Credit Agreement (VEREIT Operating Partnership, L.P.)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), (1) (A) the principal of, and all accrued interest on, the Loan Loans and the Notes at the time outstanding, any prepayment premium outstanding and (if applicableB) under Section 2.8. and all of the other Obligations of the BorrowerBorrowers, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents or the Fee Letters shall become immediately and automatically due and payable by the each Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the such Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate.

Appears in 1 contract

Samples: Loan Agreement (Park Hotels & Resorts Inc.)

Automatic. Upon the occurrence of an Event of Default specified in Sections 11.1.(e) or 11.1.(f), (1) (A) the principal of, and all accrued interest on, the Loan Loans and the Notes at the time outstanding, any prepayment premium outstanding and (if applicableB) under Section 2.8. and all of the other Obligations of the BorrowerBorrowers, including, but not limited to, the other amounts owed to the Lenders and the Administrative Agent under this Agreement, the Notes or any of the other Loan Documents or the Fee LetterLetters shall become immediately and automatically due and payable by the each Borrower without presentment, demand, protest, or other notice of any kind, all of which are expressly waived by the such Borrower on behalf of itself and the other Loan Parties, and (2) the Commitments and the obligation of the Lenders to make Loans hereunder shall all immediately and automatically terminate.

Appears in 1 contract

Samples: Loan Agreement (Park Hotels & Resorts Inc.)

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