Common use of Bankruptcy, Insolvency or Reorganization Proceedings Clause in Contracts

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawings, any unpaid fees and all other Indebtedness of the Borrowers to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the Borrowers shall immediately deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

Appears in 5 contracts

Samples: Credit Agreement (Foster L B Co), Credit Agreement (Foster L B Co), Credit Agreement (Foster L B Co)

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Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 8.1.14 [Relief Involuntary Proceedings] or 8.1.15 [Voluntary Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to or issue Letters of Credit hereunder and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawingsthereon, any unpaid fees and all other Indebtedness of the Borrowers Borrower to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, waived and the Borrowers Borrower shall immediately upon such occurrence, deposit in a non-an interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers Borrower hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

Appears in 5 contracts

Samples: Credit Agreement (Hovnanian Enterprises Inc), Credit Agreement (Hovnanian Enterprises Inc), Credit Agreement (Hovnanian Enterprises Inc)

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any thereon, the Unpaid Drawings, any unpaid fees and all other Indebtedness of the Borrowers to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the Borrowers shall immediately deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

Appears in 4 contracts

Samples: Credit Agreement (RPM International Inc/De/), Credit Agreement (RPM International Inc/De/), Credit Agreement (RPM International Inc/De/)

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 9.1.10 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawings, any unpaid fees and all other Indebtedness of the Borrowers to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the Borrowers shall immediately deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers hereby pledges to the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

Appears in 1 contract

Samples: Credit Agreement (Foster L B Co)

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 8.1.14 [Relief Involuntary Proceedings] or 8.1.15 [Voluntary Proceedings] shall occur, the Lenders Banks shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to or issue Letters of Credit hereunder and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawingsthereon, any unpaid fees and all other Indebtedness of the Borrowers Borrower to the Lenders Banks hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, waived and the Borrowers Borrower shall immediately upon such occurrence, deposit in a non-an interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers Borrower hereby pledges to the Administrative Agent and the LendersBanks, and grants to the Administrative Agent and the Lenders Banks a security interest in, all such cash as security for such Obligations; and

Appears in 1 contract

Samples: Credit Agreement (Hovnanian Enterprises Inc)

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Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 8.1.13 [Relief Involuntary Proceedings] or 8.1.14 [Voluntary Proceedings] shall occur, the Lenders Commitments shall automatically terminate and be of no further force and effect, the Banks shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawingsthereon, any unpaid fees and all other Indebtedness of the Borrowers Borrower to the Lenders Banks hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, ; and the Borrowers Loan Parties shall immediately thereupon, deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers Loan Parties hereby pledges pledge to the Administrative Agent and the LendersBanks, and grants grant to the Administrative Agent and the Lenders Banks a security interest in, all such cash as security for such Obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Banks, the Administrative Agent shall return such cash collateral to the Borrower; and

Appears in 1 contract

Samples: Credit Agreement (KPMG Consulting Inc)

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 [Relief Proceedings] 8.1.10 or Sections 8.1.15 or 8.1.16 shall occur, the Lenders Commitments shall automatically terminate and be of no further force and effect, the Banks and the Agent shall be under no further obligations to make Convertible Revolving Credit Loans hereunder and the Issuing Lender shall be under no obligation to or issue Letters of Credit Credit, as the case may be, and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any Unpaid Drawingsthereon, any unpaid fees and all other Indebtedness of the Borrowers Borrower to the Lenders Banks and the Agent hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, ; and the Borrowers Borrower shall immediately deposit in a non-an interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers Borrower hereby pledges to the Administrative Agent and the LendersBanks, and grants to the Administrative Agent and the Lenders Banks a security interest in, all such cash cash, deposit, and account, and the proceeds thereof, as security for such Obligations; and

Appears in 1 contract

Samples: Credit Agreement (Ptek Holdings Inc)

Bankruptcy, Insolvency or Reorganization Proceedings. If an Event of Default specified under Section 9.1.11 [Relief Proceedings] shall occur, the Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon and any thereon, the Unpaid Drawings, any unpaid fees and all other Indebtedness of the Borrowers to the Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the Borrowers shall immediately deposit in a non-interest-bearing account with the Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrowers hereby pledges to 108 the Administrative Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security interest in, all such cash as security for such Obligations; and

Appears in 1 contract

Samples: Credit Agreement (RPM International Inc/De/)

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