Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Appears in 3 contracts
Samples: Credit Agreement (United Grocers Inc /Or/), Credit Agreement (United Grocers Inc /Or/), Credit Agreement (United Grocers Inc /Or/)
Consequences of Default. (a) If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other a Subordinated Debt Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent Lender may, subject to the terms of the Subordination Agreement and shall upon the request terms and conditions of Majority Lendersthe Senior Credit Agreements (including Section 6.01), immediately by Notice to Borrower, (i) terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, its undertaking to make Disbursements hereunder; (ii) declare the principal entire amount of the Loan, together with accrued interest and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document thereon, to be immediately due and payable, if any Drafts have been accepted, ; (iii) apply all amounts on deposit with or otherwise in the Agent may, possession of Lender in payment or prepayment of all amounts payable hereunder and under the Notes; or (iv) take one or more of the preceding actions.
(b) In the event that the Loan shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately become due and payable whereupon by acceleration as provided above, the same shall Loan, together with accrued interest and other sums payable thereon, shall, upon the giving of such Notice by Lender but subject to the terms of the Subordination Agreement and the terms and conditions of the Senior Credit Agreements (including Section 6.01 thereof), become immediately due and payable all without protest, presentment, notice, or demand, protest or notice of any kind other than the Notice specifically required by this Section, all other notice being expressly waived by Borrower. If a Subordinated Debt Event of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid Default shall occur, it may be waived by Seafirst or a Seafirst Affiliate under Notice form Lender; however, any such Letters of Credit waiver shall be held subject to the Lender's rights under Section 8.2.
(and appliedc) as cash collateral Borrower shall pay to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the NotesLender, and the other Loan Documents are cumulative shall indemnify and not exclusivehold Lender harmless from, all costs and the exercise or partial exercise expenses incurred by Lender as a result of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedypermitted accelerated payments in accordance with this Section 7.2.
Appears in 2 contracts
Samples: Loan Agreement (Amax Gold Inc), Loan Agreement (Amax Gold Inc)
Consequences of Default. (a) If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in continuing beyond any such case and at any time thereafter so long grace period permitted therefor as any such Event of Default shall be continuingset forth above, the Agent may, and shall upon Lenders by notice to the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, Company may declare the principal entire amount of the Note together with accrued interest and the interest on the Loans other amounts payable hereunder and all other sums payable by the Borrower hereunder or under any of the other Loan Document Documents to be immediately due and payable, if any Drafts have been accepted, .
(b) In the Agent may, and event the Note shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately be declared or become due and payable whereupon by acceleration as provided above, the same Note, accrued interest thereon and all sums payable under this Agreement, the Note and under the other Loan Documents shall become immediately due and payable all without protest, presentment, noticedemand, protest or notice of any kind other than the notice specifically required by Section 8.2(a), all other notice being expressly waived by the Company.
(c) If an Event of Default specified under Sections 8.1(e), (f), (g), or (h) above shall occur, the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Obligations of the Loan Parties to the Lender 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.
(d) Upon the Borrower expressly waives. Amounts paid or received hereunder in respect occurrence and during the continuance of issued and outstanding Letters an Event of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit Default, the Lenders shall be held (and applied) as cash collateral to secure entitled to, at the performance of all obligations option of the Borrower owing to Seafirst and Majority Noteholders, exercise any Seafirst Affiliate in respect or all of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of and remedies available to a secured party under the Agent and Lenders hereunder. The Agent and Lenders may exercise UCC or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document applicable law (including laws of Israel), and exercise any or applicable law. The all of its rights and remedies provided by law, for in this Agreement, the Notes, Agreement and in any other Loan Document. The Obligations under this Agreement or any of the other Loan Documents are cumulative shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any Obligations is rescinded or must otherwise be returned by any of the Lenders upon, on account of, or in connection with, the insolvency, bankruptcy or reorganization of the Company or the Parent Guarantor (as applicable) or otherwise, all as though such payment had not been made.
(e) Upon the occurrence and not exclusiveduring the continuance of an Event of Default, the Majority Noteholders may sell all or any part of the Collateral, at public or private sales, to the Lenders, a wholesaler, retailer or investor, for cash, upon credit or for future delivery, and at such price or prices as Majority Noteholders may deem commercially reasonable, provided, that the exercise or partial exercise Lenders shall comply with all laws, rules and regulations applicable to, and all orders and directives of any rightgovernmental or regulatory authority having jurisdiction over, power the Company or remedy hereunder the Parent Guarantor (as applicable) or thereunder the Collateral. To the extent permitted by law, the Company hereby specifically waives all rights of redemption and any rights of stay or appraisal which it has or may have under any applicable law in effect from time to time. Any such public or private sales shall be held at such times and at such place(s) as the Majority Noteholders may determine. In case of the sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained by the Lenders until the selling price is paid by the purchaser, but the Lenders shall not preclude incur any other or further exercise thereof or liability in case of the exercise failure of such purchaser to pay for the Collateral and, in case of any other rightsuch failure, such Collateral may be resold. The Lenders may, instead of exercising their power of sale, proceed to enforce the security interest in the Collateral by seeking a judgment or remedydecree of a court of competent jurisdiction.
Appears in 2 contracts
Samples: Loan Agreement (Israel Technology Acquisition Corp.), Loan Agreement (Israel Technology Acquisition Corp.)
Consequences of Default. 7.2.1. If an Event any of the Events of Default described in Section 9.1(f7.1.8 or Section 7.1.9 shall occur: (a) or 9.1(g) the Total Commitment and each Lender's respective Commitment shall occur immediately terminate, and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and the interest on the Loans and all other sums payable by Borrower hereunder, under the Notes and under the other Loan Documents shall become immediately due and payable, if any Drafts have been acceptedall without protest, presentment, notice or demand, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to which the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kindBorrower expressly waives.
7.2.2. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, :
(a) the Agent may(i) shall, and shall upon at the request of the Majority Lenders, or (ii) may, with the consent of the Majority Lenders, immediately terminate (by written notice to the Borrower) the Total Commitment and each of the Lenders' respective Commitments, and (b) if Loans shall have been made, the Agent may(i) shall, and shall upon at the request of the Majority Lenders, or (ii) may, with the consent of the Majority Lenders, declare (by written notice to the Borrower) the principal of and the interest on the Loans and the Notes and all other sums payable by the Borrower hereunder or under the Notes or any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable payable, all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid In addition, regardless of whether the Borrower's obligations to repay the Loans shall have been accelerated pursuant to the preceding sentences, the Agent may, at its option, realize on any or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and Collateral by exercising any Seafirst Affiliate rights or remedies provided in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise each Security Agreement or pursue any remedy or cause of action permitted by this Agreement, the Notes, in any other Loan Document or otherwise available under applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Appears in 1 contract
Samples: Revolving Credit Agreement (Hollywood Entertainment Corp)
Consequences of Default. If an Event any of the Events of Default described in Section 9.1(f7.01(h) or 9.1(gSection 7.01(i) shall occur and be continuing, then in any such caseoccur, the Total Commitment and the Lenders' respective Commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Bid Loan shall suffer an Event of Default under subsection 7.01(a) due to the Borrower's failure to pay any amount of principal on or received interest of any Bid Loan made by such Lender, such Lender may send a written request to the Agent to obtain approval of the Majority Lenders to terminate the Total Commitment and the Lenders' respective Commitments, to declare the principal of and the interest on the Loans, the Committed Loan Notes and the Bid Loan Notes and all other sums payable by the Borrower hereunder or thereunder to become immediately due and payable and, if such approval is not obtained within ten (10) Business Days after the date such request is received, the affected Lender may elect to accelerate the Bid Loan in default and may exercise remedies in respect of issued such Bid Loan by any and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedylegal means.
Appears in 1 contract
Samples: Quarterly Report
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(g) or 9.1(g8.1(h) hereof shall occur and be continuing, then in any such case, the Total Commitment and Lender's respective Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower hereunder and under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and or shall upon at the request of the Majority Lenders, immediately terminate the CommitmentsTotal Commitment and Lenders' respective Commitments and, and if any Loans or Letters of Credit shall have been made, the Agent may, and or shall upon at the request of the Majority Lenders, declare the principal of and the interest on the Loans and the Notes, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by the Borrower hereunder or and under any the other Loan Document Documents to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Agent agrees to provide Borrower with prompt notice of any election to declare the principal of and the interest on the Loans to be immediately due and payable pursuant to the preceding sentence, it being agreed that such notice may be provided after any such acceleration is effective and after Agent and Lenders have exercised any rights of set-off or recoupment to which they are entitled hereunder or under applicable law and it being further agreed that the failure to give such notice shall not affect the validity of such acceleration, set-off or recoupment. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyDocuments.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuingMortgagee may exercise all rights, powers, privileges and remedies hereunder or otherwise existing or arising by agreement, at law, or in equity, in admiralty, or otherwise (including, without limitation, the Agent exercise of all powers possessed by it as mortgagee, chargee and assignee of the Vessel, Insurances and Requisition Compensation conferred by the law of any country or territory the courts of which have or claim any jurisdiction in respect of Shipowner, the Vessel, the Insurances or Requisition Compensation), and without limiting the foregoing, Mortgagee shall have the right to:
(a) exercise all the rights and remedies in foreclosure and otherwise given to mortgagees by the laws of the Bahamas or of any other jurisdiction where the Vessel may be found;
(b) bring suit at law, in equity or in admiralty, as it may deem advisable, to recover judgment for any and all amounts due under the Obligations, or otherwise hereunder, and collect the same out of any and all property of Shipowner whether covered by the Statutory Mortgage and this Deed or not;
(c) take and enter into possession of the Vessel, wherever the same may be, without court decision or other legal process and without being responsible for loss or damage remove the Vessel to any port or place selected by Mortgagee and Mortgagee may, without being responsible for loss or damage, hold, lay-up, lease, charter, operate or otherwise use such Vessel for such time and shall upon the request of Majority Lenders, immediately terminate the Commitmentssuch terms as it may deem to be for its best advantage, and if Loans shall have been madedemand, the Agent maycollect and retain all hire, and shall upon the request of Majority Lendersfreights, declare the principal of and the interest on the Loans earnings, issues, revenues, income, profits, return premiums, salvage awards or recoveries, recoveries in general average, and all other sums payable by due or to become due in respect of such Vessel or in respect of any insurance thereon from any person whomsoever, accounting only for the Borrower hereunder or under any other Loan Document to be immediately due and payablenet profits, if any Drafts have been acceptedany, arising from such use of the Agent mayVessel and charging upon all receipts from use of the Vessel or from the sale thereof by court proceedings or by private sale all costs, and shall upon the request expenses, charges, damages or losses by reason of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payablesuch use, and if at any Letter time Mortgagee avails itself of Credit has been issued the Agent mayright given to it to take the Vessel: (i) Mortgagee shall have the right to dock the Vessel for a reasonable time at any dock, pier or other premises of Shipowner without charge, or to dock her at any other place at the cost and expense of Shipowner, and (ii) Mortgagee shall have the right to require Shipowner to deliver, and Shipowner shall on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which at its own cost and expense, deliver to Mortgagee the Borrower expressly waives. Amounts paid or received hereunder in respect of issued Vessel as demanded; and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit Shipowner shall be held (and applied) as cash collateral to secure irrevocably instruct the performance of all obligations Master of the Borrower owing Vessel so long as the Deed and the Statutory Mortgage are outstanding to Seafirst and any Seafirst Affiliate in respect of Letter of Creditsdeliver the Vessel to Mortgagee as demanded. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect To the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action extent permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this AgreementShipowner or any other person in possession shall, forthwith upon demand of Mortgagee, and at Shipowner's expense, surrender possession of the Vessel as demanded by Mortgagee, and Mortgagee may hold, lay up, charter, operate, or otherwise use the Vessel for such time and upon such terms as it may deem to be for its best advantage, accounting for the net profits, if any, arising from such use and charging upon all receipts from such use or from the sale of the Vessel by court proceedings or pursuant to subsection (e) below, all reasonable costs, charges, damages, losses or other expenses incurred by reason of such use or sale;
(d) sell the Vessel or any share therein with or without the benefit of any charter party or other engagement by public auction, after publishing notice of such auction at least ten (10) days prior to such auction in a daily newspaper of general circulation published in New York City, with a copy sent to Shipowner on the day of publication, or by private contract, after giving ten (10) days prior notice to the Shipowner, without legal process at any place in the world and upon such terms as Mortgagee may deem to be appropriate in order to satisfy the Obligations, with power to postpone any such sale and without being answerable for any loss occasioned by such sale or resulting from the postponement thereof and at any such public auction Mortgagee may become the purchaser and shall have the right to set off the purchase price against the Obligations;
(e) sell the Vessel in compliance with applicable law at a properly conducted public sale at any place and at such time as Mortgagee may reasonably specify, and in such manner as Mortgagee may reasonably deem advisable, free from all claims by Shipowner;
(f) require that all policies and other documents relating to the Insurances (including details of and correspondence concerning outstanding claims) be forthwith delivered to or to the order of Mortgagee;
(g) collect, recover and give a good discharge for any monies or claims forming part of, or arising in relation to, the NotesVessel, the Insurances or the Requisition Compensation, and to permit any brokers through whom collection or recovery is effected to charge the usual brokerage therefor;
(h) to take over or commence or defend (if necessary using the name of Shipowner) any claims or proceedings relating to, or affecting, the Vessel, the Insurances or the Requisition Compensation which Mortgagee may think fit and to abandon, release or settle in any way any such claims or proceedings; and/or
(i) to enter into any other Loan Documents are cumulative and not exclusive, and the exercise transaction or partial exercise arrangement of any rightkind not described above or to do anything in relation to the Vessel, power the Insurances or remedy hereunder the Requisition Compensation which Mortgagee acting reasonably may think fit. Shipowner hereby waives presentment, demand, protest, notice of nonpayment, notice of dishonor or thereunder shall not preclude any other or further exercise thereof or the exercise notice of any other right, power or remedykind.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitments, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives, and (ii) Agent shall at the request, or may with the consent, of the Sweepline Bank or Multi-Currency Bank, terminate the Sweepline Commitment and the Multi-Currency Commitment, as applicable, and declare the principal of and the interest on the Sweepline Loans and the Multi-Currency Loans, and all other sums payable by Borrower under the Loan Documents with respect to such Sweepline Loans and Multi-Currency Loans immediately due, whereupon the same shall become immediately due and payable all without protest, presentment, notice or demand, all of which Borrower expressly waives. Regardless of whether Borrower's obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of the Majority Lenders realize on any or all of the Collateral by exercising any remedies provided in any Security Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Appears in 1 contract
Consequences of Default. If an Event It any of the Events of Default described in Section 9.1(f8.01(h) or 9.1(gSection 8.01(i) shall occur and be continuing, then in any such caseoccur, the Commitments Total Commitment and the Lenders' respective commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Competitive Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Competitive Bid Loan shall suffer an Event of Default under subsection 8.01(a) due to the Borrower's failure to pay any amount of principal on or received interest of any Competitive Bid Loan made by such Lender, such Lender may send a written request to the Agent to obtain approval of the Majority Lenders to terminate the Total Commitment and the Lenders' respective Commitments, to declare the principal of and the interest on the Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or thereunder to become immediately due and payable and, if such approval is not obtained within ten (10) Business Days after the date such request is received, the affected Lender may elect to accelerate the Competitive Bid Loan in default and may exercise remedies in respect of issued such Competitive Bid Loan by any and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Creditslegal means. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.ARTICLE IX
Appears in 1 contract
Samples: Extended Revolving Credit Agreement (Costco Wholesale Corp /New)
Consequences of Default. If an Event It any of the Events of Default described in Section 9.1(f8.01(h) or 9.1(gSection 8.01(i) shall occur and be continuing, then in any such caseoccur, the Commitments Total Commitment and the Lenders' respective commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due other sums payable by Borrower hereunder and payable, under the Committed Loan Notes and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage Competitive Bid Loan Notes shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the Committed Loan Notes and the Competitive Bid Loan Notes and all other sums payable by the Borrower hereunder or under any other Loan Document thereunder to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid If any Lender of a Competitive Bid Loan shall suffer an Event of Default under subsection 8.01(a) due to the Borrower's failure to pay any amount of principal on or received hereunder in respect interest of issued and outstanding Letters of Credit which exceed amounts paid any Competitive Bid Loan made by Seafirst or such Lender, such Lender may send a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral written request to secure the performance of all obligations Agent to obtain approval of the Borrower owing Majority Lenders to Seafirst terminate the Total Commitment and any Seafirst Affiliate in respect the Lenders' respective Commitments, to declare the principal of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect and the rights of interest on the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this AgreementLoans, the Notes, any other Committed Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the Competitive Bid Loan Notes and all other Loan Documents are cumulative and not exclusive, and sums payable by the exercise or partial exercise of any right, power or remedy Borrower hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.to become immediately
Appears in 1 contract
Samples: Short Term Revolving Credit Agreement (Costco Wholesale Corp /New)
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments Total Revolving Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders immediately terminate the CommitmentsCommitment, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Regardless of whether Borrower's obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of Lenders realize on any or all of the Collateral by exercising any remedies provided in any Loan Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral collateral, pursuant to Section 3.5, to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy. While any Event of Default exists (other than during any period of time in which Agent and Lenders have agreed in writing not to charge the Default Rate (as defined below)), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent 39 permitted by applicable laws. The Default Rate shall be in effect on the date of the occurrence of the Event of the Default and interest shall accrue at the Default Rate retroactively from such date.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitments, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Amounts paid , and (ii) Agent shall at the request, or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure may with the performance of all obligations consent, of the Borrower owing to Seafirst Sweepline Bank or Multi-Currency Bank, terminate the Sweepline Commitment and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrowerthe Multi-Currency Commitment, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notesas applicable, and declare the principal of and the interest on the Sweepline Loans and the Multi-Currency Loans, and all other sums payable by Borrower under the Loan Documents are cumulative with respect to such Sweepline Loans and not exclusiveMulti-Currency Loans immediately due, whereupon the same shall become immediately due and the exercise payable all without protest, presentment, notice or partial exercise demand, all of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedywhich Borrower expressly waives.
Appears in 1 contract
Consequences of Default. If 10.3.1 Where an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such casehas occurred, the Commitments Facility extended by the Banks to the Borrower shall immediately be suspended, and may not be drawn upon except with the consent of the Majority Banks (at which time the Agent shall notify the Borrower); where the Majority Banks resolve that repayment by the Borrower shall be immediately terminated and, if any Loans shall have been made, pursued and the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal Agent is instructed in writing to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuingdo so, the Agent mayshall immediately take the following steps in accordance with the written instructions of the Majority Banks:
(a) notify the Borrower in writing, announcing that all outstanding amounts of the loan principal advanced, interest and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all any other sums payments payable by the Borrower hereunder or under to any other Loan Document to be immediately due and payable, if any Drafts have been accepted, Bank and/or the Agent mayunder this Agreement shall fall due immediately (at which time the Borrower shall immediately repay all of the aforementioned amounts); and/or (b) exercise its rights as against the Mortgaged Objects and the various benefits and interests under the Assignment Agreement, and shall upon so that proceeds from disposal of the request of Majority Lenders, declare the relevant Mortgaged Objects may be used to repay any amounts outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which by the Borrower expressly waives. Amounts paid or received hereunder in respect accordance with the provisions of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held this Agreement; and/or (and appliedc) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect exercise the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by under the Note issued under this Agreement, and claim against the Notes, Borrower for payment; and/or (d) pursue the Guarantor for repayment in accordance with the provisions of the Letter of Guarantee; and/or (e) exercise any other Loan Document or applicable law. The rights and remedies provided granted by law, this Agreement, the NotesSecurity Documents or any other relevant agreement and document; without being required to issue any further letters of demand, certificate of refusal or any notice unless otherwise provided for in this Agreement. The Borrower and the other Loan Documents are cumulative Guarantor hereby agrees to waive any and not exclusive, and the exercise or partial exercise of all rights to require any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof Bank or the exercise Agent to issue such letter of any other rightdemand, power certificate of refusal or remedynotice, to the maximum extent that such waiver is permissible by law.
Appears in 1 contract
Consequences of Default. If an Event (a) Upon the occurrence of Default described any of the foregoing events specified in Section 9.1(f26 above, LESSOR shall be entitled to exercise any of the following remedies, alternatively or cumulatively at its discretion, in conjunction with or separately from any other right or remedy granted hereunder or under the law, without need for any legal or judicial action or order:
(1) enforce the performance of the LESSEE’s obligations under this Contract and declare, without the necessity of a demand, all unpaid amounts as immediately due and charge a penalty of three (3) percent per month from date of default until all of the accrued and overdue obligations of LESSEE are fully paid;
(2) cancel and rescind this Contract by notice to XXXXXX, without the necessity of judicial action, in which case LESSOR shall be entitled to the reliefs in the succeeding paragraphs below; or
(3) exercise other remedies provided under this Contract or 9.1(grelevant laws. In the event that XXXXXX elects to rescind and cancel this Contract, this Contract, without any need to resort to judicial action, shall be considered cancelled or rescinded thirty (30) shall occur and be continuingdays after service by LESSOR upon LESSEE, then either by personal delivery, private courier, facsimile, registered mail, and/or of a notice of cancellation or rescission at the LESSEE’s indicated address in any such his Information Sheet, unless the LESSEE notifies LESSOR of his change of address in writing. In which case, the Commitments notice of cancellation shall be sent to the new address.
(b) In case of any cancellation or rescission of this Contract, LESSEE shall no longer be allowed to occupy and re- main in possession of the Leased Premises and shall immediately terminated andvacate the same without need of notice or demand. Should LESSEE fail to immediately vacate and turn-over possession of the Leased Premises to LESSOR, if LESSEE hereby constitutes and appoints the LESSOR as XXXXXX’s attorney-in-fact with the following powers:
i) open, enter, padlock, secure, enclose or fence Leased Premises and cut or discontinue or cause the disconti- nuance of the supply of utilities and services to Leased Premises, such as water, electric, cable, phone and in- xxxxxx connection, among others, or otherwise take full and complete physical possession and control of the Leased Premises without resorting to court action;
ii) assume ownership and take full control and possession of all alterations, additions, improvements or install- ments placed in or on Leased Premises which cannot be removed without defacing or injuring the premises of Leased Premises or any Loans shall have been madecommon area, without any obligation on the principal part of the LESSOR to indemnify or reimburse the LESSEE and remove any non-motor or motor vehicle placed on the Leased Premises and place the same in storage, without any obligation on the part of LESSOR for any loss, damage or wear and tear to the said vehicle in case of such removal and storage;
iii) take an inventory of and interest on place in storage, at LESSEE’s cost, any non-motor or motor vehicle, equipment, fur- xxxxxx, articles or merchandise found or located in the Loans premises which may be removed therefrom without de- facing or injuring any portion of Leased Premises or any common area. In the event that XXXXXX fails to pay all unpaid liabilities to LESSOR and remove at XXXXXX’s expense said non-motor or motor vehicle, equip- ment, furniture, articles or merchandise within thirty (30) days from the time LESSOR takes possession of the premises, XXXXXX shall become immediately due dispose of said properties and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal apply the proceeds thereof to the Letter payment of Credit Usage LESSEE’s liabilities including expenses incurred by LESSOR in connection with the storage and sale of such properties, without prejudice to the right of LESSOR to collect any deficiency. The appointment of XXXXXX as attorney-in-fact of LESSEE shall become immediately due be deemed coupled with interest and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so irrevocable for as long as any obligation of LESSEE to LESSOR remains unpaid. Should LESSEE or any of his privies or successors-in-interest, after such Event rescission or cancellation or any person acting under his authority, permission and consent, continue to be in possession of Default Leased Premises, such person shall become a mere intruder or in unlawful detainer of the same, without any further right, title, interest or claims of any kind or character to the Leased Premises and the improvements, if any.
(c) LESSOR shall, moreover, be entitled to collect from LESSEE as liquidated damages, and LESSEE shall continue to be liable for the monthly rental which would otherwise have been due had the lease not been earlier terminated for the unexpired period of the lease term and the penalty and interest charges due thereon (as applicable). All these amounts shall be continuingdue to LESSOR in addition to whatever damages, whether actual or consequential, which may be due herein as well as the Agent may, and shall upon damages LESSOR may incur or suffer arising from the request termination of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyContract.
Appears in 1 contract
Samples: Lease Agreement
Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuingMortgagee may exercise all rights, powers, privileges and remedies hereunder or otherwise existing or arising by agreement, at law, or in equity, in admiralty, or otherwise (including, without limitation, the Agent mayexercise of all powers possessed by it as mortgagee, chargee and assignee of the Vessel, Insurances and Requisition Compensation conferred by the law of any country or territory the courts of which have or claim any jurisdiction in respect of Shipowner, the Vessel, the Insurances or Requisition Compensation), and without limiting the foregoing, Mortgagee shall upon have the request right to:
(a) declare the Loan and any of Majority Lenders, immediately terminate the Commitmentsother Obligations to be due and payable immediately, and if Loans shall have been made, upon such declaration the Agent may, and shall upon the request of Majority Lenders, declare the entire unpaid principal of and the interest on the Loans Loan and all the other sums payable by the Borrower hereunder or under any other Loan Document Obligations to date of declaration shall become and be immediately due and payable, if any Drafts have been accepted, and thereafter shall bear interest at the Agent may, and shall upon Default Rate;
(b) exercise all the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided in foreclosure and otherwise given to mortgagees by the provisions of Chapter 313 of Title 46 of the United States Code, as at any time amended, subject to 46 CFR ss.sx. 001.17 and 221.19;
(c) bring suit at law, in equity or in admiralty, as it may deem advisable, to recover judgment for any and all amounts due under the Obligations, or otherwise hereunder, and collect the same out of any and all property of Shipowner whether covered by this Mortgage or not;
(d) take the Vessel, wherever the same may be, without legal process and remove the Vessel to any port or place selected by Mortgagee. To the extent permitted by law, this AgreementShipowner or any other person in possession shall, forthwith upon demand of Mortgagee, and at Shipowner's expense, surrender possession of the Vessel as demanded by Mortgagee, and Mortgagee may hold, lay up, charter, operate, or otherwise use the Vessel, subject always to 46 CFR ss.sx. 001.17 and 221.19, for such time and upon such terms as it may deem to be for its best advantage, accounting for the net profits, if any, arising from such use and charging upon all receipts from such use or from the sale of the Vessel by court proceedings or pursuant to subsection (e) below, all reasonable costs, charges, damages, losses or other expenses incurred by reason of such use or sale;
(e) sell the Vessel in compliance with applicable law at a properly conducted public sale at any place and at such time as Mortgagee may reasonably specify, and in such manner as Mortgagee may reasonably deem advisable, free from all claims by Shipowner, after first giving notice of the time and place of sale with a general description of the property in the following manner: (i) by publishing such notice for not less than ten (10) days in The Wall Street Journal or The Journal of Commerce and in such other newspaper(s), if any, as may be required by the court or court rules; (ii) by mailing (and facsimile transmission or delivering) a similar notice to Shipowner at least ten (10) days prior to the scheduled date of the sale; and (iii) by posting notice of sale on the Vessel;
(f) require that all policies and other documents relating to the Insurances (including details of and correspondence concerning outstanding claims) be forthwith delivered to or to the order of Mortgagee;
(g) collect, recover and give a good discharge for any monies or claims forming part of, or arising in relation to, the NotesVessel, the Insurances or the Requisition Compensation, and to permit any brokers through whom collection or recovery is effected to charge the other Loan Documents are cumulative and not exclusiveusual brokerage therefor;
(h) to take over or commence or defend (if necessary using the name of Shipowner) any claims or proceedings relating to, and or affecting, the exercise or partial exercise of any rightVessel, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof the Insurances or the exercise of Requisition Compensation which Mortgagee may think fit and to abandon, release or settle in any other right, power way any such claims or remedy.proceedings; and/or
Appears in 1 contract
Samples: Memorandum of Agreement (American Classic Voyages Co)
Consequences of Default. i. Notwithstanding anything contained in this agreement, upon the occurrence of anyone or more of event(s) of default under this Agreement the Developer may, at its sole discretion, issue 30 days written notice calling upon the Allottee(s) to rectify the default(s). If an Event the default is not rectified within the notice period, this Agreement shall stand automatically cancelled without any further notice and the Developer shall be entitled to forfeit the Xxxxxxx Money as specified in clause 2 hereinabove along with the interest on delayed payments, paid, due or payable, any other amount of Default described a non- refundable nature. The Allottee(s) agrees that upon such cancellation the Developer shall be released and discharged of all liabilities and obligations under this Agreement and the Allottee(s) shall have no right, title or interest in Section 9.1(fthe said Unit in any manner whatsoever. Thereafter, the Developer shall be at liberty to sell/transfer the said Unit in any manner whatsoever and appropriate the proceeds of such sale as if this Agreement had never been executed and without accounting to the Allottee(s) for any of the proceeds of such sale.
ii. For the removal of doubts, it is clarified that notwithstanding the fact that either the refund cheque has not been dispatched by the Developer, or if dispatched, it has not been received by the Allottee(s) or 9.1(g) shall occur and be continuingif received, then in any such caserefund cheque remains uncashed by the Allottee(s), the Commitments mere dispatch of the notice of termination/ Cancellation of Allotment by the Developer would be deemed to be sufficient and by itself constitute termination of this Agreement and cancellation of the allotment and no further act on the part of the Developer would be necessary for this purpose.
iii. The Allottee(s) understands, agrees and consents that upon such termination / Cancellation of Allotment, the Developer shall be immediately terminated andunder no obligation, if save and except to refund the amounts already paid by the Allottee(s) to the Developer, without any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableinterest, and if any Letter of Credit has been issued, an amount equal to after forfeiting and deducting the Letter of Credit Usage shall become immediately Xxxxxxx Money and other amounts due and payable all without notice to it only after resale of the said Unit. Upon termination of this Agreement by the Developer, the Allottee(s) shall have no further right or demand claim, which if any, against the Developer shall be deemed to have been waived and the Allottee(s) hereby expressly consents thereto. The Developer shall thenceforth be free to deal with the said Unit in any manner whatsoever, in its sole and absolute discretion and in the event that the Allottee(s) has taken possession of the said Unit, then the Developer shall also be entitled to re-enter and resume possession of the said Unit and everything whatsoever contained therein and in such event, the Allottee(s) and/or any other person / occupant of the said Unit shall immediately vacate the said Unit and otherwise be liable to immediate ejectment as an unlawful occupant / trespasser.
iv. The Developer shall also be entitled to and hereby reserves its right to cancel/terminate this Agreement in the manner described above, in case in the opinion of the Developer, (a) the allotment of the said Unit has been obtained through misrepresentation and concealment or suppression of any kind. If material fact, OR (b) the Allottee(s) has violated or violates any other Event of Default shall occur the directions, rules and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable regulations framed by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof Developer or the exercise Maintenance Agreement or by any statutory body or Competent Authority, including Government of any other right, power or remedyMadhya Pradesh.
Appears in 1 contract
Samples: Apartment Buyer’s Agreement
Consequences of Default. If an Event any of the Events of Default described in Section 9.1(f7.01(h) or 9.1(gSection 7.01(i) shall occur and be continuing, then in any such caseoccur, the Total Commitment and the Lenders' respective Commitments shall be immediately terminated and, if any Loans shall have been madeterminate, the principal of and the interest on the Loans shall become immediately due and payableall other sums payable by Borrower hereunder, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due under the Notes and payable, and if any Letter of Credit has been issued, an amount equal to under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich the Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the CommitmentsTotal Commitment and the Lenders' respective Commitments and, and if Loans shall have been made, the Agent mayshall at the request, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans and the Notes and all other sums payable by the Borrower hereunder or under the Notes or any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid Also, regardless of whether the Borrower's obligations to repay the Loans shall have been accelerated pursuant to the preceding sentences, the Agent may, at its option, realize on any or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and collateral described in the Security Agreement by exercising any Seafirst Affiliate remedies provided in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise Security Agreement or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies otherwise provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Appears in 1 contract
Samples: Revolving Credit Agreement (Hollywood Entertainment Corp)
Consequences of Default. If In the event of the occurrence of any Event of Default hereunder, as provided in Article 8 hereof, Merz may give written notice of such Event of Default, and demand that such Event of Default be cured immediately. In the event that Borrower fails to cure such Event of Default within ten (10) days after the date of Merz' written notice thereof, pursuant to this Article 9, Xxxx may exercise all, or any, of the following rights and remedies:
9.1 The entire outstanding principal amount of the Loan, together with all interest accrued thereon, shall immediately become due and payable on the expiration of such ten (10) day period, without further notice, presentment, demand or protest by Merz, all of which are hereby irrevocably waived by Borrower, and Borrower shall pay to Merz the full amount of such outstanding principal amount of the Loan, together with all interest accrued thereon, within ten (10) days after the expiration of such ten (10) day period.
9.2 In addition to, and not in lieu of, the rights and remedies provided for in Article 9.1 hereof, Merz may exercise all other rights and remedies provided under applicable law.
9.3 The occurrence of an Event of Default described shall not impair or invalidate Merz' conversion rights under Article 4 hereof, which Merz, in Section 9.1(f) or 9.1(g) shall occur and be continuingits sole discretion, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and shall upon the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrowermay exercise, provided, however, that failure to give such notice Merz' exercise of its conversion rights under Article 4 shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise limit or pursue impair Merz' right to seek any remedy or cause of action permitted by this Agreementother remedies available to Merz under applicable law, including, but not limited to, the Notes, right to recover damages from Borrower for any other Loan Document and all harm suffered or applicable law. The rights and remedies provided incurred by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise Merz as a result of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise such Event of any other right, power or remedyDefault.
Appears in 1 contract
Samples: Convertible Loan Agreement (Neurobiological Technologies Inc /Ca/)
Consequences of Default. 7.2.1 If an Event any of the Events of Default described in Section 9.1(f7.1.8 or Section 7.1.9 shall occur: (a) or 9.1(g) shall occur the Total Commitment and be continuing, then in any such case, the Lenders' respective Commitments shall be immediately terminated andterminate, if any Loans shall have been made, and the principal of and the interest on the Loans and all other sums payable by Borrower hereunder, under the Notes and under the other Loan Documents shall become immediately due and payable, if any Drafts have been acceptedall without protest, presentment, notice or demand, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to which the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. Borrower expressly waives.
7.2.2 If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, :
(a) the Agent may(i) shall, and shall upon at the request of the Majority Lenders, or (ii) may, with the consent of the Majority Lenders, immediately terminate (by written notice to the Borrower) the Total Commitment and the Lenders' respective Commitments, and (b) if Loans shall have been made, the Agent may(i) shall, and shall upon at the request of the Majority Lenders, or (ii) may, with the consent of the Majority Lenders, declare (by written notice to the Borrower) the principal of and the interest on the Loans and the Notes and all other sums payable by the Borrower hereunder or under the Notes or any other Loan Document to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable payable, all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Amounts paid In addition, regardless of whether the Borrower's obligations to repay the Loans shall have been accelerated pursuant to the preceding sentences, the Agent may, at its option, realize on any or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and Collateral by exercising any Seafirst Affiliate rights or remedies provided in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise Security Agreement or pursue any remedy or cause of action permitted by this Agreement, the Notes, in any other Loan Document or otherwise available under applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
Appears in 1 contract
Samples: Revolving Credit Agreement (Hollywood Entertainment Corp)
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments Total Revolving Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, (i) Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders immediately terminate the CommitmentsCommitment, and and, if any Revolving Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of Majority Lenders, Lenders declare the principal of and the interest on the Loans Revolving Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document Documents with respect to be immediately due such Revolving Loans and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter Letters of Credit has been issued the Agent mayimmediately due, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Regardless of whether Borrower’s obligations to repay the Loans and Letters of Credit have been accelerated pursuant to the preceding sentences, Agent shall at the request, or may with the consent, of Lenders realize on any or all of the Collateral by exercising any remedies provided in any Loan Document or otherwise provided by law. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral collateral, pursuant to Section 3.5, to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunderhereunder and under the other Loan Documents. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, and any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, Notes and the other Loan Documents are cumulative and not non exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy. While any Event of Default exists (other than during any period of time in which Agent and Lenders have agreed in writing not to charge the Default Rate (as defined below)), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable laws. The Default Rate shall be in effect on the date of the occurrence of the Event of the Default and interest shall accrue at the Default Rate retroactively from such date.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(g) or 9.1(g8.1(h) hereof shall occur and be continuing, then in any such case, the Total Commitment and Lender's respective Commitments shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due Loans, the face amounts of all issued and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower hereunder and under the Letter of Credit Usage other Loan Documents shall become immediately due and payable all without protest, presentment, notice or demand demand, all of any kindwhich Borrower expressly waives. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, the Agent may, and or shall upon at the request of the Majority Lenders, immediately terminate the CommitmentsTotal Commitment and Lenders' respective Commitments and, and if any Loans or Letters of Credit shall have been made, the Agent may, and or shall upon at the request of the Majority Lenders, declare the principal of and the interest on the Loans and the Notes, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by the Borrower hereunder or and under any the other Loan Document Documents to be immediately due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which the Borrower expressly waives. Agent agrees to provide Borrower with prompt notice of any election to declare the principal of and the interest on the Loans to be immediately due and payable pursuant to the preceding sentence, it being agreed that such notice may be provided after any such acceleration is effective and after Agent and Lenders have exercised any rights of set-off or recoupment to which they are entitled hereunder or under applicable law and it being further agreed that the failure to give such notice shall not affect the validity of such acceleration, set-off or recoupment. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents Documents. Such excess shall be returned to Borrower within five (5) Business Days following demand by Borrower after such time when there are cumulative no outstanding Loans, the Letter of Credit Usage and not exclusivethe Total Commitments equal zero ($0), and the exercise there are no other fees, costs or partial exercise of any right, power charges owing by Borrower to Agent or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyLenders hereunder.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f8.1(f) or 9.1(g8.1(g) shall occur and be continuing, then in any such case, the Commitments case each Lender's Commitment shall be immediately terminated and, if any Loans or Letters of Credit shall have been mademade or issued, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, the face amounts of all issued and outstanding Acceptance Advances shall become immediately due and payableLetters of Credit, and if any Letter of Credit has been issued, an amount equal to all other sums payable by Borrower under the Letter of Credit Usage Loan Documents shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuing, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders immediately terminate the Commitmentseach Lender's Commitment, and and, if any Loans or Letters of Credit shall have been mademade or issued, Agent shall at the Agent mayrequest, and shall upon or may with the request consent, of the Majority Lenders, Lenders declare the principal of and the interest on the Loans Loans, the face amounts of all issued and outstanding Letters of Credit, and all other sums payable by Borrower under the Borrower hereunder or under any other Loan Document to be Documents immediately due and payabledue, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, notice or demand, all of which the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate Letter of Credit Agent under such Letters of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Agent, Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Credit Agent and Lenders hereunder. The Agent hereunder and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and under the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyDocuments.
Appears in 1 contract
Samples: Loan Agreement (Merix Corp)
Consequences of Default. If 15.1 No further drawing may be made after the occurrence of an “Event of Default” (whether or not notice shall have been given by the Borrower of such event of default) and the Bank shall be entitled to declare that an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and occurred at any time thereafter so long as after the occurrence of any such Event of Default shall be continuing, the Agent may, events specified in section 14 by giving a written notice to the Borrower and shall upon to demand immediate payment of the request of Majority Lenders, immediately terminate Loan outstanding under the Commitments, Facility and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, declare the principal of and the all interest on the Loans accrued and all other sums payable by the Borrower hereunder or under any other Loan Document pursuant to be immediately due and payablethis Agreement, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which and the Borrower expressly waives. Amounts paid or received hereunder in respect of issued and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit shall immediately pay the same to the Bank.
15.2 In the event that the Loan shall be held (declared immediately due and applied) payable as cash collateral stated above the Borrower shall reimburse the Bank for all losses and expenses incurred by the Bank in consequence of the Event of Default and / or of the acceleration of the Loan. The certificate of the Bank as to secure the performance amount of all obligations such losses and expenses shall in the absence of manifest error be conclusive.
15.3 The Borrower agrees that in the event of the Borrower owing committing default in repayment of the loan and/or payment of interest thereon on Due Dates the Bank shall have an unqualified right to Seafirst disclose the name of the Borrower and its Directors to the Reserve Bank of India (RBI). The Borrower hereby gives its consent to the Bank and / or RBI to publish its name and the names of its Directors as defaulters in such manner and through such medium as the Bank / RBI may in their absolute discretion think fit including publication of Borrower’s and its Directors names in the newspapers.
15.4 On the happening of any Seafirst Affiliate in respect of Letter the Events of Credits. Agent Default and so long as such default continues, the Borrower shall use not, without the prior written approval of the Bank declare or pay any dividend to any of its best efforts shareholders.
15.5 On declaring the principal of and all accrued interest on the Loan and other amounts due under the Finance Documents to provide same day notice of acceleration to be immediately due and payable by the Borrower, providedsubject to provisions contained herein, however, that failure the Borrower shall be liable to give such notice shall not affect pay the rights entire outstanding under the Facility forthwith and the Security created in terms of the Agent Security Documents shall become enforceable and Lenders hereunder. The Agent the Bank shall have, including without limitation the following rights (anything in this Facility Agreement notwithstanding), namely:
(i) To enter upon the Borrower’s premises and Lenders may exercise take possession of the Tangible Fixed Assets charged to the Bank;
(ii) Take possession of the Charged Assets and to sell, assign or pursue any remedy otherwise liquidate or cause of action permitted by this Agreementdirect to sell, the Notesassign or otherwise liquidate, any other Loan Document or applicable law. The rights all of the Charged Assets in such manner, at such time, at such place or places and remedies provided by lawon such terms as the Bank may, this Agreement, determine in its absolute discretion and apply the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise proceeds of any rightsuch sale or liquidation towards repayment of the Borrower’s obligations to the Bank;
15.7.1 Any expenses incurred by the Bank after an Event of Default has occurred, power in connection with preservation of the Charged Assets (whether then or remedy hereunder or thereunder thereafter existing), collection of amounts due under this Agreement shall not preclude any other or further exercise thereof or be payable by the exercise of any other right, power or remedyBorrower.
Appears in 1 contract
Consequences of Default. If an Event of Default described in Section 9.1(f) or 9.1(g) shall occur and be continuing, then in any such case, the Commitments shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal to the Letter of Credit Usage shall become immediately due and payable all without notice or demand of any kind. If any other Event of Default shall occur and be continuing, then in any such case and at any time thereafter so long as any such Event of Default shall be continuingMortgagee may exercise all rights, powers, privileges and remedies hereunder or otherwise existing or arising by agreement, at law, or in equity, in admiralty, or otherwise (including, without limitation, the Agent exercise of all powers possessed by it as mortgagee, chargee and assignee of the Vessel, Insurances and Requisition Compensation conferred by the law of any country or territory the courts of which have or claim any jurisdiction in respect of Shipowner, the Vessel, the Insurances or Requisition Compensation), and without limiting the foregoing, Mortgagee shall have the right to:
(a) exercise all the rights and remedies in foreclosure and otherwise given to mortgagees by the laws of the Bahamas or of any other jurisdiction where the Vessel may be found;
(b) bring suit at law, in equity or in admiralty, as it may deem advisable, to recover judgment for any and all amounts due under the Obligations, or otherwise hereunder, and collect the same out of any and all property of Shipowner whether covered by the Statutory Mortgage and this Deed or not;
(c) take and enter into possession of the Vessel, wherever the same may be, without court decision or other legal process and without being responsible for loss or damage remove the Vessel to any port or place selected by Mortgagee and Mortgagee may, without being responsible for loss or damage, hold, lay-up, lease, charter, operate or otherwise use such Vessel for such time and shall upon the request of Majority Lenders, immediately terminate the Commitmentssuch terms as it may deem to be for its best advantage, and if Loans shall have been madedemand, the Agent maycollect and retain all hire, and shall upon the request of Majority Lendersfreights, declare the principal of and the interest on the Loans earnings, issues, revenues, income, profits, return premiums, salvage awards or recoveries, recoveries in general average, and all other sums payable by due or to become due in respect of such Vessel or in respect of any insurance thereon from any person whomsoever, accounting only for the Borrower hereunder or under any other Loan Document to be immediately due and payablenet profits, if any Drafts have been acceptedany, arising from such use of the Agent mayVessel and charging upon all receipts from use of the Vessel or from the sale thereof by court proceedings or by private sale all costs, and shall upon the request expenses, charges, damages or losses by reason of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payablesuch use, and if at any Letter time Mortgagee avails itself of Credit has been issued the Agent mayright given to it to take the Vessel: (i) Mortgagee shall have the right to dock the Vessel for a reasonable time at any dock, pier or other premises of Shipowner without charge, or to dock her at any other place at the cost and expense of Shipowner, and (ii) Mortgagee shall have the right to require Shipowner to deliver, and Shipowner shall on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable whereupon the same shall become immediately due and payable all without protest, presentment, notice, or demand, all of which at its own cost and expense, deliver to Mortgagee the Borrower expressly waives. Amounts paid or received hereunder in respect of issued Vessel as demanded; and outstanding Letters of Credit which exceed amounts paid by Seafirst or a Seafirst Affiliate under such Letters of Credit Shipowner shall be held (and applied) as cash collateral to secure irrevocably instruct the performance of all obligations Master of the Borrower owing Vessel so long as the Deed and the Statutory Mortgage are outstanding to Seafirst and any Seafirst Affiliate in respect of Letter of Creditsdeliver the Vessel to Mortgagee as demanded. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect To the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action extent permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this AgreementShipowner or any other person in possession shall, the Notesforthwith upon demand of Mortgagee, and at Shipowner's expense, surrender possession of the other Loan Documents are cumulative and not exclusiveVessel as demanded by Mortgagee, and Mortgagee may hold, lay up, charter, operate, or otherwise use the exercise Vessel for such time and upon such terms as it may deem to be for its best advantage, accounting for the net profits, if any, arising from such use and charging upon all receipts from such use or partial exercise from the sale of any rightthe Vessel by court proceedings or pursuant to subsection (e) below, power all reasonable costs, charges, damages, losses or remedy hereunder other expenses incurred by reason of such use or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy.sale;
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Consequences of Default. (a) If any Event of Default or any event or circumstance which would, with giving of notice, lapse of time, the making of a determination or any combination thereof, become an Event of Default described in Section 9.1(f("POTENTIAL EVENT OF DEFAULT") or 9.1(g) shall occur and be continuing, then in any such caseoccurs, the Commitments Borrower shall be immediately terminated and, if any Loans shall have been made, the principal of and interest on the Loans shall become immediately due and payable, if any Drafts have been accepted, all outstanding Acceptance Advances shall become immediately due and payable, and if any Letter of Credit has been issued, an amount equal notify it to the Letter Lender specifying the nature of Credit Usage shall become immediately due such Event of Default or Potential Event of Default and payable all without notice or demand of any kind. steps the Borrower is taking to remedy it.
(b) If any other Event of Default or Potential Event of Default shall occur and be continuing, then in any such case the Lender may at its option and at any time thereafter so long as any by written notice to the Borrower:
(i) suspend further Disbursement regardless whether a Request for Disbursement is received by the Lender or not, until such Event of Default shall be continuing, or Potential Event of Default is cured;
(ii) cancel the Agent may, and shall upon undisbursed portion of the request of Majority Lenders, immediately terminate the Commitments, and if Loans shall have been made, the Agent may, and shall upon the request of Majority Lenders, Facility; and/or
(iii) declare the principal of Loan, together with all accrued interest and the interest on the Loans and all other sums payable by the Borrower hereunder or under any other Loan Document amounts payable under the Agreement, to be immediately forthwith due and payable, if any Drafts have been accepted, the Agent may, and shall upon the request of Majority Lenders, declare the outstanding Acceptance Advances immediately due and payable, and if any Letter of Credit has been issued the Agent may, and on the request of Seafirst, shall declare an amount equal to the Letter of Credit Usage immediately due and payable ; whereupon the same shall be superseded, cancelled and/or immediately become immediately due and payable without further notice or formality.
(c) Upon the occurrence and during the continuance of any Event of Default or Potential Event of Default, the Lender is hereby authorized, to the fullest extent permitted by law, to set off and apply any and all deposits at any time held and other obligations at any time owing by the Lender to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower existing under the Agreement, irrespective of whether the Lender shall have made any demand under the Agreement, and without protest, presentment, notice, protest or demandnotice of any other kind to the Borrower, all of which are expressly waived, although such obligations may not have been matured.
(d) Provided, however, and subject to Section 15.2 of the Borrower expressly waives. Amounts paid Agreement, that if, at any time after an Event of Default or received hereunder Potential Event of Default has occurred and before the Lender has made such a declaration, such Event of Default or Potential Event of Default has been waived by the Lender in writing or remedied to the satisfaction of the Lender, such Event of Default or Potential Event of Default will no longer be an Event of Default or Potential Event of Default and will be deemed to have never occurred and the Lender will not thereafter be entitled to make any such declaration as mentioned above in respect of issued and outstanding Letters such Event of Credit which exceed amounts paid by Seafirst Default or a Seafirst Affiliate under such Letters Potential Event of Credit shall be held (and applied) as cash collateral to secure the performance of all obligations of the Borrower owing to Seafirst and any Seafirst Affiliate in respect of Letter of Credits. Agent shall use its best efforts to provide same day notice of acceleration to Borrower, provided, however, that failure to give such notice shall not affect the rights of the Agent and Lenders hereunder. The Agent and Lenders may exercise or pursue any remedy or cause of action permitted by this Agreement, the Notes, any other Loan Document or applicable law. The rights and remedies provided by law, this Agreement, the Notes, and the other Loan Documents are cumulative and not exclusive, and the exercise or partial exercise of any right, power or remedy hereunder or thereunder shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedyDefault.
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Samples: Loan Agreement (Perusahaan Perseroan Persero Pt Telekomunikasi Indonesia TBK)
