Common use of CONTRACT REMEDIES Clause in Contracts

CONTRACT REMEDIES. Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 3 contracts

Samples: Credit Agreement (KOHLS Corp), Credit Agreement (KOHLS Corp), Credit Agreement (KOHLS Corp)

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CONTRACT REMEDIES. Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure in a cash collateral account with and under the exclusive control of the Administrative Agent for the pro rata benefit of the Credit Parties, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure in a cash collateral account with and under the exclusive control of the Administrative Agent for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Kohls Corporation), Credit Agreement (Kohls Corporation)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment Parent Commitments of all of the Lenders and the Letter GP Canada Commitments of Credit Commitment the Lenders shall immediately and automatically terminate and the Revolving Credit Loans, the Term Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, any or all of the following actions may be taken: (A) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the BorrowerBorrowers, declare the Parent Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, Lenders and the Letter GP Canada Commitments of Credit Commitment to be the Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the BorrowerBorrowers, declare the Revolving Credit Loans, the Term Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Each Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 2 contracts

Samples: Credit Agreement (Gp Strategies Corp), Credit Agreement (Gp Strategies Corp)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, and (ii) if it such event is any other Event of Default, any or all of the following actions may be taken: (A) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment to be Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Each of the Borrower and the other Credit Parties hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Helicon Capital Corp)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (ia) if it such event is an Event of Default specified in Sections 9.1(gclause (g) or 9.1(h)(h) above, all the Revolving Credit Commitments, Commitments of all of the Lenders and the Swing Line Commitment and of the Letter of Credit Commitment Swing Line Lender shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (iib) if it such event is any other Event of Default, upon any or all of the direction following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent shall (A) may, and upon the direction of the Required Lenders shall, by notice to the Borrower, declare all the Revolving Credit Commitments, Commitments of all of the Lenders and the Swing Line Commitment, and Commitment of the Letter of Credit Commitment to be Swing Line Lender terminated forthwith, whereupon such Revolving Credit Commitments, Commitments and the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or and (Bii) with the consent of the Required Lenders, the Administrative Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.,

Appears in 1 contract

Samples: Furon Co

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Revolving Credit Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, any or all of the following actions may be taken: (A) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment to be Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Revolving Credit Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Ects a Scenic Technology Co Inc)

CONTRACT REMEDIES. Upon the occurrence and during the continuance of an Event of Default (other than an event described in clause (g) or (h) of Section 9.1), and at any time thereafter during the continuance thereofof such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) if it is an Event of Default specified terminate the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately and (ii) declare the Loans then outstanding to be due and payable in Sections 9.1(g) whole (or 9.1(hin part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all Revolving Credit Commitmentsfees, commissions and other obligations of each Obligor accrued under the Swing Line Commitment and Loan Documents (including all amounts of the aggregate Letter of Credit Commitment Exposures of all Lenders, whether or not the beneficiaries of the then outstanding Letters of Credit shall immediately have presented the documents required thereunder), shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event described in clause (g) or (h) of Section 9.1, the Revolving Commitments shall automatically terminate and the Loansprincipal of the Loans then outstanding, together with accrued interest thereon and all fees, commissions and other obligations of each Obligor accrued and unpaid interest thereonunder the Loan Documents (including all amounts with respect to the aggregate Letter of Credit Exposure, all Reimbursement Obligations owing whether or contingently owing in respect not the beneficiaries of all the then outstanding Letters of Credit and all other amounts owing under shall have presented the Loan Documents documents required thereunder), shall immediately automatically become due and payable, and without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Notwithstanding anything to the contrary contained in any Loan Document, (A) with respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this Section 9, the Borrower shall Cash Collateralize at such time deposit in a cash collateral account opened by the Letter Administrative Agent an amount equal to the aggregate of Credit Exposure the then undrawn and unexpired amount of such Letters of Credit, (B) the Borrower hereby grants to the Administrative Agent, for the pro rata benefit of the Credit Parties, and (ii) if it is any other Event of Default, upon the direction a security interest in such cash collateral to secure all of the Required LendersObligations, (C) amounts held in such account shall be applied by the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitmentpayment of drafts drawn under such Letters of Credit, and the Letter unused portion thereof after all such Letters of Credit Commitment shall have expired or been fully drawn upon, if any, shall be applied to be terminated forthwith, whereupon repay other Obligations and (D) after all such Revolving Credit Commitments, the Swing Line Commitment and the Letter Letters of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereonhave expired or been fully drawn upon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit shall have been satisfied and all other amounts owing under Obligations, shall have been paid in full, the Loan Documents balance, if any, in such account shall be returned to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan DocumentBorrower.

Appears in 1 contract

Samples: Credit Agreement (Insight Communications Co Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections Section 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit 107 and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, the Administrative Agent shall (A) by notice to the Parent Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Parent Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower Each Credit Party hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Valmont Industries Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, any or all of the following actions may be taken: (A) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the any Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment to be Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the any Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Each Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Gp Strategies Corp)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(g) or 9.1(h), all Revolving Credit A and B Commitments, the Swing Line Commitment A and B Commitments and the Letter of Credit Commitment A and B Commitments shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit A and B Exposure for of all Lenders in a cash collateral account with and under the pro rata benefit exclusive dominion and control of the Credit PartiesCollateral Agent, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, A or B Lenders the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit A or B (as applicable) Commitments, the Swing Line A or B (as applicable) Commitment, and the Letter of Credit A or B (as applicable) Commitment to be terminated forthwith, whereupon such Revolving Credit A or B (as applicable) Commitments, the such Swing Line A or B (as applicable) Commitment and the such Letter of Credit A or B (as applicable) Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Revolving Credit A or B (as applicable) Loans and the Swing Line A or B (as applicable) Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit issued under the Letter of Credit A or B (as applicable) Commitment and all other amounts owing under the Loan Documents to the Administrative Agent, the Swing Line Lender in respect of the Swing Line A or B (as applicable) Commitment or the Swing Line A or B (as applicable) Loans, each Issuing Bank in respect of the Letter of Credit A or B (as applicable) Commitment or the Letters of Credit issued thereunder, and the A or B (as applicable) Lenders in respect of the Revolving Credit A or B (as applicable) Commitments or the Revolving Credit A or B (as applicable) Loans to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit A or B (as applicable) Exposure for of all A or B (as applicable) Lenders in a cash collateral account with and under the pro rata benefit exclusive dominion and control of the Credit PartiesCollateral Agent. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Investment Corp)

CONTRACT REMEDIES. 1. Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (ia) if it such event is an Event of Default specified whether in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Revolving Credit Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and, upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (iib) if it such event is any other Event of Default, any or all of the following actions may be taken: (i) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, Lenders and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment Commitments and the Letter of Credit Commitment shall immediately terminate, and/or and (Bii) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Revolving Credit Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Bisys Group Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections Section 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, the Administrative Agent shall (A) by notice to the Parent Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment Commitments to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or (B) by notice of default to the Parent Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower Each Credit Party hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Valmont Industries Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAdministrative Agent, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, Lenders the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAdministrative Agent. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Kohls Corporation)

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CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is in the case of an Event of Default specified in Sections 9.1(gclauses (h) or 9.1(h)(i) of Section 8.1, all Revolving Credit Commitmentswithout declaration or notice to the Borrower, the Swing Line Commitment outstanding principal amount of the Term Loan and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, thereon and all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit fees and all other amounts owing under any of the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, payable and (ii) if it is any in all other Event of Default, upon the direction of the Required Lenderscases, the Administrative Agent shall (A) Bank may, by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, outstanding principal amount of the Term Loan and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all fees and other amounts owing under any of the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and payable forthwith. (b) In the Borrower shall Cash Collateralize event that the Letter of Credit Exposure for the pro rata benefit outstanding principal amount of the Credit PartiesTerm Loan, all accrued and unpaid interest thereon and all other amounts owing under the Loan Documents shall have been declared due and payable pursuant to the provisions of Section 8.2(a), the Bank (i) may enforce its rights as the holder of the Note by suit in equity, action at law and/or other appropriate proceedings, whether for payment or the specific performance of any covenant or agreement contained in the Loan Documents and (ii) may exercise any and all rights and remedies provided to the Bank by the Loan Documents and applicable law. Except as otherwise expressly provided in this Sectionthe Loan Documents, the Borrower expressly waives presentment, demand, protest and all other notices of any kind are hereby expressly waivedin connection with the Loan Documents. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.. 35 (c) In the event that the outstanding principal amount of the Term Loan, all accrued and unpaid interest thereon and all other amounts owing under the Loan Documents shall have been declared due and payable pursuant to the provisions of this Section, any funds received by the Bank from or on behalf of the Borrower shall be applied by the Bank in liquidation of the Obligations in such order and manner as the Bank determines in its sole discretion, any statute, custom or usage to the contrary notwithstanding. Section 8.3

Appears in 1 contract

Samples: Credit Agreement Credit Agreement

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment Commitments of all of the Lenders and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and, upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, any or all of the following actions may be taken: (A) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, Lenders and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment Commitments and the Letter of Credit Commitment shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this SectionSection 9.2(a), presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Insight Communications Co Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately im mediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, upon any or all of the direction following actions may be taken: (A) with the consent of the Required Lenders, the Administrative Agent shall (A) may, and upon the direc tion of the Required Lenders shall, by notice to the BorrowerBor rower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment to be Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately im mediately terminate, and/or and (B) with the consent of the Required Lenders, the Administrative Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon where upon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly ex pressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuationvalua tion, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (International Game Technology)

CONTRACT REMEDIES. Upon UPON THE OCCURRENCE OF AN EVENT OF DEFAULT OR AT ANY TIME THEREAFTER DURING THE CONTINUANCE THEREOF, in the occurrence case of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(gSection 9.1(h) or 9.1(h9.1(i), without declaration or notice to the Borrower, all Revolving Credit Commitments, of the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately and automatically terminate terminate, and the Revolving Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize the Letter of Credit Exposure for the pro rata benefit of the Credit Parties, and (ii) if it is any in all other Event of Defaultcases, upon the direction of the Required Lenders, the Administrative Agent shall (A) shall, by notice to the Borrower, declare all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment Commitments to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Revolving Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable. In the event that the Revolving Loans, all accrued and unpaid interest thereon and all other amounts owing under the Borrower Loan Documents shall Cash Collateralize have been declared due and payable pursuant to the Letter provisions of Credit Exposure for the pro rata benefit of the Credit Parties. Except as otherwise provided in this Section, the Administrative Agent (i) upon the direction of the Required Lenders, shall proceed to enforce the rights of the holders of the Notes and the Reimbursement Obligations by suit in equity, action at law and/or other appropriate proceedings, whether for payment or the specific performance of any covenant or agreement contained in the Loan Documents and (ii) may exercise any and all rights and remedies provided to the Administrative Agent by the Loan Documents. To the extent permitted by law, except as otherwise expressly provided in the Loan Documents, the Borrower expressly waives presentment, demand, protest and all other notices of any kind in connection with the Loan Documents are hereby expressly waived. The To the extent permitted by law, the Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.. IN THE EVENT THAT THE COMMITMENTS SHALL HAVE TERMINATED OR THE REVOLVING LOANS, ALL ACCRUED AND UNPAID INTEREST THEREON AND ALL OTHER AMOUNTS OWING UNDER THE LOAN DOCUMENTS SHALL HAVE BECOME DUE AND PAYABLE PURSUANT TO THE PROVISIONS OF THIS ARTICLE 9, ANY FUNDS RECEIVED BY ANY CREDIT PARTY FROM OR ON BEHALF OF THE BORROWER (EXCEPT FUNDS RECEIVED BY ANY LENDER AS A RESULT OF A PURCHASE FROM ANY OTHER LENDER PURSUANT TO SECTION 2.6(c)) SHALL BE REMITTED TO, AND APPLIED BY, THE ADMINISTRATIVE AGENT IN THE FOLLOWING MANNER AND ORDER: first, to the payment of interest on, and then the principal portion of, any Revolving Loans which the Administrative Agent may have advanced on behalf of any Lender for which the Administrative Agent has not then been reimbursed by such Lender or any Loan Party, second, to reimburse the Administrative Agent, the Issuer and the Lenders, in that order, for any expenses due from the Borrower pursuant to the provisions of Section 11.4, third, to the payment of interest on, and then the principal portion of, the Reimbursement Obligations,

Appears in 1 contract

Samples: Credit Agreement (Global Vacation Group Inc)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it is an Event of Default specified in Sections 9.1(g) or 9.1(h), all Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for of all Lenders in a cash collateral account with and under the pro rata benefit exclusive dominion and control of the Credit PartiesCollateral Agent, and (ii) if it is any other Event of Default, upon the direction of the Required Lenders, Lenders the Administrative Agent shall (A) by notice to the Borrower, declare all Revolving Credit Commitments, the Swing Line Commitment, and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or (B) by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for of all Lenders in a cash collateral account with and under the pro rata benefit exclusive dominion and control of the Credit PartiesCollateral Agent. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Building Materials Investment Corp)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (ia) if it such event is an Event of Default specified in Sections 9.1(gclause (g) or 9.1(h)(h) above, all the Revolving Credit Commitments, Commitments of all of the Lenders and the Swing Line Commitment and of the Letter of Credit Commitment Swing Line Lender shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (iib) if it such event is any other Event of Default, upon any or all of the direction following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent shall (A) may, and upon the direction of the Required Lenders shall, by notice to the Borrower, declare all the Revolving Credit Commitments, Commitments of all of the Lenders and the Swing Line Commitment, and Commitment of the Letter of Credit Commitment to be Swing Line Lender terminated forthwith, whereupon such Revolving Credit Commitments, Commitments and the Swing Line Commitment and the Letter of Credit Commitment shall immediately terminate, and/or and (Bii) with the consent of the Required Lenders, the Administrative Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, 67 73 prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (Furon Co)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (ia) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment Commitments of all of the Lenders and the Letter of Credit Commitment shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and, upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (iib) if it such event is any other Event of Default, any or all of the following actions may be taken: (i) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required LendersLenders shall, the Administrative Agent shall (A) by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, Lenders and the Letter of Credit Commitment to be terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment Commitments and the Letter of Credit Commitment shall immediately im- mediately terminate, and/or and (Bii) with the consent of the Required Lenders, the Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all any Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize forthwith deposit an amount equal to the Letter of Credit Exposure for in a cash collateral account with and under the pro rata benefit exclusive control of the Credit PartiesAgent, and the Agent may, and upon the direction of the Required Lenders shall, exercise any and all remedies and other rights provided pursuant to the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Revolving Credit Agreement (Air Express International Corp /De/)

CONTRACT REMEDIES. (a) Upon the occurrence of an Event of Default or at any time thereafter during the continuance thereof, (i) if it such event is an Event of Default specified in Sections 9.1(gclause (h) or 9.1(h), all Revolving Credit Commitments(i) above, the Swing Line Commitment and Commitments of all of the Letter of Credit Commitment Lenders shall immediately and automatically terminate and the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and, upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents, and (ii) if it such event is any other Event of Default, upon any or all of the direction following actions may be taken: (A) with the consent of the Required Lenders, the Administrative Agent shall (A) may, and upon the direction of the Required Lenders shall, by notice to the Borrower, declare the Commitments of all Revolving Credit Commitments, of the Swing Line Commitment, and the Letter of Credit Commitment to be Lenders terminated forthwith, whereupon such Revolving Credit Commitments, the Swing Line Commitment and the Letter of Credit Commitment Commitments shall immediately terminate, and/or and (B) with the consent of the Required Lenders, the Administrative Agent may, and upon the direction of the Required Lenders shall, by notice of default to the Borrower, declare the Loans, all accrued and unpaid interest thereon, all Reimbursement Obligations owing or contingently owing in respect of all outstanding Letters of Credit thereon and all other amounts owing under the Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable, and the Borrower shall Cash Collateralize Administrative Agent may, and upon the Letter of Credit Exposure for the pro rata benefit direction of the Credit PartiesRequired Lenders shall, exercise any and all remedies and other rights provided in the Loan Documents. Except as otherwise provided in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived. The Borrower hereby further expressly waives and covenants not to assert any appraisement, valuation, stay, extension, redemption or similar laws, now or at any time hereafter in force which might delay, prevent or otherwise impede the performance or enforcement of any Loan Document.

Appears in 1 contract

Samples: Credit Agreement (International Game Technology)

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