Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.
Appears in 4 contracts
Samples: Credit Agreement (Credit Acceptance Corp), Credit Agreement (Credit Acceptance Corp), Credit Agreement (Credit Acceptance Corp)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 3 contracts
Samples: Credit Agreement (Quantum Fuel Systems Technologies Worldwide Inc), Credit Agreement (Quantum Fuel Systems Technologies Worldwide Inc), Credit Agreement (Starcraft Corp /In/)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ ' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.
Appears in 3 contracts
Samples: Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ ' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.
Appears in 2 contracts
Samples: Credit Agreement (Credit Acceptance Corporation), Credit Agreement (Credit Acceptance Corporation)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section subsection 9.1(j) ), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Meadowbrook Insurance Group Inc), Revolving Credit Agreement (Meadowbrook Insurance Group Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Renters Choice Inc), Revolving Credit Agreement (Alrenco Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (bw) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(k), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (bw), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (ez) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Credit Agreement (Mce Companies Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.remedy
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j9.1(i) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and the Company agrees Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Staktek Holdings Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(jin
subsection 9.1 (k) aboveabove and to the extent permitted by law, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, shall demand immediate delivery of cash collateral, and the Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Revolving Credit Agreement (Plastipak Holdings Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j8.1(i) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: :
(a) Agent may, and upon the Agent shall, upon being directed to do so by written direction of the Majority Banks, declare any Agent shall, terminate Banks' commitment to make Advances and Agent's commitment to issue Letters of the Banks to extend credit hereunder immediately terminated; Credit;
(b) Agent may and upon the Agent shall, upon being directed to do so by written direction of the Majority Banks, Agent Shall:
(i) declare the entire unpaid Indebtednessbalance of the indebtedness hereunder, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrower, and/or (ii) require the payment by Borrowers into a restricted demand deposit account with Agent of an amount equal to the undrawn face amount of any outstanding Letters of Credit; and
(c) Immediately and automatically upon the occurrence of any Event of Default specified in Section 9.1(j) Subsection 11.6 above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtednessprincipal of the Loans and other indebtedness hereunder, including the Notes, shall become automatically due and payable without presentment, notice or demand; payable;
(d) Agent may, and upon the Agent shall, upon being directed to do so by written direction of the Majority Banks, demand immediate delivery of cash collateralAgent shall, and the Company agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry on behalf of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
11. Section 12.11 of the Agreement is hereby amended and restated in its entirety as follows:
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Administrative Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Administrative Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Administrative Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Administrative Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent Agents may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare any commitment of the Banks Lenders to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the entire unpaid Indebtedness, including the Notes, Indebtedness immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ Lenders' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, Indebtedness shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority BanksRequired Lenders, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks Required Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Long Term Revolving Credit Agreement (Vishay Intertechnology Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (cb) upon the occurrence of any Event of Default specified in Section 9.1(j9.l(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentment, notice or demandpayable; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (ec) the Agent may, and shall, upon being directed to do so by the Majority Banks Lenders, notify Borrowers or any Credit Party that interest shall be payable on demand on all Indebtedness (other than Term Loan Advances with respect to which Section 4.6 hereof shall govern) owing from time to time to the Agent or any Lender, at a per annum rate equal to the then applicable Base Rate plus three percent (3%); and (d) the Agent may, and shall, upon being directed to do so by the Majority Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Revolving Credit Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, demand immediate delivery of cash collateral, and the Company agrees Borrowers agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (MSC Software Corp)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyBorrowers; (c) upon the occurrence of any Event of Default specified in Section subsection 9.1(j) ), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j8.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent shall, upon being directed to do so by the Majority Revolving Credit Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (bw) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 8.1(1), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (bw), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; and (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation Documents or law. The Agent shall (i) provide each Bank with copies of all the notices delivered under this Section and (ii) notify each Bank in the event it accelerates any of the Collateral Documents, or lawCompany's obligations hereunder.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent shall, upon being directed to do so by the Majority Banks, declare the Revolving Credit Aggregate Commitment (and any commitment of to increase the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment) terminated; (bw) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (bw), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry expiring of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (ez) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by Bank may declare the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Commitment terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, Bank may declare the entire unpaid principal Indebtedness, including the NotesRevolving Credit Note, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j8.1(i) above, and notwithstanding the lack of any declaration by Agent the Bank under the preceding clause clauses (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, Bank shall demand immediate delivery of cash collateral, and the Company Borrower agrees to deliver such cash collateral upon demand, in an amount equal to 105% of the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit Credit, for deposit into an account controlled by the Agent, and Bank; (e) the Agent may, and shall, upon being directed Bank may notify the Borrower or any Credit Party that interest shall be payable on demand on all Indebtedness (other than Revolving Credit Advances with respect to do so by the Majority Banks or the Banks, as applicable (subject which Section 2.5 hereof shall govern) owing from time to time to the terms hereofBank, at a per annum rate equal to the then applicable PRR-based Rate plus three percent (3%), ; and (f) the Bank may exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.and
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare any commitment of the Banks Lenders to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority BanksRequired Lenders, declare the entire unpaid Indebtedness, including the Notes, Indebtedness immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Companythe Borrowers; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the BanksLenders’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, Indebtedness shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority BanksRequired Lenders, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, Credit; and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks Required Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (bw) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 8.1(l), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (bw), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice and the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; and (y) the Agent shall, if directed to do so by the Majority Banks or demand; the Banks, as applicable (dsubject to the terms hereof), exercise any remedy permitted by this Agreement, the Loan Documents or law and (z) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by Credit. The Agent shall (i) provide each Bank with copies of all the Agent, notices delivered under this Section and (eii) notify each Bank in the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation event it accelerates any of the Collateral Documents, or lawCompany's obligations hereunder.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (av) the Agent shall, upon being directed to do so by the Majority Banks, declare the Revolving Credit Aggregate Commitment (and any commitment of to increase the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment), terminated; (bw) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (cx) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (bw), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (dy) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (ez) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Credit Agreement (Jpe Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ ' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Revolving Credit Agreement (Credit Acceptance Corporation)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately Revolving Credit Aggregate Commitment terminated; (b) the Agent shall, upon being directed to do so by the Majority Banks, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by Company; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) subsection 10.1(j), above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid principal Indebtedness, including the Notes, shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Revolving Credit Aggregate Commitment shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the Agent, and (e) the Agent may, and shall, upon being directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.drawn
Appears in 1 contract
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare any commitment of the Banks to extend credit hereunder immediately Commitments terminated; (b) the Agent may, and shall, upon being directed to do so by the Majority BanksLenders, declare the entire unpaid principal Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCredit Parties; (c) upon the occurrence of any Event of Default specified in Section 9.1(jsubsection 9.1(k) aboveabove and to the extent permitted by law, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, principal Indebtedness shall become automatically and immediately due and payable without presentmentpayable, notice or demandand the Commitments shall be automatically and immediately terminated; (d) the Agent shall, upon being directed to do so by the Majority Banks, shall demand immediate delivery of cash collateral, and the Company Borrowers and each Account Party agrees to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks Lenders or the BanksLenders, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, Documents or law.
Appears in 1 contract
Samples: Revolving Credit Agreement (Plastipak Holdings Inc)
Exercise of Remedies. If an Event of Default has occurred and is continuing hereunder: (a) the Agent shall, upon being if directed to do so by the Majority Banks, declare any commitment of the Banks to extend credit hereunder immediately terminated; (b) the Agent shall, upon being if directed to do so by the Majority Banks, declare the entire unpaid Indebtedness, including the Notes, immediately due and payable, without presentment, notice or demand, all of which are hereby expressly waived by CompanyCompany and the Permitted Borrower; (c) upon the occurrence of any Event of Default specified in Section 9.1(j) above, and notwithstanding the lack of any declaration by Agent under the preceding clause (a) or (b), the Banks’ ' commitments to extend credit hereunder shall immediately and automatically terminate and the entire unpaid Indebtedness, including the Notes, shall become automatically due and payable without presentment, notice or demand; (d) the Agent shall, upon being directed to do so by the Majority Banks, demand immediate delivery of cash collateral, and the Company agrees and each Account Party agree to deliver such cash collateral upon demand, in an amount equal to the maximum amount that may be available to be drawn at any time prior to the stated expiry of all outstanding Letters of Credit for deposit into an account controlled by the AgentCredit, and (e) the Agent may, and shall, upon being if directed to do so by the Majority Banks or the Banks, as applicable (subject to the terms hereof), exercise any remedy permitted by this Agreement, the other Loan Documents, including without limitation any of the Collateral Documents, or law.
Appears in 1 contract