Common use of General Acceleration Provision upon Events of Default Clause in Contracts

General Acceleration Provision upon Events of Default. If one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders may, by written notice to the Borrower (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically), declare the principal of the Loans (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Disbursement Commitments, in each case, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer of the Loan, subject to the provisions of this Agreement, and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 3 contracts

Samples: Convertible Loan Agreement (Melinta Therapeutics, Inc. /New/), Senior Subordinated Convertible Loan Agreement (Melinta Therapeutics, Inc. /New/), Senior Subordinated Convertible Loan Agreement (Melinta Therapeutics, Inc. /New/)

AutoNDA by SimpleDocs

General Acceleration Provision upon Events of Default. If For so long as the Obligations (other than unasserted contingent indemnification obligations and other than those Obligations under any Warrant or the Registration Rights Agreement) remain outstanding, if one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing have continued beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders or Agent may, or Agent (upon written election by written notice the Required Lenders but subject to the Borrower protections for Agent set forth in Section 6.15) shall, by (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically)) written notice to the Borrower, declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Documents) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Disbursement Commitments, in each casepayable, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer transfer of the Loan, subject to the provisions of this Agreement, Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 3 contracts

Samples: Facility Agreement (Endologix Inc /De/), Facility Agreement (Endologix Inc /De/), Registration Rights Agreement (Endologix Inc /De/)

General Acceleration Provision upon Events of Default. If one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing beyond any applicable cure period expressly provided in this Section 5.4 5.5 (each, each an “Event of Default”)) shall have happened, the Required Lenders mayLenders, by written notice to the Borrower Borrower, (subject to Section 5.5(aany such notice, an “Acceleration Notice”), which, for may cancel the avoidance of doubt, shall not require any such notice Borrower’s right to request Disbursements and shall occur automatically), declare the principal of of, accrued interest on, the Loans Loan or any part thereof (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Agreement) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Disbursement Commitments, in each casepayable, without any further notice and without any presentment, demand demand, or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their SubsidiariesBorrower, and take any further action available at law or in equity or that are provided in equity, including, without limitation, the sale of the Loan Documents, including the sale or Transfer of the Loan, subject to the provisions of this Agreement, and other Obligations and all other rights acquired in connection with the Loan Loan; provided, however, that an Acceleration Notice shall be deemed to have been sent to Borrower immediately upon the occurrence of any event described in Section 5.5(d) and, in the case of a proceeding of the type described in Section 5.5(d)(iv), shall be deemed to have been withdrawn if such proceeding is dismissed or discontinued within the 90-day period provided for therein (absent the occurrence of any other Obligations or under the Loan Documents:Event of Default during such 90-day period):

Appears in 2 contracts

Samples: Facility Agreement (Exelixis Inc), Facility Agreement (Exelixis Inc)

General Acceleration Provision upon Events of Default. If one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders or Agent may, or Agent (upon written election by the Required Lenders) shall, by written notice to the Borrower (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically), declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Documents) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Subsequent Disbursement Commitments, in each case, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer transfer of the Loan, subject to the provisions of this Agreement, Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 2 contracts

Samples: Facility Agreement (Melinta Therapeutics, Inc. /New/), Facility Agreement (Melinta Therapeutics, Inc. /New/)

General Acceleration Provision upon Events of Default. If For so long as the Obligations (other than unasserted contingent indemnification obligations) remain outstanding, if one or more of the events specified in this Section 5.4 5.3 shall have happened or occurred and be continuing have continued beyond any applicable cure period expressly provided in this Section 5.4 5.3 (each, an “Event of Default”), the Required Lenders or Agent may, or Agent (upon written election by the Required Lenders but subject to the protections for Agent set forth in Section 6.15) shall, by written notice to the Borrower (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically)Borrower, declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Documents) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Disbursement Commitments, in each casepayable, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer transfer of the Loan, subject to the provisions of this Agreement, Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 1 contract

Samples: License Agreement (Endologix Inc /De/)

AutoNDA by SimpleDocs

General Acceleration Provision upon Events of Default. If one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders or the Agent may, or the Agent (upon written election by written notice the Required Lenders but subject to the Borrower protections for the Agent set forth in Section 6.15) shall, by (subject to Section 5.5(a5.5), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically)) written notice to the Borrower, declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them (together with any interest, other amounts and or Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Documents) to be, and the same shall thereupon become, immediately due and payable payable, and shall immediately terminate all of the remaining Subsequent Disbursement Commitments, in each case, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer transfer of the Loan, subject to the provisions of this Agreement, Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 1 contract

Samples: Credit Agreement (Aerie Pharmaceuticals Inc)

General Acceleration Provision upon Events of Default. If For so long as the Obligations (other than unasserted contingent indemnification obligations and other than those Obligations under the Warrant, any Stock and the Registration Rights Agreement) remain outstanding, if one or more of the events specified in this Section 5.4 shall have happened or occurred and be continuing have continued beyond any applicable cure period expressly provided in this Section 5.4 (each, an “Event of Default”), the Required Lenders or Agent may, or Agent (upon written election by written notice the Required Lenders but subject to the Borrower protections for Agent set forth in Section 6.15) shall, by (subject to Section 5.5(a), which, for the avoidance of doubt, shall not require any such notice and shall occur automatically)) written notice to the Borrower, declare the principal of, and accrued and unpaid interest on, all of the Loans and other Obligations or any part of any of them (together with any interest, other amounts and Obligations accrued or payable under this Agreement or the other Loan Documents (including any Interim Exit Fees, Final Exit Fees or Prepayment Fees)Documents) to be, and the same shall thereupon become, immediately due and payable and shall immediately terminate all of the remaining Disbursement Commitments, in each casepayable, without any further notice and without any presentment, demand or protest of any kind, all of which are hereby expressly waived by the Borrower and the other Loan Parties, appoint a receiver for the Loan Parties and their Subsidiaries, and take any further action available at law or in equity or that are provided in the Loan Documents, including the sale or Transfer transfer of the Loan, subject to the provisions of this Agreement, Loan and other Obligations and all other rights acquired in connection with the Loan or the other Obligations or under the Loan Documents:

Appears in 1 contract

Samples: Facility Agreement (Endologix Inc /De/)

Time is Money Join Law Insider Premium to draft better contracts faster.