Government Intervention. The authority of any Credit Party in the conduct of its business shall be wholly or substantially curtailed by any seizure or intervention by or on behalf of any governmental authority and within 90 days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and the Administrative Agent reasonably considers that the relevant occurrence is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the Administrative Agent, the Collateral Agent and/or the Lenders with respect to their ability to enforce the payment or performance of the Obligations; provided that the Borrower shall not be entitled to the benefit of the aforesaid 90 day period if the seizure or intervention executed by any governmental authority is due to the gross negligence or willful misconduct of any Credit Party and the Administrative Agent is satisfied, in its sole discretion, that the interests of the Administrative Agent, the Collateral Agent and/or the Lenders could reasonably be expected to be materially adversely affected; then, and in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Administrative Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided that if an Event of Default specified in Section 11.05 shall occur, the result which would occur upon the giving of written notice by the Administrative Agent to the Borrower as specified in clauses (i) and (ii) below shall occur automatically without the giving of any such notice): (i) declare the Total Commitment terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any accrued and unpaid Commitment Commission shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest in respect of all Loans and the Notes and all Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party; (iii) terminate any Letter of Credit which may be terminated in accordance with its terms; (iv) direct the Borrower to pay (and the Borrower agrees that upon receipt of such notice, or upon the occurrence of Event of Default specified in Section 11.05 with respect to the Borrower, to pay) to the Collateral Agent at the Payment Office such additional amount of cash or Cash Equivalents, to be held as security by the Collateral Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of the Borrower then outstanding; (v) enforce, as Collateral Agent, all of the Liens and security interests created pursuant to the Security Documents; and (vi) apply any cash collateral held by the Administrative Agent pursuant to Section 5.02 repayment of the Obligations.
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Samples: Credit Agreement (Atwood Oceanics Inc), Credit Agreement (Atwood Oceanics Inc)
Government Intervention. The (a) If, by or under the authority of any Credit Party government:
(i) the management of any Obligor is wholly or partially displaced or the authority of the Group or any Group Company in the conduct of its business shall be is wholly or substantially partially curtailed by any seizure seizure, expropriation, nationalisation, intervention, restriction or intervention other similar action by or on behalf of any governmental authority and within 90 days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and the Administrative Agent reasonably considers that the relevant occurrence is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the Administrative Agent, the Collateral Agent and/or the Lenders with respect to their ability to enforce the payment or performance of the Obligationsauthority; provided that the Borrower shall not be entitled to the benefit of the aforesaid 90 day period if the seizure or intervention executed by any governmental authority is due to the gross negligence or willful misconduct of any Credit Party and the Administrative Agent is satisfied, in its sole discretion, that the interests of the Administrative Agent, the Collateral Agent and/or the Lenders could reasonably be expected to be materially adversely affected; then, and in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Administrative Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided that if an Event of Default specified in Section 11.05 shall occur, the result which would occur upon the giving of written notice by the Administrative Agent to the Borrower as specified in clauses (i) and or
(ii) below all or a majority of the issued shares of an Obligor or a material part of its revenues or assets is seized, nationalised, expropriated or compulsorily acquired:
(A) the Obligors' Agent shall occur automatically without promptly notify the giving Facility Agent upon becoming aware of any such notice): (i) declare the Total Commitment terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any accrued and unpaid Commitment Commission shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest in respect of all Loans that event and the Notes and all Obligations owing hereunder and thereunder to be, whereupon Facility Agent shall thereafter notify the same shall become, forthwith due and payable without presentment, demand, protest Lenders;
(B) (whether or other notice not the Facility Agent has been notified of any kind, all such event or the Facility Agent has notified the Lenders of which are hereby waived by each Credit Party; (iii) terminate any Letter of Credit which may be terminated in accordance with its terms; (iv) direct the Borrower to pay (and the Borrower agrees that upon receipt of such notice) no Lender shall be obliged to fund any further Utilisation; and
(C) if any Lender so requires and notifies the Facility Agent within five Business Days of the Facility Agent notifying the Lenders of such event or that Lender becoming aware of that event, or upon the occurrence of Event of Default specified in Section 11.05 with respect Facility Agent shall, by not less than five Business Days' notice to the Borrower, to pay) to the Collateral Agent at the Payment Office such additional amount of cash or Cash Equivalents, to be held as security by the Collateral Obligors' Agent, as is equal cancel the Commitment(s) of that Lxxxxx and declare the participation of that Lender in all outstanding Loans, together with accrued and unpaid interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Commitment of that Lender will be cancelled and all such outstanding Loans and amounts of that Lender will become immediately due and payable.
(b) For the purposes of this clause 6.3, "material part of its revenues or assets", in relation to the aggregate Stated Amount of all Letters of Credit issued for the account an Obligor, means assets and/or businesses which exceed 10% (ten percent) of the Borrower then outstanding; total assets and/or business of that Obligor and/or assets and/or businesses generating, directly or indirectly, in aggregate 15% (vfifteen percent) enforce, as Collateral Agent, all or more of the Liens and security interests created pursuant EBITDA of that Obligor (as calculated from time to time) cumulatively over the Security Documents; and (vi) apply any cash collateral held by the Administrative Agent pursuant to Section 5.02 repayment of the ObligationsTerm.
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Government Intervention. The authority of any Credit Party in the conduct of its business shall be wholly or substantially curtailed by any seizure or intervention by or on behalf of any governmental authority and within 90 days of the date of its occurrence any such seizure or intervention is not relinquished or withdrawn and the Administrative Agent reasonably considers that the relevant occurrence is or could reasonably be expected to become materially prejudicial to the interests, rights or position of the Administrative Agent, the Collateral Agent and/or the Lenders with respect to their ability to enforce the payment or performance of the Obligations; provided that the Borrower shall not be entitled to the benefit of the aforesaid 90 day period if the seizure or intervention executed by any governmental authority is due to the gross negligence or willful misconduct of any Credit Party and the Administrative Agent is satisfied, in its sole discretion, that the interests of the Administrative Agent, the Collateral Agent and/or the Lenders could reasonably be expected to be materially adversely affected; then, and in any such event, and at any time thereafter, if any Event of Default shall then be continuing, the Administrative Agent, upon the written request of the Required Lenders, shall by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Administrative Agent, any Lender or the holder of any Note to enforce its claims against any Credit Party (provided that if an Event of Default specified in Section 11.05 shall occur, the result which would occur upon the giving of written notice by the Administrative Agent to the Borrower as specified in clauses (i) and (ii) below shall occur automatically without the giving of any such notice): (i) declare the Total Commitment terminated, whereupon all Commitments of each Lender shall forthwith terminate immediately and any accrued and unpaid Commitment Commission shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest in respect of all Loans and the Notes and all Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Credit Party; (iii) terminate any Letter of Credit which may be terminated in accordance with its terms; (iv) direct the Borrower to pay (and the Borrower agrees that upon receipt of such notice, or upon the occurrence of Event of Default specified in Section 11.05 with respect to the Borrower, to pay) to the Collateral Agent at the Payment Office such additional amount of cash or Cash Equivalents, to be held as security by the Collateral Agent, as is equal to the aggregate Stated Amount of all Letters of Credit issued for the account of the Borrower then outstanding; (v) enforce, as Collateral Agent, all of the Liens and security interests created pursuant to the Security Documents; and (vi) apply any cash collateral held by the Administrative Agent pursuant to Section 5.02 repayment of the Obligations.;
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