Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 13 contracts
Samples: Credit Agreement (Necessity Retail REIT, Inc.), Credit Agreement (Umh Properties, Inc.), Credit Agreement (American Finance Trust, Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrowerhereof) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105102% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 9 contracts
Samples: Credit Agreement (Whitestone REIT), Credit Agreement (Whitestone REIT), Credit Agreement (Whitestone REIT)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 7 contracts
Samples: Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerParent: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans, Swingline Loans and all other amounts due under the Credit Documents to be forthwith due and payable and thereupon all outstanding Loans and Swingline Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4 hereof, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) hereof or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 6 contracts
Samples: Credit Agreement (Jones Lang Lasalle Inc), Credit Agreement (Jones Lang Lasalle Inc), Credit Agreement (Jones Lang Lasalle Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 5 contracts
Samples: Credit Agreement (Smart Balance, Inc.), Credit Agreement (DG FastChannel, Inc), Credit Agreement (DG FastChannel, Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the any Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to that each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit issued for cancellationsuch Borrower’s account hereunder, and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the such Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the such Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the any Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 5 contracts
Samples: Credit Agreement, Credit Agreement (Smucker J M Co), Credit Agreement (Smucker J M Co)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Unified Western Grocers Inc), Credit Agreement (CalAmp Corp.), Credit Agreement (Rent Way Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (a) if so directed by the Required Lenders, terminate or suspend the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, and otherwise may, demand that, with respect to each Letter of Credit then outstanding, the Borrower that Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105102% of the aggregate then full available amount thereof for drawing under each or (iii) return or cause to be returned to any Letter of Credit, including, without limitation, any and all L/C Issuer such Letter of Credit for cancellation, Obligations and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the any Borrower to honor any such demand and that the Administrative Agent, for the benefit of itself and the Lenders, shall have the right to require the each Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit and Guaranty Agreement (McBc Holdings, Inc.), Credit and Guaranty Agreement (McBc Holdings, Inc.), Credit and Guaranty Agreement (McBc Holdings, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, if so directed by the Required Banks, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, and all other Obligations, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by automatically convert each Eurodollar Loan to a Base Rate Loan at the Required Lenders, end of the Interest Period then in effect for such Eurodollar Rate Loan; and (d) demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4 hereof, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) hereof or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Black Hills Corp /Sd/), Credit Agreement (Black Hills Corp /Sd/), Credit Agreement (Black Hills Corp /Sd/)
Non-Bankruptcy Defaults. When any Event of Default (other ----------------------- than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Issuing Bank and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Bank, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Bank, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Transocean Inc), 364 Day Credit Agreement (Transocean Sedco Forex Inc), Credit Agreement (Transocean Sedco Forex Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof a Bankruptcy Event with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) , if so directed by the Required Lenders, : (a) terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) hereof or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Centerspace), Credit Agreement (Investors Real Estate Trust), Credit Agreement (Investors Real Estate Trust)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Sonida Senior Living, Inc.), Credit Agreement (Envestnet, Inc.), Credit Agreement (Envestnet, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Penford Corp), Credit Agreement (Penford Corp), Credit Agreement (Plexus Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent may, and at the request of the Required Lenders shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent 103% of the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationto be held as collateral pursuant to Section 9.4 hereof, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Dave & Buster's Entertainment, Inc.), Credit Agreement (Dave & Buster's Entertainment, Inc.), Credit Agreement (Dave & Buster's Entertainment, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) 7.1 has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Majority Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Majority Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Majority Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any outstanding Letter of Credit for cancellation, Credit; and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that neither the Agent nor the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, Lenders shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or (d) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Secured Credit Agreement (Palex Inc), Credit Agreement (Quanta Services Inc), Secured Credit Agreement (Palex Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Granite City Food & Brewery Ltd.), Credit Agreement (Granite City Food & Brewery LTD), Credit Agreement (Champion Industries Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrowerhereof) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 4 contracts
Samples: Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.), Credit Agreement (Global Medical REIT Inc.)
Non-Bankruptcy Defaults. When any Event of Default (exists other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing7.1, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by (or with the consent of) the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by (or with the consent of) the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; (c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable Law; and (cd) if so directed by (or with the consent of) the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to Collateralize 105% of the aggregate then outstanding amount thereof or (iii) return or cause to be returned to of all L/C Issuer such Letter of Credit for cancellationObligations, and the Borrower agrees to immediately take provide such action Cash Collateral and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (Limbach Holdings, Inc.), Credit Agreement (Limbach Holdings, Inc.), Credit Agreement (Limbach Holdings, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 13.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect that the Company and (subject to each Letter of Credit then outstanding, Section 17.19) the Borrower other Borrowers immediately either (i) pay to the Administrative Agent Agent, subject to Section 13.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Company and such Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower Company and such Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower Company and such Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c13.1(c) or this Section 9.213.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (General Binding Corp), Multicurrency Credit Agreement (General Binding Corp), Multicurrency Credit Agreement (General Binding Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (Penford Corp), Credit Agreement (Plexus Corp), Credit Agreement (Plexus Corp)
Non-Bankruptcy Defaults. When Subject to Section 3.2 with respect to the 2017 Incremental Term Facilities during the Certain Funds Period, when any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder and/or terminate the commitments in respect of any Ancillary Facility on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans and all obligations under any Ancillary Facility to be forthwith due and payable and thereupon all outstanding LoansLoans and all obligations under any Ancillary Facility, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents or any Ancillary Facility Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, as cash collateral, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Amendment No. 5 (Worldpay, Inc.), Amendment No. 4 (Vantiv, Inc.), Amendment and Restatement Agreement (Vantiv, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, Lenders declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellationMinimum Collateral Amount, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (Postal Realty Trust, Inc.), Credit Agreement (Postal Realty Trust, Inc.), Credit Agreement (Postal Realty Trust, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (Cleveland Cliffs Inc), Credit Agreement (Cleveland Cliffs Inc), Credit Agreement (Cleveland Cliffs Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) (other than clause (ii) thereof) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (CTS Corp), Credit Agreement (CTS Corp), Credit Agreement (CTS Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the any Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to that each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit issued for cancellationsuch Borrower’s account hereunder, and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the such Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the such Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of CreditCredit and (d) subject to Section 13.2(b) hereof, exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents. The Administrative Agent, after giving notice to the any Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Revolving Credit Agreement (J M SMUCKER Co), Credit Agreement (J M SMUCKER Co), Revolving Credit Agreement (J M SMUCKER Co)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerParent: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans and all other amounts due under the Credit Documents to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (Jones Lang Lasalle Inc), Multicurrency Credit Agreement (Jones Lang Lasalle Inc), Multicurrency Credit Agreement (Jones Lang Lasalle Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.01(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.01(c) or this Section 9.29.02, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (Dynatrace, Inc.), Credit Agreement (Dynatrace, Inc.), Credit Agreement (Dynatrace, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, Lenders declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take provide such action Cash Collateral and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc), Credit Agreement (LTC Properties Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerParent: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans, Swingline Loans and all other amounts due under the Credit Documents to be forthwith due and payable and thereupon all outstanding Loans and Swingline Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (Jones Lang Lasalle Inc), Multicurrency Credit Agreement (Jones Lang Lasalle Inc), Multicurrency Credit Agreement (Jones Lang Lasalle Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof 8.1 with respect to the any Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the Borrower that Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105110% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding (in the case of Canadian Borrower, its obligation to provide Cash Collateral being limited to the outstanding Canadian Letters of Credit), and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law Law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the each Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The In addition, Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable Law or equity when any such Event of Default has occurred and is continuing. Administrative Agent shall give notice to Borrowers under Section 8.1(c) promptly upon being requested to do so by any Lender. Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.), Multicurrency Credit Agreement (Fenix Parts, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrowerhereof) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 3 contracts
Samples: Credit Agreement (Whitestone REIT Operating Partnership, L.P.), Credit Agreement (Whitestone REIT Operating Partnership, L.P.), Credit Agreement (Whitestone REIT)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Revolving Lenders, terminate the remaining Commitments Revolving Credit Commitments, and if so directed by the Required Lenders, terminate all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; (c) after a breach or default by the Borrower under Section 6.22, if so directed by the Required RC/TLA Lenders, terminate the remaining Revolving Credit Commitments and declare the principal of and the accrued interest on all outstanding Revolving Loans and Term A Loans to be forthwith due and payable, and thereafter, if so directed by the Required RC/TLA Lenders, terminate all other obligations of the Revolving Lenders and Term Loan A Lenders hereunder on the date stated in such notice (which may be the date thereof) and (cd) if so directed by the Required Revolving Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, as cash collateral, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit; provided that notwithstanding anything to the contrary in this Agreement (including whether any condition to the occurrence of the Closing Date or Escrow Release Date may subsequently be determined not to have been satisfied or that any representation given as a condition thereof or otherwise was incorrect or whether the Borrower would fail to comply with the covenants in Article 6 upon the release of the Escrow Account Funds to the Borrower on the Escrow Release Date or the funding of each Revolving Loan on the Escrow Release Date except as otherwise specified in Section 3.3), prior to release of the Escrow Account Funds to the Borrower on the Escrow Release Date, the funding of each Revolving Loan on the Escrow Release Date and the use of the proceeds thereof to consummate the Xxxxxxxx Acquisition, other than as a result of an Event of Default with respect to the Borrower described in subsection (j) or (k) of Section 7.1 hereof, (x) no Revolving Credit Commitment may be terminated and no Revolving Lender may refuse to participate in the making of each Revolving Loan on the Escrow Release Date, (y) no Secured Party may exercise any right of set-off or counterclaim in connection herewith, and (z) no Loan may be declared due and payable, in each case, to the extent to do so would prevent, limit or delay the release of the Escrow Account Funds to the Borrower on the Escrow Release Date, the funding of each Revolving Loan on the Escrow Release Date and the use of the proceeds thereof to consummate the Xxxxxxxx Acquisition; provided, further, for the avoidance of doubt, that the funding of any Revolving Loan on the Escrow Release Date and the release of the Escrow Account Funds to the Borrower on the Escrow Release Date are subject to the satisfaction or waiver of the conditions set forth in Section 3.3. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Loan Agreement (Western Digital Corp), Loan Agreement (Western Digital Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (ai) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (bii) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (ciii) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Rc2 Corp), Credit Agreement (Rc2 Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrowerany Loan Party) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal sufficient to 105% of the aggregate amount thereof or (iii) return or cause to be returned to fully Cash Collateralize any L/C Issuer such Letter of Credit for cancellationObligations, and each of the Borrower Borrowers agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit and Guaranty Agreement (Sparton Corp), Credit and Guaranty Agreement (Sparton Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrowerany Loan Party) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellationMinimum Collateral Amount, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Performant Financial Corp), Credit Agreement (Performant Financial Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j), (k) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Penford Corp), Credit Agreement (Penford Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (ji) or (kj) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest protest, or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Lamson & Sessions Co), Credit Agreement (Lamson & Sessions Co)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 8.1(f) or (kg) of Section 9.1 hereof with respect to the BorrowerBorrower or a Guarantor) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitment on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 8.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment, and the Borrower acknowledges and agrees that the Lenders Lenders, the Issuing Banks, the Swingline Lender and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lender and the Issuing Banks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lender and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Seacor Holdings Inc /New/), Credit Agreement (Seacor Holdings Inc /New/)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required RC Lenders, terminate the remaining Commitments Revolving Credit Commitments, and if so directed by the Required Lenders, terminate all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Fundamental Documents without further demand, presentment, protest or notice of any kind; (c) after a breach or default by LGEC under Section 7.9, if so directed by the Required RC/TLA Lenders, terminate the remaining Revolving Credit Commitments and declare the principal of and the accrued interest on all outstanding Revolving Loans and Term A Loans to be forthwith due and payable, and thereafter, if so directed by the Required RC/TLA Lenders, terminate all other obligations of the Revolving Lenders and Term A Lenders hereunder on the date stated in such notice (which may be the date thereof) and (cd) if so directed by the Required RC Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, as cash collateral, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit and Guarantee Agreement (Lions Gate Entertainment Corp /Cn/), Credit and Guarantee Agreement (Lions Gate Entertainment Corp /Cn/)
Non-Bankruptcy Defaults. (a) When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the any Borrower) has occurred and is continuing, subject to the immediately succeeding sentence and the proviso set forth in Section 9.1(b) hereof), the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (ai) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (bii) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (ciii) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit.
(b) Notwithstanding the foregoing, in the case of an Event of Default arising solely under Section 8.23, (i) the Administrative Agent at the request of the Required Revolving Lenders shall, by notice to the Borrowers, take any or all of the following actions, at the same or different times: (x) terminate the Revolving Credit Commitments, and thereupon the Revolving Credit Commitments shall terminate immediately, (y) declare the Revolving Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may be thereafter be declared to be due and payable), and thereupon the principal of the Revolving Loans so declared to be due and payable, together with accrued interest thereon and all fees and other amounts owing or payable to any Revolving Credit Lender, the Swing Line Lender and any L/C Issuer hereunder or under any other Loan Document, shall become immediately due and payable immediately, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrowers and (z) require that the Borrower Cash Collateralize the L/C Obligations in an amount equal to 103% thereof) and (ii) following the termination of the Revolving Credit Commitments and acceleration of the Revolving Loans as contemplated by the preceding clause (i), the Administrative Agent at the request of the Required Term Lenders shall, by notice to the Borrowers, take any or all of the following actions, at the same or different times (but for the avoidance of doubt, not prior to such termination of the Revolving Credit Commitments and acceleration of the Revolving Loans): (x) terminate all commitments, if any, in respect of any Term Loans or Incremental Term Loans, and thereupon such commitments shall terminate immediately and (y) declare the Term Loans and Incremental Term Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may be thereafter be declared to be due and payable), and thereupon the principal of such Loans so declared to be due and payable, together with accrued interest thereon and all fees and other amounts owing or payable to any Lender hereunder or under any other Loan Document, shall become immediately due and payable immediately, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrowers. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Amendment Agreement (Boulder Brands, Inc.), Credit Agreement (Boulder Brands, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the BorrowerCredit Parties) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrowers hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitment on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrowers; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Company immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower Company agrees to immediately take make such action payment, and each Borrower acknowledges and agrees that the Lenders Lenders, the Issuing Banks, the Swingline Lender and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lender and the Issuing Banks, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lender and the Issuing Bank, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Noble Corp / Switzerland), Revolving Credit Agreement (Noble Corp / Switzerland)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay prepay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Nobel Learning Communities Inc), Credit Agreement (Nobel Learning Communities Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the BorrowerBorrower or Holdings) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, or may with the consent of the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, or may with the consent of the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower and Holdings; and (c) if so directed by the Required Lenders, or may with the consent of the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) in cash the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Banks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Transocean Ltd.), Credit Agreement (Transocean Ltd.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof has occurred and is continuing with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Abraxis BioScience, Inc.), Credit Agreement (American Pharmaceutical Partners Inc /De/)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Lecg Corp), First Lien Credit Agreement (Excelligence Learning Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Racing Champions Corp), Credit Agreement (Racing Champions Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); and (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% the Minimum Collateral Amount of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (StoneX Group Inc.), Credit Agreement (Intl Fcstone Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required RC Lenders, terminate the remaining Commitments Revolving Credit Commitments, and if so directed by the Required Lenders, terminate all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; (c) after a breach or default by the Borrower under Section 6.22, if so directed by the Required RC/TLA Lenders, terminate the remaining Revolving Credit Commitments and declare the principal of and the accrued interest on all outstanding Revolving Loans and Term A-1 Loans to be forthwith due and payable, and thereafter, if so directed by the Required RC/TLA Lenders, terminate all other obligations of the Revolving Lenders and Term A-1 Lenders hereunder on the date stated in such notice (which may be the date thereof) and (cd) if so directed by the Required RC Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, as cash collateral, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Loan Agreement (Western Digital Corp), Loan Agreement (Western Digital Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 8.1(f) or (kg) of Section 9.1 hereof with respect to the Borrowerany Borrower or Material Guarantor) has occurred and is continuing, the Administrative Agent shall, by written notice to the Parent Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrowers hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitment on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrowers; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Parent Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 8.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Parent Borrower agrees to immediately take make such action payment, and each Borrower acknowledges and agrees that the Lenders Lenders, the Issuing Banks, the Swingline Lender and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lender and the Issuing Banks, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Parent Borrower pursuant to Section 9.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lender and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Senior Secured Revolving Credit Agreement (Paragon Offshore Ltd.), Senior Secured Revolving Credit Agreement (Noble Corp PLC)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationto be held pursuant to Section 9.6(b), and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Federal Signal Corp /De/), Credit Agreement (Federal Signal Corp /De/)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Lead Borrower: (a) if so directed by the Required RC Lenders, terminate the remaining Commitments Revolving Credit Commitments, and if so directed by the Required Lenders, terminate all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) after a breach or default by the Lead Borrower under Section 6.22, if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and declare the principal of and the accrued interest on all outstanding Revolving Loans and Term A-2 Loans to be forthwith due and payable, and thereafter, if so directed by the Required Lenders, terminate all other obligations of the Revolving Lenders and Term A-2 Lenders hereunder on the date stated in such notice (which may be the date thereof) and (d) if so directed by the Required RC Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Lead Borrower immediately either (i) pay to the Administrative Agent Agent, as cash collateral, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Lead Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Loan Agreement (Western Digital Corp), Loan Agreement (Western Digital Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 8.1(j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the that Borrower immediately either (i) pay to Cash Collateralize the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellationObligations, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Sterling Construction Co Inc), Credit Agreement (Sterling Construction Co Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 7.1(f) or (kg) of Section 9.1 hereof with respect to the BorrowerCredit Parties) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrowers hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitments on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrowers; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Company immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower Company agrees to immediately take make such action payment, and each Borrower acknowledges and agrees that the Lenders, the Issuing Banks, the Swingline Lenders and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lenders and the Issuing Banks, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Noble Corp), Revolving Credit Agreement (Noble Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to the extent permitted by applicable law to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Delek US Holdings, Inc.), Credit Agreement (Delek US Holdings, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, if so directed by the Required Banks, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, and all other Obligations, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by automatically convert each Term SOFR Loan to a Base Rate Loan at the Required Lenders, end of the Interest Period then in effect for such Term SOFR Loan; and (d) demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4 hereof, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) hereof or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 2 contracts
Samples: Credit Agreement (Black Hills Corp /Sd/), Credit Agreement (Black Hills Corp /Sd/)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (ji) or (kj) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the Borrower, Holdings or any other Transaction Party) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, or may with the consent of the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, or may with the consent of the Required Lenders, declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower and Holdings; and (c) if so directed by the Required Lenders, or may with the consent of the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) in cash the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Banks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Transocean Ltd.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) a Specified Bankruptcy Event of Section 9.1 hereof with respect to the BorrowerDefault) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required Lenders, terminate the [Senior Secured Revolving Credit Agreement] remaining Commitments and all other obligations of to the Lenders Company hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Company; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Company immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 8.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower Company agrees to immediately take make such action payment, and the Company acknowledges and agrees that the Lenders Lenders, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Company to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Banks, shall have the right to require the Borrower Company to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Valaris LTD)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes and all other amounts due under the Credit Documents to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Multicurrency Credit Agreement (Lasalle Partners Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) SECTION 7.1 has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Majority Lenders, terminate the remaining L/C Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Majority Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Majority Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Agent pursuant to SECTION 7.4) the full amount then available for drawing thereunder, (ii) deliver under each or any outstanding Letter of Credit to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer extent any such Letter of Credit for cancellation, is not already cash collateralized; and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that neither the Agent nor the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, Lenders shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(cSECTION 7.1(c) or (d) or this Section 9.2SECTION 7.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) in cash the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Banks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Five Year Revolving Credit Agreement (Transocean Inc)
Non-Bankruptcy Defaults. When any Event of Default (exists other than those described in subsection (jh) or (ki) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing8.1, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Priority Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to Collateralize 105% of the aggregate then outstanding amount thereof or (iii) return or cause to be returned to of all L/C Issuer such Letter of Credit for cancellationObligations, and the Borrower agrees Borrowers agree to immediately take provide such action Cash Collateral and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c8.1(e) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: First Lien Credit Agreement (Turning Point Brands, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSections 8.1(g) or (kh) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the relevant Borrower: , (a) if so directed by the Required LendersBanks, terminate the remaining Commitments to such Borrower and all other obligations of the Lenders Banks to such Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes of such Borrower to be forthwith due and payable and thereupon all outstanding Loansof said Notes, including both principal and interest thereoninterest, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents this Agreement without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, the Borrower that Allex Xxxup immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower Allex Xxxup agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower Allex Xxxup to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower Allex Xxxup to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the a Borrower pursuant to Section 9.1(c) 8.1 or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice. A notice under clauses (a) or (b) of this Section 8.2, or both, may be delivered to one or to both Borrowers depending on the instructions of the Required Banks.
Appears in 1 contract
Samples: Credit Agreement (Allen Group Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (a) if so directed by the Required Lenders, terminate or suspend the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, and otherwise may, demand that, with respect to each Letter of Credit then outstanding, the Borrower that Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate then full available amount thereof for drawing under each or (iii) return or cause to be returned to any Letter of Credit, including, without limitation, any and all L/C Issuer such Letter of Credit for cancellationObligations, and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the any Borrower to honor any such demand and that the Administrative Agent, for the benefit of itself and the Lenders, shall have the right to require the each Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Addus HomeCare Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); and (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders. In addition, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent may exercise on behalf of itself, the full amount then Lenders all rights and remedies available for drawing thereunder, (ii) deliver to it and the Lenders under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Administrative Agent Cash Collateral in an amount equal Borrower under Section 9.1(c) promptly upon being requested to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure do so by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of CreditLender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. Non‑Bankruptcy Defaults When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); and (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% the Minimum Collateral Amount of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Intl Fcstone Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 8.1(j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: may (a) and if so directed by the Required Lenders, Lenders shall) by written notice to Borrower: (a) terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the that Borrower immediately either (i) pay to Cash Collateralize the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral L/C Obligations in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellationObligations, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.. 739016937 20664705
Appears in 1 contract
Samples: Credit Agreement (AssetMark Financial Holdings, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% the Minimum Collateral Amount of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (StoneX Group Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (ji) or (kj) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest protest, or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to to
Section 9.1(c9.1 (c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the BorrowerBorrower or BVI) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitment on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Swingline Lender, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lender and the Issuing Banks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lender and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Revolving Notes to be forthwith due and payable and thereupon all outstanding LoansRevolving Notes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent 105% of the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the any Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When Upon the occurrence of and during the continuance of any Event of Default (other than those an Event of Default described in subsection subsections (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuingdefinition of "Event of Default" in the Notes), the Administrative Agent shallLenders may, by written upon vote of the Required Lenders and upon notice to the Borrower: :
(a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on outstanding Notes, all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under this Subordinated Agreement and the other Loan Documents to be due and payable, whereupon the Notes, all such interest, and all such other amounts shall become and be due and payable, without further presentment, demand, presentmentprotest, protest or further notice of any kind, all of which are hereby expressly waived by Borrower; and (cb) if so directed by the Required Lendersproceed to foreclose against any security, demand that, with respect to each Letter of Credit then outstanding, the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% take any action or exercise any remedy under any of the aggregate amount thereof Loan Documents, or (iii) return exercise any other action, right, power or cause remedy permitted by Law. Without limiting the foregoing, any Lender may exercise its right of set off with regard to be returned to L/C Issuer such Letter any deposit accounts or other accounts maintained by Borrower with any of Credit for cancellation, and the Borrower agrees to immediately take such action and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the pro rata benefit of the Lenders. Notwithstanding the foregoing or the definition of "Required Lenders" set forth in Schedule B annexed hereto, shall if following the occurrence of an Event of Default (other than an Event of Default described in subsections (k) or (l) of the definition of "Event of Default" in the Notes), the Required Lenders do not, for a period of more than 90 days, agree to either exercise the rights provided for in this Section or (to the extent the Required Lenders have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure authority to do so shall not impair under Section 11.2 hereof) waiver the Event of Default (or annul amend the effect Notes to eliminate the Event of Default), then the term "Required Lenders" shall, after such notice90th day and only for the purpose of electing to affirmatively exercise the Lenders' rights under this Section, mean a majority in number of the Lenders.
Appears in 1 contract
Samples: Subordinated Note Agreement (Pro Fac Cooperative Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jSection 8.1(j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: may (a) and if so directed by the Required Lenders, Lenders shall) by written notice to Borrower: (a) terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, the that Borrower immediately either (i) pay to Cash Collateralize the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral L/C Obligations in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellationObligations, and the Borrower Xxxxxxxx agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Senior Secured Credit Facility (Alvarium Tiedemann Holdings, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerParent: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans, Swingline Loans and all other amounts due under the Credit Documents to be forthwith due and payable and thereupon all outstanding Loans and Swingline Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4 hereof, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) hereof or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.-72-
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(d) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Shimmick Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes (including all promissory notes executed and delivered by Alternative Currency Borrowers pursuant to Section 1.7(d) hereof) to be forthwith due and payable and thereupon all outstanding LoansNotes (including all promissory notes executed and delivered by Alternative Currency Borrowers pursuant to Section 1.7(d) hereof), including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationto be held pursuant to Section 9.6(b), and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c) or (d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Synalloy Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrower hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Lenders, the Issuing Bank and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Bank, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Bank, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees agree to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or Applicable Law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(d) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Hub Group, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 10.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 10.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c10.1(c) or this Section 9.210.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, (a) the Floating Rate Payor may, in its sole discretion, terminate any interest rate hedging arrangement entered into by the Floating Rate Payor with respect to the outstanding Fixed Rate Loan or any part thereof and upon such termination, such portion of the outstanding Fixed Rate Loan shall automatically be converted into a Borrowing of Base Rate Loans, and (b) the Administrative Agent shall, by written notice to the BorrowerBorrowers: (ai) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (bii) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (ciii) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Rc2 Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (je) or (kf) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required LendersBanks, terminate the remaining Commitments and all other obligations of the Lenders Banks hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required LendersBanks, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required LendersBanks, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent Agent, subject to Section 8.4, the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders Banks would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersBanks, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c), 8.1(d) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersBanks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, Lenders declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take provide such action Cash Collateral and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) a Specified Bankruptcy Event of Section 9.1 hereof with respect to the BorrowerDefault) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrowers hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrowers; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Company immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 8.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower Company agrees to immediately take make such action payment, and each Borrower acknowledges and agrees that the Lenders Lenders, the Issuing Banks and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders and the Issuing Banks, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other LendersLenders and the Issuing Banks, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Noble Corp PLC)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) Section 7.5 or (k) of Section 9.1 7.6 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrowerborrowers: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges acknowledge and agrees agree that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.28.1, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 8.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c8.1(c) or this Section 9.28.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Maf Bancorp Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof 7.1 with respect to the BorrowerCredit Parties) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerCompany: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of to the Lenders Borrowers hereunder on the date stated in such notice (which may be the date thereof)) and such termination shall automatically also terminate the Swingline Commitment on such date; (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other accrued amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrowers; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Company immediately either (i) pay to the Administrative Agent (to be held by the Administrative Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such under each outstanding Letter of Credit for cancellationCredit, and the Borrower Company agrees to immediately take make such action payment, and each Borrower acknowledges and agrees that the Lenders Lenders, the Issuing Banks, the Swingline Bank and the Administrative Agent would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, the Swingline Lender and the Issuing Banks, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Company pursuant to Section 9.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, the Swingline Lender and the Issuing Bank, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrower under Section 9.1(c) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 7.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrower Representative: (a) if so directed by the Required Lenders, terminate or suspend the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all Obligations and all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, and otherwise may, demand that, with respect to each Letter of Credit then outstanding, the Borrower that Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate then full available amount thereof for drawing under each or (iii) return or cause to be returned to any Letter of Credit, including, without limitation, any and all L/C Issuer such Letter of Credit for cancellationObligations, and the each Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the any Borrower to honor any such demand and that the Administrative Agent, for the benefit of itself and the Lenders, shall have the right to require the each Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Representative pursuant to Section 9.1(c7.1(c) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (Addus HomeCare Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (ji) or (kj) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest protest, or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other L/C Issuers and the Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent to be held as Collateral for the payment of Reimbursement Obligations then existing or thereafter arising the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Lincoln Educational Services Corp)
Non-Bankruptcy Defaults. When any Event of Default (other ----------------------- than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) 7.1 has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Majority Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Majority Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Majority Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Agent pursuant to Section 7.4) the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any outstanding Letter of Credit for cancellation, Credit; and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that neither the Agent nor the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, Lenders shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair (d) or annul the effect of such notice.this
Appears in 1 contract
Samples: Secured Credit Agreement (Palex Inc)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerParent: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Parent immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower Parent agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower Parent to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Parent to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower Parent pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Lojack Corp)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 9.1 hereof with respect to the either Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the BorrowerBorrowers: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower Borrowers immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees Borrowers agree to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower Borrowers to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower Borrowers to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. In addition, the Administrative Agent may exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C Issuer under the Loan Documents or Applicable Law or equity when any such Event of Default has occurred and is continuing. The Administrative Agent shall give notice to the Borrowers under Section 9.1(d) promptly upon being requested to do so by any Lender. The Administrative Agent, after giving notice to the Borrower Borrowers pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement (Hub Group, Inc.)
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, Lenders declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105103% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such of each Letter of Credit for cancellationthen outstanding, and the Borrower agrees to immediately take provide such action Cash Collateral and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.this
Appears in 1 contract
Non-Bankruptcy Defaults. When Without limitation to the Administrative Agent's right to demand at any time in the sole discretion of the Required Lenders (regardless of whether an Event of Default has occurred and is continuing), when any Event of Default (other than those described in subsection (jSection 9.1(j) or (kSection 9.1(k) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable and thereupon all outstanding Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor honour any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Samples: Credit Agreement
Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jk) or (kl) of Section 9.1 hereof with respect to the Borrower) has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Lenders, terminate the remaining Revolving Credit Commitments and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, Lenders declare the principal of and the accrued interest on all outstanding Revolving Loans to be forthwith due and payable and thereupon all outstanding Revolving Loans, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Documents without further demand, presentment, protest or notice of any kind; and (c) if so directed by the Required Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof under each or (iii) return or cause to be returned to L/C Issuer such any Letter of Credit for cancellationCredit, and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the Lenders, shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c9.1(d) or this Section 9.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract
Non-Bankruptcy Defaults. When any Event of Default (other ----------------------- than those described in subsection subsections (jf) or (kg) of Section 9.1 hereof with respect to the Borrower) 7.1 has occurred and is continuing, the Administrative Agent shall, by written notice to the Borrower: (a) if so directed by the Required Majority Lenders, terminate the remaining Commitments and Agent Credit Commitment and all other obligations of the Lenders hereunder on the date stated in such notice (which may be the date thereof); (b) if so directed by the Required Majority Lenders, declare the principal of and the accrued interest on all outstanding Loans Notes to be forthwith due and payable and thereupon all outstanding LoansNotes, including both principal and interest thereon, shall be and become immediately due and payable together with all other amounts payable under the Loan Credit Documents without further demand, presentment, protest or notice of any kind, including, but not limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly waived by the Borrower; and (c) if so directed by the Required Majority Lenders, demand that, with respect to each Letter of Credit then outstanding, that the Borrower immediately either (i) pay to the Administrative Agent (to be held by the Agent pursuant to Section 7.4) the full amount then available for drawing under each or any outstanding Letter of Credit; and (d) if so elected by the Agent, demand that the Borrower immediately pay to the Agent the full amount then available for drawing thereunder, (ii) deliver to the Administrative under each or any outstanding Agent Cash Collateral in an amount equal to 105% of the aggregate amount thereof or (iii) return or cause to be returned to L/C Issuer such Letter of Credit for cancellation, Credit; and the Borrower agrees to immediately take make such action payment and acknowledges and agrees that the Lenders would not have an adequate remedy at law for failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit of the LendersLenders (or on its own behalf with respect to Agent Letters of Credit), shall have the right to require the Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit or Agent Letter of Credit. The Administrative Agent, after giving notice to the Borrower pursuant to Section 9.1(c7.1(c) or (d) or this Section 9.27.2, shall also promptly send a copy of such notice to the other Lenders, but the failure to do so shall not impair or annul the effect of such notice.
Appears in 1 contract