Common use of Non-Bankruptcy Defaults Clause in Contracts

Non-Bankruptcy Defaults. When any Event of Default other than those described in subsection (j) or (k) of Section 8.1 hereof has occurred and is continuing, the Lender may, by written notice to the Company, do all or any of the following: (a) terminate the remaining Commitments and all other obligations of the Lender hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Notes to be forthwith due and payable and thereupon all outstanding 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) demand that the Company immediately pay to the Lender the full amount then available for drawing under each or any Letter of Credit, and the Company agrees to immediately make such payment and acknowledges and agrees that the Lender would not have an adequate remedy at law for failure by the Company to honor any such demand and that the Lender shall have the right to require the Company to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit.

Appears in 3 contracts

Samples: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)

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Non-Bankruptcy Defaults. When any Event of Default Default, other than those described in subsection (j) or (k) of Section 8.1 hereof hereof, has occurred and is continuing, the Lender may, by written notice to the Company, do all or any of the following: (a) terminate the remaining Commitments and all other obligations of the Lender hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Notes to be forthwith due and payable and thereupon all outstanding 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) demand that the Company immediately pay to the Lender the full amount then available for drawing under each or any Letter of Credit, and the Company agrees to immediately make such payment and acknowledges and agrees that the Lender would not have an adequate remedy at law for failure by the Company to honor any such demand and that the Lender shall have the right to require the Company to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit.

Appears in 3 contracts

Samples: Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc), Credit Agreement (Maf Bancorp Inc)

Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 8.1 hereof 9.1 with respect to the Borrower) has occurred and is continuing, the Lender Bank may, by written notice to the Company, do all or any of the followingBorrower: (a) terminate the remaining Commitments Facilities and all other obligations of the Lender Bank hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Notes Loans to be forthwith due and payable and thereupon all outstanding NotesLoans, 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) demand that the Company Borrower immediately pay deliver to the Lender Bank Cash Collateral in an amount equal to 105% of the full aggregate amount then available for drawing under of each or any Letter of CreditCredit then outstanding, and the Company Borrower agrees to immediately make such payment and acknowledges and agrees that the Lender Bank would not have an adequate remedy at law for failure by the Company Borrower to honor any such demand and that the Lender Bank shall have the right to require the Company 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 Bank may exercise all rights and remedies available to it under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing.

Appears in 2 contracts

Samples: Credit Agreement (Pioneer Power Solutions, Inc.), Credit Agreement (Pioneer Power Solutions, Inc.)

Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (j) or (k) of Section 8.1 hereof 9.1 with respect to the Borrower) has occurred and is continuing, the Lender Bank may, by written notice to the Company, do all or any of the followingBorrower: (a) terminate the remaining Commitments and all other obligations of the Lender Bank hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Notes Loans to be forthwith due and payable and thereupon all outstanding NotesLoans, 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) demand that the Company Borrower immediately pay deliver to the Lender Bank Cash Collateral in an amount equal to 105% of the full aggregate amount then available for drawing under of each or any Letter of CreditCredit then outstanding, and the Company Borrower agrees to immediately make such payment and acknowledges and agrees that the Lender Bank would not have an adequate remedy at law for failure by the Company Borrower to honor any such demand and that the Lender Bank shall have the right to require the Company 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 Bank may exercise all rights and remedies available to it under the Loan Documents or applicable law or equity when any such Event of Default has occurred and is continuing.

Appears in 2 contracts

Samples: Credit Agreement (Willdan Group, Inc.), Credit Agreement (Willdan Group, Inc.)

Non-Bankruptcy Defaults. When any Event of Default (other than those described in subsection (jh) or (ki) of Section 8.1 hereof 9.1 with respect to the Borrower) has occurred and is continuing, the Lender Bank may, by written notice to the Company, do all or any of the followingBorrower: (a) terminate the remaining Commitments Facilities and all other obligations of the Lender Bank hereunder on the date stated in such notice (which may be the date thereof); (b) declare the principal of and the accrued interest on all outstanding Notes Loans to be forthwith due and payable and thereupon all outstanding NotesLoans, 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) demand that the Company Borrower immediately pay deliver to the Lender Bank Cash Collateral in an amount equal to 105% of the full aggregate amount then available for drawing under of each or any Letter of CreditCredit then outstanding, and the Company Borrower agrees to immediately make such payment and acknowledges and agrees that the Lender Bank would not have an adequate remedy at law for failure by the Company Borrower to honor any such demand and that the Lender Bank shall have the right to require the Company 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 Bank may exercise all rights and remedies available to it under the Loan Documents or Applicable Law or equity when any such Event of Default has occurred and is continuing.

Appears in 1 contract

Samples: Credit Agreement (Pioneer Power Solutions, Inc.)

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Non-Bankruptcy Defaults. When any Event of Default other than those described in subsection subsections 9.1 (ja) or (k) of Section 8.1 hereof to 9.1(i), both inclusive, has occurred and is continuing, the Lender mayAdministrative Agent may (and shall, upon request of the Required Lenders or, in the case of clause (a) below, the Required Revolving Credit Lenders), by written notice to the Company, do take any or all or any of the following: following actions: (a) terminate the remaining Commitments and all other obligations obligation of the Lender Lenders to extend any further credit hereunder on the date stated in such notice (which may be the date thereof) stated in such notice (such termination shall be effective upon verbal notification, the Administrative Agent hereby agreeing to provide written notification thereof to the Company as soon as practical thereafter); ; (b) declare the principal of and the accrued interest on all outstanding the Notes to be forthwith due and payable and thereupon all outstanding the Notes, including both principal and interest thereoninterest, and all fees, charges and commissions payable hereunder, 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) demand that the Company immediately pay provide to the Lender Administrative Agent cash collateral for the full amount then available for drawing under of each or any Letter of Credit, Credit and the Company agrees to immediately make provide such payment cash collateral and acknowledges and agrees that the Lender Revolving Credit Lenders would not have an adequate remedy at law for failure by the Company to honor any such demand and that the Lender Lenders shall have the right to require the Company to specifically perform such undertaking whether or not any drawings or other demands for payment draws have been made under any Letter the Letters of Credit; and (d) enforce any and all rights and remedies available under the Loan Documents or applicable law.

Appears in 1 contract

Samples: Credit Agreement (Curtice Burns Foods Inc)

Non-Bankruptcy Defaults. When any Event of Default other than those described in subsection subsections (jf) or (kg) of Section 8.1 hereof 7.1 has occurred and is continuing, the Lender may, by written notice to the Company, do all or any of the followingBorrower: (a) terminate the remaining Commitments Commitment and all other obligations of the Lender hereunder on the date stated in such notice (which may be the date thereof); (b) declare the outstanding principal of and the accrued interest on all outstanding Notes the Note to be forthwith due and payable and thereupon all outstanding Notesthe Note, 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) demand that the Company Borrower immediately pay to the Lender (to be held by the Lender pursuant to Section 7.4) the full amount then available for drawing under each or any outstanding Letter of Credit, and the Company Borrower agrees to immediately make such payment and acknowledges and agrees that the Lender would not have an adequate remedy at law for failure by the Company Borrower to honor any such demand and that the Lender shall have the right to require the Company Borrower to specifically perform such undertaking whether or not any drawings or other demands for payment have been made under any Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Palex Inc)

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