Common use of Remedies of Banks Clause in Contracts

Remedies of Banks. Upon the occurrence of any one or more of the Events of Default, the Agent, at the request of the Majority Banks, shall, by notice to the Borrower, declare the obligation of the Banks to make the Loans and of the Issuing Banks to issue Letters of Credit, and each Bank's obligation to make its Pro Rata Share of the Loans to be terminated, whereupon the same and the Commitment (and the Banks' Pro Rata Shares of the Commitment) shall forthwith terminate, and the Agent, at the request of the Majority Banks, shall, by notice to the Borrower, declare the entire unpaid principal amount of the Loans and all fees, interest and other amounts accrued and unpaid thereon and/or under any Loan Document and any and all other Indebtedness and other obligations under the Loan Documents of the Loan Parties to any of the Banks, Issuing Banks, the Agent and/or to any holder of all or any portion of each Loan to be forthwith due and payable, whereupon all such Loans, and all such accrued fees, interest and other amounts and other such Indebtedness and other obligations under the Loan Documents shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that upon the occurrence of an Event of Default under Section 6.01(b) or (c), all of the unpaid principal amounts of the Loans, all fees, interest and other amounts accrued and unpaid thereon and/or under the Loan Documents and any and all other such Indebtedness and other obligations of the Loan Parties to any of the Banks, the Issuing Banks, the Agent and/or to any such holder under any Loan Document shall thereupon be due and payable in full without any need for the Agent and/or any Issuing Bank or Bank to make any such declaration or take any action and the Banks' obligations to make the Loans, the Issuing Banks' Obligation to issue Letters of Credit and the Commitment (and each Bank's Pro Rata Share thereof) shall simultaneously terminate. The Agent shall, in accordance with the votes of the Majority Banks, exercise all remedies on behalf of and for the account of each Bank and each Issuing Bank and on behalf of its respective Pro Rata Share of the Loans, the Letters of Credit, its Note and Indebtedness and other obligations of the Loan Parties owing to it or any of the foregoing, including, without limitation, all remedies available under or as a result of the Loan Documents without any such exercise being deemed to modify in any way the fact that each Bank and Issuing Bank shall be deemed a separate creditor of the Loan Parties to the extent of its Note and Pro Rata Share of the Loans or its Letters of Credit and any other amounts payable to such Bank or Issuing Bank under the Loan Documents. The Agent shall be deemed a separate creditor of any Loan Party to the extent of the fees payable under Section 2.02(b) (ii) for the Agent's account.

Remedies of Banks. Upon the occurrence and during the continuance of any one or more of the Events of Default, the Agent, at Required Banks (or the request Administrative Agent with the consent of the Majority Required Banks, shall) may, by notice to the Borrower, declare the obligation of the Banks to make the Loans and the obligation of the Issuing Banks LC Issuer to issue Letters of Credit, and each Bank's obligation to make its Pro Rata Share of the Loans Credit to be terminated, whereupon the same shall forthwith terminate and the Commitment Required Banks (and or the Banks' Pro Rata Shares Administrative Agent with the consent of the CommitmentRequired Banks) shall forthwith terminate, and the Agent, at the request of the Majority Banks, shallmay, by notice to the Borrower, declare the entire unpaid principal amount of the Loans and all fees, interest and other amounts accrued and unpaid thereon and/or under any Loan Document and any and all other Indebtedness and other obligations Obligations under the Loan Financing Documents of the Loan Parties to any of the Banks, Issuing Banks, the Agent and/or to any holder of all or any portion of each Loan to be forthwith due and payable, whereupon all such Loans, and all such accrued fees, interest and other amounts and other such Indebtedness and other obligations under the Loan Documents Obligations shall become and be forthwith due and payablepayable and the Borrower shall become immediately obligated to Cash Collateralize all Letters of Credit, all without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that upon the occurrence of an Event of Default under Section 6.01(b7.1(B) or (c)C) of this Agreement, all of the unpaid principal amounts of the Loans, all fees, interest and other amounts accrued and unpaid thereon and/or under the Loan Documents and any and all other such Indebtedness and other obligations of the Loan Parties to any of the Banks, the Issuing Banks, the Agent and/or to any such holder under any Loan Document Obligations shall thereupon be immediately due and payable in full and the Borrower shall become immediately obligated to Cash Collateralize all Letters of Credit, without any need for the Required Banks or the Administrative Agent and/or any Issuing Bank or Bank to make any such declaration or take any action action, and the Banks' obligations to make Commitments and the Loans, obligation of the Issuing Banks' Obligation LC Issuer to issue Letters of Credit and the Commitment (and each Bank's Pro Rata Share thereof) shall simultaneously terminate. The Any cash collateral delivered hereunder shall be held by the Administrative Agent shall, (without liability for interest thereon) and applied to obligations arising in accordance connection with any drawing under a Letter of Credit. After the votes expiration or termination of the Majority Banks, exercise all remedies on behalf of and for the account of each Bank and each Issuing Bank and on behalf of its respective Pro Rata Share of the Loans, the Letters of Credit, its Note such cash collateral shall be applied by the Administrative Agent to any remaining obligations hereunder and Indebtedness and other obligations of any excess shall be delivered to the Loan Parties owing to it or any of the foregoing, including, without limitation, all remedies available under Borrower or as a result court of the Loan Documents without any such exercise being deemed to modify in any way the fact that each Bank and Issuing Bank shall be deemed a separate creditor of the Loan Parties to the extent of its Note and Pro Rata Share of the Loans or its Letters of Credit and any other amounts payable to such Bank or Issuing Bank under the Loan Documents. The Agent shall be deemed a separate creditor of any Loan Party to the extent of the fees payable under Section 2.02(b) (ii) for the Agent's accountcompetent jurisdiction may direct.

Remedies of Banks. Upon the occurrence of any one or more of the Events of Default, the Agent, at the request of the Majority Banks, shall, by notice to the Borrower, declare the obligation of the Banks to make the Loans and of the Issuing Banks to issue Letters of Credit, and each Bank's obligation to make its Pro Rata Share Shares of the Loans to be terminated, whereupon the same and the Commitment (and the Banks' Pro Rata Shares of the Commitment) shall forthwith terminate, and the Agent, at the request of the Majority Banks, shall, by notice to the Borrower, declare the entire unpaid principal amount of the Loans Notes and all fees, fees and interest and other amounts accrued and unpaid thereon and/or under this Agreement, and/or any Loan Document of the Related Documents and any and all other Indebtedness and other obligations under this Agreement, the Loan Notes and/or any of the Related Documents of the Loan Parties Borrower and/or any Subsidiary to any of the Banks, Issuing Banks, the Agent Banks and/or to any holder of all or any portion of each Loan Note to be forthwith due and payable, whereupon all such LoansNotes, and all such accrued fees, fees and interest and other amounts and other such Indebtedness and other obligations under this Agreement, any of the Loan Notes and/or any of the Related Documents shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, however that upon the occurrence of an Event of Default under Section 6.01(b6.01(B) or (cC), all of the unpaid principal amounts of the LoansNotes, all fees, fees and interest and other amounts accrued and unpaid thereon and/or under this Agreement and/or under the Loan Related Documents and any and all other such Indebtedness and other obligations of the Loan Parties Borrower, and/or any Guarantor to any of the Banks, the Issuing Banks, the Agent Banks and/or to any such holder under this Agreement, any Loan Document of the Notes and/or any of the Related Documents shall thereupon be due and payable in full without any need for the Agent and/or any Issuing Bank or Bank to make any such declaration or take any action and the Banks' obligations to make the Loans, the Issuing Banks' Obligation to issue Letters of Credit Loans and the Commitment (and each Bank's Pro Rata Share thereof) shall simultaneously terminate. The Agent shall, in accordance with the votes of the Majority Banks, exercise all remedies on behalf of and for the account of each Bank and each Issuing Bank and on behalf of its respective Pro Rata Share of the Loans, the Letters of Credit, its Note and Indebtedness and other obligations of the Loan Parties Borrower, and/or any Guarantor owing to it or any of the foregoing, including, including without limitation, limitation all remedies available under or as a result of this Agreement, the Loan Notes or any of the Related Documents without any such exercise being deemed to modify in any way the fact that each Bank and Issuing Bank shall be deemed a separate creditor of the Loan Parties Borrower, and/or any Guarantor to the extent of its Note and Pro Rata Share of the Loans or its Letters of Credit and any other amounts payable to such Bank or Issuing Bank under this Agreement and/or the Loan Related Documents. The Agent shall be deemed a separate creditor of the Borrower, and/or any Loan Party Guarantor to the extent of the fees payable under Section 2.02(b) (ii2.02(B)(iii) for the Agent's account.

Remedies of Banks. Upon the occurrence and during the continuance of any one or more of the Events of Default, the Agent, at the request of the Majority Banks, shallRequired Banks may, by notice to the Borrower, declare the obligation of the Banks to make the Loans and of the Issuing Banks to issue Letters of Credit, and each Bank's obligation to make its Pro Rata Share of the Loans to be terminated, whereupon the same shall forthwith terminate and the Commitment (and the Banks' Pro Rata Shares of the Commitment) shall forthwith terminate, and the Agent, at the request of the Majority Banks, shallRequired Banks may, by notice to the Borrower, declare the entire unpaid principal amount of the Loans and all fees, fees and interest and other amounts accrued and unpaid thereon and/or under any Loan Document of the other Financing Documents and any and all other Indebtedness and other obligations under the Loan Documents of the Loan Parties to any of the Banks, Issuing Banks, the Agent and/or to any holder of all or any portion of each Loan hereunder to be forthwith due and payable, whereupon all such Loans, the Loans and all such accrued fees, fees and interest and other amounts and other such Indebtedness and other obligations under the Loan Documents shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower; provided, however, that upon the occurrence of an Event of Default under Section 6.01(b6.1(B) or (c)C) of this Agreement, all of the unpaid principal amounts of the Loans, all fees, fees and interest and other amounts accrued and unpaid thereon and/or under any of the Loan other Financing Documents and any and all other such Indebtedness and other obligations of Borrower to the Loan Parties to any of the Banks, the Issuing Banks, the Agent Banks and/or to any such holder under any Loan Document shall thereupon be due and payable in full without any need for the Agent and/or any Issuing Bank or Bank Required Banks to make any such declaration or take any action and the Banks' obligations to make the Loans, the Issuing Banks' Obligation to issue Letters of Credit and the Commitment (and each Bank's Pro Rata Share thereof) Commitments shall simultaneously terminate. The Agent shall, in accordance with the votes of the Majority Banks, exercise all remedies on behalf of and for the account of each Bank and each Issuing Bank and on behalf of its respective Pro Rata Share of the Loans, the Letters of Credit, its Note and Indebtedness and other obligations of the Loan Parties owing to it or any of the foregoing, including, without limitation, all remedies available under or as a result of the Loan Documents without any such exercise being deemed to modify in any way the fact that each Bank and Issuing Bank shall be deemed a separate creditor of the Loan Parties to the extent of its Note and Pro Rata Share of the Loans or its Letters of Credit and any other amounts payable to such Bank or Issuing Bank under the Loan Documents. The Agent shall be deemed a separate creditor of any Loan Party to the extent of the fees payable under Section 2.02(b) (ii) for the Agent's account.