Common use of Rights Upon Default Clause in Contracts

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (f) or (g), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks subject to Section 9.13, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f) or (g)) and before any judgement or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (f) or (g), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks subject to Section 9.13Banks, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f) or (g)) and before any judgement or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.

Rights Upon Default. Upon In addition to Pledgee's rights referenced in Paragraph 2(b) above, in the happening event of an Event of Default specified in Subsections 7.01 (f) or (g)an Acceleration of Payment under the Notes, then or at any time thereafter, while such condition shall continue, the obligations of the Banks and the LC Issuer Pledgee may declare all outstanding Obligations to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately be due and payable without regardless of their terms, and the Pledgee shall have, in addition to any election other rights and remedies contained in this Agreement and in the Notes, any other agreements, guarantees, notes, instruments and documents heretofore, now, or action on at any time or times hereafter executed by the part Pledgor and delivered to the Pledgee, all of the Administrative Agent, any Bank or the LC Issuer. Upon the happening rights and during the continuation remedies of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks subject to Section 9.13, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (a secured party under law including, without limitation, notice all the rights and remedies of intent to accelerate maturity or notice a secured party under the Uniform Commercial Code in force in the State of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere hereinNew York, all of which are hereby expressly waived rights and remedies shall be cumulative, and none exclusive, to the extent permitted by the Borrowerlaw. If22: 5. Transfer of Shares in Event of Default or Acceleration of Payment. 23: (a) Without limiting any other rights of Pledgee, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of upon any Event of Default or Acceleration of Payment under the Notes, either Pledgee may provide written notice to the Escrow Agent that an event of default (other than any Event a "Default Event") has occurred, the nature of the Default specified Event, and directing the Escrow Agent to distribute the Shares to the Pledgee ("Default Notice"). Promptly upon receipt by the Escrow Agent of the Default Notice from the Pledgee, the Escrow Agent shall send to Pledgor a copy of the Default Notice. If the Escrow Agent does not receive a written Notice of Objection (as defined in subsections 7.01(fParagraph 8(a) hereof) from Pledgor disputing and objecting to the Default Notice within ten (10) days after the Escrow Agent forwards the Default Notice to the Pledgor, then the Escrow Agent shall distribute the Witcosky Shares to Witcosky and the Trust Shares to the Trust. If the Escrow Agent receives a Notice of Objection within such ten (10) day period, it shall not distribute the Shares until it shall have received a notice from both the Pledgee and Pledgor ("Resolution Notice") or a final non-appealable order from a court of competent jurisdiction (g)an "Order") directing the Escrow Agent as to the distribution of the Shares. The Escrow Agent may conclusively rely on any Resolution Notice. All actions taken by the Escrow Agent pursuant to an Order shall be conclusively presumed to be taken in good faith. 24: (b) Following receipt of the Shares, Pledgee may sell the Shares or any part thereof in one or more parcels at public or private sale, at such price or prices and before on such other terms as are commercially reasonable. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days notice to the Pledgor of the time and place of any judgement public sale or decree for at least twenty (20) days notice to the Pledgor of the time and place of any private sale shall constitute reasonable notification. Pledgee shall not be obligated to make any sale of Shares regardless of notice of sale having been given. Pledgee may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The proceeds of any collection or sale or disposition of the Shares shall be applied towards the Obligations in the following order: 25: (i) first, to the payment of all reasonable expenses and costs, including legal fees and disbursements, relating to the Obligations due shall have been obtained or entered, the Required Banks (in their sole discretion) shall direct commencement and prosecution of an action with respect to the Obligations relating enforcement of the Notes and the exercise of Pledgee's rights under this Agreement, including, without limitation, all reasonable expenses in connection with such sale or disposition of the Shares and the expenses of the Escrow Agent; 26: (ii) second, to unpaid interest due upon each Note, in proportion to the Loans or the LC Issuer amount of unpaid interest on each Note; 27: (iii) third, to unpaid principal due on each Note, in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice proportion to the Borroweramount of unpaid principal on each Note; and 28: (iv) any remaining balance shall be paid to Pledgor. 29: (c) The Pledgor agrees that in any sale of any of the Shares hereunder Pledgee is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is reasonably necessary in order to avoid any violation of applicable law, rescind rule or regulation, or in order to obtain any required approval of the sale or of the purchasers by any governmental regulatory authority or official, and annul the Pledgor further agrees that such acceleration and/or terminationcompliance shall not result in such sale being considered or deemed not to have been made in a commercial reasonable manner, nor shall Pledgee be liable or accountable to the Pledgor for any discount allowed by reason of the fact that such Shares are sold in compliance with any such limitation or restriction. 30: 6.

Rights Upon Default. Upon The Collateral Agent shall have the happening right at any time, upon the occurrence and during the continuance of an Event of Default specified in Subsections 7.01 (f) or (g)and upon written notice to such Grantor of its intention to do so, to notify the obligations Obligors under any Assigned Agreements, Receivables and Related Contracts of the Banks assignment of such Assigned Agreements, Receivables and Related Contracts to the LC Issuer Collateral Agent and to direct such Obligors to make Credit Extensions hereunder shall automatically terminate payment of all amounts due or to become due to such Grantor thereunder directly to the Collateral Agent and, upon such notification and all Obligations then outstanding hereunder and at the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part expense of the Administrative Agentsuch Grantor, any Bank or the LC Issuer. Upon the happening and during the continuation to enforce collection of any other Event of Defaultsuch Assigned Agreements, Receivables and Related Contracts, to adjust, settle or compromise the Administrative Agent mayamount or payment thereof, or upon in the request of same manner and to the Required Banks subject to Section 9.13, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or bothsame extent as such Grantor might have done, and upon such declaration to otherwise exercise all rights with respect to the Obligations they shall become immediately due such Assigned Agreements, Receivables and payable. In either caseRelated Contracts, the entire principal and interest shall thereupon become immediately due and payableincluding, without limitation, those set forth set forth in Section 9-607 of the UCC. After receipt by any Grantor of the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including, without limitation, notice instruments) received by such Grantor in respect of intent to accelerate maturity or notice the Assigned Agreements, Receivables and Related Contracts of acceleration such Grantor shall be received in trust for the benefit of maturity) the Collateral Agent hereunder, shall be segregated from other funds of such Grantor and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided shall be forthwith paid over to the contrary elsewhere herein, all of which are hereby expressly waived Collateral Agent in the same form as so received (with any necessary endorsement) to be held by the Borrower. If, within thirty Collateral Agent as additional collateral security hereunder and either (30A) days after acceleration released to such Grantor so long as no Event of the maturity of the Obligations Default shall have occurred and be continuing or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of (B) if any Event of Default shall have occurred and be continuing, applied as provided in Section 20(c) at the direction of the Required Lenders and (other than any Event of Default specified in subsections 7.01(fii) such Grantor will not adjust, settle or (g)) and before any judgement compromise the amount or decree for the payment of the Obligations any Receivable or amount due shall have been obtained on any Assigned Agreement or enteredRelated Contract, the Required Banks (in their sole discretion) shall direct with respect to the Obligations relating to the Loans release wholly or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCspartly any Obligor thereof, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or terminationor allow any credit or discount thereon.

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (f) or (g), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks subject to Section 9.139.12, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f) or (g)) and before any judgement judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (fg) or (gh), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks Super-Majority subject to Section 9.13, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f7.01(g) or (gh)) and before any judgement judgment or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks Super-Majority (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (f) or (g), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks Super-Majority subject to Section 9.13, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f) or (g)) and before any judgement or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks Super-Majority (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.

Rights Upon Default. Upon the happening of an Event of Default specified in Subsections 7.01 (f) or (g), the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder shall automatically terminate and all Obligations then outstanding hereunder and the interest accrued thereon shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent, any Bank or the LC Issuer. Upon the happening and during the continuation of any other Event of Default, the Administrative Agent may, or upon the request of the Required Banks subject to Section 9.13Banks, the Administrative Agent shall terminate or suspend the obligations of the Banks and the LC Issuer to make Credit Extensions hereunder, or declare the Obligations to be immediately due and payable, or both, and upon such declaration with respect to the Obligations they shall become immediately due and payable. In either case, the entire principal and interest shall thereupon become immediately due and payable, without notice (including, without limitation, notice of intent to accelerate maturity or notice of acceleration of maturity) and without presentment, demand, protest, notice of protest or other notice of default or dishonor of any kind, except as provided to the contrary elsewhere herein, all of which are hereby expressly waived by the Borrower. If, within thirty (30) days after acceleration of the maturity of the Obligations or termination of the obligations of the Banks and LC Issuer to make Credit Extensions hereunder as the result of any Event of Default (other than any Event of Default specified in subsections 7.01(f) or (g)) and before any judgement or decree for the payment of the Obligations due shall have been obtained or entered, the Required Banks (in their sole discretion) shall direct with respect to the Obligations relating to the Loans or the LC Issuer (in its sole discretion) shall direct with respect to Obligations relating to Facility LCs, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination.