Common use of Defaulting Banks Clause in Contracts

Defaulting Banks. Notwithstanding any provision of any Loan Document to the contrary, if any Bank, Canadian Bank or UK Bank, as the case may be (and for purposes of this Section 2.19, each such Person, as the context may require, an “Applicable Bank”), becomes a Defaulting Bank, then the following provisions shall apply for so long as such Applicable Bank is a Defaulting Bank:

Defaulting Banks. Notwithstanding any provision of any Loan Document to the contrary, if any Bank, Canadian Bank or UK Bank, as the case may be (and for purposes of this Section 2.19, each such Person, as the context may require, an “Applicable Bank”), ) becomes a Defaulting Bank, then the following provisions shall apply for so long as such Applicable Bank is a Defaulting Bank: