Right of cancellation in relation to a Defaulting Lender Sample Clauses
The 'Right of cancellation in relation to a Defaulting Lender' clause allows the non-defaulting parties in a loan agreement to terminate or reassign the commitments of a lender who has failed to meet its obligations, such as not funding its share of a loan or breaching key terms. In practice, this may involve the borrower or other lenders arranging for a replacement lender to take over the defaulting lender's portion, or reducing the overall loan commitments accordingly. This clause serves to protect the stability and reliability of the lending arrangement by providing a mechanism to address and resolve issues caused by a lender's default, ensuring the continued smooth operation of the loan facility.
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Right of cancellation in relation to a Defaulting Lender. If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days' notice of cancellation of the Commitment of that Lender. On that notice becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent five Business Days’ notice of cancellation of each Available Commitment of that Lender.
(b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
(c) The Facility Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 10 Business Days’ notice of cancellation of each undrawn Commitment of that Lender.
(b) On the notice referred to in paragraph (a) above becoming effective, each undrawn Commitment of the Defaulting Lender shall immediately be reduced to zero.
(c) The Facility Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. Without prejudice to the Company’s rights under Clause 2.2 (Increase):
(a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 3 Business Days notice of cancellation of each Available Commitment of that Lender.
(b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
(c) The Facility Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Facility Agent 5 Business Days’ notice of cancellation of each undrawn Commitment of that Lender.
(b) On receipt of a notice referred to in paragraph (a) above, each undrawn Commitment of the Defaulting Lender will immediately be reduced to zero.
(c) The Facility Agent must as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
(d) Notwithstanding any other provision in this Agreement, any Commitments cancelled under this Subclause may be reinstated in accordance with Subclause 31.5 (Increase).
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 10 Business Days’ notice of cancellation of each Available Commitment of that Lender.
(b) On the notice referred to in clause 10.7(a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
(c) The Agent shall as soon as practicable after receipt of a notice referred to in clause 10.7(a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. 9.5.1 If any Lender becomes a Defaulting Lender, the Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 20 Business Days’ notice of cancellation of each Available Commitment of that Lender.
9.5.2 On the notice referred to in Clause 9.5.1 above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
9.5.3 The Agent shall as soon as practicable after receipt of a notice referred to in Clause 9.5.1 above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Obligors’ Agent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 15 Business Days’ notice of cancellation of the Available Commitment of that Lender.
(b) On the date (the “cancellation date”) on which the cancellation of the Available Commitment of any Defaulting Lender pursuant to paragraph (a) takes effect:
(i) the Commitment of that Defaulting Lender for the Specified Period (the “Initial Defaulting Lender Specified Period”) in which the cancellation date occurs shall be reduced by an amount equal to the Available Commitment so cancelled; and
(ii) that Defaulting Lender’s Commitment for each subsequent Specified Period shall be reduced by the same proportion by which its Commitment for the Initial Defaulting Lender Specified Period is reduced pursuant to paragraph 8.5(b)(i).
(c) The Agent shall, as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Italian Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 10 Business Days’ notice of cancellation of each Available Commitment of that Lender.
(b) On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
(c) The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst that ▇▇▇▇▇▇ continues to be a Defaulting Lender, give the Agent ten (10) Business Days’ notice of cancellation of the Available Commitment of that Lender.
(b) On such notice becoming effective, the Available Commitment of the Defaulting Lender shall immediately be reduced to zero and the Available Facility shall be reduced correspondingly and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.