Common use of Right of cancellation in relation to a Defaulting Lender Clause in Contracts

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.

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 ▇L▇▇▇▇▇ 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.