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.
Appears in 2 contracts
Sources: Secured Term Loan Facility (DHT Holdings, Inc.), Loan Agreement (Safe Bulkers, Inc.)
Right of cancellation in relation to a Defaulting Lender. (a) If any Lender becomes a Defaulting Lender, the Borrower Parent may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 five Business Days' β notice of cancellation of the each Available Commitment of that Lender. .
(b) On that the notice referred to in clause 7.5(a) above becoming effective, the each Available 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.
Appears in 1 contract
Sources: Amendment and Restatement Agreement (Sunrise Senior Living Inc)
Right of cancellation in relation to a Defaulting Lender. If any Lender becomes a Defaulting Lender, the Borrower Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 five 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.
Appears in 1 contract
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' β 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.
Appears in 1 contract
Sources: Loan Agreement (Safe Bulkers, Inc.)
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, Lender give the Agent 5 five (5) Business Days' notice of cancellation of the Available Commitment of that Lender. .
(b) On that such notice becoming effective, the Available Commitment of the Defaulting Lender shall immediately be reduced to zero. The zero and the Agent shall as soon as practicable after receipt of that notice such notice, notify all the Lenders.
Appears in 1 contract