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.
Appears in 3 contracts
Sources: Senior Facilities Agreement (Luxfer Holdings PLC), Senior Facilities Agreement (Luxfer Holdings PLC), Senior Facilities Agreement (Luxfer Holdings PLC)
Right of cancellation in relation to a Defaulting Lender. (aA) If any Lender becomes a Defaulting Lender, the Company Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 10 five Business Days’ notice of cancellation of each Available Commitment of that Lender.
(bB) On the notice referred to in clause 10.7(aClause 7.11(A) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.
(cC) The Agent shall as soon as practicable after receipt of a notice referred to in clause 10.7(aClause 7.11(A) above, notify all the Lenders.
Appears in 2 contracts
Sources: Bridge and Term Facilities Agreement (Rentokil Initial PLC /Fi), Bridge and Term Facilities Agreement (Rentokil Initial PLC /Fi)