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 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.