Defaulting Bank Sample Clauses
Defaulting Bank. Notwithstanding any other provision in this Agreement to the contrary, if at any time a Bank becomes a Defaulting Bank, the following provisions shall apply so long as any Bank is a Defaulting Bank:
(a) Until such time as the Defaulting Bank ceases to be a Bank under this Agreement, it will retain its Revolving Commitment and will remain subject to all of its obligations as a Bank hereunder, although it will be presumed that such Defaulting Bank will fail to satisfy any funding obligation and, accordingly, all other Banks hereby agree to fund L/C Borrowings and participate in Swing Line Loans in accordance with the terms hereof and their respective Revolving Pro Rata Adjusted Percentage.
(b) The Fees under Section 2.11 shall cease to accrue on that portion of such Defaulting Bank’s Revolving Commitment that remains unfunded or which has not been included in any L/C Obligations;
(c) A Defaulting Bank may cease to be a Defaulting Bank as specified in the definition thereof.
(d) At any time during a Default Period, Agent may and upon the direction of the Majority Banks shall, upon three (3) Business Days prior notice to the applicable Defaulting Bank (so long as such Default Period remains in effect at the end of such notice period), require such Defaulting Bank to assign all right, title and interest that it may have in all Loans and any other Obligations of the Co-Borrowers under this Agreement and the Loan Documents to another Bank (if another Bank will consent to purchase such right, title and interest) or an Eligible Assignee in accordance with Section 10.07 of this Agreement, if such Eligible Assignee can be found by the Co-Borrowers, for a purchase price equal to 100% of the principal amount of such Loans and any other Obligations plus the amount of any interest and fees accrued and owing to such Defaulting Bank as of the date of such assignment.
(e) with respect to any L/C Obligation or Swing Line Loan that exists at the time a Bank becomes a Defaulting Bank or thereafter:
(i) all or any part of such Defaulting Bank’s Pro Rata Share of the L/C Obligations and Swing Line Loans shall be reallocated among the Non-Defaulting Banks in accordance with their respective Revolving Pro Rata Adjusted Percentage but only to the extent (x) the sum of all of the Effective Amounts of the Non-Defaulting Banks plus such Defaulting Bank’s Pro Rata Share of the L/C Obligations and the outstanding Swing Line Loans does not exceed the Total Available Revolving Commitment,...
Defaulting Bank. Any Bank which fails or refuses to perform its obligations under this Agreement within the time period specified for performance of such obligation or, if no time frame is specified, if such failure or refusal continues for a period of five (5) Business Days after notice from the Agent.
Defaulting Bank. See §14.5(c).
Defaulting Bank. Each Bank understands and agrees that if such Bank is a Defaulting Bank, then notwithstanding any provisions of this Agreement to the contrary, it shall not be entitled to vote on any matter requiring the consent of the Banks or to object to any matter requiring the consent of the Banks; provided, however, that all other benefits and obligations under the Loan Documents shall apply to such Defaulting Bank.
Defaulting Bank. Notwithstanding anything stated to the contrary in this Agreement:
(a) The Company shall have the right to terminate the Commitment of any Defaulting Bank by written notice to the Agent and the Defaulting Bank at any time within ten (10) Business Days of the date the Company is informed by the Agent that such Bank has become a Defaulting Bank. If the Company terminates the Commitment of a Defaulting Bank, repayment of any Loans due the Defaulting Bank shall be made by the Company in the ordinary course of business pursuant hereto and be subject to Section 2.3 hereof; and
(b) The fees otherwise payable to a Bank pursuant to Section 4.1, 4.2 and 4.3 hereof shall not be payable by Company to the Agent for the benefit of a Defaulting Bank for any period a Bank is a Defaulting Bank; and
(c) If a Defaulting Bank makes any payment required pursuant to subsections (a) or (b) of the definition of Defaulting Bank together with interest thereon, within three (3) Business Days following the date it became a Defaulting Bank, the provisions of this Section 11.23 shall be inapplicable.
Defaulting Bank. In the event that, at any time, any Bank shall be a Defaulting Bank, (a) a Defaulted Amount owed to Agent or another Bank shall bear interest at an annual rate equal to the Federal Funds Rate for the first three business days such Defaulted Amount is owing, and thereafter at a rate of 3% above the Federal Funds Rate, and (b) Agent may apply all monies that would otherwise be payable to the Defaulting Bank under the Loan Documents instead to the payment of any Defaulted Amounts owed to the following persons, in the following order of priority: first to Agent, then to the Banks, then to Borrower. In addition, a Person owed a Defaulted Amount may exercise all available remedies to collect such Defaulted Amount from the Defaulting Bank.
Defaulting Bank. See Section 14.5(c). Directions. See Section 14.12.
Defaulting Bank. See §14.5(c). Derivatives Contract. Any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement. Not in limitation of the foregoing, the term “Derivatives Contract” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement of similar type, including any such obligations or liabilities under any such master agreement. Derivatives Provider. The Agent, any Lender or any affiliate thereof which is the counterparty under any Derivatives Provider Contract.
Defaulting Bank. See Section 6.12.
Defaulting Bank. Any Bank that has (a)(i) been adjudicated as or determined by any Governmental Authority having regulatory authority over such Bank or its assets to be insolvent or has a parent company that has been adjudicated as or determined by any Governmental Authority having regulatory authority over such Bank or its assets to be insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment, (b) given notice to Agent or Borrower that it will not make, or that it has disaffirmed or repudiated any obligation to issue any Letters of Credit hereunder (unless such notice is given by or on behalf of all Banks), or (c) become and remains a Delinquent Bank under §12.4(c).