Common use of Defaulting Bank Provisions Clause in Contracts

Defaulting Bank Provisions. Anything herein to the contrary notwithstanding, if at any time the Required Banks determine that the Person serving as Agent is (without taking into account any provision in the definition of “Defaulting Bank” requiring notice from the Agent or any other party) a Defaulting Bank pursuant to clause (iv) of the definition thereof, the Required Banks (determined after giving effect to Section 8.01) may by notice to the Borrower and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a replacement Agent hereunder. Such removal will, to the fullest extent permitted by applicable law, be effective on the earlier of (a) the date a replacement Agent is appointed and (b) the date 30 days after the giving of such notice by the Required Banks (regardless of whether a replacement Agent has been appointed).

Defaulting Bank Provisions. Anything herein to the contrary notwithstanding, if at any time the Required Banks determine that the Person serving as Agent is (without taking into account any provision in the definition of “"Defaulting Bank” " requiring notice from the Agent or any other party) a Defaulting Bank pursuant to clause (iv) of the definition thereof, the Required Banks (determined after giving effect to Section 8.01) may by notice to the Borrower and such Person remove such Person as Agent and, in consultation with the Borrower, appoint a replacement Agent hereunder. Such removal will, to the fullest extent permitted by applicable law, be effective on the earlier of (ai) the date a replacement Agent is appointed and (bii) the date 30 days after the giving of such notice by the Required Banks (regardless of whether a replacement Agent has been appointed).