Common use of Defaulting Bank Clause in Contracts

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. Notwithstanding anything stated to the contrary in this Agreement: (a) The Company Borrower 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 Borrower is informed by the Agent that such Bank has become a Defaulting Bank. If the Company Borrower terminates the Commitment of a Defaulting Bank, repayment of any Loans due the Defaulting Bank shall be made by the Company Borrower 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, 4.1 and 4.2 and 4.3 hereof shall not be payable by Company Borrower 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.