Common use of Defaulting Lenders; etc Clause in Contracts

Defaulting Lenders; etc. Notwithstanding anything to the contrary contained above, (x) no Lender may become a Participating Specified Foreign Currency Lender at any time it is a Defaulting Lender, and (y) if any Participating Specified Foreign Currency Lender at any time becomes a Defaulting Lender or if the Designated Fronting Bank reasonably determines that the credit quality of any then existing Participating Specified Foreign Currency Lender has suffered a material adverse change, the Designated Fronting Bank shall have the right to, by notice to the affected Lender, (i) terminate such Lender’s status as a Participating Specified Foreign Currency Lender for Revolving Loans, (ii) declare a Specified Foreign Currency Participation Settlement Date to occur with respect to such affected Lender and (iii) require such Participating Specified Foreign Currency Lender to cash collateralize (in the relevant Available Currency) such Lender’s Percentage of outstanding European Borrower Revolving Loans and/or Canadian Revolving Loans as the case may be and if such Lender fails to cash collateralize such Loans, upon two (2) days’ notice require the European Borrower and/or the Canadian Borrowers to cash-collateralize (in the relevant Available Currency) such Lender’s percentage of outstanding European Borrower Revolving Loans and/or Canadian Revolving Loans, as the case may be.

Defaulting Lenders; etc. Notwithstanding anything to the contrary contained above, (x) no Lender may become a Participating Specified Foreign Currency Lender at any time it is a Defaulting Lender, and (y) if any Participating Specified Foreign Currency Lender at any time becomes a Defaulting Lender lender or if the Designated Fronting Bank reasonably determines that the credit quality of any then existing Participating Specified Foreign Currency Lender has suffered a material adverse change, the Designated Fronting Bank shall have the right to, by notice to the affected Lender, (i) terminate such Lender’s status as a Participating Specified Foreign Currency Lender for Revolving Loans, (ii) declare a Specified Foreign Currency Participation Settlement Date to occur with respect to such affected Lender and (iii) require such Participating Specified Foreign Currency Lender to cash collateralize (in the relevant Available Currency) such Lender’s Percentage of outstanding European Borrower Revolving Loans and/or Canadian Revolving Loans as the case may be and if such Lender fails to cash collateralize such Loans, upon two (2) days’ notice require the European Borrower and/or the Canadian Borrowers to cash-collateralize (in the relevant Available Currency) such Lender’s percentage of outstanding European Borrower Revolving Loans and/or Canadian Revolving Loans, as the case may be.

Defaulting Lenders; etc. Notwithstanding anything to the contrary contained above, (x) no Lender may become a Participating Specified Foreign Alternate Currency Lender at any time it is a Defaulting Lender, and (y) if any Participating Specified Foreign Alternate Currency Lender at any time becomes a Defaulting Lender or if the Designated Fronting Bank Alternate Currency Lender reasonably determines that the credit quality of any then existing Participating Specified Foreign Alternate Currency Lender has suffered a material adverse change, the Designated Fronting Bank Alternate Currency Lender shall have the right to, by notice to the affected Lender, (i) terminate such Lender’s status as a Participating Specified Foreign Alternate Currency Lender for Revolving Loans, (ii) declare a Specified Foreign Alternate Currency Participation Settlement Date to occur with respect to such affected Lender and (iii) require such Participating Specified Foreign Alternate Currency Lender to cash collateralize (in the relevant Available Alternate Currency) such Lender’s Applicable Percentage of outstanding European Borrower Revolving Alternate Loans and/or Canadian Revolving Loans as the case may be and if such Lender fails to cash collateralize such Loans, upon two (2) days’ notice require the European Borrower and/or the Canadian Borrowers to cash-collateralize (in the relevant Available Alternate Currency) such Lender’s percentage Applicable Percentage of outstanding European Borrower Revolving Loans and/or Canadian Revolving Alternate Currency Loans, as the case may be.