Elevation Triggers Clause Samples

Elevation Triggers. If any payment of principal or interest for a Loan is not paid by the applicable Borrower on the due date thereof, Seller shall promptly, and in all events within five Business Days after such due date (to the extent such amount remains uncured) advise Participant of the information it has regarding such non-payment and of the actions Seller plans to take with respect thereto. In the event that, with respect to a Loan: (i) if none of Bank of Montreal or any of its Affiliates is a Lender under the BMO Credit Agreement; (ii) if Bank of Montreal or any of its Affiliates then engaged as Servicer resigns or ceases to be the Servicer (as defined in and under the Sourcing and Servicing Agreement) or the Sourcing and Servicing Agreement is terminated pursuant to Section 6.01(b)(y) thereof; (iii) if Seller ceases to be a lender under all other loans advanced to, or letters of credit issued to, the same Borrower as such Loan and under the same Credit Documentation as such Loan; (iv) if Seller becomes subject to a Bankruptcy Event; or (v) upon the request of Seller at any time, then, for so long as the Administrative Agent (as defined in and under the BMO Credit Agreement) has not declared all amounts owing by Participant under the BMO Credit Agreement are immediately due and payable and such declaration has not been rescinded (provided that this condition shall not apply with respect to the events in clause (iv)and (v) above), each party agrees to use commercially reasonable efforts and to take such actions as are necessary (including granting or obtaining all applicable consents, acknowledgements and/or notices (if any) required by the related Credit Documentation), as soon as reasonably practicable, to cause Participant to become a Lender under the applicable Loan Agreement with respect to all or any part of the Transferred Rights relating to such Participation Interest (an “Elevation”; and the date on which Participant becomes a Lender under the applicable Loan Agreement, the “Elevation Date”), in each case, to the extent permitted under (and subject to) the terms and conditions of the related Credit Documentation and any applicable law or regulation and subject to receipt or delivery of all necessary consents, acknowledgments and/or notices with respect thereto. Notwithstanding anything in the foregoing to the contrary, (x) if an Elevation would contravene any law, rule, order or regulation applicable to either party, the other party may not request such Elevati...