Common use of Lender Default Clause in Contracts

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (a “Lender Default”), then, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party at law or in equity, such Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be suspended. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender’s Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Alternate Lender (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (becomes a “Lender Default”)Defaulting Lender, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or any Borrower Party the Borrowers at law or in equity, such Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Credit and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender’s Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Alternate Lender (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) at par such Defaulting Lender’s Lender Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (a “Lender Default”"LENDER DEFAULT"), then, in addition to the rights and remedies that may be available to Administrative AgentAgents, Lenders, or any Borrower Party at law or in equity, such Lender’s 's right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender’s 's Commitment, including its Pro Rata Share in the Obligations Obligation under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Lender’s 's interests, then the other Agents and each Lender that is not in Default (a Defaulting Alternate Lender (each, a “Current Party”"CURRENT PARTY") shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s 's Commitment, including its Pro Rata Share in the outstanding Obligations Obligation under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, become a Defaulting Lender and such Lender shall not have cured such failure or refusal situation within five (5) Business Days of its occurrence (a “Lender Default”)occurrence, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or any Borrower Party the Borrowers at law or in equity, such LenderXxxxxx’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Credit and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such LenderXxxxxx’s Commitment, including its Pro Rata Share of Commitments in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such LenderXxxxxx’s interests, then each Lender that is not a Defaulting Alternate Lender (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Defaulting Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations of Outstandings under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (becomes a “Lender Default”)Defaulting Lender, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or any Borrower Party the Borrowers at law or in equity, such Defaulting Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Credit and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such LenderXxxxxx’s Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Alternate Lender (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) at par such Defaulting Lender’s Lender Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (a “”Lender Default”), then, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party at law or in equity, such Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender’s Commitment, including its Pro Rata Share in the Obligations Obligation under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Alternate Lender in Default (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations Obligation under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (becomes a “Lender Default”)Defaulting Lender, then, during the period in which it remains a Defaulting Lender, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party at law or in equity, such Lender’s right to receive an Unused Commitment Fee under Section 2.14(b) (and Borrower’s obligation to pay such Unused Commitment Fee with respect to such Defaulting Lender’s Commitment), to vote on matters related to this Credit Agreement, to receive payments of principal on the Loans until payment of the Principal Obligations held by all other Lenders have been paid and to participate in the administration of the Loans, the Letters of Credit, Loans and this Credit Agreement, shall be suspended. suspended and Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Defaulting Lender’s Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Defaulting Lender’s interests, then each Lender that is not a Defaulting Alternate Lender in default (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations become a Defaulting Lender hereunder, and such Defaulting Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (a “Lender Default”)occurrence, then, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party at law or in equity, such Defaulting Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Loans and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal, except with respect to clause (a)(i) of Section 9.1 hereof. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Defaulting Lender’s Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Defaulting Lender’s interests, then each Lender that is not a Defaulting Alternate Lender in Default (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Defaulting Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (becomes a “Lender Default”)Defaulting Lender, then, during the period in which it remains a Defaulting Lender, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party at law or in equity, such Lender’s right to receive an Unused Commitment Fee under Section 2.13(b), to vote on matters related to this Credit Agreement, to receive payments of principal on the Loans until payment of the Principal Outstandings held by all other Lenders have been paid and to participate in the administration of the Loans, the Letters of Credit, Loans and this Credit Agreement, shall be suspended. suspended and Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Defaulting Lender’s Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Defaulting Lender’s interests, then each Lender that is not a Defaulting Alternate Lender in default (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, become a Defaulting Lender and such Lender shall not have cured such failure or refusal situation within five (5) Business Days of its occurrence (a “Lender Default”)occurrence, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or any Borrower Party the Borrowers at law or in equity, such LenderXxxxxx’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Credit and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such LenderXxxxxx’s Commitment, including its Pro Rata Share of Commitments in the Obligations USActive 58236919.3 under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such LenderXxxxxx’s interests, then each Lender that is not a Defaulting Alternate Lender (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Defaulting Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations of Outstandings under this Credit Agreement.

Lender Default. If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure or refusal within five (5) Business Days of its occurrence (a “Lender Default”), then, in addition to the rights and remedies that may be available to Administrative Agent, Lenders, or any Borrower Party Borrowers at law or in equity, such Lender’s right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, Credit and this Credit Agreement, shall be suspendedsuspended during the pendency of such failure or refusal. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire acquire, or to arrange to have such other Eligible Assignee to acquire, at par all of such Lender’s Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Lender’s interests, then each Lender that is not a Defaulting Alternate Lender in Default (each, a “Current Party”) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender’s Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.