Common use of Lender’s Right of Substitution Clause in Contracts

Lender’s Right of Substitution. 19.4.1. Where a Default Notice has been served on the Customer, an agent or trustee for and on behalf of a Lender (“Security Trustee”) or a receiver appointed by the Security Trustee (“Receiver”) shall upon notice to the Transmitter be entitled (but not obligated) to exercise all of the rights and obligations of the Customer under this Agreement and shall be entitled to remedy the Event of Default specified in the Default Notice within the applicable Cure Period. The Transmitter shall accept performance of the Customer’s obligations under this Agreement by the Security Trustee or Receiver in lieu of the Customer’s performance of such obligations, and will not exercise any right to terminate this Agreement under section 19.3.1 due to an Event of Default if the Security Trustee, its nominee or transferee, or the Receiver acknowledges its intention to be bound by the terms of this Agreement and such acknowledgment is received within 30 days of the date of receipt by the Customer of the Default Notice.

Lender’s Right of Substitution. 19.4.1. Where a Default Notice has been served on the Customer, an agent or trustee for and on behalf of a Lender (“Security Trustee”ASecurity Trustee@) or a receiver appointed by the Security Trustee (“Receiver”AReceiver@) shall upon notice to the Transmitter be entitled (but not obligated) to exercise all of the rights and obligations of the Customer under this Agreement and shall be entitled to remedy the Event of Default specified in the Default Notice within the applicable Cure Period. The Transmitter shall accept performance of the Customer’s =s obligations under this Agreement by the Security Trustee or Receiver in lieu of the Customer’s =s performance of such obligations, and will not exercise any right to terminate this Agreement under section 19.3.1 due to an Event of Default if the Security Trustee, its nominee or transferee, or the Receiver acknowledges its intention to be bound by the terms of this Agreement and such acknowledgment is received within 30 days of the date of receipt by the Customer of the Default Notice.