Nature of Obligations; Defaulting Purchasers Sample Clauses

Nature of Obligations; Defaulting Purchasers. Each Committed Purchaser’s and related LC Participant’s obligations hereunder shall be several, such that the failure of any Committed Purchaser or related LC Participant to make a payment in connection with any Investment or drawing under a Letter of Credit hereunder, as the case may be, shall not relieve any other Committed Purchaser or related LC Participant of its obligation hereunder to make payment for any such Investment or drawing. Further, in the event any Committed Purchaser or related LC Participant fails to satisfy its obligation to make an Investment or payment with respect to such drawing as required hereunder, upon receipt of notice of such failure from the Administrator (or any relevant Purchaser Agent), subject to the limitations set forth herein, the non-defaulting Committed Purchasers or related LC Participants in such defaulting Committed Purchaser’s or related LC Participant’s Purchaser Group shall fund the defaulting Committed Purchaser’s or related LC Participant’s Commitment Percentage of the related Investment or drawing pro rata in proportion to their relative Commitment Percentages (determined without regard to the Commitment Percentage of the defaulting Committed Purchaser or related LC Participant; it being understood that a defaulting Committed Purchaser’s or related LC Participant’s Commitment Percentage of any such Investment or drawing shall be first funded by the Committed Purchasers or related LC Participants in such defaulting Committed Purchaser’s or related LC Participant’s Purchaser Group and thereafter if there are no other Committed Purchasers or related LC Participants in such Purchaser Group or if such other Committed Purchasers or related LC Participants are also defaulting Committed Purchasers or related LC Participants, then such defaulting Committed Purchaser’s or related LC Participant’s Commitment Percentage of such Investment or drawing shall be funded by each other Purchaser Group ratably and applied in accordance with this Section 1.4(h)). Notwithstanding the foregoing and for the avoidance of doubt, each Committed Purchaser’s and LC Participant’s obligation to fund any such Investment or drawing pursuant to this Section 1.4(h) shall be subject in all respects to the limitations set forth in the proviso to Section 1.1(a).
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Nature of Obligations; Defaulting Purchasers. Each Purchaser’s obligations hereunder shall be several, such that the failure of any Committed Purchaser (or, as applicable, its Funding Group) to make a payment in connection with any Investment (each such Committed Purchaser, a “Defaulting Purchaser”) shall not relieve any other Committed Purchaser of its obligation hereunder to make payment for any such Investment. Notwithstanding anything in this Section 1.4(f) to the contrary, no Purchaser shall be required to make any Investment for an amount which would cause the aggregate Capital of such Purchaser (after giving effect to such Investment) to exceed (i) in the case of Xxxxx, its Commitment, and (ii) in the case of a Funding Group, the relevant Committed Purchaser’s Commitment. At any time while a Committed Purchaser is a Defaulting Purchaser, such Defaulting Purchaser and, if applicable, its Funding Group, shall forfeit the right to vote on amendments and waivers to the Transaction Documents, or to receive any unused fees described in paragraph (b) of the Fee Letter.
Sample 1
Nature of Obligations; Defaulting Purchasers. Each Purchaser’s obligations hereunder shall be several, such that the failure of any Committed Purchaser (or, as applicable, its Funding Group) to make a payment in connection with any Investment (each such Committed Purchaser, a “Defaulting Purchaser”) shall not relieve any other Committed Purchaser of its obligation hereunder to make payment for any such Investment or drawing. Notwithstanding anything in this Section 1.4(f) to the contrary, no Purchaser shall be required to make any Investment or payment with respect to such drawing pursuant to this Section 1.4(f) for an amount which would cause the aggregate Capital of such Purchaser (after giving effect to such Investment) to exceed (i) in the case of Xxxxx, its Commitment, and (ii) in the case of the Liberty Street Funding Group, Scotiabank’s Commitment.a Funding Group, the relevant Committed Purchaser’s Commitment. At any time while a Committed Purchaser is a Defaulting Purchaser, such Defaulting Purchaser and, if applicable, its Funding Group, shall forfeit the right to vote on amendments and waivers to the Transaction Documents, or to receive any unused fees described in paragraph (b) of the Fee Letter.
Sample 1
Nature of Obligations; Defaulting Purchasers. Each Purchaser’s obligations hereunder shall be several, such that the failure of any Purchaser to make a payment in connection with any Investment (each such Purchaser, a “Defaulting Purchaser”) shall not relieve any other Purchaser of its obligation hereunder to make payment for any such Investment. Notwithstanding anything in this Section 1.13 to the contrary, no Purchaser shall be required to make any Investment for an amount which would cause the aggregate Capital of such Purchaser (after giving effect to such Investment) to exceed such Purchaser’s Commitment. At any time while a Purchaser is a Defaulting Purchaser, such Defaulting Purchaser shall forfeit the right to vote on amendments and waivers to the Transaction Documents, or to receive any fees described in the Fee Letter.
Sample 1
Nature of Obligations; Defaulting Purchasers. Each Purchaser’s obligations hereunder shall be several, such that the failure of any other Purchaser to make a payment in connection with any Investment shall not relieve any other Purchaser of its obligation hereunder to make payment for any such Investment or drawing. Notwithstanding anything in this Section 1.4(g) to the contrary, no Purchaser shall be required to make any Investment or payment with respect to such drawing pursuant to this Section 1.4(g) for an amount which would cause the aggregate Capital of such Purchaser (after giving effect to such Investment) to exceed its Commitment.
Sample 1
Nature of Obligations; Defaulting Purchasers. Each Purchaser’s obligations hereunder shall be several, such that the failure of any otherCommitted Purchaser to make a payment in connection with any Investment shall not relieve any other Committed Purchaser of its obligation hereunder to make payment for any such Investment or drawing. Notwithstanding anything in this Section 1.4(gf) to the contrary, no Purchaser shall be required to make any Investment or payment with respect to such drawing pursuant to this Section 1.4(gf) for an amount which would cause the aggregate Capital of such Purchaser (after giving effect to such Investment) to exceed its(i) in the case of Xxxxx, its Commitment, and (ii) in the case of the Liberty Street Funding Group, Scotiabank’s Commitment.
Sample 1

Related to Nature of Obligations; Defaulting Purchasers

  • Nature of Obligations of Lenders Regarding Extensions of Credit The obligations of the Lenders under this Agreement to make the Loans and issue or participate in Letters of Credit are several and are not joint or joint and several. The failure of any Lender to make available its Commitment Percentage of any Loan requested by the Borrower shall not relieve it or any other Lender of its obligation, if any, hereunder to make its Commitment Percentage of such Loan available on the borrowing date, but no Lender shall be responsible for the failure of any other Lender to make its Commitment Percentage of such Loan available on the borrowing date.

  • Purchase of Defaulting Lender’s Commitment During any period that a Lender is a Defaulting Lender, the Borrower may, by the Borrower giving written notice thereof to the Administrative Agent, such Defaulting Lender and the other Lenders, demand that such Defaulting Lender assign its Commitment and Loans to an Eligible Assignee subject to and in accordance with the provisions of Section 13.6(b). No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. In addition, any Lender who is not a Defaulting Lender may, but shall not be obligated to, in its sole discretion, acquire the face amount of all or a portion of such Defaulting Lender’s Commitment and Loans via an assignment subject to and in accordance with the provisions of Section 13.6(b). In connection with any such assignment, such Defaulting Lender shall promptly execute all documents reasonably requested to effect such assignment, including an appropriate Assignment and Assumption and, notwithstanding Section 13.6(b), shall pay to the Administrative Agent an assignment fee in the amount of $7,500. The exercise by the Borrower of its rights under this Section shall be at the Borrower’s sole cost and expense and at no cost or expense to the Administrative Agent or any of the Lenders.

  • Replacement of a Defaulting Lender (a) The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving five Business Days’ prior written notice to the Facility Agent and such Lender:

  • Lenders’ Obligations Several; Independent Nature of Lenders’ Rights The obligation of each Lender hereunder is several and not joint and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder. In the event that any Lender at any time should fail to make a Loan as herein provided, the Lenders, or any of them, at their sole option, may make the Loan that was to have been made by the Lender so failing to make such Loan. Nothing contained in any Loan Document and no action taken by Agent or any Lender pursuant hereto or thereto shall be deemed to constitute Lenders to be a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt.

  • Condition to the Obligations of the Parties The obligations of all of the parties to consummate the Closing are subject to the satisfaction of all the following conditions:

  • Credit Agreement Covenants Each Guarantor shall observe, perform and comply with all covenants applicable to such Guarantor set forth in Articles VI and VII of the Credit Agreement, which by their terms the Borrowers are required to cause such Guarantor to observe, perform and comply with, as if such covenants were set forth in full herein.

  • Indemnification; Nature of Lenders’ Duties (i) In addition to amounts payable as elsewhere provided in the Agreement, Borrower hereby agrees to pay and to protect, indemnify, and save harmless Agent and each Lender from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys' fees and allocated costs of internal counsel) that Agent or any Lender may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or guaranty thereof, or (B) the failure of Agent or any Lender seeking indemnification or of any L/C Issuer to honor a demand for payment under any Letter of Credit or guaranty thereof as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority, in each case other than to the extent solely as a result of the gross negligence or willful misconduct of Agent or such Lender (as finally determined by a court of competent jurisdiction).

  • Indemnification; Nature of Issuing Lender’s Duties (a) In addition to its other obligations under Section 2.3, the Credit Parties hereby agree to protect, indemnify, pay and save the Issuing Lender and each Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Lender or such Lender may incur or be subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit or (ii) the failure of the Issuing Lender to honor a drawing under a Letter of Credit as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called “Government Acts”).

  • Nature of Lenders’ Obligations The obligations of the Lenders hereunder are several and not joint or joint and several. Nothing contained in this Agreement or any other Loan Document and no action taken by the Administrative Agent or the Lenders or any of them pursuant hereto or thereto may, or may be deemed to, make the Lenders a partnership, an association, a joint venture or other entity, either among themselves or with Borrower or any Subsidiary or Affiliate of Borrower. A default by any Lender will not increase the Commitment of any other Lender or the Pro Rata Share of the Revolving Facility attributable to any other Lender. Any Lender not in default may, if it desires, assume (in such proportion as the nondefaulting Lenders agree) the obligations of any Lender in default, but no Lender is obligated to do so.

  • Actions in Respect of the Letters of Credit upon Default If any Event of Default described in Section 6.01(f) with respect to the Borrower shall have occurred and be continuing or the Borrowings shall have otherwise been accelerated or the Commitments terminated pursuant to Section 6.01, then the Administrative Agent may, or shall at the request of the Required Lenders, make demand upon the Borrower to, and forthwith upon such demand (or, in the case of an Event of Default under Section 6.01(f) with respect to the Borrower, automatically without demand) the Borrower will, deposit in an account designated in such demand (the “LC Collateral Account”) with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders and LC Issuing Banks, in same day funds, an amount equal to 103% of the aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date. If at any time the Administrative Agent determines that any funds held in the LC Collateral Account are subject to any right or claim of any Person other than the Administrative Agent, the Lenders and the LC Issuing Banks or that the total amount of such funds is less than 103% of the aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited and held in the LC Collateral Account, an amount equal to the excess of (i) 103% of such aggregate undrawn stated amounts of all Letters of Credit that are outstanding on such date over (ii) the total amount of funds, if any, then held in the LC Collateral Account that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit in the LC Collateral Account, such funds shall be applied to reimburse the relevant LC Issuing Bank or Lender holding a participation in the reimbursement obligation of the Borrower to such LC Issuing Bank to the extent permitted by Applicable Law.

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