Non-Defaulting Lender Clause Samples
The Non-Defaulting Lender clause defines the rights and obligations of lenders who have not breached their commitments under a loan agreement. In practice, this clause distinguishes between lenders who are in compliance and those who are in default, often granting the non-defaulting lenders the ability to take certain actions, such as advancing funds or making decisions, without the participation of defaulting lenders. Its core function is to ensure the smooth continuation of the lending arrangement by empowering compliant lenders to act, thereby minimizing disruption caused by any lender's default.
Non-Defaulting Lender. At any time, any Lender that is not a Defaulting Lender at such time.
Non-Defaulting Lender. Notwithstanding the foregoing, the occurrence of any Lender becoming a Defaulting Lender shall not relieve any other Lender of its obligations to make such Loan or payment on any date required under this Agreement and no other Lender shall be responsible for the failure of any Defaulting Lender to make any Loan or payment required under this Agreement.