Common use of Non-Funding Lender Clause in Contracts

Non-Funding Lender. The failure of any Lender to make any Advance (the “Non-Funding Lender”) on the date specified therefor shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make such Advance, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make an Advance or make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” for any voting or consent rights under or with respect to any Loan Document. At Borrower’s request, Agent or a Person acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion (but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such Person, all of the rights of that Non-Funding Lender to make Advances hereunder for an amount equal to the principal balance of all Loans held by such Non-Funding Lender and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Lender Addition Agreement.

Appears in 4 contracts

Samples: Loan and Security Agreement, Loan and Security Agreement (Bluegreen Vacations Corp), Loan and Security Agreement (Enova International, Inc.)

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Non-Funding Lender. The failure of any Lender to make any an Advance (the “Non-Funding Lender”) on the date specified therefor therefore shall not relieve any other Lender (each such other Lender, an “Other Lender”) of its obligations to make such Advance, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make an Advance or make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” for any voting or consent rights under or with respect to any Loan Document. At Borrower’s request, Agent or a Person acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole reasonable discretion (but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such Person, all of the rights Commitments of that Non-Funding Lender to make Advances hereunder for an amount equal to the principal balance of all Loans portions of the Loan held by such Non-Funding Lender and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Lender Addition Assignment Agreement.

Appears in 1 contract

Samples: Master Loan and Security Agreement (iDNA, Inc.)

Non-Funding Lender. The failure of any funding Lender to make any Advance Loan (the “Non-Funding Lender”) on the date specified therefor shall not relieve any other Lender Bank Branch (each such other Lender, an “Other Lender”) of its obligations opportunity to make such AdvanceLoan, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make an Advance a Loan or make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” for any voting or consent rights under or with respect to any Loan Document. At Borrower’s request, Agent or a Person acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion (but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such Person, all of the rights of that Non-Funding Lender to make Revolving Advances hereunder for an amount equal to the principal balance of all Loans held by such Non-Funding Lender and each other Lender in such Non-Funding Lender’s Lender Group and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Lender Addition Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (RumbleOn, Inc.)

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Non-Funding Lender. The failure of any Committed Lender to make any Advance Loan (the “Non-Funding Lender”) on the date specified therefor shall not relieve any other Committed Lender (each such other Lender, an “Other Lender”) of its obligations opportunity to make such AdvanceLoan, but neither any Other Lender nor Agent shall be responsible for the failure of any Non-Funding Lender to make an Advance a Loan or make any other payment required hereunder. Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” for any voting or consent rights under or with respect to any Loan Document. At Borrower’s request, Agent or a Person acceptable to Agent shall have the right with Agent’s consent and in Agent’s sole discretion (but shall have no obligation) to purchase from any Non-Funding Lender, and each Non-Funding Lender agrees that it shall, at Agent’s request, sell and assign to Agent or such Person, all of the rights of that Non-Funding Lender to make Revolving Advances hereunder for an amount equal to the principal balance of all Loans held by such Non-Funding Lender and each other Lender in such Non-Funding Lender’s Lender Group and all accrued interest and fees with respect thereto through the date of sale, such purchase and sale to be consummated pursuant to an executed Lender Addition Agreement. For the avoidance of doubt, any Committed Lender who fails to make any Revolving Advances after the Commitment Expiration Event shall not be considered a Non-Funding Lender.

Appears in 1 contract

Samples: Loan and Security Agreement (Enova International, Inc.)

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