Common use of Qualifying Lenders Clause in Contracts

Qualifying Lenders. Each Lender (including for the avoidance of doubt, any New Lender) either: (a) warrants to the Borrower, on the date it becomes a Lender, that it is a Qualifying Lender and shall notify promptly the Borrower and the Agent upon becoming aware that it has ceased to be a Qualifying Lender; or (b) if it is not able to make the warranty in paragraph (a) above, acknowledges that it will not benefit from Clause 15.2 (Tax gross-up) to the extent that the Borrower would not be obliged to make increased payments to it pursuant to that Clause if such Lender was a Qualifying Lender.

Qualifying Lenders. Each Lender (including for the avoidance of doubt, any New Lender) either: (a) warrants to the Borrower, on the date it becomes a Lender, that it is a Qualifying Lender and shall notify promptly the Borrower and the Agent upon becoming aware that it has ceased to be a Qualifying Lender; or (b) if it is not able to make the warranty in paragraph (a) above, acknowledges that it will not benefit from Clause 15.2 13.2 (Tax gross-up) to the extent that the Borrower would not be obliged to make increased payments to it pursuant to that Clause if such Lender was had been a Qualifying Lender on the date it became a Lender.