Declining Banks definition
Examples of Declining Banks in a sentence
The Borrower will have the right to accept Commitments from any Eligible Assignee that is not a Bank in an aggregate amount up to the aggregate amount of the Commitments of any Declining Banks; provided that any Eligible Assignee proposed to be substituted for a Declining Bank (unless such Eligible Assignee is an affiliate of a Bank) must be approved by the Administrative Agent, the Swingline Lender and the Issuing Banks, such approval, in each case, not to be unreasonably withheld, delayed or conditioned.
The Borrower will have the right to accept Commitments from Persons acceptable to the Administrative Agent in an amount up to the amount of the pre-termination Commitments of any Declining Banks, provided that the Renewing Banks will have the right to increase their Commitments up to the amount of the Declining Banks' Commitments before the Borrower will be permitted to substitute Persons for the Declining Banks.
If the Bank or Banks which are not the Declining Banks desire, they may (on a pro rata basis among the Banks that have elected to continue funding) make the full or partial amount of such requested Revolving Loan or issue or amend the requested Letter of Credit irrespective of the Declining Banks' disapproval (in such case, the Banks that elect to continue funding shall be referred to as the "Approving Banks").
In connection therewith, the Administrative Agent shall enter in the Register (A) the names of any New Banks, (B) the Maturity Date applicable to each Bank and Fronting Bank and (C) the respective allocations of any Declining Banks, Consenting Banks, Extending Banks and New Banks effective as of the Maturity Date applicable thereto.
Except to the extent that a 364 Day Bank that did not give its written approval to such Extension Request (a "Declining Bank") is replaced prior to the 364 Day Termination Date in effect prior to such Extension Request (the "Declining Bank's 364 Day Maturity Date"), as provided in clause (ii) below, the 364 Day Loans and all interest, fees and other amounts owed to such Declining Banks with respect to the 364 Day Facility shall be paid in full on the Declining Bank's 364 Day Maturity Date.
Any such assignment shall be made pursuant to an Assignment and Acceptance between the Declining Bank and each applicable Successor Bank (it being understood that no Declining Bank shall be required to make any such assignment unless all of such Declining Bank's Letters of Credit, L/C Advances, L/C Commitment and other rights and obligations hereunder are being assigned concurrently pursuant to one or more assignments).
On the date of any such assignment, (i) the Successor Bank(s) shall pay to the Declining Bank an amount equal to the principal amount of all of such Declining Bank's outstanding L/C Advances, (ii) the Company shall pay to the Declining Bank an amount equal to all accrued interest, fees and other amounts then owed to such Declining Bank hereunder or in connection herewith, and (iii) the Declining Bank shall cease to be a Bank hereunder.
If a Bank fails to accept or respond to the Agent's request for an increase in its Revolving Facility Amount or Term Facility Amount (a "Declining Bank"), such Declining Bank's share of the increase may be allocated by the Agent to one or more Accepting Banks which, in such Bank's sole and absolute discretion, accepts in writing any such allocation by the Agent.
If the Bank or Banks which are not the Declining Banks desire, they may (on a pro rata basis among the Banks that have elected to continue funding) make the full amount of such requested Revolving Loan or issue or amend the requested Letter of Credit irrespective of the Declining Banks' disapproval (in such case, the Banks that elect to continue funding shall be referred to as the "Approving Banks").
If one or more Banks -------------------------------------------- (the "Declining Banks") do not approve a requested Revolving Loan or the --------------- issuance or amendment of a requested Letter of Credit for reasons other than a Default and the other Bank or Banks do approve such Revolving Loan or the issuance or amendment of such Letter of Credit, the Agent shall notify the Banks.