Examples of Defaulting Bank in a sentence
Subject to the appointment and acceptance of a successor Administrative Agent as provided below, the Administrative Agent may resign at any time by giving notice thereof to the Banks and the Borrower and the Administrative Agent may be removed at any time by the Required Banks if the Person serving as Administrative Agent is a Defaulting Bank pursuant to clause (d) of the definition thereof.
Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank shall be deemed paid to and redirected by such Defaulting Bank, and each Bank irrevocably consents hereto.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Bank hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Bank for all purposes of this Agreement until such compliance occurs.
The Ticking Fee shall cease to accrue on the Commitment of such Defaulting Bank and no Extension Fee (other than any Extension Fee previously earned by such Defaulting Lender) shall be earned, or be due and payable, on the Commitment of such Defaulting Lender.