Examples of Defaulting Borrower in a sentence
Except as expressly stated herein, neither the execution of this Amendment nor the failure of any Bank to exercise any right or remedy constitutes a waiver of any Default or Event of Default with respect to the Defaulting Borrower or any other Borrower or of such right or remedy or any other right or remedy under the Credit Agreement or the other Loan Documents.
USAID reserves the right to request further documentation or clarification of any claim submitted prior to approving a claim for payment, including, but not limited to evidence of other loans to the same Defaulting Borrower which are in default and not covered under this Agreement and evidence of the collection and recovery efforts undertaken by the Guaranteed Party pursuant to Section 5.01 (a) and (b).
The Guaranteeing Borrower waives all rights of subrogation against the Defaulting Borrower or any other Borrower, for the express purpose that the Guaranteeing Borrower shall not be deemed a “creditor” of the Defaulting Borrower or any other Borrower under applicable bankruptcy law with respect to the Defaulting Borrower’s or any other Borrower’s obligations to the Lender.
The Guaranteeing Borrower waives any right to require the Lender to: (i) proceed against the Defaulting Borrower or any other guarantor, (ii) proceed against any collateral, (iii) pursue any other remedy in the Lender’s power whatsoever, or (iv) notify the Guaranteeing Borrower of any default by the Defaulting Borrower in the payment of any amounts due under the Loan Documents or in the performance of any agreement of the Defaulting Borrower under the Loan Documents.
The Guaranteed Party shall continue to diligently pursue all Reasonable Collection Efforts (at its own cost) against the Defaulting Borrower for so long as commercially reasonable and in accordance with such Guaranteed Party’s standard collections procedures and policies.