Defaulting Financial Institution has the meaning set forth in Section 13.5.
Defaulting Financial Institution means any Financial Institution that (a) has failed to (i) perform its obligation to fund any portion of its Incremental Purchases or LC Participation Advances or (ii) pay over to the Agent or any Purchaser any other amount within two Business Days of the date required to be funded or paid by it hereunder, unless, in the case of clause (i) above, such Financial Institution notifies the Agent and the Seller in writing that such failure is the result of such Financial Institution’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Seller, the Agent or any Purchaser in writing, or has made a public statement to the effect, that it does not intend to comply with any of its funding obligations under this Agreement or any other Transaction Document or generally under other agreements in which it commits or extends credit (unless such writing or public statement relates to such Financial Institution’s obligation to fund any portion of its Incremental Purchases or LC Participation Advances and states that such position is based on such Financial Institution’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied), (c) has failed, within three Business Days after written request by the Agent or the Seller, to confirm in writing in a manner satisfactory to the Agent and the Seller, that it will comply with the terms of this Agreement and the other Transaction Documents relating to its obligations to fund prospective Incremental Purchases and LC Participation Advances under this Agreement (provided that such Financial Institution shall cease to be a Defaulting Financial Institution pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Seller), (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy or insolvency proceeding or the subject of a Bail-In Action or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such capacity; provided that, for the avoidance of doubt, a ...
Defaulting Financial Institution. Jupiter Residual", "Jupiter Transfer Price", "Jupiter Transfer Price Deficit", "Jupiter Transfer Price Reduction", "Non-Defaulting Financial Institution" and "Reduction Percentage" in Exhibit I to the Purchase Agreement are deleted in their entirety.
Examples of Defaulting Financial Institution in a sentence
The Agent shall apply funds deposited into the Defaulting Financial Institution Account to satisfy a Defaulting Financial Institution’s obligation to fund its portion of an LC Participation Advance required to be made by such Defaulting Financial Institution.
More Definitions of Defaulting Financial Institution
Defaulting Financial Institution has the meaning set forth
Defaulting Financial Institution means any bank, thrift or financial institution with which a Lender has a contractual right to cause such institution to fund a Loan on behalf of such Lender and that has (a) failed to comply with instructions from a Lender to fund a Loan, unless due to a good faith dispute with the applicable Lender or (b) (i) become or is insolvent or (ii) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment.
Defaulting Financial Institution has the meaning specified in Section 8.5.
Defaulting Financial Institution and "Section 1.2 Non-Defaulting Financial Institution" have the meanings set forth in Section 1.2.
Defaulting Financial Institution have the meanings set forth in Section 1.2.
Defaulting Financial Institution has the meaning set forth in SECTION 13.5.
Defaulting Financial Institution. Falcon Residual", "Falcon Transfer Price", "Falcon Transfer Price Deficit", "Falcon Transfer Price Reduction", "Non-Defaulting Financial Institution", "Reduction Percentage" and "Unconditional Liquidity Provider" in Exhibit I to the Purchase Agreement are deleted in their entirety.