Defaulting Revolving Lender definition

Defaulting Revolving Lender has the meaning set forth in Section 2.22.

Defaulting Revolving Lender means any Defaulting Lender that is a Revolving Lender.

Defaulting Revolving Lender means (subject to Section 2.29) any Revolving Credit Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) fund any portion of its participations in Letters of Credit or pay over any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Revolving Credit Lender notifies the Revolving Administrative Agent in writing that such failure is the result of such Revolving Credit Lender’s good faith determination that a condition precedent to funding (specifically identified in such writing, including, if applicable, by reference to a specific Default) has not been satisfied, (b) has notified any Loan Party, the Revolving Administrative Agent or a Fronting Bank in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Revolving Credit Lender’s good faith determination that a condition precedent to funding (specifically identified in such writing, including, if applicable, by reference to a specific Default) cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Loan Party or the Revolving Administrative Agent to provide a certification in writing from an authorized officer of such Revolving Credit Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit; provided that such Revolving Credit Lender shall cease to be a Defaulting Revolving Lender pursuant to this clause (c) upon such Loan Party’s and the Revolving Administrative Agent’s receipt of such certification in form and substance satisfactory to each of them or (d) has, or has a direct or indirect parent company that has, become the subject of a Bankruptcy Event. Any determination by the Revolving Administrative Agent that a Revolving Credit Lender is a Defaulting Revolving Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Revolving Credit Lender shall be deemed to be a Defaulting Revolving Lender (subject to Section 2.29) upon delivery of written notice of such determination to the Borrower, the Fronting Banks and each other Lender.

Examples of Defaulting Revolving Lender in a sentence

• Until a Defaulting Revolving Lender cures its failure to fund its Pro Rata Share of any Borrowing (A) such Defaulting Revolving Lender shall not be entitled to any portion of the Unused Line Fee and (B) the Unused Line Fee shall accrue in favor of the Lenders which have funded their respective Pro Rata Shares of such requested Borrowing and shall be allocated among such performing Lenders ratably based upon their relative Commitments.

• In its discretion, the Revolving Agent may loan the Borrowers the amount of all such payments received or retained by it for the account of such Defaulting Revolving Lender.

• The failure of any Revolving Lender to make any Revolving Loan on any Funding Date (any such Revolving Lender, prior to the cure of such failure, being referred to herein as a "Defaulting Revolving Lender") shall not relieve any other Revolving Lender of its obligation hereunder to make a Revolving Loan on such Funding Date.

• The Collateral Agent shall not be obligated to transfer to a Defaulting Revolving Lender any payments made by the Borrowers to the Collateral Agent for the Defaulting Revolving Lender's benefit, nor shall a Defaulting Revolving Lender be entitled to the sharing of any payments hereunder.

• Nothing herein shall be deemed to relieve any Revolving Lender of its obligation to fulfill its commitments hereunder or to prejudice any rights which the Borrowers may have against any Revolving Lender as a result of any default by such Revolving Lender hereunder, including, without limitation, the right of the Borrowers to seek reimbursement from any Defaulting Revolving Lender for any amounts paid by the Borrowers under CLAUSE (Y) above on account of such Defaulting Revolving Lender's default.

More Definitions of Defaulting Revolving Lender

Defaulting Revolving Lender as defined in Section 2.26.

Defaulting Revolving Lender see Section 2.6.

Defaulting Revolving Lender has the meaning specified in Section 13.15(c).

Defaulting Revolving Lender has the meaning set forth in SECTION 2.6.

Defaulting Revolving Lender has the meaning assigned thereto in Section 2.6.

Defaulting Revolving Lender has the meaning set forth in Section 2.22. | ||

Defaulting Revolving Lender means, at any time, any Revolving Lender (the "subject Revolving Lender") that (a) has failed to make a Revolving Loan or purchase a Participation Interest required pursuant to the terms of this Agreement within one Business Day of when due, (b) other than as set forth in clause (a) preceding, has failed to pay to the Revolving Agent or any other Revolving Lender an amount owed by the subject Revolving Lender pursuant to the terms of this Agreement within one Business Day of when due, unless such amount is subject to a good faith dispute or discount, or (c) has been deemed insolvent or has become subject to a bankruptcy or insolvency proceeding or with respect to which (or with respect to any of the assets of which) a receiver, trustee, or similar official has been appointed.