Common use of Defaulting Bank Cure Clause in Contracts

Defaulting Bank Cure. If the Company, the Administrative Agent and the Applicable Tranche Swingline Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Percentages (without giving effect to Section 2.11(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 10 contracts

Samples: Credit Agreement (Cme Group Inc.), Credit Agreement (Cme Group Inc.), Credit Agreement (Cme Group Inc.)

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Defaulting Bank Cure. If the CompanyBorrowers, the Administrative Agent and the Applicable Tranche Swingline Swing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Credit Loans and funded and unfunded participations in Applicable Tranche Swingline Swing Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Commitment Percentages (without giving effect to Section 2.11(a)(iv2.13.1(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrowers while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 4 contracts

Samples: Credit Agreement (Alliancebernstein L.P.), Credit Agreement (Alliancebernstein Holding L.P.), Revolving Credit Agreement (Alliancebernstein L.P.)

Defaulting Bank Cure. If the Company, the Administrative Agent and the Applicable Tranche Swingline Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Percentages (without giving effect to Section 2.11(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 3 contracts

Samples: Credit Agreement (Cme Group Inc.), Credit Agreement (Cme Group Inc.), Credit Agreement (Cme Group Inc.)

Defaulting Bank Cure. If the CompanyBorrower Representative, the Administrative Agent Agent, the Swingline Bank and the Applicable Tranche Swingline Banks Issuing Bank agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Letters of Credit and Swingline Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Revolving Commitment Percentages (without giving effect to Section 2.11(a)(iv3.18(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrowers while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 3 contracts

Samples: Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/)

Defaulting Bank Cure. If the CompanyBorrowers, the Administrative Agent and the Applicable Tranche Swingline Swing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Credit Loans and funded and unfunded participations in Applicable Tranche Swingline Swing Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Commitment Percentages (without giving effect to Section 2.11(a)(iv2.13.1(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrowers while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Alliancebernstein L.P.), Revolving Credit Agreement (Alliancebernstein Holding L.P.), Credit Agreement (Alliancebernstein L.P.)

Defaulting Bank Cure. If the CompanyBorrower, the Administrative Agent and the Applicable Tranche Swingline Banks L/C Issuer agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary in order for such Bank to cause the Applicable Tranche Revolving Loans hold such loans and funded and unfunded participations in Applicable Tranche Swingline Loans to be held on a pro rata basis by the Banks in the Applicable Tranche Letters of Credit ratably in accordance with their Applicable Percentages its Commitment (or, if the Total Commitments have terminated, as last in effect) (without giving effect to clause (a)(iv) of this Section 2.11(a)(iv)2.08), whereupon that such Bank will cease to shall no longer be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 2 contracts

Samples: Credit Agreement and General Security Agreement (Avon Products Inc), General Security Agreement (Avon Products Inc)

Defaulting Bank Cure. If the Company, the Administrative Agent Agent, and the Applicable Tranche Swingline Issuing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans Advances of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans A Advances and funded and unfunded participations in Applicable Tranche Swingline Loans Letters of Credit to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with according to their Applicable Percentages (without giving effect to Section 2.11(a)(iv2.24(a)), in the case of Letters of Credit, whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, provided further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 2 contracts

Samples: Multicurrency Credit Agreement (Ecolab Inc), Multicurrency Credit Agreement (Ecolab Inc)

Defaulting Bank Cure. If the CompanyBorrower, the Administrative Agent and the Applicable Tranche Swingline Banks Issuing Bank agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans Advances of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans Advances and funded and unfunded participations in Applicable Tranche Swingline Loans Letters of Credit to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Percentages Pro Rata Share (without giving effect to Section 2.11(a)(iv2.16(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Credit Agreement (Stone Energy Corp)

Defaulting Bank Cure. If the CompanyBorrower, the Administrative Agent and the Applicable Tranche Swingline Banks Swing Line Lender and Fronting Bank agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable the Commitment Percentages (without giving effect to Section 2.11(a)(iv)2.8(1)(d), whereupon that such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Assignment Agreement (Davey Tree Expert Co)

Defaulting Bank Cure. If the Company, the Administrative Agent Agent, and the Applicable Tranche Swingline Issuing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of ​ ​ ​ the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans Advances of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans Advances and funded and unfunded participations in Applicable Tranche Swingline Loans Letters of Credit to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with according to their Applicable Percentages (without giving effect to Section 2.11(a)(iv‎Section 2.24(a)), in the case of Letters of Credit, whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, provided further, that except to the extent otherwise expressly agreed by the affected partiesparties and subject to ‎Section 9.20, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Ecolab Inc.)

Defaulting Bank Cure. If the Company, the Administrative Agent Agent, Swing Line Bank and the Applicable Tranche Swingline Issuing Banks agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Committed Loans and funded and unfunded participations in Applicable Tranche Swingline Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Commitment Percentages (without giving effect to Section 2.11(a)(iv§2.17.1(d)), whereupon that such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Revolving Credit Agreement (Waste Management Inc)

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Defaulting Bank Cure. If the Company, the Administrative Agent Agent, and the Applicable Tranche Swingline Issuing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans Advances of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may ​ ​ determine to be necessary to cause the Applicable Tranche Revolving Loans Advances and funded and unfunded participations in Applicable Tranche Swingline Loans Letters of Credit to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with according to their Applicable Percentages (without giving effect to Section 2.11(a)(iv2.24(a)), in the case of Letters of Credit, whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, provided further, that except to the extent otherwise expressly agreed by the affected partiesparties and subject to Section 9.20, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Ecolab Inc.)

Defaulting Bank Cure. If the Company, the Administrative Agent and the Applicable Tranche MC Swingline Banks (in the case of a Defaulting Bank which is an MC Bank) and the USD Swingline Banks (in the case of a Defaulting Bank which is a USD Bank) agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks in each Applicable Tranche the applicable Facility participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Loans in the applicable Facility to be held on a pro rata basis by the Banks in the Applicable Tranche applicable Facility in accordance with their Applicable Percentages (without giving effect to Section 2.11(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Credit Agreement (Cme Group Inc.)

Defaulting Bank Cure. If the CompanyBorrowers, the Administrative Agent Bank, the Swing Line Bank and the Applicable Tranche Swingline Banks LC Issuer agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Agent Bank will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any cash collateral), that Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent Bank may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Facility LCs and Swing Line Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Percentages the Commitments (without giving effect to Section 2.11(a)(iv1.27(a)(iv)), whereupon that such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Loan Agreement (OVERSTOCK.COM, Inc)

Defaulting Bank Cure. If the Company, the Administrative Agent Borrower and the Applicable Tranche Swingline Banks Facility Agent agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Facility Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that such Bank will, to the extent applicable, purchase that at par such portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take and/or make such other actions adjustments as the Administrative Facility Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Loans of the Banks to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable Percentages (without giving effect to Section 2.11(a)(iv))respective Commitments, 45 whereupon that such Bank will cease to be a Defaulting BankBank and will be a Non-Defaulting Bank (and such exposure of each Bank will automatically be adjusted on a prospective basis to reflect the foregoing); provided that (i) no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that such Bank was a Defaulting Bank and (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that ii) except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Non-Defaulting Bank will constitute a waiver or release of any claim of any party hereunder arising from that such Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Subscription Agreement (American Express Credit Corp)

Defaulting Bank Cure. If the Company, the Administrative Agent Agent, the Swing Line Bank and the Applicable Tranche Swingline Banks each Issuing Bank agree in writing in their sole discretion that a Defaulting Bank should is no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral or Backup Support), that such Bank will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans and funded and unfunded participations in Applicable Tranche Swingline Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with their Applicable respective Percentages (without giving effect to Section 2.11(a)(iv)clause (a)(iv) above), whereupon that such Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company Borrower while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Assignment Agreement (Regal Beloit Corp)

Defaulting Bank Cure. If the Company, the Administrative Agent Agent, and the Applicable Tranche Swingline Issuing Banks agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth thereintherein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans Advances of the other Banks in each Applicable Tranche participated in by such Defaulting Bank at par or take such other actions as the Administrative Agent may determine to be necessary to cause the Applicable Tranche Revolving Loans Advances and funded and unfunded participations in Applicable Tranche Swingline Loans Letters of Credit to be held on a pro rata basis by the Banks in the Applicable Tranche in accordance with according to their Applicable Percentages (without giving effect to Section 2.11(a)(iv‎Section 2.24(a)), in the case of Letters of Credit, whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Company while that Bank was a Defaulting Bank (and the Company shall not be required to pay any such fees or payments to such Bank which were not required to have been paid to such Bank while it was a Defaulting Bank); and provided, provided further, that except to the extent otherwise expressly agreed by the affected partiesparties and subject to Section 9.20, no change hereunder from Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (Ecolab Inc.)

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