{"component": "clause", "props": {"groups": [{"snippet": "If for any reason any Lender shall fail or refuse to abide by its obligations hereunder, and such Lender shall not have cured such failure within five (5) Business Days of its occurrence (a \"LENDER DEFAULT\"), then, in addition to the rights and remedies that may be available to Agents, Lenders, or Borrower at law or in equity, such Lender's right to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be suspended during the pendency of such failure or refusal. Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender's Commitment, including its Pro Rata Share in the Obligation under this Credit Agreement. In the event that Administrative Agent does not exercise its right to so acquire all of such Lender's interests, then the other Agents and each Lender that is not in Default (a \"CURRENT PARTY\") shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata) such Lender's Commitment, including its Pro Rata Share in the outstanding Obligation under this Credit Agreement.", "samples": [{"hash": "ldyHJktr0Yh", "uri": "/contracts/ldyHJktr0Yh#lender-default", "label": "Revolving Credit Agreement (Amb Property Corp)", "score": 18.0, "published": true}, {"hash": "lLSB4Ibz287", "uri": "/contracts/lLSB4Ibz287#lender-default", "label": "Revolving Credit Agreement (Amb Property Lp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "for-any-reason", "type": "clause", "offset": [3, 17]}, {"key": "business-days-of", "type": "clause", "offset": [155, 171]}, {"key": "rights-and-remedies", "type": "definition", "offset": [234, 253]}, {"key": "available-to", "type": "definition", "offset": [266, 278]}, {"key": "right-to-vote", "type": "clause", "offset": [343, 356]}, {"key": "related-to", "type": "clause", "offset": [368, 378]}, {"key": "this-credit-agreement", "type": "clause", "offset": [379, 400]}, {"key": "participate-in", "type": "definition", "offset": [409, 423]}, {"key": "administration-of-the-loans", "type": "clause", "offset": [428, 455]}, {"key": "the-letters-of-credit", "type": "clause", "offset": [457, 478]}, {"key": "agent-shall", "type": "definition", "offset": [589, 600]}, {"key": "the-obligation", "type": "clause", "offset": [625, 639]}, {"key": "sole-discretion", "type": "definition", "offset": [648, 663]}, {"key": "pro-rata-share", "type": "clause", "offset": [730, 744]}, {"key": "in-the-event", "type": "clause", "offset": [792, 804]}, {"key": "other-agents", "type": "clause", "offset": [914, 926]}, {"key": "each-lender", "type": "clause", "offset": [931, 942]}, {"key": "not-in-default", "type": "clause", "offset": [951, 965]}, {"key": "current-party", "type": "definition", "offset": [970, 983]}, {"key": "such-right", "type": "definition", "offset": [1135, 1145]}, {"key": "right-to-acquire", "type": "clause", "offset": [1181, 1197]}, {"key": "outstanding-obligation", "type": "definition", "offset": [1271, 1293]}], "size": 19, "hash": "c5c36eaae132b40da845c4af26ddc7a2", "id": 2}, {"snippet": "If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), 2.14(e), 2.17(d), 2.18(d), 2.18(e) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender\u2019s obligations under such Sections until all such unsatisfied obligations are fully paid.", "samples": [{"hash": "945GKRekIYI", "uri": "/contracts/945GKRekIYI#lender-default", "label": "Credit Agreement (Mattress Firm Holding Corp.)", "score": 25.1724853516, "published": true}, {"hash": "5ScwE8JFJ5l", "uri": "/contracts/5ScwE8JFJ5l#lender-default", "label": "Credit Agreement (Mattress Firm Holding Corp.)", "score": 23.8501033783, "published": true}, {"hash": "gKIwAjpeYmm", "uri": "/contracts/gKIwAjpeYmm#lender-default", "label": "Second Amendment and Restatement Agreement (Jacobs Entertainment Inc)", "score": 23.1601638794, "published": true}], "snippet_links": [{"key": "payment-required", "type": "clause", "offset": [37, 53]}, {"key": "pursuant-to-section", "type": "clause", "offset": [71, 90]}, {"key": "the-administrative-agent", "type": "clause", "offset": [153, 177]}, {"key": "in-its-discretion", "type": "clause", "offset": [183, 200]}, {"key": "received-by", "type": "definition", "offset": [279, 290]}, {"key": "the-account", "type": "clause", "offset": [320, 331]}, {"key": "fully-paid", "type": "clause", "offset": [447, 457]}], "size": 59, "hash": "2c5c5a7a2e2c6fb05560a27e882223b6", "id": 1}, {"snippet": "If any Lender shall become a Defaulting Lender, including by virtue of a failure of such Lender to make any payment required to be made by it pursuant to Section 2.02(c), 2.13(e), 2.17(d), 2.17(e) or 10.03(c), then the Administrative Agent shall, notwithstanding any contrary provision hereof, apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender\u2019s obligations under this Agreement, or Borrower\u2019s obligations to pay or collateralize any Obligations that arise directly or indirectly by virtue of such Lender being a Defaulting Lender (including for the avoidance of doubt Obligations in respect of Letters of Credit that are cash collateralized by Borrower as contemplated in the last sentence of Section 2.17), until all such unsatisfied obligations and Obligations are fully paid and collateralized.", "samples": [{"hash": "1t1NcSkJzqp", "uri": "/contracts/1t1NcSkJzqp#lender-default", "label": "Revolving Credit Agreement (Bankrate, Inc.)", "score": 22.4537982941, "published": true}, {"hash": "7oCVDeM0eXo", "uri": "/contracts/7oCVDeM0eXo#lender-default", "label": "Revolving Credit Agreement (Bankrate, Inc.)", "score": 22.4483222961, "published": true}], "snippet_links": [{"key": "defaulting-lender", "type": "clause", "offset": [29, 46]}, {"key": "payment-required", "type": "clause", "offset": [108, 124]}, {"key": "pursuant-to-section", "type": "clause", "offset": [142, 161]}, {"key": "agent-shall", "type": "definition", "offset": [234, 245]}, {"key": "received-by", "type": "definition", "offset": [323, 334]}, {"key": "the-account", "type": "clause", "offset": [364, 375]}, {"key": "obligations-under-this-agreement", "type": "clause", "offset": [416, 448]}, {"key": "obligations-to-pay", "type": "clause", "offset": [464, 482]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [527, 549]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [612, 638]}, {"key": "in-respect-of", "type": "definition", "offset": [651, 664]}, {"key": "letters-of-credit", "type": "clause", "offset": [665, 682]}, {"key": "cash-collateralized", "type": "definition", "offset": [692, 711]}, {"key": "by-borrower", "type": "clause", "offset": [712, 723]}, {"key": "the-last-sentence", "type": "clause", "offset": [743, 760]}, {"key": "section-217", "type": "definition", "offset": [764, 776]}, {"key": "fully-paid", "type": "clause", "offset": [838, 848]}], "size": 3, "hash": "376940e072e05bc12c6263f6debd34a1", "id": 9}, {"snippet": "If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.14(e) or 10.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender\u2019s obligations under such Sections until all such unsatisfied obligations are fully paid.", "samples": [{"hash": "9Hygjj2fBih", "uri": "/contracts/9Hygjj2fBih#lender-default", "label": "Term Loan Credit Agreement (Department 56 Inc)", "score": 21.0, "published": true}, {"hash": "8ee98PqJFT3", "uri": "/contracts/8ee98PqJFT3#lender-default", "label": "Term Loan Credit Agreement (Lenox Group Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "payment-required", "type": "clause", "offset": [37, 53]}, {"key": "pursuant-to-section", "type": "clause", "offset": [71, 90]}, {"key": "the-administrative-agent", "type": "clause", "offset": [117, 141]}, {"key": "in-its-discretion", "type": "clause", "offset": [147, 164]}, {"key": "received-by", "type": "definition", "offset": [243, 254]}, {"key": "the-account", "type": "clause", "offset": [284, 295]}, {"key": "fully-paid", "type": "clause", "offset": [411, 421]}], "size": 10, "hash": "e74c3d237bf74b5183417ca0c666a881", "id": 5}, {"snippet": "If any Lender shall fail to make any payment required to be made by it hereunder, including pursuant to Section 2.02(c), Section 2.14(d), Section 2.14(e), Section 2.17(c), Section 2.17(g), Section 2.18, Section 10.05, or Section 10.09, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender\u2019s obligations under such Sections until all such unsatisfied obligations are fully paid. Administrative Agent may (but shall not be required to), in its discretion, retain any payments or other funds received by any Agent that are to be provided to a Defaulting Lender hereunder, and may apply such funds to such Lender\u2019s defaulted obligations or readvance the funds to Borrowers in accordance with this Agreement. The failure of any Lender to fund a Loan, to make any payment in respect of any LC Obligation or to otherwise perform its obligations hereunder shall not relieve any other Lender of its obligations, and no Lender shall be responsible for default by another Lender. Lenders and each Agent agree (which agreement is solely among them, and not for the benefit of or enforceable by any Borrower) that, solely for purposes of determining a Defaulting Lender\u2019s right to vote on matters relating to the Loan Documents (other than those matters that would (i) increase or extend the Commitment of such Lender, (ii) reduce the amount of or extend the time for final payment of principal owing to such Lender, (iii) modify provisions affecting a Defaulting Lender\u2019s voting rights or (iv) treat or affect a Defaulting Lender more adversely than the other Lenders) and to share in payments, fees and Collateral proceeds thereunder, a Defaulting Lender shall not be deemed to be a \u201cLender\u201d until all its defaulted obligations have been cured.", "samples": [{"hash": "e4JqksKbC7z", "uri": "/contracts/e4JqksKbC7z#lender-default", "label": "Credit Agreement (Novelis Inc.)", "score": 32.8384666443, "published": true}, {"hash": "gmV2tHNFgxu", "uri": "/contracts/gmV2tHNFgxu#lender-default", "label": "Credit Agreement (Novelis Inc.)", "score": 30.3470230103, "published": true}, {"hash": "gGHs7NEqcI6", "uri": "/contracts/gGHs7NEqcI6#lender-default", "label": "Credit Agreement (Novelis Inc.)", "score": 24.8569469452, "published": true}], "snippet_links": [{"key": "payment-required", "type": "clause", "offset": [37, 53]}, {"key": "pursuant-to-section", "type": "clause", "offset": [92, 111]}, {"key": "the-administrative-agent", "type": "clause", "offset": [241, 265]}, {"key": "in-its-discretion", "type": "clause", "offset": [271, 288]}, {"key": "received-by", "type": "definition", "offset": [367, 378]}, {"key": "the-account", "type": "clause", "offset": [408, 419]}, {"key": "fully-paid", "type": "clause", "offset": [535, 545]}, {"key": "other-funds-received", "type": "clause", "offset": [646, 666]}, {"key": "lender-hereunder", "type": "clause", "offset": [720, 736]}, {"key": "defaulted-obligations", "type": "definition", "offset": [780, 801]}, {"key": "the-funds", "type": "clause", "offset": [815, 824]}, {"key": "in-accordance-with", "type": "definition", "offset": [838, 856]}, {"key": "this-agreement", "type": "clause", "offset": [857, 871]}, {"key": "a-loan", "type": "definition", "offset": [907, 913]}, {"key": "in-respect-of", "type": "definition", "offset": [935, 948]}, {"key": "lc-obligation", "type": "definition", "offset": [953, 966]}, {"key": "no-lender", "type": "clause", "offset": [1076, 1085]}, {"key": "default-by", "type": "clause", "offset": [1111, 1121]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [1214, 1232]}, {"key": "solely-for-purposes-of-determining", "type": "clause", "offset": [1271, 1305]}, {"key": "right-to-vote", "type": "clause", "offset": [1328, 1341]}, {"key": "relating-to", "type": "definition", "offset": [1353, 1364]}, {"key": "the-loan-documents", "type": "clause", "offset": [1365, 1383]}, {"key": "the-commitment", "type": "clause", "offset": [1444, 1458]}, {"key": "payment-of-principal", "type": "definition", "offset": [1530, 1550]}, {"key": "voting-rights", "type": "clause", "offset": [1629, 1642]}, {"key": "other-lenders", "type": "definition", "offset": [1711, 1724]}, {"key": "in-payments", "type": "clause", "offset": [1739, 1750]}, {"key": "collateral-proceeds", "type": "definition", "offset": [1761, 1780]}], "size": 18, "hash": "0b1966ad307f17a732bfd7eaa0588c7f", "id": 3}, {"snippet": "Notwithstanding anything to the contrary contained in this Credit Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:", "samples": [{"hash": "hR6KvrVPmcp", "uri": "/contracts/hR6KvrVPmcp#lender-default", "label": "Credit Agreement (CHS Inc)", "score": 35.8309364319, "published": true}, {"hash": "8xxx4RBH5n2", "uri": "/contracts/8xxx4RBH5n2#lender-default", "label": "Credit Agreement (CHS Inc)", "score": 34.3114318848, "published": true}, {"hash": "55fRibOZdzR", "uri": "/contracts/55fRibOZdzR#lender-default", "label": "Credit Agreement (CHS Inc)", "score": 32.3114318848, "published": true}], "snippet_links": [{"key": "contained-in", "type": "definition", "offset": [41, 53]}, {"key": "this-credit-agreement", "type": "clause", "offset": [54, 75]}, {"key": "defaulting-lender", "type": "clause", "offset": [101, 118]}, {"key": "to-the-extent", "type": "clause", "offset": [191, 204]}, {"key": "applicable-law", "type": "definition", "offset": [218, 232]}], "size": 3, "hash": "a01340e050dd008142d0e69d23395640", "id": 8}, {"snippet": "The right of a Defaulting Lender to vote on matters related to this Credit Agreement, and to participate in the administration of the Loans and this Credit Agreement, shall be suspended; provided, however, such Defaulting Lender shall retain the right to vote on all matters which required all Lender or affected Lender consent under Section 13.01(a). The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such \u2587\u2587\u2587\u2587\u2587\u2587\u2019s Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such Lender\u2019s interests, then each Lender that is not a Defaulting Lender (each, a \u201cCurrent Party\u201d) shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire at par (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, pro rata in accordance with its Lender Commitment) such Lender\u2019s Lender Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.", "samples": [{"hash": "kzc5aqFiJtM", "uri": "/contracts/kzc5aqFiJtM#lender-default", "label": "Revolving Credit Agreement (Senior Credit Investments, LLC)", "score": 37.2272415161, "published": true}, {"hash": "vEJo9Lz4YH", "uri": "/contracts/vEJo9Lz4YH#lender-default", "label": "Revolving Credit Agreement (Overland Advantage)", "score": 36.6303901672, "published": true}, {"hash": "bDjQOiVOT92", "uri": "/contracts/bDjQOiVOT92#lender-default", "label": "Revolving Credit Agreement (Overland Advantage)", "score": 36.4962348938, "published": true}], "snippet_links": [{"key": "right-of", "type": "clause", "offset": [4, 12]}, {"key": "defaulting-lender", "type": "clause", "offset": [15, 32]}, {"key": "related-to", "type": "clause", "offset": [52, 62]}, {"key": "this-credit-agreement", "type": "clause", "offset": [63, 84]}, {"key": "participate-in", "type": "definition", "offset": [93, 107]}, {"key": "administration-of-the-loans", "type": "clause", "offset": [112, 139]}, {"key": "the-right-to-vote", "type": "clause", "offset": [242, 259]}, {"key": "lender-consent", "type": "definition", "offset": [313, 327]}, {"key": "agent-shall", "type": "definition", "offset": [371, 382]}, {"key": "sole-discretion", "type": "definition", "offset": [430, 445]}, {"key": "lender-commitment", "type": "definition", "offset": [486, 503]}, {"key": "pro-rata-share", "type": "clause", "offset": [519, 533]}, {"key": "the-obligations", "type": "clause", "offset": [537, 552]}, {"key": "in-the-event", "type": "clause", "offset": [582, 594]}, {"key": "each-lender", "type": "clause", "offset": [704, 715]}, {"key": "current-party", "type": "definition", "offset": [758, 771]}, {"key": "such-right", "type": "definition", "offset": [923, 933]}, {"key": "right-to-acquire", "type": "clause", "offset": [969, 985]}, {"key": "in-accordance-with", "type": "definition", "offset": [996, 1014]}, {"key": "outstanding-obligations", "type": "clause", "offset": [1107, 1130]}], "size": 8, "hash": "a4c69bd783d3f136e6b12205bbf30075", "id": 6}, {"snippet": "In the event that one or more of the closings of the Tranches contemplated in the Subscription Agreement do not occur as a result of the Lender\u2019s failure to timely deliver consideration for the Notes as set forth in the Subscription Agreement (the \"Lender Default\u201d), then, upon the commencement of any such Lender Default, interest hereon shall cease to accrue for the lesser of (i) a period of six (6) months or (ii) until such time as the Lender Default is cured.", "samples": [{"hash": "dXDIXnmrajh", "uri": "/contracts/dXDIXnmrajh#lender-default", "label": "Subscription and Purchase Agreement (Clearant Inc)", "score": 21.0, "published": true}, {"hash": "kZ1VyVSMHSU", "uri": "/contracts/kZ1VyVSMHSU#lender-default", "label": "Interim Convertible Secured Promissory Note (Clearant Inc)", "score": 19.0, "published": true}], "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "the-closings", "type": "clause", "offset": [33, 45]}, {"key": "the-subscription-agreement", "type": "clause", "offset": [78, 104]}, {"key": "the-lender", "type": "clause", "offset": [133, 143]}, {"key": "failure-to-timely-deliver", "type": "clause", "offset": [146, 171]}, {"key": "the-notes", "type": "clause", "offset": [190, 199]}, {"key": "commencement-of", "type": "clause", "offset": [282, 297]}, {"key": "lesser-of", "type": "definition", "offset": [369, 378]}, {"key": "period-of", "type": "definition", "offset": [385, 394]}], "size": 3, "hash": "b475b2630c268dfe3979438fbaa3cba1", "id": 10}, {"snippet": "If a Lender Default has occurred and is continuing, the Borrower shall have the right to prepay the outstanding principal amount of the Advances plus accrued and unpaid interest thereon at par (provided that such prepayment shall not reduce the amount of the Participation Interest with respect to any Pledged Policy) or sell its assets (subject to the sale provisions of Section 2.7(a)); provided that the Borrower shall not have the right to incur any other debt unless the Administrative Agent, at the direction of the Required Lenders, approves such debt in their sole and absolute discretion. Notwithstanding the foregoing, upon the occurrence and continuance of a Lender Default, all other rights and remedies of the Administrative Agent and the Lenders under this Loan Agreement and the other Transaction Documents shall remain in full force and effect. A Lender Default shall cease to exist upon the earlier of the date such Lender Default is cured by a Lender or the Ongoing Maintenance Costs Reimbursable Amount relating to such Lender Default is paid pursuant to Sections 5.2(b) and/or (c) hereof.", "samples": [{"hash": "1ihMUmuXKfg", "uri": "/contracts/1ihMUmuXKfg#lender-default", "label": "Loan and Security Agreement (Emergent Capital, Inc.)", "score": 28.2169742584, "published": true}, {"hash": "k539U2NsgXC", "uri": "/contracts/k539U2NsgXC#lender-default", "label": "Loan and Security Agreement (Imperial Holdings, Inc.)", "score": 25.5749492645, "published": true}, {"hash": "5rc4rrXwdgd", "uri": "/contracts/5rc4rrXwdgd#lender-default", "label": "Loan and Security Agreement (Imperial Holdings, Inc.)", "score": 24.6139621735, "published": true}], "snippet_links": [{"key": "a-lender", "type": "definition", "offset": [3, 11]}, {"key": "the-borrower-shall", "type": "clause", "offset": [52, 70]}, {"key": "right-to-prepay", "type": "clause", "offset": [80, 95]}, {"key": "amount-of-the-advances", "type": "clause", "offset": [122, 144]}, {"key": "accrued-and-unpaid-interest", "type": "definition", "offset": [150, 177]}, {"key": "provided-that", "type": "definition", "offset": [194, 207]}, {"key": "participation-interest", "type": "definition", "offset": [259, 281]}, {"key": "with-respect-to", "type": "clause", "offset": [282, 297]}, {"key": "pledged-policy", "type": "definition", "offset": [302, 316]}, {"key": "provisions-of", "type": "clause", "offset": [358, 371]}, {"key": "other-debt", "type": "definition", "offset": [454, 464]}, {"key": "direction-of-the-required-lenders", "type": "definition", "offset": [505, 538]}, {"key": "sole-and-absolute-discretion", "type": "definition", "offset": [568, 596]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [598, 627]}, {"key": "the-administrative-agent-and-the-lenders", "type": "clause", "offset": [719, 759]}, {"key": "this-loan-agreement", "type": "definition", "offset": [766, 785]}, {"key": "other-transaction-documents", "type": "definition", "offset": [794, 821]}, {"key": "full-force-and-effect", "type": "clause", "offset": [838, 859]}, {"key": "default-shall", "type": "definition", "offset": [870, 883]}, {"key": "ongoing-maintenance-costs-reimbursable-amount", "type": "definition", "offset": [976, 1021]}, {"key": "relating-to", "type": "definition", "offset": [1022, 1033]}, {"key": "pursuant-to-sections", "type": "clause", "offset": [1062, 1082]}], "size": 5, "hash": "3b03ed12dc8ed50d0ed30be24d3dece3", "id": 7}, {"snippet": "If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.02(c), Section 2.14(e) or Section 11.03(c), then the Administrative Agent may, in its discretion following 5 Business Days\u2019 prior written notice to such lender (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender\u2019s obligations under such Sections until all such unsatisfied obligations are fully paid and, upon full payment of such obligations as provided above, the Administrative Agent shall promptly issue a written notice to such Lender setting forth in reasonable detail the application of any amounts on account of such Lender.", "samples": [{"hash": "9M8rcn7uKqK", "uri": "/contracts/9M8rcn7uKqK#lender-default", "label": "Refinancing Amendment to Credit Agreement (Novelis Inc.)", "score": 34.8480491638, "published": true}, {"hash": "2ICvn3oismH", "uri": "/contracts/2ICvn3oismH#lender-default", "label": "Short Term Credit Agreement (Novelis Inc.)", "score": 33.585899353, "published": true}, {"hash": "eNRZTRHLgjZ", "uri": "/contracts/eNRZTRHLgjZ#lender-default", "label": "Credit Agreement (Novelis Inc.)", "score": 32.244354248, "published": true}], "snippet_links": [{"key": "payment-required", "type": "clause", "offset": [37, 53]}, {"key": "pursuant-to-section", "type": "clause", "offset": [71, 90]}, {"key": "the-administrative-agent", "type": "clause", "offset": [142, 166]}, {"key": "in-its-discretion", "type": "clause", "offset": [172, 189]}, {"key": "business-days", "type": "clause", "offset": [202, 215]}, {"key": "notice-to", "type": "clause", "offset": [231, 240]}, {"key": "received-by", "type": "definition", "offset": [331, 342]}, {"key": "the-account", "type": "clause", "offset": [372, 383]}, {"key": "fully-paid", "type": "clause", "offset": [499, 509]}, {"key": "payment-of", "type": "clause", "offset": [525, 535]}, {"key": "agent-shall", "type": "definition", "offset": [591, 602]}, {"key": "application-of", "type": "clause", "offset": [689, 703]}], "size": 14, "hash": "633a7e10581a8f6b5d71d9cdd99b4df4", "id": 4}], "next_curs": "ClcSUWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjMLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhdsZW5kZXItZGVmYXVsdCMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["payments-generally-pro-rata-treatment-sharing-of-setoffs", "Payments Generally Pro Rata Treatment Sharing of Setoffs"], ["the-credits", "The Credits"], ["miscellaneous", "Miscellaneous"], ["waiver-of-jury-trial", "WAIVER OF JURY TRIAL"], ["multiple-counterparts", "Multiple Counterparts"]], "size": 170, "title": "Lender Default", "children": [["waivers-and-amendments", "Waivers and Amendments"], ["defaulting-lender-waterfall", "Defaulting Lender Waterfall"], ["certain-fees", "Certain Fees"], ["evidence-of-payments", "Evidence of Payments"], ["payments-free-of-taxes", "Payments Free of Taxes"]], "id": "lender-default", "related": [["borrower-default", "Borrower Default", "Borrower Default"], ["owner-default", "Owner Default", "Owner Default"], ["default-under-loan-documents", "Default under Loan Documents", "Default under Loan Documents"], ["major-default", "Major Default", "Major Default"], ["payment-permitted-if-no-default", "Payment Permitted If No Default", "Payment Permitted If No Default"]], "related_snippets": [], "updated": "2026-04-02T05:40:27+00:00", "also_ask": ["What are the minimum events that should trigger a Lender Default?", "How can borrowers leverage Lender Default provisions in negotiations?", "What remedies must be expressly included to protect the borrower?", "How do Lender Default clauses differ across jurisdictions or loan types?", "What are the main enforceability challenges courts have faced with Lender Default clauses?"], "drafting_tip": "Specify lender default events to clarify triggers, outline remedies to guide responses, and define notice requirements to ensure procedural fairness.", "explanation": "The Lender Default clause defines the circumstances under which a lender is considered to be in default under a loan agreement. Typically, this clause outlines specific actions or failures\u2014such as not advancing funds when required, breaching material obligations, or becoming insolvent\u2014that would trigger a default status for the lender. For example, if the lender fails to provide a scheduled loan disbursement or violates confidentiality terms, these could constitute a lender default. The core function of this clause is to protect the borrower by providing remedies or rights, such as suspending obligations or terminating the agreement, if the lender fails to meet its contractual commitments."}, "json": true, "cursor": ""}}