Common use of Lenders’ Default Clause in Contracts

Lenders’ Default. 20.14.1 Any Lender failing to advance any funds as required in this Agreement shall constitute a "Defaulting Lender." Upon the failure of a Defaulting Lender to advance any funds as required in this Agreement (the "Defaulted Advance"), the other Lenders (collectively, the "Non-Defaulting Lenders"), or any of them, may, but shall not be obligated to, make such Defaulted Advance on behalf of the Defaulting Lender, which shall in no way relieve the Defaulting Lender from its obligation to deposit its share of Advances on the Loan as provided above. In such event, the Defaulting Lender shall immediately be obligated to repay the Defaulted Advance to the Non-Defaulting Lenders making such Defaulted Advance, together with accrued interest thereon from the date of such funding until repaid to such Non-Defaulting Lenders as provided in Section 20.3.3 above. 20.14.2 Until such time as such Defaulting Lender has funded its portion of such Advance, such Defaulting Lender shall have no right to vote regarding any issue on which voting is required or advisable under this Agreement or any other Loan Document (and the Loan Percentages of the Non-Defaulting Lenders shall be grossed up on a pro rata basis to reflect the suspension of the Defaulting Lender). 20.14.3 If a Defaulting Lender fails to advance any funds as required in this Agreement and such Non-Defaulting Lenders advance funds on the Defaulting Lender's behalf, until full repayment of the foregoing amount, Agent shall pay to such Non-Defaulting Lenders for application on account of the Defaulting Lender's obligation to repay the amounts advanced by such Non-Defaulting Lenders, any sums, collections or recoveries otherwise payable to the Defaulting Lender.

Lenders’ Default. 20.14.1 Any Lender failing to advance any funds as required in this Agreement shall constitute a "“Defaulting Lender." ” Upon the failure of a Defaulting Lender to advance any funds as required in this Agreement (the "“Defaulted Advance"”), the other Lenders (collectively, the "“Non-Defaulting Lenders"”), or any of them, may, but shall not be obligated to, make such Defaulted Advance on behalf of the Defaulting Lender, which shall in no way relieve the Defaulting Lender from its obligation to deposit its share of Advances on the Loan as provided above. In such event, the Defaulting Lender shall immediately be obligated to repay the Defaulted Advance to the Non-Defaulting Lenders making such Defaulted Advance, together with accrued interest thereon from the date of such funding until repaid to such Non-Defaulting Lenders as provided in Section 20.3.3 above. 20.14.2 Until such time as such Defaulting Lender has funded its portion of such Advance, such Defaulting Lender shall have no right to vote regarding any issue on which voting is required or advisable under this Agreement or any other Loan Document (and the Loan Percentages of the Non-Defaulting Lenders shall be grossed up on a pro rata basis to reflect the suspension of the Defaulting Lender). 20.14.3 If a Defaulting Lender fails to advance any funds as required in this Agreement and such Non-Defaulting Lenders advance funds on the Defaulting Lender's ’s behalf, until full repayment of the foregoing amount, Agent shall pay to such Non-Defaulting Lenders for application on account of the Defaulting Lender's ’s obligation to repay the amounts advanced by such Non-Defaulting Lenders, any sums, collections or recoveries otherwise payable to the Defaulting Lender.