Right of cancellation in relation to a Defaulting Lender. If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days' notice of cancellation of the Commitment of that Lender. On that notice becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.
Appears in 2 contracts
Samples: Amending and Restating Agreement (DHT Holdings, Inc.), Loan Agreement (Safe Bulkers, Inc.)
Right of cancellation in relation to a Defaulting Lender. If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days' β notice of cancellation of the Commitment of that Lender. On that notice becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.
Appears in 1 contract
Samples: Loan Agreement (Safe Bulkers, Inc.)
Right of cancellation in relation to a Defaulting Lender. If any Lender becomes a Defaulting Lender, the Borrower Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 five Business Days' notice of cancellation of the Commitment of that Lender. On that notice becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero. The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.
Appears in 1 contract
