Common use of Termination of Defaulting Lender Commitments Clause in Contracts

Termination of Defaulting Lender Commitments. (i) The Borrowers may terminate the unused amount of the US Commitment of any US Facility Lender that is a Defaulting Lender and (ii) the Canadian Borrower may terminate the Canadian Commitment of any Canadian Facility Lender that is a Defaulting Lender, in each case, upon not less than two Business Days’ prior notice to the applicable Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.15(a)(ii) will apply to all amounts thereafter paid by the Borrowers for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (A) no Event of Default shall have occurred and be continuing, and (B) such termination shall not be deemed to be a waiver or release of any claim the Borrowers, either Administrative Agent, Issuing Lender, the Swing Line Lender or any Lender may have against such Defaulting Lender.

Termination of Defaulting Lender Commitments. (i) The Borrowers US Borrower may terminate the unused amount of the US Commitment of any US Facility Lender that is a Defaulting Lender and (ii) the Canadian Borrower may terminate the Canadian Commitment of any Canadian Facility Lender that is a Defaulting Lender, in each case, upon not less than two Business Days’ prior notice to the applicable Administrative Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of Section 2.15(a)(ii) will apply to all amounts thereafter paid by the Borrowers for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); provided that (A) no Event of Default shall have occurred and be continuing, and (B) such termination shall not be deemed to be a waiver or release of any claim the Borrowers, either Administrative Agent, Issuing Lender, the Swing Line Lender or any Lender may have against such Defaulting Lender.