Direct Competitor definition
Examples of Direct Competitor in a sentence
Each Lender shall have the right at any time to sell one or more participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates or a Direct Competitor) (each, a “Participant”) in all or any part of its Revolving Commitments, Revolving Loans or in any other Obligation; provided, however, that no Participant shall have any rights greater than those held by the applicable Lender and such Lender shall remain solely responsible for fulfilling its obligations hereunder.
If the Backup Servicer is removed or resigns pursuant to Section 4.2, the Company, with the prior written consent of the Agent (such consent not to be unreasonably withheld or delayed), or, if an Event of Default shall have occurred and is continuing, the Agent, shall appoint an Eligible Backup Servicer to be a replacement Backup Servicer (a “Replacement Backup Servicer”), provided that such Replacement Backup Servicer shall not be a Direct Competitor.