Common use of Lenders’ Failure to Perform Clause in Contracts

Lenders’ Failure to Perform. All Loans shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder, and (ii) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other Lender from its obligation to make any Loans hereunder.

Appears in 2 contracts

Samples: Loan Agreement (Miller Energy Resources, Inc.), Loan Agreement (Miller Energy Resources, Inc.)

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Lenders’ Failure to Perform. All Post-Petition Revolving Loans (other than Settlement Loans and Agent Advances) shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (ia) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder, and (iib) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other Lender from its obligation to make any Loans hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Laclede Steel Co /De/)

Lenders’ Failure to Perform. All Loans (other than BABC Loans and Agent Advances) shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (ia) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Revolving Loans hereunder, and (iib) no failure by any Lender to perform its obligation to make any Revolving Loans hereunder shall excuse any other Lender from its obligation to make any Revolving Loans hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Waxman Industries Inc)

Lenders’ Failure to Perform. All Loans (other than BABC Loans and Agent Advances) shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (i1) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder, and (ii2) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other Lender from its obligation to make any Loans hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Roadmaster Industries Inc)

Lenders’ Failure to Perform. All Loans shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder, and (ii) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other #PageNum# Lender from its obligation to make any Loans hereunder.

Appears in 1 contract

Samples: Loan Agreement (Miller Energy Resources, Inc.)

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Lenders’ Failure to Perform. All Loans shall be made by the Lenders simultaneously contemporaneously and in accordance with their Pro Rata SharesShares and subject to Sections 2.1 and 2.2. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans portion of any Loan (or other extensions of credit) hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans obligations hereunder, and (ii) no failure by any Lender to perform its obligation to make any Loans obligations hereunder shall excuse any other Lender from its obligation to make any Loans obligations hereunder.

Appears in 1 contract

Samples: Credit Agreement (Emrise CORP)

Lenders’ Failure to Perform. All Loans shall be made by the Lenders simultaneously contemporaneously and in accordance with their Pro Rata SharesShares and subject to this Section 2. It is understood that (i) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans portion of any Loan (or other extensions of credit) hereunder, nor shall any Revolver Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans obligations hereunder, and (ii) no failure by any Lender to perform its obligation to make any Loans obligations hereunder shall excuse any other Lender from its obligation to make any Loans obligations hereunder.

Appears in 1 contract

Samples: Credit Agreement (American Railcar Industries, Inc.)

Lenders’ Failure to Perform. All Loans (other than Settlement Loans and Agent Advances) shall be made by the Lenders simultaneously and in accordance with their Pro Rata Shares. It is understood that (ia) no Lender shall be responsible for any failure by any other Lender to perform its obligation to make any Loans hereunder, nor shall any Commitment of any Lender be increased or decreased as a result of any failure by any other Lender to perform its obligation to make any Loans hereunder, and (iib) no failure by any Lender to perform its obligation to make any Loans hereunder shall excuse any other Lender from its obligation to make any Loans hereunder.

Appears in 1 contract

Samples: Loan and Security Agreement (Laclede Steel Co /De/)

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