Acceptance by Assignee Lender Sample Clauses
The "Acceptance by Assignee Lender" clause defines the requirement that any new lender, to whom a loan or interest is being assigned, must be formally accepted by the existing parties or the administrative agent. In practice, this means that before a lender can transfer its rights or obligations under a loan agreement to another party, the proposed assignee must meet certain qualifications or obtain approval, often through a written consent process. This clause ensures that only suitable and creditworthy entities become lenders, thereby protecting the interests of the borrower and other lenders and maintaining the integrity of the lending group.
Acceptance by Assignee Lender. By its execution of this Agreement, Assignee Lender irrevocably purchases, assumes and accepts such assignment and delegation and agrees to be a Lender with respect to the delegated interest under the Loan Documents and to be bound by the terms and conditions thereof. By its execution of this Agreement, Assignor Lender agrees, to the extent provided herein, to relinquish its rights and be released from its obligations and duties under the Credit Agreement.
Acceptance by Assignee Lender. By its execution of this Agreement, as of the Effective Date, Assignee Lender irrevocably purchases, assumes and accepts such assignment and delegation and agrees to be a Lender with respect to the delegated interest under the Loan Documents and to be bound by the terms and conditions thereof, and hereby makes and agrees to be bound by all of the representations, warranties and agreements set forth in Section 1 of Schedule II. By its execution of this Agreement, Assignor Lender agrees, to the extent provided herein, to relinquish its rights (excluding any rights which survive execution of this Agreement pursuant to Section 10.1(B) of the Credit Agreement) and be released from its obligations and duties under the Credit Agreement.
Acceptance by Assignee Lender. By its execution of this Agreement, Assignee Lender irrevocably purchases, assumes and accepts the transfer, assignment and delegation from Assignor Lender with respect to the Revolving Credit Loans, the Obligations, the Multi-Party Agreement, the Loan Documents, the Collateral and the Commitment on the terms and conditions provided in this Agreement (the "Assignment and Delegation"), and agrees to be bound by the terms and conditions thereof. Assignee Lender hereby unconditionally and absolutely releases and discharges Assignor Lender and agrees to indemnify and hold harmless Assignor Lender, from and against any and all duties, liabilities and other obligations of any kind whatsoever arising from, under or in connection with the Revolving Credit Loans, the Obligations, the Multi-Party Agreement, the Loan Documents, the Collateral and the Commitment assigned to, and/or assumed by Assignee Lender hereunder, to the extent that such duties, liabilities or other obligations relate to actions taken or omitted to be taken by or on behalf of Assignee Lender after the effectiveness of the Assignment and Delegation; provided, that such release and indemnification shall not apply to any duties, liabilities or other obligations arising from a breach of Assignor Lender's representations, warranties and covenants under Section 3.2 hereof. By its execution of this Agreement, Assignor Lender agrees, to the extent provided herein, to relinquish its rights and be released from those obligations and duties under the Multi-Party Agreement, the Loan Documents and the Commitment that have been assigned and delegated to Assignee Lender hereunder.