Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company. (b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto. (d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to 01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement. (e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 5 contracts
Samples: Loan Agreement (Enstar Income Program 1984-1 Lp), Loan Agreement (Enstar Income Program Iv-2 Lp), Loan Agreement (Enstar Income Growth Program Six a L P)
Assignments, Participations, etc. (a) Any Agent The Lender may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time time, assign and delegate to one or more Eligible Assignees (provided that no written consent assignees other than the Company or any of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) its Affiliates or Subsidiaries (each an "“Assignee"”) all, all or any ratable part of all, of the Loans, the Commitments its Loan and the other rights and obligations of such Bank the Lender hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the US$3,000,000. The Company and the Agents may continue to deal solely and directly with such Bank the Lender in connection with the interest so assigned to an Assignee until and the assignment will not be effective until: (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and by the Administrative Agent by such Bank assigning Lender and the Assignee; and (Bii) such Bank the assigning Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E C ("an “Assignment and Acceptance") ”), together with any the Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyassignment.
(b) From and after the date that the Administrative Agent notifies assigning Lender and its Assignee shall have delivered to the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an Company a duly executed Assignment and Acceptance and payment of the above-referenced processing feeAcceptance, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank the assigning Lender under the Loan Documents, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) The Company shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lender and the principal amount of the Loan owing to the Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Company and the Lender may treat each Person whose name is recorded in the Register pursuant to the terms hereof as the Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Lender at any reasonable time and from time to time upon reasonable prior notice.
(d) Within five ten (10) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeAcceptance, the Company shall execute and deliver to the Administrative Agent, Assignee a new Note or Notes evidencing in the amount of such Assignee's ’s assigned Loans and Commitment Loan and, if the assignor Bank assigning Lender has retained a portion of its Loans and its CommitmentLoan, a replacement Notes in the principal amount of the Loans retained by Note for the assignor Bank Lender (such Notes Note to be in exchange for, but not in payment of, the Notes Note held by such Bankthe assigning Lender). Immediately upon each Assignee's making the assigning Lender and its processing fee payment under Assignee having delivered to the Company a duly executed Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Loan arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank The Lender (the “originating Lender”) may at any time sell to one or more commercial banks or other Persons not Affiliates of other than the Company or any of its Affiliates or Subsidiaries (a "“Participant"”) participating interests in all or any Loans, the Commitment part of that Bank and the other interests of that Bank its Loan (the "originating Bank") hereunder and under the other Loan Documentseach a “Participation”); provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank the Lender shall not transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder Lender selling such participation shall be determined as if such Bank had not sold such participation; except thatentitled to agree to pay over to the Participant any amounts paid to the Lender pursuant to Section 3.01 (Taxes), Section 3.04 (Increased Costs and Reduction of Return) and Section 3.05 (Funding Losses) and if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank the Lender under this Agreement; provided that such agreement or instrument may provide that the Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant or (ii) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to clause (f) of this Section 9.08, the Company agrees that each Participant shall be entitled to the benefits of Section 3.01 (Taxes), Section 3.04 (Increased Costs and Reduction of Return) and Section 3.05 (Funding Losses) to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to clause (a) of this Section 9.08. To the fullest extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.10 (Set-off) as though it were the Lender.
(ef) Notwithstanding Except if an Event of Default has occurred and is continuing, no Assignee or Participant shall be entitled to receive any other provision in this Agreementgreater payment under Section 3.01 (Taxes), any Bank Section 3.04 (Increased Costs and Reduction of Return), Section 3.05 (Funding Losses) or Section 3.06 (Reserves on Loan) than the Lender would have been entitled to receive with respect to the rights transferred or participated, unless such transfer or participation is made with the Company’s prior written consent or at a time when the circumstances giving rise to such greater payment did not exist.
(g) The Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and to secure obligations of the Note held by it in favor of Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release the Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.
Appears in 4 contracts
Samples: Loan Agreement (Gruma Sab De Cv), Loan Agreement (Gruma Sab De Cv), Loan Agreement (Gruma Sab De Cv)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower and the Agent, which consents consent of the Borrower shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided provided, that no written consent of either the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to (x) an Eligible Assignee that is an Affiliate of such BankBank or (y) another Bank (each an "“Assignee"”)) all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("an “Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]4,000; and (ii) if provided, further, each Bank’s Pro Rata Share shall be the assignor Bank or any same in each type of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyCommitment.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan DocumentsDocuments (and, in the case of an Assignment and Acceptance covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.1, 4.3, 4.4, 12.4 and 12.5 with respect to facts and circumstances occurring prior to the effective date of such assignment).
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided, that the Borrower consents to such assignment in accordance with Section 12.9(a)), the Company shall Borrower shall, if requested by the Assignee or the assignor Bank thereunder, execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's ’s assigned Loans and Commitment Commitments and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans and Commitments retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)) and the assignor Bank shall deliver its Note or Notes marked “exchanged” or “cancelled,” as applicable, to the Agent. Immediately upon each Assignee's making its payment of the processing fee payment under the Assignment and AcceptanceAcceptance and the satisfaction of the other conditions set forth in Section 12.9(a), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) The Agent shall maintain at its address referred to in Schedule 12.2 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks and the Commitment of, and principal amount of the Loans owing to, each Bank from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agent and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Bank at any reasonable time and from time to time upon reasonable prior notice. Any assignment of any Loan or other obligations shall be effective only upon an entry with respect thereto being made in the Register.
(e) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating “Originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Agent, and the Agents other Banks shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no . Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall transfer retain the sole right to enforce this Agreement and to approve any amendment, modification or grant waiver of any participating interest under which provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the Participant has rights to
01consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 12.1 that directly affects such Participant. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3, 4.4 and 12.5 as though it were also a Bank hereunder (but not in any greater amounts than would have been payable to the Bank selling the participation if no participation were sold), and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement, provided such Participant agrees to be subject to Section 2.14 as though it were a Bank.
(ef) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest Nothing contained in this Agreement and the Note held by it shall prevent a Bank from pledging its interest in favor of any its Loans to a Federal Reserve Bank in the Federal Reserve System of the United States in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) After payment in full of, and satisfaction of all Obligations under, any Note, the Bank or other party holding such Note agrees to promptly return such Note marked “Paid in Full” to the Borrower.
(h) Notwithstanding the foregoing provisions of this Section 12.9, no assignment or participation may be made if such assignment or participation involves, or could involve, the use of assets that constitute, or may be deemed under ERISA, the Code or any other applicable law, or any ruling or regulation issued thereunder, or any court decision, to constitute the assets of any employee benefit plan (as defined in section 3(3) of ERISA) or any plan as defined in section 4975(e)(1) of the Code).
Appears in 3 contracts
Samples: Credit Agreement (Ugi Corp /Pa/), Credit Agreement (Amerigas Partners Lp), Credit Agreement (Amerigas Partners Lp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower's consent shall not be required if (i) a Default or an Event of Default exists and is continuing, any other Bankand (ii) the Eligible Assignee is not engaged in the securities brokerage business or the investment advisory business), may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a "foreign corporation, partnership or trust" within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a "Granting Lender") may, with notice to the Agent, grant to a special purpose funding vehicle (an "SPC") the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 3 contracts
Samples: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent may, and Subject to compliance with the written consent of the Agents, which consents shall not be unreasonably withheldfollowing sentence, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees that are not Affiliates of the Borrower (provided that no written consent of either Agent shall be required in connection with any assignment each, an “Assignee” and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank“Successor Lender”) (each an "Assignee") all, all or any ratable part of all, of the Loans, the Commitments any Term Loans and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender hereunder and under the other Loan Documents; provided, however, provided that (i) except with respect to an assignment by a Lender to an entity that is an Affiliate of such Lender, another Lender or a Related Fund, (x) the Company prior written consent of the Administrative Agent shall be required for such assignment and (y) so long as no Event of Default has occurred and is continuing, the prior written consent of the Borrower shall be required for such assignment (which consent shall not be unreasonably delayed, withheld or conditioned), (ii) the Initial Lenders’ obligation to fund the Subsequent Loan may not be assigned without the Borrower’s written consent to be granted in the Borrower’s sole discretion and (iii) after acceleration pursuant to Section 11.3, any Initial Lender, Assignee or Successor Lender may assign to any Person. Any assignment permitted by the previous sentence must comply with the following requirements: (A) each such assignment by a Lender of its Term Loans or its Term Notes shall be made in such a manner so that the same portion of its Term Loans or its Term Notes is assigned to the Assignee; (B) in the case of an assignment of any part of a Term Loan to any Assignee, such assignment shall not be for an amount less than $10,000,000 or a higher integral multiple of $1,000,000 in excess thereof (or 100% of the assigning Lender’s remaining Term Loans) in each instance; and (C) the Borrower and the Agents may continue to deal solely and directly with such Bank the assigning Lender in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses addresses, contact information and related information and any required tax forms with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank assigning Lender and the Assignee; , (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C2) the assignor Bank assigning Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (ii3) if the assignor Bank or any of its Affiliates is a Swap Provider with respect assigning Lender shall have delivered to any Specified Swap Contract, such Bank shall not assign all of its interest the Borrower and the Administrative Agent an Assignment and Acceptance substantially in the 76 128 Loans form of Exhibit F hereto (an “Assignment and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate Acceptance”) with respect to such Specified Swap Contracts, with assignment from the consent of the Companyassigning Lender.
(b) From and after the date that the Administrative Agent notifies the assignor Bank assigning Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to, if required) an executed Assignment and Acceptance and payment of the above-referenced processing feefee and the Borrower has provided its consent to such assignment, if required (such consent not to be unreasonably delayed, withheld or conditioned), (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender hereunder and under the other Loan Documents, and this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to effect the addition of the Assignee, and any reference to the assigning Lender hereunder or under the other Loan Documents shall thereafter refer to such Lender and to the Assignee to the extent of their respective interests, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan DocumentsDocuments but shall continue to be entitled to the benefits of Section 2.8, Section 4.5, Section 13.1 and Section 13.2. At the time of each assignment pursuant to Section 13.11(a) to a Person which is not already a Lender hereunder, the respective assignee Lender shall provide to the Borrower and the Administrative Agent the appropriate Internal Revenue Service Forms described in Section 4.5(f). Any assignment or transfer by a Lender of rights and obligations under this Agreement that does not comply with this Section 13.11(a) and (b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d).
(c) Within five Business Days fifteen (15) days after its receipt of the Borrower has received a notice by from the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, if requested by the Company Assignee or the assigning Lender, the Borrower shall execute and deliver to the Administrative Agent, Agent new Term Notes evidencing such the Assignee's ’s assigned Term Loans and Commitment and, if the assignor Bank assigning Lender has retained a portion of its Loans and its CommitmentTerm Loans, replacement Term Notes in reflecting the principal amount of the Term Loans retained by the assignor Bank assigning Lender (such Term Notes to be in exchange for, but not in payment of, the Term Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender (the “Originating Lender”) may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Term Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) each such Participant shall be an Eligible Assignee, (ii) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, (iiiii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iiiiv) the Company Borrower and the Agents shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, and (ivv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require consent of any affected Lender or all of the Lenders as described in Section 13.10. In the case of any such participation, the Participant shall not have any rights under this Agreement, Agreement or any of the other Loan Documents, Documents (the Participant’s rights against the Originating Lender in respect of such Participation to be those set forth in the agreement executed by the Originating Lender in favor of the Participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment with respect to a participation sold to such Participant than the applicable Lender would have been entitled to receive under Section 2.8 and 4.5, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant shall not be entitled (i) to the benefits of Section 4.5 that the applicable Lender is entitled to unless such Participant complies with Section 4.5(f), or (ii) with respect to a Participation that has been consented to by the Borrower pursuant to the previous sentence, to receive any greater payment with respect to the participation sold to such Participant than the applicable Lender would have been entitled to receive under Section 4.5 unless the Participant (x) would be entitled to amounts under Section 4.5 if it were treated as an assignee as of the date of such participation and (y) complies with Section 4.5(f) by providing to the Borrower and the Administrative Agent each form and certificate that would be required to be provided to them pursuant to Section 4.5(f) as if the Participant was a Lender.
(f) Subject to Section 13.11(a) hereof, any Bank Lender may at any time create a security interest in, pledge or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Term Loans held by it in favor of any Federal Reserve Bank in accordance with Regulation A as collateral security to secured obligations of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Lender and such Federal Reserve Bank may enforce this Section 13.11 shall not apply to any such pledge or security assignment. No such pledge or assignment shall release the assigning Lender from its obligations hereunder or substitute any such pledge or assignee for such Lender as a party hereto.
(g) In the event that any Lender sells a participation in a Term Loan, such Lender shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of all Participants in the Term Loans held by it and the principal amount (including the amount of PIK Interest and any stated interest thereon) of the portion of the Loan which is the subject of the participation (the “Participation Register”) and each repayment in respect of the principal amount of the portion of the Term Loan held by each Participant. A Term Loan may be participated in whole or in part only by registration of such participation on the Participation Register. Any transfer of such participation may be effected only by the Registration of such transfer on the Participation Register. The entries in the Participation Register shall be conclusive absent manifest error and such Lender shall treat such participants whose name is recorded in the Participation Register as the owner of such participation for all purposes of this Agreement, notwithstanding any manner permitted under applicable lawnotice to the contrary. The Participation Register shall be available for inspection by the Borrower or the Administrative Agent at any reasonable time upon reasonable prior notice.
Appears in 3 contracts
Samples: Credit Agreement (First Wind Holdings Inc.), Credit Agreement (First Wind Holdings Inc.), Credit Agreement (First Wind Holdings Inc.)
Assignments, Participations, etc. (ai) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld or delayed (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (ix) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiy) if the assignor Bank no such assignment shall be made to any Defaulting Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this AgreementSubsidiaries, or any of the other Loan DocumentsPerson who, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatupon becoming a Lender hereunder, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as would constitute a Bank under this AgreementDefaulting Lender.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 3 contracts
Samples: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information obligations under this Agreement with respect to the Assignee, Loans and/or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto ("an “Assignment and Acceptance") Assumption Agreement”), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documents.
(c) Within five Business Days after its receipt case of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Assumption Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments covering all of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the other Loan Documentsbenefits of Sections 3.01, 3.03, 10.04, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 3 contracts
Samples: Credit Agreement (General Mills Inc), 364 Day Credit Agreement (General Mills Inc), Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if (i) a Default or an Event of Default exists and is continuing, any other Bankand (ii) the Eligible Assignee is not engaged in the securities brokerage business or the investment advisory business), may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a “foreign corporation, partnership or trust” within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a “Granting Lender”) may, with notice to the Agent, grant to a special purpose funding vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 3 contracts
Samples: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheld, any other and the Fronting Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the LoansLC Obligations, the Commitments and the other rights and obligations of such Bank Lender hereunder, provided, however, that (w) the aggregate principal amount of the Commitment assigned by any Lender to someone other than another Lender shall be in a minimum amount of $5,000,000; provided5,000,000 (or if less, howeverthe entire Commitment then held by such Lender), that (ix) after giving effect to any such assignment by a Lender, the aggregate amount of the Commitments and/or LC Obligations held by such assigning Lender is at least $5,000,000 (unless such Lender has assigned the entire Commitment and LC Obligations then held by it), (y) after giving effect to any such assignment by a Lender, the Assignee Percentage under the Tranche A Commitment and Tranche B Commitment is the same and the Percentage of the assignor Lender under the Tranche A Commitment and the Tranche B Commitment is the same, and (z) the Company Assignee provides the Administrative Agent and the Agents Borrower with the form specified in Section 9.10. The Borrower and the Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E C ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Credit Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Credit Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Credit Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any LoansLC Obligations, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Credit Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Credit Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Credit Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of 3.3 and 10.5 to the other Loan Documentsextent the Lender selling such participation would be so entitled as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. All participations shall be pro rata among such Lender’s Tranche A Commitment and Tranche B Commitment.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note any LC Obligation held by it in favor of any Federal Reserve Bank Lender in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Letter of Credit Reimbursement Agreement (Max Re Capital LTD), Letter of Credit Reimbursement Agreement (Max Re Capital LTD)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate Upon notice to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Borrower, any Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form may, as long as no Event of Exhibit E ("Assignment and Acceptance") together with any Note Default has occurred or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contractoccurring, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any LoansAdvances, the Revolving Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, howeverPROVIDED, HOWEVER, that the Borrower shall have no additional expense as a result of such participation, and PROVIDED, FURTHER, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.01, 3.03 and 10.05 as though it were also a Bank hereunder, and not have any other rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(eb) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" by the Borrower and provided to it by the Borrower or any Subsidiaries of the Borrower, or by the Administrative Agent on the Borrower's or such Subsidiary's behalf, in connection with this Agreement or any other Loan Document, and neither such Bank nor any of its Affiliates shall disclose any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement, except to the extent such information was or becomes generally available to the public other than as a result of a disclosure by such Bank; PROVIDED, HOWEVER, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which such Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; and (F) to such Bank's independent auditors and other professional advisors. Notwithstanding the foregoing, the Borrower authorizes each Bank to disclose to any assignee and proposed assignee, and to any Participant and any prospective Participant, such financial and other information in such Bank's possession concerning the Borrower or its Subsidiaries which has been delivered to the Administrative Agent or the Banks pursuant to this Agreement or which has been delivered to the Administrative Agent or the Banks by the Borrower in connection with the Banks' credit evaluation of the Borrower prior to entering into this Agreement; PROVIDED that, unless otherwise agreed by the Borrower, such recipient agrees in writing to such Bank to keep such information confidential to the same extent required of the Banks hereunder.
(c) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note held Advances made by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Advances made by the Borrower to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect of such pledge or security interest in any manner permitted under applicable lawassigned Advances to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Schuler Homes Inc), Credit Agreement (Schuler Homes Inc)
Assignments, Participations, etc. (a1) Any Agent may, and with With the prior written consent of the AgentsAdministrative Agent and, which but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, in each case such consents shall not to be unreasonably withheldwithheld or delayed, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either MAC or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or to another Lender or its Affiliate) (each an "“Assignee"”) all, all or any ratable part of all, such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans, Loans at the Commitments time owing to it) and the other rights and obligations of Obligations held by such Bank Lender hereunder, in a minimum amount of $5,000,0005 million (or (A) if such Assignee is another Lender or an Affiliate of a Lender, $1 million, or such lesser amount as agreed by the Administrative Agent; and (B) if such Lender’s Commitment is less than $5 million, one hundred percent (100%) thereof); provided, however, that (i) MAC, the Company Borrower, the Issuing Lender and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower, the Issuing Lender and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment Agreement and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(bA) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance Agreement and payment of the above-referenced processing fee, : (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company but shall execute and deliver be entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans assignment) and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, iii) this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising resulting therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d2) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Agreement and payment of the processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrower shall, if requested by the Assignee, execute and deliver to the Administrative Agent, a new Note evidencing such Assignee’s Applicable Percentage of the Commitments.
(3) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in all or any Loans, the Commitment portion of that Bank its rights and obligations under this Agreement and the other interests Loan Documents (including all or a portion of that Bank its Commitments and the Loans owing to it) (the "originating Bank") hereunder and under the other Loan Documents“Originating Lender”); provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, and (iii) the Company Borrower, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 2.5, or any 2.6 and 2.7 (and subject to the burdens of the other Loan DocumentsSections 2.8 and 11.8 above) as though it were also a Lender thereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement, and Section 11.10 of this Agreement shall apply to such Participant as if it were a Lender party hereto.
(e4) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights and obligations under and interest in this Agreement and the Note held by it in favor other Loan Documents (including all or a portion of its Commitments and the Loans owing to it) to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned interests made by the Borrower to or security interest for the account of the assigning and/or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned interests to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 2 contracts
Samples: Revolving Loan Facility Credit Agreement (Macerich Co), Revolving Loan Facility Credit Agreement (Macerich Co)
Assignments, Participations, etc. (a) Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender may assign to one or more assignees (each, an "Assignee") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of the Borrower and the Administrative Agent may, and with the must give their prior written consent of the Agents, to such assignment (which consents consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate (ii) except in the case of an assignment to one a Lender or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any a Lender Affiliate or an assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansentire remaining amount of the assigning Lender's Commitment, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that the Commitment of the assigning Lender subject to each such assignment (i) determined as of the Company date the Assignment and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information Acceptance with respect to the Assignee, shall have been given such assignment is delivered to the Company Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent by such Bank otherwise consent, (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, except that this clause (iii) shall not apply to rights in respect of outstanding Bid Loans, (iv) the Assignee and the Assignee; (B) such Bank Assignor in respect of each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") , together with any Note or Notes subject to such assignment a processing and recordation fee of $3,500, and (Cv) the assignor Bank or Assignee has paid Assignee, if it shall not be a Lender, shall deliver to each the Administrative Agent a processing fee in the amount of its $[______________]an Administrative Questionnaire; and (ii) if the assignor Bank or provided further that any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (bf) From or (g) of Section 8.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.05, 3.08, 3.09, 3.10, 3.11 and 10.05)(but only to the extent such Lender notifies the Borrower of any claim under such Section within 90 days after it obtains knowledge thereof). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.
(c) Within five Business Days after The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its receipt offices in the United States a copy of notice by the Administrative Agent that it has received an executed each Assignment and Acceptance delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, and the Company shall execute Commitment of, and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the assignor Bank (such Notes Borrower, and any Lender, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee's completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Any Bank may at any time Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more commercial banks or other Persons not Affiliates of the Company entities (each a "Participant") participating interests in any Loans, the all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.02 that affects such Participant. Subject to paragraph (f) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 3.05 (other than 3.05(f)), 3.06, 3.08, 3.09 and 3.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.06 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 3.06 as though it as were a Bank under this AgreementLender.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.05, any Bank 3.08, 3.09 or 3.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.05(f) as though it were a Lender.
(g) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of any such Lender to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Bank, and such Federal Reserve Bank may enforce this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest in shall release a Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
Appears in 2 contracts
Samples: Credit Agreement (Tyson Foods Inc), 364 Day Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower, the Agent, the Swingline Lender and Bank of America as Issuing Lender, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent (x) the Borrower shall be required either in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an a Lender or a Lender Affiliate of such BankLender or at any time that an Event of Default shall exist and (y) the Swingline Lender in its capacity as such and Bank of America in its capacity as an Issuing Lender shall be required in connection with an assignment of outstanding Term Loans) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender hereunder (although such assignments do not have to be pro rata among the respective Tranches); provided, however, that (i) any such assignment to an Eligible Assignee which is not a Lender or a Lender Affiliate shall be in a minimum amount equal to the Company lesser of $5,000,000 or the full amount of the assignor Lender's outstanding Loans and Commitments; and provided, still further, that the Borrower, the Issuing Lenders, the Swingline Lender and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E L ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]); and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable assignment is recorded by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon Agent in the occurrence of an Event of Default, each Participant shall be deemed Register pursuant to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Section
Appears in 2 contracts
Samples: Credit Agreement (Globe Manufacturing Corp), Credit Agreement (Globe Manufacturing Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, the Swing Line Lender and the Issuer, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any part of all, of the Loans, the Commitments, the L/C Obligations and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 or, if less, the total amount of such Lender’s outstanding Loans and/or Commitments (provided that no written consent of either Agent the Company, the Agent, the Swing Line Lender or the Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender); provided, however, that (i) the Company Company, the Agent and the Agents Co-Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Company, the Agent and the Co-Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Co-administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder (including without limitation any obligations under Section 10.10) have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and, if required, provided that it consents to such assignment in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, each Issuer and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in clause (a) (but only in respect of any increase of any Commitment of any originating Lender), (b) or (e) of the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank's Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an affiliate of a Bank or an Approved Fund with respect to a Bank, the aggregate amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Bank's rights and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information obligations under this Agreement with respect to the Assignee, Loan or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto (an "Assignment and AcceptanceASSIGNMENT AND ASSUMPTION AGREEMENT") ), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.the
Appears in 2 contracts
Samples: Credit Agreement (General Mills Inc), 364 Day Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent and the Lenders and Issuing Banks) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender may assign to one or more assignees (each, an "Assignee") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of the Borrower and the Administrative Agent may, and with the each Issuing Bank must give their prior written consent of the Agents, to such assignment (which consents consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate (ii) except in the case of an assignment to one a Lender or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any a Lender Affiliate or an assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansentire remaining amount of the assigning Lender's Commitment, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that the Commitment of the assigning Lender subject to each such assignment (i) determined as of the Company date the Assignment and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information Acceptance with respect to the Assignee, shall have been given such assignment is delivered to the Company Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent by such Bank otherwise consent, (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, except that this clause (iii) shall not apply to rights in respect of outstanding Bid Loans, (iv) the Assignee and the Assignee; (B) such Bank Assignor in respect of each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") , together with any Note or Notes subject to such assignment a processing and recordation fee of $3,500, and (Cv) the assignor Bank or Assignee has paid Assignee, if it shall not be a Lender, shall deliver to each the Administrative Agent a processing fee in the amount of its $[______________]an Administrative Questionnaire; and (ii) if the assignor Bank or provided further that any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (bf) From or (g) of Section 8.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.05, 3.08, 3.09, 3.10, 3.11 and 10.05)(but only to the extent such Lender notifies the Borrower of any claim under such Section within 90 days after it obtains knowledge thereof). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.
(c) Within five Business Days after The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its receipt offices in the United States a copy of notice by the Administrative Agent that it has received an executed each Assignment and Acceptance delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, and the Company shall execute Commitment of, and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the assignor Bank (such Notes Borrower, and any Lender and any Issuing Bank, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee's completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Any Lender may, without the consent of the Borrower, any Issuing Bank may at any time or the Administrative Agent, sell participations to one or more commercial banks or other Persons not Affiliates of the Company entities (each a "Participant") participating interests in any Loans, the all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent, the Issuing Banks and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.02 that affects such Participant. Subject to paragraph (f) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 3.05 (other than 3.05(f)), 3.06, 3.08, 3.09 and 3.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.06 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 3.06 as though it as were a Bank under this AgreementLender.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.05, any Bank 3.08, 3.09 or 3.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.05(f) as though it were a Lender.
(g) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of any such Lender to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Bank, and such Federal Reserve Bank may enforce this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest in shall release a Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
Appears in 2 contracts
Samples: Credit Agreement (Tyson Foods Inc), Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Any Agent Bank (x) may, and with the written consents of the Company and the Operating Agent, which consent of the Agents, which consents Operating Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one (1) or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank banks or other Banks or to an Eligible Assignee that is an Affiliate of such assigning Bank, which Affiliate shall not itself be a bank, provided that such Affiliate has a net worth of at least Seventy-Five Million Dollars ($75,000,000), and (y) may, with notice to the Operating Agent and the Company but without the consent of the Company or either of the Agents, assign and delegate to any Affiliate of such Bank which shall itself be a bank having a combined capital, surplus and undivided profits of at least Seventy-Five Million Dollars ($75,000,000) (each such bank, assignee Bank or Affiliate, as the case may be, being an "Assignee") all), all or any ratable part of all, of the Loans, Advances or the Commitments and the or any other rights and or obligations of such Bank hereunder, hereunder in a minimum amount of Twenty Million Dollars ($5,000,00020,000,000); provided, however, that (i) the Company and the Agents may shall be entitled to continue to deal solely and directly with such assigning Bank in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Operating Agent shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent received an Assignment Notice and Acceptance in the form of Exhibit E G duly executed by the assigning Bank, its Assignee and the Company, ("Assignment ii) the processing fees described below shall have been paid and Acceptance"(iii) together with the assigning Bank shall have delivered to the Operating Agent any Note or Notes that shall be subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) assignment. From and after the date that (an "Assignment Effective Date") on which the Administrative Operating Agent notifies shall notify the assignor Company and the assigning Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feei), (iii) and (iii) above shall have occurred and all consents (if any) required under the preceding sentence shall have been given: (x) the Assignee thereunder shall be deemed to be a party hereto and, to the extent that rights and obligations hereunder shall have been assigned to it pursuant to such Assignment Notice and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, Documents (including the right to receive any facility fee payable pursuant to Section 2.10(a)); and (iiy) the assignor assigning Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment Notice and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt and, in the case of notice by the Administrative Agent that it has received an executed Assignment Notice and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a covering all or its remaining portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the an assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no such Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participationcease to be a party thereto, the Participant shall not have any rights under this Agreementexcept as to Sections 2.15, or any of the other Loan Documents, 2.17 and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement9.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Mci Communications Corp), Revolving Credit Agreement (Mci Communications Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent consents of the AgentsBorrower and the Agent, which consents shall not be unreasonably withheldat the sole discretion of the Borrower and the Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that (i) no written consent of either the Borrower shall be required during the existence of an Event of Default after the Agent has declared the Commitment of each Bank to make Loans to be terminated and (ii) no written consent of the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Combined Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E J ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with Section 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Combined Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note held by it for the purpose of creating a security interest in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Gentle Dental Service Corp), Credit Agreement (Gentle Dental Service Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default), the Agent and the applicable Issuing Bank(s), which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower, the Agent or an Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Revolving Loan Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, hereunder in a an aggregate minimum amount of $5,000,00010,000,000, pro-rated in accordance with the respective amounts of the Facility A Commitment, the Facility B Term Loans outstanding and the Facility C Commitment of such Bank; provided that such Bank shall retain an aggregate amount of not less than $10,000,000 in respect thereof, unless such Bank assigns and delegates all of its rights and obligations hereunder to one or more Eligible Assignees on the time and subject to the conditions set forth herein; and provided, further, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") ), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Ferrellgas Partners Finance Corp), Credit Agreement (Ferrellgas Finance Corp)
Assignments, Participations, etc. (a) Any Agent Subject to Section 10.13(b) below, any Lender may, and with the written prior consent of the Agents, Borrower (which consents consent shall not be unreasonably withheldwithheld or delayed or conditioned, however, it will not be considered unreasonable for the Borrower to withhold consent if any other Banksuch assignment could have the effect of increasing the Borrower’s or any Guarantor’s costs under the Financing Documents, may due to new or increased Taxes, or otherwise), at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, all or any ratable part of all, of the Loans, the Commitments its Loan Commitment or Loan and the other rights and obligations of such Bank hereunderLender hereunder and under the other Financing Documents, in to another bank or financial institution. Any partial assignment of a minimum amount Loan Commitment or any Loan under this Section 10.13(a) shall not be less than $10,000,000 or any integral multiple of $5,000,000; provided5,000,000 in excess thereof.
(b) Notwithstanding Section 10.13(a) above, howeverany Lender may, that without the prior written consent of the Borrower, assign all or any part of its Loan Commitment or Loan and the other rights and obligations of such Lender hereunder and under the other Financing Documents (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until Affiliate of such Lender, (ii) to another Lender, (iii) to any Person if following the occurrence of an Event of Default, or (iv) if requested to do so by the Borrower under Section 2.13; provided that only with respect to assignments to an Affiliate of a Lender or another Lender (A) the assigning Lender shall have given at least ten (10) Business Days’ prior written notice to the Borrower, the Administrative Agent and the Security Agent of such proposed assignment, together with payment instructions, addresses and related information with respect to the Assigneeassignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank proposed assignment would not result in any increase in Taxes or increased cost to the Borrower, (C) any partial assignment of a Loan Commitment or any Loan under this Section 10.13(b) shall not be less than $10,000,000 or any integral multiple of $5,000,000 in excess thereof, and (D) each such assignment by a Lender of its Assignee Loans or its Loan Commitment shall be made in such a manner so that the same portion of its Loans and Loan Commitment is assigned to the assignee. With respect to any assignment under this Section 10.13, the Borrower, the Administrative Agent and the Security Agent may continue to deal solely and directly with the assigning Lender in connection with the interest so assigned until the assigning Lender shall have delivered to the Company Borrower, the Administrative Agent and the Administrative Security Agent an Assignment and Acceptance substantially in the form of Exhibit E C attached hereto ("an “Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with assignment from the consent of the Companyassigning Lender.
(bc) From Subject to Section 8.10, from and after the date that the Administrative Agent notifies the assignor Bank assigning Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAcceptance, (i) the Assignee assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender hereunder and under the Loan other Financing Documents, and this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to effect the addition of the assignee, and any reference to the assigning Lender hereunder or under the other Financing Documents shall thereafter refer to such Lender and to the assignee to the extent of their respective interests, and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Financing Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Financing Documents; provided that any Lender that assigns all of its Loan Documents.
(c) Within five Business Days after its receipt Commitment and Loans hereunder in accordance with Section 10.13 shall continue to have the benefit of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver indemnification provisions under this Agreement to the Administrative Agentextent any indemnification relates to facts which occurred while it was a Lender (including Sections 2.8, new Notes evidencing 2.10, 2.11, 10.1 and 10.2), which shall survive as to such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoLender.
(d) Any Bank may Lender (the “Originating Lender”) may, at its own cost, at any time after the initial Borrowing has occurred, sell to one or more commercial banks bank, financial institution, trust, fund or other Persons entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets which is not Affiliates an Affiliate of the Company Borrower, a Competitor or an Affiliate of a Competitor (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentsits Loan; provided, however, that (i) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Financing Documents, (iv) any such sale of participating interest shall not result in any increase in Taxes or increased cost to the Borrower or Guarantors, and (ivv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Financing Document. In the case of any such participation, the Participant shall not have any rights or claims under this Agreement, Agreement or any of the other Loan Documents, Financing Documents (the Participant’s rights against the Originating Lender in respect of such participation to be those set forth in the agreement executed by the Originating Lender in favor of the Participant relating thereto) and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Financing Document to the contrary, any Bank Lender may at any time create a pledge or assign as collateral security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Loans held by it it; provided that
(i) the pledge or assignment as collateral security, its enforcement and payment thereunder would not result in favor any increased costs or Taxes on the Borrower or the Guarantors, and (ii) any payment in respect of any Federal Reserve Bank such assigned Loans made by the Borrower to or for the account of the assigning or pledging Lender in accordance with Regulation A the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned Loan to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
(f) If:
(i) a Lender assigns or transfers any of its rights or obligations under the Financing Documents or changes its Applicable Lending Office; and
(ii) as a result of circumstances existing at the date the assignment, transfer or change occurs, the Borrower would be obliged to make a payment to a permitted assignee or Lender acting through its new Applicable Lending Office under Sections 2.8 or 2.10, then the permitted assignee or Lender acting through its new Applicable Lending Office is only entitled to receive payment under those Sections to the same extent as the assigning Lender or Lender acting through its previous Applicable Lending Office would have been if the assignment, transfer or change had not occurred.
(g) Subject to actions permitted under clause 5.2(a) of the FRB Fiduciary Assignment, the Borrower shall not assign or U.S. Treasury Regulation 31 CFR Section203.14, otherwise transfer any of its rights and such Federal Reserve Bank may enforce such pledge obligations under this Agreement or security interest in any manner permitted under applicable lawother Financing Document without the prior written consent of the Administrative Agent (acting on the instructions of all Lenders).
Appears in 2 contracts
Samples: Credit Agreement (Nii Holdings Inc), Credit Agreement (Nii Holdings Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and Borrower, which consents consent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or Borrower shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, the entire Commitment of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E and substance reasonably satisfactory to Agent, such Lender and its Assignee (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and ); and
(Ciii) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by Immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoLender to the same extent.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankOriginating Lender") hereunder and under the other Loan Documents; provided, however, that that:
(i) the originating BankOriginating Lender's obligations under this Agreement shall remain unchanged, ;
(ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, ;
(iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating BankOriginating Lender's rights and obligations under this Agreement and the other Loan Documents, and ;
(iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 9.1; and
01(v) the participation shall be in a minimum amount of $5,000,000 or, if less, the entire commitment of such Originating Lender. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank may enforce Lender, provided that any payment in respect of such pledge assigned Loans made by the Borrower to or security interest for the account of the assigning or pledging Lender in any manner permitted under applicable lawaccordance with the terms of this Agreement shall satisfy the Borrower's obligations hereunder in respect to such assigned Loans to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Esquire Communications LTD), Credit Agreement (Esquire Communications LTD)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrowers at all times other than during the existence of an Event of Default, the Agent, and the L/C Issuer with an outstanding Letter of Credit, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any part of all, of the Loans, the Commitments, the L/C Obligations and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 or, if less, the total amount of such Lender’s outstanding Loans and/or Commitments (provided that no written consent of either Agent the Borrower, the Agent, or the L/C Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender); provided, however, that (i) the Company Borrowers and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E “D” ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract3,000 provided, such Bank shall not assign all of its interest that in the 76 128 Loans and case of contemporaneous assignments by a Lender to more than one fund managed by the Commitments to an Assignee unless same investment advisor, only a single fee of $3,000 shall be payable for all such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companycontemporaneous assignments.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder (including any obligations under Section 11.10) have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) The Agent shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount of the Loans owing to, each Lender from time to time. The entries in such register shall be conclusive, in the absence of clear and obvious error, and the Borrowers, the Agent and the Lenders shall treat each person whose name is recorded in such register as the owner of the Commitments and the Loans recorded therein for all purposes of this Agreement. The register shall be available for inspection by the Borrowers, any Lender and their representatives, at any reasonable time and from time to time upon reasonable prior notice.
(e) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrowers (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the L/C Issuer and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the clause (a) (but only in respect of any increase of any Commitment of any Originating Lender), (b) or (c) of the first proviso to Section 12.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any be entitled to the benefit of the other Loan DocumentsSections 4.01 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ef) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14C.F.R. Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender that is a fund that invests in bank loans may, without the consent of the Agent or the Borrower, pledge all or any portion of its rights under and interest in this Agreement to any trustee or to any other representative of holders of obligations owed or securities issued by such fund as security for such obligations or securities; provided, that any transfer to any Person upon the enforcement of such pledge or security interest may only be made subject to Section 12.08.
Appears in 2 contracts
Samples: Credit Agreement (North American Galvanizing & Coatings Inc), Credit Agreement (North American Galvanizing & Coatings Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of a Default or an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, provided, however, that the aggregate principal amount of the Commitments and Loans assigned by any Lender to someone other than another Lender shall be in a minimum amount of $5,000,000; provided5,000,000 (or if less, howeverthe entire Commitments then held by such Lender) and integral multiplies of $1,000,000 thereafter and after giving effect to any such assignment by a Lender, that the aggregate amount of the Commitments and/or Loans held by such assigning Lender is at least $5,000,000 (i) unless such Lender has assigned the Company entire Commitment and Loans then held by it). The Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) required consents with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Montpelier Re Holdings LTD), Credit Agreement (Montpelier Re Holdings LTD)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and with the written consents of the Administrative Agent and, in case of an assignment of a Revolving Commitment or L/C Obligations, the Issuing Lender and the Swingline Lender, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent the Company, the Administrative Agent, the Issuing Lender or the Swingline Lender shall be required in connection with any assignment and delegation by a Bank Lender to an a Person described in clause (ii), (iii), (iv) or (v) of the definition of Eligible Assignee that is an Affiliate of such BankAssignee) (each each, an "Assignee") all, or any ratable part of allpart, of the Loans, the Commitments Revolving Commitment, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or, if less, all of such Lender's remaining rights and obligations hereunder or all of such Lender's rights and obligations with respect to Revolving Commitment and Revolving Loans or Term Loans) or such lesser amount as may be approved by the Company and the Administrative Agent (provided that such minimum amount shall not apply to assignments by a Lender to Persons described in clause (ii), (iii), (iv) or (v) of the definition of Eligible Assignee and provided further that any assignment consisting solely of Term Loans may be in a minimum amount of $1,000,000); provided, however, that (iA) the Company Company, the Administrative Agent, the Issuing Lender and the Agents Swingline Lender may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Assignee shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; , (Bii) such Bank Lender and its the Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E K (an "Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or the Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if provided that such fee shall not apply to any assignment by any Lender to any Affiliate of such Lender or, in the assignor Bank or case of any of its Affiliates assignee Lender that is a Swap Provider with respect fund, to any Specified Swap Contract, Person in clause (iv) of the definition of Eligible Assignee that has the same investment adviser as such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, assignee or that is managed by an Affiliate of such Assigneeinvestment adviser) and (B) the Company shall not, shall also assume all obligations as a result of such assignor Bank any -115- 126 assignment, delegation or Affiliate participation by any Lender, incur any increased liability for Taxes, Other Taxes or Further Taxes pursuant to Section 4.1. The Company designates the Administrative Agent as its agent for maintaining a book entry record of ownership identifying the Lenders, their respective addresses and the amount of the respective Loans and Notes which they own. The foregoing provisions are intended to comply with respect the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such Specified Swap Contractsregulation. The Administrative Agent, with acting for this purpose as the consent agent of the Company, shall maintain at its address a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments and Loans of each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, absent manifest error, and the Company, the Agents, the Issuing Lender, the Swingline Lender and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Company, the Agents and the Lenders at any reasonable time and from time to time upon reasonable prior notice.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent consent, and obtained received the consent consents of the Documentation AgentSwingline Lender, the Issuing Lender and (if applicable) the Company, with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. Concurrently with or prior to giving such notice to the assignor Lender, the Administrative Agent shall have recorded the information contained in such Assignment and Acceptance in the Register. No assignment shall be effective for the purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any LoansLoan, the Revolving Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Swingline Lender, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders or the consent of a particular Lender or the consent of the Required Revolving Lenders or Required Term Lenders, in each case as described in clauses (a) through (i) of the proviso to Section 11.1. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3 and 11.5 as though it were also a Lender hereunder (provided, with respect to Sections 4.1 and 4.3, the Company shall not be required to pay any amount which it would not have any rights under this Agreement, or any of the other Loan Documentsbeen required to pay if no participating interest had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Each Lender which sells a participation will maintain a book entry record of ownership identifying the Participant(s) and the amount of such participation(s) owned by such Participant(s). Such book entry record of ownership shall be maintained by the Lender as agent for the Company and the Administrative Agent. This provision is intended to comply with the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such regulation. Each Lender may furnish any information concerning the Company and its Subsidiaries in the possession of such Lender from time to time to participants and prospective participants and may furnish information in response to credit inquiries consistent with general banking practice.
(ed) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the any Note held by it to any Affiliate of such Lender that is an "Eligible Assignee" or create a security interest in, or pledge all or any portion of its rights under and interest in this Agreement and any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender which is a fund may, pledge all or any portion of its Loans and Notes to its trustee in support of its obligations to its trustee.
Appears in 2 contracts
Samples: Credit Agreement (Del Monte Foods Co), Credit Agreement (Del Monte Foods Co)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document. Any Lender that sells a participation to any Person that is a “foreign corporation, partnership or trust” within the meaning of the other Loan Documents, and all amounts payable Code shall include in its participation agreement with such Person a covenant by such Person that such Person will comply with the Company hereunder shall be determined provisions of Section 9.10 as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due Person were a Lender and unpaid, or shall have been declared or shall have become due provide that the Agent and payable upon the occurrence of an Event of Default, each Participant Borrower shall be deemed to have the right third party beneficiaries of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsuch covenant.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender (a “Granting Lender”) may, with notice to the Agent, grant to a special purpose funding vehicle (an “SPC”) the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (A) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (B) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 2 contracts
Samples: Credit Agreement (Schwab Charles Corp), Credit Agreement (Schwab Charles Corp)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 132 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Loan Agreement (Enstar Income Growth Program Five-a Lp), Loan Agreement (Enstar Income Growth Program Five-B Lp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if the assignor including, without limitation, in connection with any assignment by a Bank or any of its Affiliates is to a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.8(a)) the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Marcus Corp), Credit Agreement (Marcus Corp)
Assignments, Participations, etc. (ai) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent all such assignments shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $1,000,000 if made to another Lender in the Lender Group or $5,000,000 if made to any other Assignee;
(ii) no Lender shall have Commitments, immediately following an assignment, of an aggregate amount of less than $1,000,000 unless such Lender shall have assigned all of its Loans, Commitments, rights and obligations hereunder, and no Assignee, other than a Lender in the Lender Group, shall have Commitments immediately following an assignment of an aggregate amount of less than $5,000,000, unless such Assignee shall have assigned all of its Loans, Commitments, rights and obligation hereunder;
(iii) the prior written consent of the Administrative Agent shall be required for assignments other than assignments between members of the Lender Group or assignments by a Lender to its wholly-owned Affiliate (or its parent institution), which consent shall not be unreasonably withheld or delayed;
(iv) the prior written consent of the relevant Issuing Lender shall be required for all assignments of risk participations in Letters of Credit other than assignments between members of the Lender Group or assignments by a Lender to its wholly-owned Affiliate (or its parent institution), which consent shall not be unreasonably withheld or delayed; providedand
(v) so long as there is no Event of Default, howeverthe prior written consent of the Company, that which consent shall not be unreasonably withheld or delayed, shall be required for any assignment except the consent of the Company shall not be required for (iA) assignments by a Lender to its wholly-owned Affiliate (or its parent institution) or (B) assignments between members of the Lender Group.
(b) Notwithstanding any assignment, the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank an assigning Lender in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E (G hereto(an --------- "Assignment and Acceptance"); (iii) together except in connection with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has initial syndication of the Commitments by the Underwriters, the processing fee of $3,500 shall have been paid to each the Administrative Agent for an assignment to an Assignee outside the Lender Group or a processing fee in of $2,500 shall have been paid to the amount Administrative Agent for an assignment between members of its $[______________]the Lender Group; and (iiiv) if all consents from the assignor Bank Administrative Agent, the Company or any of its Affiliates is a Swap Provider with respect Issuing Lender required pursuant to this Agreement or any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyLoan Document have been obtained.
(bc) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feehas become effective, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, Documents and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. The Administrative Agent shall record the information contained in the Assignment and Acceptance in the Register.
(cd) Within five Business Days after its receipt of notice by Immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptancebecoming effective, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(de) Notwithstanding any of the foregoing, any Lender may at any time assign all or any portion of its rights under this Agreement and any Note to a Federal Reserve Lender, without restriction hereunder; provided, however, that -------- ------- no such assignment shall release any Lender from its obligations hereunder.
(f) Any Bank Lender may at any time sell to one or more commercial banks Lenders or other Persons not Affiliates of the Company institutional investors (a "Participant") participating interests in any Loans, Commitments together with the Commitment related Loans of that Bank and the Lender together with any other interests interest of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLender hereunder; provided, however, that (i) the originating Bank-------- ------- Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan DocumentsAgreement, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to this Agreement except to the extent such amendment, consent or waiver would as to such Participant:
01(a) postpone or delay any date fixed for any payment of principal, or interest;
(b) reduce the principal of, or the Applicable Amount specified herein for any Loan;
(c) reduce the commission on any Letter of Credit, or of any fees payable to the Administrative Agent for the account of the Lenders hereunder;
(d) release the Subsidiary Guaranty, any Subsidiary Guarantor, release all or substantially all of the Collateral except as otherwise expressly provided in the Collateral Documents. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank Lender had not sold such participation; , except that, that if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(eg) Notwithstanding Each Lender agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all non-public information provided to it by the Company or any Subsidiary of the Company or by the Administrative Agent in connection with this Agreement or any Collateral Document and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other provision in than pursuant to the terms contemplated by this Agreement, any Bank may at any time create a security interest in, except to the extent such information (i) was or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.becomes generally available to
Appears in 2 contracts
Samples: Credit Agreement (United Artists Theatre Co), Credit Agreement (United Artists Theatre Co)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees Persons (provided that no written consent of either the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or to another Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment --------- Obligations and the other rights and obligations of such Bank hereunderunder the Transaction Documents, in a minimum amount of $5,000,0003,000,000; provided, however, -------- ------- that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E I ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or ------------------------- Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder under the Transaction Documents have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Transaction Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and AcceptanceSection 10.5(a), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefromtherefrom and the Agent shall deliver to the Borrower and each Bank revised Schedules 1 and 2 reflecting the reallocation of Commitments and address changes. The Commitment portion of the Commitments allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating ----------- interests in any LoansLoans made by such Bank, the Commitment Obligations of that such Bank and the other interests of that such Bank (the "originating BankOriginator") hereunder and under ---------- the other Loan Transaction Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.-------- -------
Appears in 2 contracts
Samples: Credit Agreement (Wireless Facilities Inc), Credit Agreement (Wireless Facilities Inc)
Assignments, Participations, etc. (ai) Any Agent Each Lender may, and with the prior written consent approval of the AgentsBorrower and the Administrative Agent, assign to one or more assignees, which consents shall approvals will not be unreasonably withheld, and (ii) each Lender may, without the consent of the Borrower or the Administrative Agent, assign to any of its Lender Affiliates or to any other BankLender, may at any time assign and delegate other than a Lender replaced pursuant to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) Section 3.14(b), (each such Person, an "Assignee") all), all or any ratable part fraction of all, of the its Committed Loans, the Commitments if any, owed to it and the other rights and obligations of such Bank hereunder, its Commitment in a minimum amount of $5,000,000; provided, however, that the Borrower shall not, as a result of an assignment by any Lender to any of its wholly-owned Subsidiaries incur any increased liability for Taxes and Other Taxes pursuant to Section 3.05.
(ib) the Company No assignment shall become effective, and the Agents may Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such Bank each Lender in connection with the interest interests so assigned by such Lender to an Assignee Assignee, until (Ai) written notice of such assignment, together with an agreement to be bound, payment instructions, addresses and related information with respect to the such Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Exhibit E 10.08 (a "Notice of Assignment"), and such Lender and such Assignee shall have executed in connection therewith an Assignment and Acceptance") together with any Note or Notes subject Assumption Agreement in substantially the form of Attachment A to such assignment and Notice of Assignment, (Cii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 shall have been paid to the Administrative Agent by the assignor Lender or the Assignee, and (iii) either (A) five Business Days shall have elapsed after receipt by the Administrative Agent of the items referred to in clauses (i) and (ii) or (B) if earlier, the Administrative Agent shall have notified the assignor Bank or any Lender and the Assignee of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent receipt of the Companyitems mentioned in clauses (i) and (ii) and that it has acknowledged the assignment by countersigning the Notice of Assignment.
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Lender, shall have the rights and obligations of a Bank Lender hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallLender, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment or any other interest of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentssuch Lender hereunder; provided, however, that that
(i) the originating Bank's no participation contemplated in this Section 10.08(d) shall relieve such Lender from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document;
(ii) the originating Bank such Lender shall remain solely responsible for the performance of its Commitment and such other obligations, ;
(iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement and the other Loan Documents, and Agreement; and
(iv) no Bank Participant, unless such Participant is itself a Lender, shall transfer be entitled to require such Lender to take or grant refrain from taking any participating interest action hereunder or under which the any other Loan Document, except that such Lender may agree with any Participant has rights that such Lender will not, without such Participant's consent, approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document, to the extent such amendment, consent or waiver would require unanimous consent of the other Loan Documents, and all amounts payable by Lenders as described in the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed proviso to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this AgreementSection 10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Receivables Bridge Credit Agreement (Ibp Inc), Credit Agreement (Ibp Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunder, in a minimum amount of $5,000,000its Revolving Commitment and the Loans at the time owing to it); provided, however, provided that (i) except in the case of an assignment of the entire remaining amount of the assigning Bank’s Revolving Commitment and the Loans at the time owing to it or in the case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the amount of the Revolving Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such assignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed, and in any event, the Agents may continue Company shall be deemed to deal solely and directly with have consented to any such Bank in connection with the interest so assigned to an Assignee until (A) assignment unless it shall object thereto by written notice to the Administrative Agent within ten Business Days after it receives a written request for consent thereto), (ii) each partial assignment shall be made as an assignment of such assignment, together with payment instructions, addresses a proportionate part of all the assigning Bank’s rights and related information obligations under this Agreement with respect to the Assignee, Loans and/or the Revolving Commitment assigned and (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto ("an “Assignment and Acceptance") Assumption Agreement”), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap Contractsubsection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documents.
(c) Within five Business Days after its receipt case of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Assumption Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments covering all of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the other Loan Documentsbenefits of Sections 3.01, 3.03, 10.04, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement10.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (General Mills Inc), Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part -------- of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely -------- ------- and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment --------- ---------- and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a -------------- processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments -76- of the assigning Bank pro tanto.. --- -----
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this -------- ------- Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
01. In the case of any such ------- participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (West Marine Inc), Credit Agreement (West Marine Inc)
Assignments, Participations, etc. (a) Any Agent The Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably be withheld, any other Bank, may ) at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment, and the other rights and obligations of such the Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) . Upon the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice making of such assignmentan assignment the Assignee shall, together with payment instructionsfor all purposes, addresses and related information with respect to be considered the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyBank" under this Agreement.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons financial institutions not Affiliates of the Company (a "Participant") participating interests in any ratable part (but not all) of any Loans, the Commitment of that the Bank and the other interests of that the Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Company, shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no the Bank shall not transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such the Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(ec) Notwithstanding any other provision in this Agreement, any the Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 2 contracts
Samples: Credit Agreement (Dendrite International Inc), Credit Agreement (Dendrite International Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAdministrative Agent, and subject to clause (iv) below, the Company, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Administrative Agent or the Company shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or that is already a Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, Revolving Loans and the Commitments Revolving Loan Commitments; and the other rights and obligations of such Bank hereunderhereunder in respect thereof, in (A) a minimum amount of $5,000,0005,000,000 with respect to any Assignee which is not a current Bank immediately prior to such assignment and (B) any amount with respect to an Assignee which is a Bank immediately prior to such assignment; provided, however, that that
(i) no Bank may make any such assignment if, after giving effect thereto, the sum of such Bank's remaining amount of the outstanding Revolving Loans and available Revolving Loan Commitment shall be less than $5,000,000;
(ii) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have 107 108 delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment, and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its (I) $[______________]; and 3,000 with respect to an assignment to an Assignee which is not a current Bank immediately prior to such assignment or (iiII) $1,500 with respect to an assignment to an Assignee which is a Bank immediately prior to such assignment;
(iii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts; and
(iv) notwithstanding the foregoing, with the no consent of the CompanyCompany shall be required in connection with any assignment by a Bank of any part of its interests in the Loans or the Commitments until the earlier of (A) the first anniversary of the Effective Date and (B) the date on which the Administrative Agent notifies the Company that the primary syndication of the Loans has been completed.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has and, if required, the Company, have received (and provided its consent and obtained the consent of the Documentation Agent) their respective consents with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights toCommitment
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitment, Letter of Credit Liabilities, and the Loans at the time owing to it); provided that no written consent (i) except in the case of either Agent shall be required an assignment of the entire remaining amount of the assigning Bank’s Revolving Commitment, Letter of Credit Liabilities, and the Loans at the time owing to it or in connection with any the case of an assignment and delegation by to a Bank to an Eligible Assignee that is or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the amount of the Revolving Commitment (which for this purpose includes Loans and Letter of Credit Liabilities outstanding thereunder) subject to each such Bankassignment (determined as of the date the Assignment and Assumption Agreement, as hereinafter defined, with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consent (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part of all, of all the assigning Bank’s rights and obligations under this Agreement with respect to the Loans, the Commitments Letter of Credit Liabilities, and/or the Revolving Commitment assigned and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (iiii) the Company parties to each assignment shall execute and the Agents may continue deliver to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance agreement, substantially in the form of Exhibit E C hereto ("an “Assignment and Acceptance") Assumption Agreement”), together with any Note or Notes subject a processing and recordation fee of $3,500, and the Eligible Assignee, if it shall not be a Bank, shall deliver to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in an Administrative Questionnaire. Subject to acceptance and recording thereof by the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect Administrative Agent pursuant to any Specified Swap ContractSection 2.02(a), such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank under the Loan Documentsthis Agreement, and (ii) the assignor assigning Bank thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (General Mills Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent, which consents and unless an Event of Default shall not have occurred and be unreasonably withheldcontinuing, any other Bankwith the written consent of the Company, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiprovided, further, that notwithstanding anything in this Section 10.08(a) if to the assignor contrary, so long as no Event of Default shall have occurred and be continuing, no Bank may assign all or any portion of its Affiliates is a Swap Provider with respect interests hereunder to any Specified Swap ContractAssignee if, on the date the assignment is to become effective, a payment made by Agent to such Bank Assignee would be subject to any U.S. withholding tax. Any consent to assignment required of the Agent or of the Company pursuant to this Section 10.08 shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companybe unreasonably withheld.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents, 3.03 and all amounts payable by the Company 10.05 as though it were also a Bank hereunder shall be determined as if such Bank had not sold such participation; except thatand, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14#203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Longview Fibre Co)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each each, an "AssigneeASSIGNEE") all, or any a ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,000; provided, howeverin the case of the U.S. Revolving Facility, that (i) a)5,000,000, in the case of the Euro Revolving Facility and the Euro Term Loan A Facility, (a)1,000,000, in the case of the Euro Term Loan B Facility, and $1,000,000 in the case of the U.S. Term Loan B Facility, or, in each case, all of such Lender's remaining rights and obligations under the applicable Facility or such lesser amount as may be agreed to by the Company and the Agents Administrative Agent; PROVIDED that (A) the Borrowers, the Administrative Agent, the Issuing Lender and the Swingline Lender may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, Assignee shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; , (Bii) such Bank Lender and its the Assignee shall have delivered to the 102 Company and the Administrative Agent an Assignment and Acceptance Assumption in the form of Exhibit E EXHIBIT L (an "Assignment and AcceptanceASSIGNMENT AND ASSUMPTION") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or the Assignee has shall have paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 (provided that no such fee shall be required in the case of an assignment by a Lender to an Affiliate or Approved Fund of such Lender) and (iiB) if the assignor Bank or Company shall not, as a result of any assignment by any Lender to any of such Lender's Affiliates, incur any increased liability for Taxes, Other Taxes or Further Taxes pursuant to SECTION 4.1. The Company designates the Administrative Agent as its Affiliates is agent for maintaining a Swap Provider with respect to any Specified Swap Contract, such Bank book entry record of ownership identifying the Lenders and the amount of the respective Loans and Notes which they own (the "REGISTER"). No assignment shall not assign all of its interest be effective unless recorded by the Administrative Agent in the 76 128 Register. The foregoing provisions are intended to comply with the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and the Commitments Notes are considered to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect be in "registered form" pursuant to such Specified Swap Contracts, with the consent of the Companyregulation.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent (if applicable), and obtained received the consent consents (to the extent applicable) of the Documentation Agent) Swingline Lender, the Issuing Lender and the Company, with respect to) to an executed Assignment and Acceptance Assumption and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights (except such rights as survive the termination hereof or the replacement of a Lender hereunder, including the indemnities pursuant to SECTION 11.5 hereof) and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of Any Lender may, without notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment to or consent of the processing fee, the Company shall execute and deliver to or the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any LoansLoan, the Commitment Commitments of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankORIGINATING LENDER") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the Swingline Lender, the Issuing Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) except in the case of a transfer or grant of a participating interest by a Lender to an Affiliate of such Lender, no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders or the consent of a particular Lender, in each case as described in the PROVISO to SECTION 11.
011. In the case of any such participation, the Participant shall be entitled to the benefit of SECTIONS 4.1, 4.3 and 11.5 as though it were also a Lender hereunder (PROVIDED, with respect to SECTIONS 4.1 and 4.3, the Company shall not be required to pay any amount which it would not have any rights under this Agreement, or any of the other Loan Documentsbeen required to pay if no participating interest had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due 103 and payable upon the occurrence of an Event of Default, each the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Each Lender may furnish any information concerning the Company and its Subsidiaries in the possession of such Lender from time to time to participants and prospective participants and may furnish information in response to credit inquiries consistent with general banking or investment practice. Each Lender which sells a participation will maintain a book entry record of ownership identifying the Participant(s) and the amount of such participation(s) owned by such Participant(s). Such book entry record of ownership shall be maintained by the Lender as agent for the Company and the Administrative Agent. This provision is intended to comply with the registration requirements in Treasury Regulation Section 5f.103-1 so that the Loans and Notes are considered to be in "registered form" pursuant to such regulation.
(ed) Notwithstanding any other provision in of this Agreement, any Bank Lender may at any time create a security interest in, or pledge, pledge all or any portion of of, its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(e) In the case of any Lender that is an Approved Fund, such Lender may, without the consent of the Company or the Administrative Agent, assign or pledge all or any portion of its rights under this Agreement, including its Loans and its Notes and any other instrument evidencing its rights as a Lender under this Agreement, to any holder of, trustee for or other representative of holders of obligations owned, or securities issued, by such fund, as security for such obligations or securities; PROVIDED that any foreclosure or similar action by such trustee or representative shall be subject to the provisions of SECTION 11.8(a) concerning assignments.
Appears in 1 contract
Samples: Credit Agreement (Rayovac Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably withheld) at all times other than during the existence of an Event of Default, any other the Administrative Agent and the Issuing Bank, may if applicable, at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Administrative Agent or the Issuing Bank, if applicable, shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto. The Administrative Agent shall not deliver any new Notes executed by the Company unless the Administrative Agent shall have received the old Notes to be replaced or customary indemnification in favor of the Administrative Agent and the Company with respect to lost or destroyed notes. Such old Notes shall be promptly returned to the Company.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01 and (v) the voting rights or any participation interest transferred or granted shall be limited to significant matters such as changes in the Commitments, interest rates, the Credit Termination Date, the Maturity Date and releases of all or substantially all of the Collateral and the Guarantors. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of 4.03 and 11.05 as though it were also a Bank hereunder. Notwithstanding the other Loan Documentsimmediately preceding sentence, and all amounts payable by the Company hereunder under this Agreement and each other Loan Document shall be determined as if no such Bank participation had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsold.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. Notwithstanding any such pledge, such Bank shall remain liable to the Company and the Issuing Bank as if such pledge had not been made.
Appears in 1 contract
Samples: Multicurrency Credit Agreement (Briggs & Stratton Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Administrative Agent, which consents consent of the Borrower shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Loans and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E C ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent (i) Each Bank may, and with the prior written consent approval of the AgentsBorrower and the Administrative Agent, assign to one or more assignees, which consents shall approvals will not be unreasonably withheld, and (ii) each Bank may, without the consent of the Borrower or the Administrative Agent, assign to any of its Affiliates or to any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by other than a Bank replaced pursuant to an Eligible Assignee that is an Affiliate of such Bank) Section 3.14(b), (each such Person, an "Assignee") all), all or any ratable part fraction of all, of the its Committed Loans, the Commitments if any, owed to it and the other rights and obligations of such Bank hereunder, its Commitment in a minimum amount of $5,000,00010,000,000; provided, however, that the Borrower shall not, as a result of an assignment by any Bank to any of its wholly-owned Subsidiaries incur any increased liability for Taxes and Other Taxes pursuant to Section 3.05.
(ib) the Company No assignment shall become effective, and the Agents may Borrower and the Administrative Agent shall be entitled to continue to deal solely and directly with such each Bank in connection with the interest interests so assigned by such Bank to an Assignee Assignee, until (Ai) written notice of such assignment, together with an agreement to be bound, payment instructions, addresses and related information with respect to the such Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Exhibit E 10.08 (a "Assignment Notice of Assignment"), and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank and such Assignee shall not assign all of its interest have executed in the 76 128 Loans and the Commitments to connection therewith an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.157
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Bank, shall have the rights and obligations of a Bank hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallBank, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment or any other interest of that such Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentshereunder; provided, however, that (i) the originating Bank's no participation contemplated in this Section 10.08(d) shall relieve such Bank from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document; (ii) the originating such Bank shall remain solely responsible for the performance of its Commitment and such other obligations, ; (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating such Bank in connection with the originating such Bank's rights and obligations under this Agreement and the other Loan Documents, Agreement; and (iv) no Participant, unless such Participant is itself a Bank, shall be entitled to require such Bank shall transfer to take or grant refrain from taking any participating interest action hereunder or under which the any other Loan Document, except that such Bank may agree with any Participant has rights that such Bank will not, without such Participant's consent, approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any consent or waiver with respect to, this Agreement or any other Loan Document, to the extent such amendment, consent or waiver would require unanimous consent of the other Loan Documents, and all amounts payable by Banks as described in the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed proviso to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Section
Appears in 1 contract
Samples: Credit Agreement (Tyson Foods Inc)
Assignments, Participations, etc. (a) Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunderits Commitment and the Loans (including for purposes of this subsection (b), participations in a minimum amount of $5,000,000L/C Obligations) at the time owing to it); provided, however, provided that (i) except in the Company case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Agents may continue Loans at the time owing to deal solely and directly it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with such Bank in connection with respect to a Lender, the interest so assigned aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to an Assignee until (A) written notice of each such assignment, together determined as of the date the Assignment and Assumption with payment instructionsrespect to such assignment is delivered to the Administrative Agent or, addresses if “Trade Date” is specified in the Assignment and related information Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed), (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the AssigneeLoans or the Commitment assigned, (iii) the parties to each assignment shall have been given execute and deliver to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption, together with any Note or Notes subject a processing and recordation fee of $3,500 and (iv) each Issuing Lender and the Swing Line Lender shall have consented to such assignment (which consent shall not be unreasonably withheld or delayed). Subject to acceptance and (C) the assignor Bank or Assignee has paid to each recording thereof by the Administrative Agent a processing fee in the amount pursuant to subsection (c) of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contractthis Section, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.01, 4.02 and 4.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute and deliver new or replacement Notes to the assigning Lender and the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section.
(c) Within five Business Days after its receipt The Administrative Agent, acting solely for this purpose as an agent of notice by the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrowers, the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, Lenders may treat each Person whose name is recorded in the Company shall execute and deliver Register pursuant to the Administrative Agentterms hereof as a Lender hereunder for all purposes of this Agreement, new Notes evidencing such Assignee's assigned Loans and Commitment and, if notwithstanding notice to the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained contrary. The Register shall be available for inspection by the assignor Bank (such Notes Borrowers and any Lender, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Any Bank Lender may at any time time, without the consent of, or notice to, the Borrowers or the Administrative Agent, sell participations to one any Person (other than a natural person or more commercial banks the Company or other Persons not Affiliates any of the Company Company’s Affiliates or Subsidiaries (each, a "“Participant"”) participating interests in any Loans, all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Commitment of that Bank and the other interests of that Bank Loans (the "originating Bank"including such Lender’s participations in L/C Obligations) hereunder and under the other Loan Documentsowing to it); provided, however, provided that (i) the originating Bank's such Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Company Borrowers, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Bank's such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other Loan Documentsmodification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant, (ii) reduce the principal, interest, fees or other amounts payable to such Participant, (iii) release the Company as a Guarantor from the Master Guaranty and Intercreditor Agreement or (iv) no Bank shall transfer release all or grant any participating interest substantially all of the Guarantors from liability under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under Master Guaranty and Intercreditor Agreement except in accordance with this Agreement. Subject to subsection (e) of this Section, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 4.01, 4.02 and 4.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 11.09 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 2.13 as though it as were a Bank under this AgreementLender.
(e) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 4.01 or 4.02 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, any Bank unless the sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would be a foreign Person if it were a Lender shall not be entitled to the benefits of Section 4.01 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with Section 4.01 as though it were a Lender.
(f) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release such Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(g) As used herein, the following terms have the following meanings:
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Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Administrative Agent, which consents of the Company and the Administrative Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the -------- Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 or any multiple of $5,000,000 in excess thereof, or, if less, the amount of the Commitment of such Bank; provided, however, that (i) -------- ------- the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E ("Assignment and Acceptance") with such changes thereto ------------------------- as the Administrative Agent and the Company may approve together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained received the Company's consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(cd) Within five Business Days after its receipt of notice by Any Bank may, with the Administrative Agent that it has received an executed Assignment and Acceptance and payment written consent of the processing fee, Company at all times other than during the Company shall execute existence of an Event of Default and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount which consents of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee Company and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee Administrative Agent shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may not be unreasonably withheld, at any time sell to one or more commercial banks or other Persons not Affiliates Eligible Assignees (provided that no written consent of the Company or the Administrative Agent shall be required in connection with any participation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (a "Participant") ----------- participating interests in any Loans, Loans or the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's -------- ------- obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such ----- ------- participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note any Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (McKesson Hboc Inc)
Assignments, Participations, etc. (a) Any Agent Revolving Lender may, and with the written consent of the AgentsCompany at all times (other than during the existence of a Revolving Loan Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, or the Administrative Agent shall be required in connection with an assignment and delegation by Bank of America or in connection with any assignment and delegation by a Bank Revolving Lender to an Eligible Assignee that is an Affiliate of such BankRevolving Lender) (each an "Assignee") all, or any ratable part of all, of the Revolving Loans, the Commitments Revolving Commitment, the L/C Obligations and the other rights and obligations of such Bank Revolving Lender hereunder, in a minimum amount of $5,000,000; 5,000,000 (provided that no minimum amount shall be applicable to any assignment and delegation to an existing Revolving Lender or an Affiliate of a Revolving Lender or to an assignment of the entire remaining amount of the Revolving Loans and Revolving Commitment of a Revolving Lender) provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Revolving Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Revolving Lender and the Assignee; (Bii) such Bank Revolving Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E G ("Assignment and Acceptance") ), together with any Note or Notes subject to such assignment and assignment, (Ciii) the assignor Bank Revolving Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, 3,000 and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In information in the case of any such participation, Assignment and Acceptance is recorded in the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed Register pursuant to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementsubsection (d) hereof.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, the Swing Line Lender, the Fronting Lenders and, in respect of assignments of Revolving Loans or a Revolving Commitment, the Issuers, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”) all, or any part of all, of the Loans, the Commitments, the L/C Obligations and the other rights and obligations of such Lender hereunder, in a minimum amount of $5,000,000 or, if less, the total amount of such Lender’s outstanding Loans and/or Commitments (provided that no written consent of either Agent the Company, the Agent, the Swing Line Lender, any Fronting Lender or any Issuer shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000Lender); provided, however, provided that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("“Assignment and Acceptance"”) together with any Note or Notes subject to requested in connection with such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and providedthat (iix) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank fee shall not assign all of its interest be required in the 76 128 Loans and the Commitments case of an assignment by a Lender to an Assignee unless such Assignee, or an Affiliate of such AssigneeLender and (y) in the case of contemporaneous assignments by a Lender to more than one non-Affiliated fund managed by the same investment advisor, only a single fee of $3,500 shall also assume be payable for all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companycontemporaneous assignments.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and and, if required, provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt by the Company of notice by from the Administrative Agent that it the Agent has received an executed Assignment and Acceptance and payment of the processing feefee (and, if required, provided that it consents to such assignment in accordance with subsection 11.07(a)), the Company shall shall, upon the request of the applicable Assignee, execute and deliver to the Administrative Agent, new Notes Agent a Note evidencing such Assignee's assigned ’s Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)Commitments. Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Each Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tantoLender protanto.
(d) The Agent shall maintain a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders and the Commitments of, and principal amount of the Loans owing to, each Lender from time to time. The entries in such register shall be conclusive, in the absence of manifest error, and the Company, the Agent and the Lenders shall treat each person whose name is recorded in such register as the owner of the Commitments and the Loans recorded therein for all purposes of this Agreement. The register shall be available for inspection by the Company, any Lender and their representatives, at any reasonable time and from time to time upon reasonable prior notice.
(e) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "“Participant"”) participating interests in any Loans, the Commitment Commitments of that Bank Lender and the other interests of that Bank Lender (the "“originating Bank"Lender”) hereunder and under the other Loan Documents; provided, however, provided that (i) the originating Bank's Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, each Issuer and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating Bank's Lender’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in subsection (a) or (b) of the firstproviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.04(b) as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ef) Notwithstanding any other provision in this Agreement, (i) any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawlaw and (ii) any Lender that is a fund that invests in bank loans may, without the consent of the Agent or the Company, pledge all or any portion of its rights under and interest in this Agreement to any trustee or to any other representative of holders of obligations owed or securities issued by such fund as security for such obligations or securities; provided that any transfer to any Person upon the enforcement of such pledge or security interest may only be made subject to subsections (a) through (c) of this Section 11.07.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the prior written consent of the AgentsBorrower and the Administrative Agent and, in the case of Revolving Commitments and Special Facility Obligations, the Fronting Lender, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent the Borrower shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, all or any ratable part of all, of the Revolving Loans, the Tranche A Term Loans, the Tranche B Term Loans, the Tranche C Term Loans, the Tranche D Term Loans, the Revolving Commitments and the Special Facility Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of the lesser of $5,000,0005,000,000 (or such lesser amount as may be agreed to by the Borrower and the Administrative Agent in their sole and absolute discretion) and the full remaining amount of such Lender's Revolving Loans, Tranche A Term Loans, Trance B Term Loans, Tranche C Term Loans, Tranche D Term Loans, Revolving Commitments or Special Facility Obligations (except that no such minimum shall be applicable on an assignment to a Lender or an Affiliate of a Lender); provided, however, that (i) the Company Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Eligible Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Eligible Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Eligible Assignee; (Bii) such Bank Lender and its Eligible Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance substantially in the form of Exhibit E J ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Eligible Assignee has paid to each the Administrative Agent a registration and processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From Upon the request of the Eligible Assignee, solely to facilitate the pledge or assignment of its Loans to any Federal Reserve Bank, the Borrower shall issue Notes to the Eligible Assignee. Upon the request of the assignor Lender, if applicable, solely to facilitate the pledge or assignment of its Loans to any Federal Reserve Bank, the Borrower shall issue a reduced Note to such assignor in exchange and after replacement for its then existing Note.
(c) The Administrative Agent, on behalf of the date that Borrower, shall maintain at the address of the Administrative Agent notifies specified on Schedule 11.2 (or at such other address as may be designated by the assignor Bank that it has received (and provided its consent and obtained the consent Administrative Agent from time to time in accordance with Section 11.2) a copy of the Documentation Agent) with respect to) an executed each 100 Assignment and Acceptance delivered to it and payment a register (the "Register") for the recordation of the above-referenced names and addresses of the Lenders and the Commitment of and principal amount of the Loans owing to each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of a Loan or other obligation hereunder as the owner thereof for all purposes of this Agreement and the other Loan Documents, notwithstanding any notice to the contrary. Any assignment of any Loan or other obligation hereunder shall be effective only upon appropriate entries with respect thereto being made in the Register. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice.
(d) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an Eligible Assignee (and consented to by the Administrative Agent and, in the case of Revolving Commitments and Special Facility Obligations, by the Fronting Lender and, in the case of an Eligible Assignee that is not an Affiliate of the assigning Lender, by the Borrower (in each case such consent not to be unreasonably withheld)) together with payment to the Administrative Agent of the registration and processing feefee described in clause (a)(iii), the Administrative Agent shall record the information contained therein in the Register and give notice of such acceptance and recordation to the Lenders and the Borrower. Immediately upon the recordation of such information in the Register, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom, and (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, Documents and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(de) Any Bank Lender may at any time sell to one or more commercial banks Lenders or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankOriginating Lender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginating Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Fronting Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating BankOriginating Lender's rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require the consent of the Originating Lender as an affected Lender as described in clause (a)(i) of Section 11.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3 and 11.5 as though it were also a Lender hereunder, but shall not have be entitled to any rights under this Agreement, or any of greater amount than would be payable to the other Loan Documents, original Lender if no participation had been made and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ef) Subject to Section 11.9, the Borrower authorizes each Lender to disclose to any Eligible Assignee or Participant (each, a "Transferee") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender's credit evaluation of the Borrower and its Affiliates prior to such Transferee or prospective Transferee becoming a party to this Agreement; provided, however, that neither the Administrative Agent nor any Lender shall provide to any Transferee or prospective Transferee any of the Confidential Information unless such person shall have previously executed a confidentiality agreement containing substantially similar terms to the terms specified in Section 11.9.
(g) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, or any successor thereto, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (E&s Holdings Corp)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time may assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Committed Line Portion, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount subject to the consent of $5,000,000the Administrative Agent and each Issuing Bank; provided, however, that (i) any such disposition shall not, without the Company prior consent of the Borrower, require the Borrower to apply to register or qualify the Loan or any Note under the securities laws of any state, (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (By) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) in form attached hereto as Exhibit D, together with any Note or Notes subject to such assignment assignment; and (Cz) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 2,500, and (iiiii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, each such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments assignment to an Assignee unless such Assignee, (other than any Lender) shall be in an aggregate principal amount of $1,000,000 or a whole multiple in excess thereof (other than in the case of (A) an assignment of all of a Bank’s interests under this Agreement or (B) an assignment to an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyassigning Bank).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company The Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment Committed Line Portion and, if the assignor Bank has retained a portion of its Loans and its CommitmentCommitted Line Portion, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Committed Line Portion arising therefrom. The Commitment Committed Line Portion allocated to each Assignee shall reduce such Commitments Committed Line Portion of the assigning Bank pro tanto. Upon such Assignment, the Administrative Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment Committed Line Portion of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s and the Borrower’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Issuing Banks and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as “confidential” or “secret” by the Borrower and provided to it by the Borrower or any Subsidiary or Affiliate, or by the Agents on the Borrower or Subsidiary’s or Affiliate’s behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower; provided, however, that such source is not bound by a confidentiality agreement with, or under obligation of confidentiality to the Borrower known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) such Bank’s independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential; provided, however, that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Borrower is party or is deemed party with such Bank. The foregoing is not intended to limit the Banks’ obligations to maintain confidential information received from the Borrower under applicable laws.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Atmos Energy Corp)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (provided no Default shall have occurred and be continuing, and provided further that such consent shall not be required for assignments by the Agent concluded prior to delivery from the Agent to the Company of written notice that the primary syndication of the facility is closed), the Agent and each Issuing Bank, which consents in each case shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate each of such Bank) (each Eligible Assignees, an "Assignee") all, all or any ratable part of all, of the Loans, the Letter of Credit Obligations or the Commitments and the or any other rights and or obligations of such Bank hereunder, under this Agreement and the other Credit Documents in a minimum amount of Five Million Dollars ($5,000,000); providedprovided that after giving effect to any such partial assignment, the remaining Commitment of the assigning Bank and its retained rights or obligations under this Agreement and the other Credit Documents shall be in a minimum amount of Five Million Dollars ($5,000,000); and provided further, however, that (i) the Company Obligors and the Agents may Agent shall be entitled to continue to deal solely and directly with such Bank in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; Assignee and (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Assumption in the form of Exhibit E N (an "Assignment and AcceptanceAssumption") ), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in of Three Thousand Five Hundred Dollars ($3,500) shall have been paid to the amount of its $[______________]; and (ii) if Agent by the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAssumption, (i) the Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder under this Agreement and the other Credit Documents have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank under the Loan Credit Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder under this Agreement and under the other Loan Credit Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under the Loan Credit Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the Agents, Company (which consents consent shall not be required during the existence of an Event of Default, and the Administrative Agent (such consents not to be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such Bank) Lender (each an "Assignee") " all, or any ratable part of all, of the Committed Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or, if less, the amount of such Lender's Commitment; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) i written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B) ii such Bank Lender and its Assignee shall 76 83 have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E J ("Assignment and Acceptance") " together with any Note or Notes subject to such assignment and (C) iii such Lender or the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with (A) the written consent of the AgentsBorrower, which consents consent shall not be unreasonably withheld (provided that such consent shall not be required (i) at any time that an Event of Default exists, (ii) in connection with an assignment to a Related Fund, to any other Lender or to an Affiliate of any Lender or (iii) in connection with an assignment by Antares prior to completion of the primary syndication), and (B) the written consent of Agent, which shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no the written consent of either the Agent or Borrower shall not be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "“Assignee"”) all, or any ratable part of all, of the Loansof, the Commitments Loans and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or such lesser amount to which Agent, in its sole discretion, may agree) or, if less, the entire Loan(s) of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E and substance reasonably satisfactory to Agent, such Lender and its Assignee ("an “Assignment and Acceptance") together with any Note or Notes subject to such assignment and ”); and
(Ciii) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is 3,500 provided no processing fee shall be required to be paid in connection with an assignment by a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments Lender to an Eligible Assignee unless such Assignee, or that is an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank Lender or Affiliate with respect to such Specified Swap Contracts, in connection with the consent primary syndication of the CompanyLoans.
(b) From Subject to the provisions of subsection 9.8(f) below, from and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt Subject to the provisions of notice by subsection 9.8(f) below, immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoAssignee.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Loans and the other interests of that Bank Lender (the "originating Bank"“Originating Lender”) hereunder and under the other Loan Documents; provided, however, that that:
(i) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, ;
(ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, ;
(iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, and ; and
(iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 9.1. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, (i) assign all or any portion of its rights under and interest in this Agreement and the Note Loans held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Federal Reserve Board and any Operating Circular issued by such Federal Reserve Bank may enforce Bank, (ii) in the case of any Lender that is a fund, trust or similar entity, assign or pledge all or any portion of the Loans held by it (and Notes evidencing such Loans) to the trustee under any indenture to which such Lender is a party in support of its obligations to the trustee for the benefit of the applicable trust beneficiaries, or (iii) pledge all or any portion of the Loans held by it (and Notes evidencing such Loans) to its lenders for collateral security interest purposes, provided that any payment in respect of such assigned Loans made by the Borrower to or for the account of the assigning or pledging Lender in accordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned or pledged Loans to the extent of such payment. No such assignment or pledge shall release the assigning Lender from its obligations hereunder.
(f) The Agent shall, on behalf of the Borrower, maintain at its address referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and principal amount of the Loans owing to each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and any manner permitted under applicable lawNotes evidencing such Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register. Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon a surrender or registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon one or more new Notes in the same aggregate principal amount shall be issued to the designated assignee and, if applicable, assignor, and the old Notes shall be returned by the Agent to the Borrower marked “cancelled”. The Register shall be available for inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice.
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Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 or, if less, the remaining Commitment of such Bank; provided, however, that (i) after giving effect to any such assignment, the Company Commitment of the assignor Bank shall be at least $10,000,000 unless such Bank's entire Commitment is assigned; and provided, further, that the Borrowers and the Agents Agent may continue to deal solely and directly with such assignor Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-above- referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by from the Administrative Agent that it the Agent has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment if such consent is required in accordance with subsection 11.08(a)), if requested by the assignor Bank or the Assignee, through the Agent, the Company Borrowers shall execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank), and upon delivery by the Borrowers to the Agent of the new Notes evidencing the assigned Loans and Commitment and, if applicable, any replacement Notes in favor of the assignor Bank, the Agent shall mark the original Notes payable to the assignor Bank "replaced and canxxxxed" and deliver such Notes to the Company. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating BankOriginator") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the Agent and the Agents Issuing Bank shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights toparticipating
01. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.01, 4.03 and 11.05 as though it were also a Bank hereunder (but, in the case of Sections 4.01 and 4.03, solely to the extent that the amounts claimed thereunder by such Participant do not have any rights under this Agreement, or any of exceed the other Loan Documents, and all amounts payable that could be claimed thereunder by the Company hereunder shall be determined as if Bank which sold a participation interest to such Participant had such Bank had not sold such participation; except thatparticipation interest), and, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Prior to the occurrence of the Conversion Date with respect to both Tranche A Loans and Tranche B Loans, so long as no Event of Default has occurred and is continuing, each Lender agrees that it shall not be permitted to assign its interest in the Loans or its other rights and obligations hereunder and under the other Finance Documents. On or after the occurrence of such Conversion Dates (and at any time after the occurrence and during the continuance of an Event of Default), any Lender may, and with the written consent of the AgentsAdministrative Agent and, which consents shall unless an Event of Default has occurred and is continuing, the Borrowers, in each case not to be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (each, an “Assignee”) (provided that no written consent of either the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to (i) an Eligible Assignee entity that is an Affiliate of such BankLender or (ii) another Lender and provided that if any Borrower fails to respond to any such request for written consent within five (each an "Assignee"5) allBusiness Days, such Borrower shall be deemed to have consented to such assignment) all or any ratable part of all, of the Loans, the Commitments any Loan and the other rights and obligations of such Bank hereunderLender hereunder and under the other Finance Documents; provided that (A) (x) each such assignment by a Lender of its Loans, its Notes or its Commitments shall be made in such a manner so that the same portion of its Loans, its Notes and Commitments is assigned to the Assignee, (y) each such assignment by a Lender of its Loans, its Notes or its Commitments of a particular Tranche shall be made in such a manner so that the same portion of its Loans, its Notes and Commitments of each other Tranche is assigned to the Assignee and (z) Construction Loans, Construction Notes, and Construction Loan Commitments of a particular Tranche shall only be assigned contemporaneously with Term Loan Commitments of the same Tranche, (B) in the case of an assignment of any part of a Loan or share of an assignor’s commitments to any Assignee, such assignment shall not be for an amount less than $5,000,000 or, if less, such assignor’s entire interest in the Loans and/or the Commitments (provided that, in a connection with simultaneous assignments to two or more related Approved Funds, such Approved Funds shall be treated as one Assignee for purposes of determining compliance with the minimum amount of $5,000,000; providedassignment size referred to above), however, that and (iC) the Company Borrower and the Agents may continue to deal solely and directly with such Bank the assigning Lender in connection with the interest so assigned to an Assignee until (A1) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank assigning Lender and the Assignee; , (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C2) the assignor Bank assigning Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 (provided that only one processing fee shall be payable in connection with simultaneous assignments to two or more related Approved Funds), and (ii3) if the assignor Bank or any of its Affiliates is a Swap Provider with respect assigning Lender shall have delivered to any Specified Swap Contract, such Bank shall not assign all of its interest the Borrowers and the Administrative Agent an Assignment and Acceptance substantially in the 76 128 Loans form of Exhibit F hereto (an “Assignment and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate Acceptance”) with respect to such Specified Swap Contracts, with assignment from the consent of the Companyassigning Lender.
(b) From and after the date that the Administrative Agent notifies the assignor Bank assigning Lender and the Borrowers that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender hereunder and under the Loan other Finance Documents, and this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to effect the addition of the Assignee, and any reference to the assigning Lender hereunder or under the other Finance Documents shall thereafter refer to such Lender and to the Assignee to the extent of their respective interests and (ii) the assignor Bank assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Finance Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Finance Documents.
(c) Within five (5) Business Days after its receipt of notice by from the Administrative Agent that (i) it has received an executed Assignment and Acceptance and payment of the processing feefee and (ii) the Assignee has required a Note or Notes evidencing the Assignee’s assigned Commitments and Loans, the Company Borrowers shall execute and deliver to the Administrative Agent, Agent a new Note or Notes evidencing such the Assignee's ’s assigned Commitments and Loans and Commitment and, if the assignor Bank assigning Lender has retained a portion of its Loans Loans, a replacement Note or Notes reflecting the Commitment and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank assigning Lender (such Note or Notes to be in exchange for, but not in payment of, the Note or Notes held by such BankLender).
(d) Notwithstanding the foregoing provisions of this Section 11.11 or any other provision of this Agreement, the Administrative Agent has the right, but not the obligation, to effectuate assignments of Loans and Commitments via an electronic settlement system acceptable to the Administrative Agent as designated in writing from time to time to the Lenders by the Administrative Agent (the “Settlement Service”). Immediately upon At any time when the Administrative Agent elects, in its sole discretion, to implement such Settlement Service, each Assignee's making its processing fee payment such assignment shall be effected by the assigning Lender and proposed Assignee pursuant to the procedures then in effect under the Assignment Settlement Service, which procedures shall be consistent with the other provisions of this Section 11.11. Each assigning Lender and Acceptanceproposed Eligible Assignee shall comply with the requirements of the Settlement Service in connection with effecting any assignment of Loans and Commitments pursuant to the Settlement Service. With the prior approval of the Administrative Agent, the Administrative Agent’s approval of such Eligible Assignee shall be deemed to have been automatically granted with respect to any transfer effected through the Settlement Service. Assignments and assumptions of the Loans and the Commitments shall be effected by the provisions set forth herein until the Administrative Agent notifies the Lenders of the Settlement Service as set forth herein.
(e) In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued thereon), and (B) acquire (and fund as appropriate) its full pro rata share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this Agreement paragraph, then the assignee of such interest shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition a Defaulting Lender for all purposes of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce this Agreement until such Commitments of the assigning Bank pro tantocompliance occurs.
(df) Any Bank Lender may at any time sell to one on or more commercial banks or other Persons not Affiliates after the occurrence of the Company (a "Participant") participating interests in any Conversion Date with respect to both Tranche A Loans and Tranche B Loans, without the consent of, or notice to, the applicable Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person or the Borrowers or any of the Borrowers’ Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment of that Bank and and/or the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Bank's such Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) the Company Borrower, the Administrative Agent and the Agents Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Bank's such Lender’s rights and obligations under this Agreement. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Sections 2.14(d) and 10.7 with respect to any payments made by such Lender to its Participant(s). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any such participation, the Participant shall not have any rights under provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, or any without the consent of the other Loan DocumentsParticipant, and all amounts payable by the Company hereunder shall be determined as if agree to any amendment, modification or waiver with respect to Section 11.10 that affects such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Participant. The Borrowers agree that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its Sections 2.17, and Section 2.14 (subject to the requirements and limitations therein, including the requirements under Section 2.14(f) (it being understood that the documentation required under Section 2.14(f) shall be delivered to the participating interest in amounts owing under this Agreement Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the amount provisions of Section 2.20 as if it were an assignee under paragraph (a) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.17 or 2.14 with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.20 with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.14 as though it were a Lender; provided that such Participant agrees to be subject to Section 8.7 as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest were owing directly in the Loans or other obligations under the Finance Documents (the “Participant Register”); provided that no Lender shall have any obligation to it disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Finance Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Bank under this AgreementParticipant Register.
(eg) Notwithstanding any other provision contained in this AgreementAgreement or any other Transaction Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans held by it as collateral security; provided that any payment in favor respect of any Federal Reserve Bank such assigned Loans or Notes made by the Borrowers to or for the account of the assigning or pledging Lender in accordance with Regulation A the terms of this Agreement shall satisfy the FRB Borrowers’ obligations hereunder in respect to such assigned Loans or U.S. Treasury Regulation 31 CFR Section203.14, and Notes to the extent of such Federal Reserve Bank may enforce payment. No such pledge or security interest in any manner permitted under applicable lawassignment shall release the assigning Lender from its obligations hereunder.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of Parent (at all times other than during the Agentsexistence of an Event of Default), the Agents and the Issuing Lenders, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees commercial banks or other financial institutions (provided that no written consent of Parent, either Agent or either Issuing Lender shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee a commercial bank or financial institution that is an Affiliate of such BankLender (so long as such assignment will not result in any increased costs to either Borrower) or to another Lender) (each an "AssigneeASSIGNEE") all, all or any ratable part of all, of the Loans, the Commitments Commitment, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum Dollar Equivalent amount of $5,000,000U.S.$5,000,000 or, if less, the entire amount of all Loans, the Commitment, L/C Obligations and other rights and obligations of such Lender hereunder; providedPROVIDED, howeverHOWEVER, that (i) the Company Borrowers and the Agents may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent Agents by such Bank Lender and the Assignee; (By) such Bank Lender and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent Agents an Assignment and Acceptance ("ASSIGNMENT AND ACCEPTANCE") in the form of Exhibit E ("Assignment and Acceptance") EXHIBIT E-1 or EXHIBIT E-2, as applicable, together with any Note or Notes subject to such assignment and (Cz) the assignor Bank Lender or Assignee has shall have paid to each the Administrative Applicable Agent a processing fee in the a Dollar Equivalent amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanyU.S.$3,500.
(b) From and after the date that the Administrative U.S. Agent notifies the assignor Bank Lender that it has received (and provided its consent and, to the extent required, received the consents of Parent, the other Agent and obtained the consent of the Documentation Agent) Issuing Lenders with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights hereunder have been assigned to it and obligations hereunder have been assigned to assumed by it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Parent (a "ParticipantPARTICIPANT") participating interests in any LoansLoan, the Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankORIGINATING LENDER") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers, the Issuing Lenders and the Agents shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights the right to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the FIRST PROVISO to SECTION 12.
011. In the case of any such participation, the Participant shall not have be entitled to the benefit of SECTIONS 5.1, 5.3, 5.4, 5.6 and 12.5 as though it were also a Lender hereunder (provided that neither Borrower shall be obligated to pay any rights amount under this AgreementSECTION 5.1, 5.3, or 5.6 to any of Participant which is greater than such Lender would have been required to pay to the other Loan Documentsoriginating Lender if no such participation had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each the Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(ed) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Capital Environmental Resource Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount equal to the lesser of (i) $5,000,0005,000,000 or (ii) the remaining amount of such Bank's Commitments; provided, however, that (i) the Company Borrowers and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company Borrowers shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrowers (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.originating
Appears in 1 contract
Samples: Credit Agreement (Specialty Equipment Companies Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower's consent shall not be required if (i) a Default or an Event of Default exists and is continuing, any other Bankand (ii) the Eligible Assignee is not engaged in the securities brokerage business or the investment advisory business), may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans Commitment retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank assignor Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the consent or waiver with respect to, this Agreement or any other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this AgreementDocument.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Lender, (a "Granting Lender") may, with notice to the Agent, grant to a special purpose funding vehicle (an "SPC") the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement. The funding of a Loan by an SPC hereunder shall utilize the Revolving Credit Commitment of the Granting Lender to the same extent, and as if, such Loan were funded by such Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. Notwithstanding anything to the contrary contained in the foregoing or anywhere else in this Agreement, (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, (ii) if an SPC elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, and (iii) the Borrower and Agent shall continue to deal exclusively with the Granting Lender and any funding by an SPC hereunder shall not constitute an assignment, assumption or participation of any rights or obligations of the Granting Lender. Any SPC may disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee to such SPC, provided, as a condition precedent to such disclosure, (i) such agency, dealer or provider has delivered to such Granting Lender for the benefit of Borrower a written confidentiality agreement substantially similar to Section 10.9, and (ii) simultaneous with or prior to such disclosure, such Granting Lender has given written notice to Borrower of the agency, dealer or provider to which such disclosure is being made and the contents of such disclosure. This Section may not be amended without the prior written consent of each Granting Lender, all or any part of whose Loan is being funded by an SPC at the time of such amendment.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") -------- all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 or, if less, the Commitment of such Lender; provided, however, that (i) the Company and the Agents Agent may continue to deal -------- solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note --------- ------------------------- or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 11.8(a)), the Company shall execute and deliver ------------------ to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.. --- -----
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating ----------- interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's -------- ------- obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 11.
011. In the case of any such ----- ------- ------------ participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections -------- 4.1, or any of the other Loan Documents4.3 and 11.5 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts --- --- ---- outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Each Lender agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Lender, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Lender; provided, however, that any Lender may disclose such information (A) at the -------- ------- request or pursuant to any requirement of any Governmental Authority to which the Lender is subject or in connection with an examination of such Lender by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Lender or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Lender's independent auditors and other professional advisors, and (G) to any Affiliate of such Lender, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Lenders hereunder.
(f) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawFRB.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (provided that no written consent including all or a portion of either Agent shall be required its Commitment and the Loans (including for purposes of this subsection (b), participations in connection with any L/C Obligations and in Swing Line Loans) at the time owing to it); PROVIDED that
(i) except in the case of an assignment of the entire remaining amount of the assigning Lender's Commitment and delegation by the Loans at the time owing to it or in the case of an assignment to a Bank to an Eligible Assignee that is Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such Bank) assignment, determined as of the date of the Assignment and Acceptance with respect to such assignment is delivered to the Agent or, if the "Trade Date" is specified in the Assignment and Acceptance, as of the Trade Date, shall not be less than $5,000,000 unless the Agent, and so long as no Default or Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part of allall the assigning Lender's rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to rights in respect of Swing Line Loans; (iii) any assignment of a Commitment must be approved by the Agent, the Issuing Bank and the Swing Line Bank unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to the Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Agent pursuant to SECTION 11.08, from and after the effective date specified in each Assignment and Acceptance, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the Loansinterest assigned by such Assignment and Acceptance, have the Commitments and the other rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Bank hereunderAssignment and Acceptance, be released from its obligations under this Agreement (and, in a minimum amount the case of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in covering all of the form assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Exhibit E ("Assignment SECTIONS 4.01, 4.03, 4.04, 11.04 and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider 11.05 with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in facts and circumstances occurring prior to the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate effective date of such Assigneeassignment). Upon request, the Company (at its expense) shall also assume all execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such assignor Bank or Affiliate Lender of a participation in such rights and obligations in accordance with respect to such Specified Swap Contracts, with the consent of the CompanySECTION 11.08(d).
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with SECTION 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes (if requested by the Eligible Assignee) evidencing such Eligible Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Eligible Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Eligible Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Eligible Assignee shall reduce such Commitments of the assigning Bank pro tantoLender PRO TANTO.
(d) Any Bank Lender may at any time time, without the consent of, or notice to, the Company or the Agent, sell participations to one any Person (other than a natural person or more commercial banks the Company or other Persons not Affiliates any of the Company Company's Affiliates or Subsidiaries) (each, a "ParticipantPARTICIPANT") participating interests in any all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender's participations in L/C Obligations and/or Swing Line Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentsowing to it); provided, however, PROVIDED that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Company, the Issuing Bank, the Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; PROVIDED that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to SECTION 11.01 that directly affects such Participant. Subject to SECTION 11.08(f), the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement SECTIONS 4.01, 4.03 and 4.04 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to SECTION 11.08(a), PROVIDED that if because of circumstances in effect on the amount effective date of its any sale of a participating interest interest, the Company would, under SECTION 4.01, be obligated to make any payment to or for the account of the applicable Lender, the Company shall only be obligated to make such payment to the extent that it would then have been obligated to make such payment to such Lender if it had not sold such participating interest. To the extent permitted by law, each Participant also shall be entitled to the benefits of SECTION 11.10 as though it were owing directly a Lender, PROVIDED such Participant agrees to be subject to SECTION 2.14 as though it as were a Bank under this AgreementLender.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) No assignee, participant or other transferee of any Lender's rights shall be entitled to receive any greater payment under ARTICLE IV than such Lender would have been entitled to receive with respect to the rights transferred or by reason of the provisions of ARTICLE IV requiring such Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist.
(g) Notwithstanding anything to the contrary contained herein, any Lender (a "GRANTING LENDER") may grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to the Agent and the Company (an "SPC") the option to provide all or any part of any Revolving Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; PROVIDED that (i) nothing herein shall constitute a commitment by any SPC to fund any Revolving Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Revolving Loan, the Granting Lender shall be obligated to make such Revolving Loan pursuant to the terms hereof. Each party hereto hereby agrees that (i) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Company under this Agreement (including its obligations under SECTIONS 4.01, 4.03 and 4.04), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (iii) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Revolving Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Revolving Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Company and the Agent and with the payment of a processing fee of $3,500, assign all or any portion of its right to receive payment with respect to any Revolving Loan to the Granting Lender and (ii) disclose on a confidential basis any non-public information relating to its funding of Revolving Loans to any rating agency, commercial paper dealer or provider of any surety or Guarantee or credit or liquidity enhancement to such SPC.
(h) Notwithstanding anything to the contrary contained herein, any Lender that is a Fund may create a security interest in all or any portion of the Loans owing to it and the Note, if any, held by it to the trustee for holders of obligations owed, or securities issued, by such Fund as security for such obligations or securities, PROVIDED that unless and until such trustee actually becomes a Lender in compliance with the other provisions of this SECTION 11.08, (i) no such pledge shall release the pledging Lender from any of its obligations under the Loan Documents and (ii) such trustee shall not be entitled to exercise any of the rights of a Lender under the Loan Documents even though such trustee may have acquired ownership rights with respect to the pledged interest through foreclosure or otherwise.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent and the Issuing Bank, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and assignment; (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 4,000 and (iiiv) the Agent and, if applicable, the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank Company shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyhave consented thereto.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it and assumed by the Assignees pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 12.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Revolving Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each AssigneeFollowing receipt by the Agent of all consents to such assignment required hereby and of the Agent's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 12.
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement entitled to the same extent as if the amount benefit of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Sections
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Assignments, Participations, etc. (a1) Any Agent may, and with With the prior written consent of the AgentsAdministrative Agent and, which but only if there has not occurred and is continuing an Event of Default or Potential Default, MAC, in each case such consents shall not to be unreasonably withheldwithheld or delayed, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either MAC or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or to another Lender or its Affiliate) (each an "“Assignee"”) all, all or any ratable part of all, such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans, Loans at the Commitments time owing to it) and the other rights and obligations of Obligations held by such Bank Lender hereunder, in a minimum amount of $5,000,0005 million (or (A) if such Assignee is another Lender or an Affiliate of a Lender, $1 million, or such lesser amount as agreed by the Administrative Agent; and (B) if such Lender’s Commitment (or Revolving Commitment and Term Loan Credit Exposure) is less than $5 million, one hundred percent (100%) thereof); provided, however, that (i) MAC, the Company Borrower, the Issuing Lender, the Swing Line Lender and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower, the Issuing Lender, the Swing Line Lender and the Administrative Agent by such Bank Lender and the AssigneeAssignee and such assignment shall have been recorded in the Register in accordance with Section 11.8(1)(B); (Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment Agreement and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(bA) From and after the date that the Administrative Agent notifies the assignor Bank Lender and the Borrower that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance Agreement and payment of the above-referenced processing fee, : (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
Documents (c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company but shall execute and deliver be entitled to indemnification as otherwise provided in this Agreement with respect to any events occurring prior to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans assignment) and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, iii) this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising resulting therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(dB) Borrower, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until receipt by Administrative Agent of a fully executed Assignment and Acceptance Agreement effecting the assignment or transfer thereof, together with the required forms and certificates regarding tax matters and any fees payable in connection with such assignment, in each case, as provided in Section 11.8(1). Each assignment shall be recorded in the Register promptly following receipt by the Administrative Agent of the fully executed Assignment Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to Borrower and a copy of such Assignment and Acceptance Agreement shall be maintained, as applicable. Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding absent manifest error on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.
(2) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance Agreement and payment of the processing fee (which notice shall also be sent by the Administrative Agent to each Lender), the Borrower shall, if requested by the Assignee, execute and deliver to the Administrative Agent, a new Note evidencing such Assignee’s Revolving Commitment and/or new Note evidencing such Assignee’s portion of each Series of the Term Loans.
(3) Any Bank Lender may at any time time, without notice to or the consent of any other Person, sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in all or any Loans, the Commitment portion of that Bank its rights and obligations under this Agreement and the other interests Loan Documents (including all or a portion of that Bank its Commitments and the Loans owing to it) (the "originating Bank") hereunder and under the other Loan Documents“Originating Lender”); provided, however, that (i) the originating Bank's Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originating Lender shall remain solely responsible for the performance of such obligations, and (iii) the Company Borrower, the Issuing Lender, the Swing Line Lender and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Originating Lender in connection with the originating Bank's Originating Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 2.5, or any 2.6 and 2.7 (and subject to the burdens of the other Loan DocumentsSections 2.8 and 11.8 above) as though it were also a Lender thereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement, and Section 11.10 of this Agreement shall apply to such Participant as if it were a Lender party hereto.
(e4) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights and obligations under and interest in this Agreement and the Note held by it in favor other Loan Documents (including all or a portion of its Commitments and the Loans owing to it) to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned interests made by the Borrower to or U.S. for the account of the assigning and/or pledging Lender in accordance with the terms of this Agreement shall satisfy the Borrower’s obligations hereunder in respect to such assigned interests to the extent of such payment. No such assignment shall release the assigning Lender from its obligations hereunder.
(5) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain at one of its offices a register on which it enters the names and addresses of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulation 31 CFR Section203.14Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Federal Reserve Bank may enforce Lender shall treat each Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such pledge or security interest in any manner permitted under applicable lawparticipation for all purposes of this Agreement, notwithstanding notice to the contrary.
Appears in 1 contract
Samples: Joinder Agreement (Macerich Co)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent all or a portion of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other its rights and obligations under this Agreement (including all or a portion of such Bank hereunderits Commitment and the Loans (including for purposes of this SUBSECTION (a), participations in a minimum amount of $5,000,000L/C Obligations) at the time owing to it); provided, however, PROVIDED that (i) except in the Company case of an assignment of the entire remaining amount of the assigning Lender's Commitment and the Agents may continue Loans at the time owing to deal solely and directly it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund (as defined in SUBSECTION (f) of this Section) with such Bank in connection with respect to a Lender, the interest so assigned aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to an Assignee until (A) written notice of each such assignment, together determined as of the date the Assignment and Assumption with payment instructionsrespect to such assignment is delivered to the Administrative Agent or, addresses if "Trade Date" is specified in the Assignment and related information Assumption, as of the Trade Date, shall not be less than Cdn.$5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the AssigneeLoans or the Commitment assigned; (iii) any assignment of a Commitment must be approved by the -88- Administrative Agent, shall have been given to the Company and the Administrative Agent by such Bank and Issuing Lender unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); (Biv) such Bank the parties to each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption, together with a processing and recordation fee of Cdn.$6,500; and (v) an assignee shall not be entitled to receive any Note greater payment under SECTION 5.1 than the applicable Lender would have been entitled to receive with respect to the Commitment or Notes Loan assigned to such assignee, unless the assignment is made with the Borrower's prior written consent (but subject to such assignment limitation, the assignee shall be entitled to the benefits of SECTION 5.3 hereof, which may require the Borrower to compensate Lenders for increased costs, including increased withholding tax rates). Subject to acceptance and (C) the assignor Bank or Assignee has paid to each recording thereof by the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect pursuant to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
SUBSECTION (b) From of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Assumption covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of SECTIONS 5.1, 5.3, 5.4, 11.4 AND 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with SUBSECTION (c) of this Section.
(b) The Administrative Agent, acting solely for this purpose as an agent of the Borrower, shall maintain at the Administrative Agent's Payment Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(c) Within five Business Days after its receipt of Any Lender may at any time, without the consent of, or notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeto, the Company shall execute and deliver to Borrower or the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if sell participations to any Person (other than a natural person or the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount Borrower or any of the Loans retained by the assignor Bank Borrower's Affiliates or Subsidiaries) (such Notes to be in exchange foreach, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Commitment of that Bank and the other interests of that Bank Loans (the "originating Bank"including such Lender's participations in L/C Obligations) hereunder and under the other Loan Documentsowing to it); provided, however, PROVIDED that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; PROVIDED that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to SECTION 11.1 that directly affects such Participant. Subject to SUBSECTION (d) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement SECTIONS 5.1, 5.3, 5.4, 5.6 AND 11.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to SUBSECTION (a) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest SECTION 11.11 as though it were owing directly a Lender, provided such Participant agrees to be subject to SECTION 2.11 as though it were a Lender.
(d) A Participant shall not be entitled to receive any greater payment under SECTION 5.1 OR 5.3 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of SECTION 5.1 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with SECTION 5.1 as though it were a Bank under this AgreementLender.
(e) Notwithstanding any other provision in this Agreement, any Bank Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; PROVIDED that no such pledge or security interest in assignment shall release such Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.
(f) As used herein, the following terms have the following meanings:
Appears in 1 contract
Samples: Credit Agreement (Capital Environmental Resource Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to another Bank or to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 or, if less, the entire amount of such Bank's Commitment; providedPROVIDED, howeverHOWEVER, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT I ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or 107 Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with SECTION 10.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank or Designated Bidder may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank or Designated Bidder (the "originating BankORIGINATOR") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating BankOriginator's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of SECTIONS 4.1, 4.3 and 10.5 as though it were also a Bank or any of Designated Bidder (as the other Loan Documentscase may be) hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank or Designated Bidder (as the case may be) under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank or Designated Bidder may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14CAR ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate Upon notice to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Borrower, any Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form may, as long as no Event of Exhibit E ("Assignment and Acceptance") together with any Note Default has occurred or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contractoccurring, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "Participant") participating interests in any LoansAdvances, the Revolving Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, howeverPROVIDED, HOWEVER, that the Borrower shall have no additional expense as a result of such participation, and PROVIDED, FURTHER, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.01, 3.03 and 10.05 as though it were also a Bank hereunder, and not have any other rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(eb) Notwithstanding any other provision in this AgreementFrom time to time following the Closing Date, any each Bank may at any time create a security interest in, assign to one or pledge, more Eligible Assignee all or any portion of its rights under Revolving Commitment; PROVIDED that (i) such Eligible Assignee shall be approved by the Administrative Agent (which approval shall not be unreasonably withheld) and interest by the Borrower (which approval shall not be unreasonably withheld and which approval shall not be necessary after an Event of Default has occurred and is continuing), (ii) such assignment shall be evidenced by a "Commitment Assignment and Acceptance" (in the form of Exhibit "H" attached hereto), a copy of which shall be furnished to the Administrative Agent as hereinbelow provided; (iii) EXCEPT in the case of an assignment to an Affiliate of an assigning Bank, to another Bank or of the entire remaining Revolving Commitment of the assigning Bank, the assignment shall not assign a portion of the Revolving Commitment which is less than $15,000,000 and that is not an integral multiple of $5,000,000 (which restrictions shall not apply while an Event of Default has occurred and is continuing), and (iv) the effective date of any such assignment shall be as specified in the Commitment Assignment and Acceptance, but not earlier than the date which is five (5) Business Days after the date the Administrative Agent has received the Commitment Assignment and Acceptance. Upon the effective date of such Commitment Assignment and Acceptance, the Eligible Assignee named therein shall be a Bank for all purposes of this Agreement and with the Note held by it in favor Revolving Commitment therein set forth and, to the extent of any Federal Reserve such assigned Revolving Commitment, the assigning Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted shall be released from its further obligations under applicable lawthis Agreement.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, howeverthat the assigning Bank shall either assign all of its Loans and Commitment or else retain at least $10,000,000 of the amount of its Loans and Commitment immediately prior to the assignment; and provided further, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a) and that the assigned Loans are evidenced by Notes), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in all or any portion of any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents consent of the Company and the Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E G ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) 3,500. From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) . Within five ten Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompanies (at all times other than during the existence of an Event of Default) and the Agent, which consents consent of the Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Companies or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000(excluding from such requirement any assignment made between Banks party to this Agreement) ; provided, provided (that such minimum amount shall not apply to any assignment and obligation by a Bank to an Eligible Assignee which is already a Bank) however, that (i) the Company Companies and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Companies and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Companies and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E K ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500 .
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it the Agent has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that each Company consents to such assignment in accordance with subsection 10.08(a)), the Company Companies shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment Agent a Bid Loan Note for the Assignee (if the Assignee was not previously a Bank under this Agreement) and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes is not retaining any interest in the principal amount of the Loans retained by the this Agreement such assignor Bank (such Notes shall promptly cancel and return its Bid Loan Note to be in exchange for, but not in payment of, the Notes held by such Bank)Agent for return to the Companies. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Companies (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Companies and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Companies hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Companies and provided to it by the Companies or any Subsidiary, or by the Agent on such Companies' or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Companies, provided that such source is not bound by a confidentiality agreement with the Companies known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Companies is party or is deemed party with such Bank. In the event disclosure is required in connection with (B), (C) or (D), the Bank required to disclose shall use its best efforts to promptly notify the Companies OF such event prior to the date of required disclosure is practicable under the circumstances.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal 76 Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) Notwithstanding anything to the contrary contained in this Section 10.08 but subject to the terms and conditions set forth in this subsection (g), any Bank may from time to time, elect to designate a Conduit to provide all or any part of Loans required to be made by such Bank to the Borrower pursuant to this Agreement or to acquire a participation interest in any Loans extended by such Bank hereunder (a "Conduit Designation"), provided the designation of a Conduit by any Bank for purposes of this Section 10.08(g) shall be subject to the approval of the Companies. No additional Note shall be required with regard to a Conduit Designation; provided, however, to the extent any Conduit shall advance funds under a Conduit Designation, the designating Bank shall be deemed to hold the Note in its possession as an agent for such Conduit to the extent of the Loan funded by such Conduit. Notwithstanding any such Conduit Designation, (x) the designating Bank shall remain solely responsible to the other parties hereto for its obligations under this Agreement and (y) the Companies and the Agent may continue to deal solely and directly with the designating Bank as administrative agent for such designating Bank's Conduit, in connection with all of such Conduit's rights and obligations under this Agreement, unless and until the Companies and the Agent are notified that the designating Bank has been replaced as administrative agent for its Conduit; any payments for the benefit of any designating Bank and its Conduit shall be paid to such designating Bank for itself as administrative agent for its Conduit, as applicable; provided neither the Companies nor the Agent shall be responsible for any designating Bank's application of any such payments. In addition, any Conduit may (i) with notice to, but without prior written consent of the Companies and the Agent, and without paying any processing fee therefor, assign all or portions of its interest in any Loans to the Bank that designated such Conduit or to any financial institutions consented to by the Companies and the Agent providing liquidity and/or credit facilities to or for the account of such Conduit to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any guarantee, surety, credit or liquidity enhancement to such Conduit.
(h) Each party to this Agreement hereby agrees that, at any time a Conduit Designation is in effect, it shall not institute against, or join any other person in instituting against, any Conduit any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other 77 proceedings under any federal or state bankruptcy or similar law, for one year and a day after the latest maturing commercial paper note issued by such Conduit is paid. This Section 10.08(h) shall survive the termination of this Agreement.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent and provided that no Event of Default then exists, and the Company, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000.00; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E D ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.00.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Revolving Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto. Upon such Assignment, Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous
01. In the case of any such participation, the Participant shall not have any rights under this Agreementonly be entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.02, 4.03, 4.04, 4.06 and 11.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as entitled to vote on those items set forth in Section 11.01; provided, however, that the Participant shall only be entitled to vote on matters set forth in 11.01(a) if such Bank had not sold such participation; except thatParticipant's participating interest would be increased, extended or reinstated. In addition, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, or by the Agent on such Company's or Subsidiary's behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential, provided that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Company is party or is deemed party with such Bank.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time may assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments Committed Line Portion, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0001,000,000; provided, however, that (i) any such disposition shall not, without the Company prior consent of the Borrower, require the Borrower to apply to register or qualify the Loan or any Note under the securities laws of any state, and (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ax) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (By) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) in form attached hereto as Exhibit D, together with any Note or Notes subject to such assignment assignment; and (Cz) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company The Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment Committed Line Portion and, if the assignor Bank has retained a portion of its Loans and its CommitmentCommitted Line Portion, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Committed Line Portion arising therefrom. The Commitment Committed Line Portion allocated to each Assignee shall reduce such Commitments Committed Line Portion of the assigning Bank pro tanto. Upon such Assignment, the Administrative Agent is authorized to revise Schedule 2.01 and Schedule 11.02 to reflect the adjusted status of the Banks.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment Committed Line Portion of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s and the Borrower’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Issuing Banks and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as “confidential” or “secret” by the Borrower and provided to it by the Borrower or any Subsidiary or Affiliate, or by the Agents on the Borrower or Subsidiary’s or Affiliate’s behalf, under this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Borrower; provided, however, that such source is not bound by a confidentiality agreement with, or under obligation of confidentiality to the Borrower known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Administrative Agent, any Bank or their respective Affiliates may be party; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) such Bank’s independent auditors and other professional advisors; (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or potential; provided, however, that such Affiliate, Participant or Assignee agrees to keep such information confidential to the same extent required of the Banks hereunder, and (H) as to any Bank, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which the Borrower is party or is deemed party with such Bank. The foregoing is not intended to limit the Banks’ obligations to maintain confidential information received from the Borrower under applicable laws.
(f) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Atmos Energy Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower, which consents consent shall not be unreasonably withheldwithheld (provided that such consent shall not be required at any time that an Event of Default exists or in connection with an assignment of a Term Loan to a Related Fund) and of Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no the written consent of either the Agent or the Borrower shall not be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of allof, of the Loans, the Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,0005,000,000 (or such lesser amount as Agent in its sole discretion may agree) or, if less, the entire Commitment or Loan(s) of such Lender; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until until:
(Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; ;
(Bii) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E and substance reasonably satisfactory to Agent, such Lender and its Assignee (an "Assignment and Acceptance");
(iii) together such Assignee, if it is to become a Non-U.S. Lender, shall have complied with any Note or Notes subject to such assignment and the provisions of subsection 10.1(f); and
(Civ) the assignor Bank Lender or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From Subject to the provisions of subsection 9.8(f) below, from and after the date that the Administrative Agent notifies the assignor Bank Lender that it the Agent has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, :
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under this Agreement and the other Loan Documents, and ; and
(ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt Subject to the provisions of notice by subsection 9.8(f) below, immediately upon the Administrative Agent that it has received an executed Assignment and Acceptance and payment making of the processing fee, the Company shall execute and deliver fee payment to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion Agent in respect of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement Lender to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementextent.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with subject to the written consent of the AgentsBorrowers at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrowers or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such BankBank and the assignee need not be an Eligible Assignee if an Event of Default has occurred and is continuing) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount such that the Assignee after giving effect to such assignment shall hold at least $5,000,000 of $5,000,000the Commitments (or if less the aggregate amount of the Commitments of the Bank so assigning); provided, however, that (i) the Company Borrowers and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrowers and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrowers and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E or in such other form as shall be acceptable to them ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if the assignor such processing fee to be payable, without limitation, in connection with assignments from a Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyanother Bank).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 13.8(a)), the Company Borrowers shall at the request of the Assignee execute and deliver to the Administrative Agent, a new Notes Note evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments Commitment of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrowers (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrowers and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 13.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.1, 3.3 and 13.5 as though it were also a Bank hereunder, and not have any other rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrowers hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(i) Notwithstanding anything to the contrary contained herein, any Bank, (a "Granting Lender") may grant to a special purpose funding vehicle (an "SPV"), identified as such in writing from time to time by such Granting Lender to the Administrative Agent and the Borrowers, the option to fund all or any part of any Loan that such Granting Lender would otherwise be obligated to fund pursuant to this Credit Agreement; provided that (aa) nothing herein shall constitute a commitment by any SPV to fund any Loan, (ab) if an SPV elects not to exercise such option or otherwise fails to fund all or any part of such Loan, the Granting Lender shall be obligated to fund such Loan pursuant to the terms hereof, (ac) no SPV shall have any voting rights pursuant to Section 13.1 and (ad) with respect to notices, payments and other matters hereunder, the Borrowers, the Administrative Agent and the Banks shall not be obligated to deal with an SPV, but may limit their communications and other dealings relevant to such SPV to the applicable Granting Lender. The funding of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent that, and as if, such Loan were funded by such Granting Lender.
(ii) As to any Loans or portion thereof made by it, each SPV shall have all the rights that its applicable Granting Lender making such Loans or portion thereof would have had under
(iii) Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to the extent, the Granting Lender provides such indemnity or makes such payment. In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Credit Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under the laws of the United States or any State thereof.
(iv) In addition, notwithstanding anything to the contrary contained in this Agreement, but subject to the other provisions of Section 13.8(f), any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its Loans to the Granting Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV. This Section 13.8(f) may not be amended without the written consent of any Granting Lender affected thereby if the existence of such Granting Lender has been identified to the Borrowers and Administrative Agent pursuant to Section 13.8(f)(i).
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Administrative Agent, which consents of the Company and the Administrative Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or another Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00025,000,000 for assignments to other than Affiliates; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment and L/C Obligations of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 11.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Kerkorian Kirk)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and the Agent, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 (or such lesser amount as the Company and the Agent may consent); provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if 3,500, provided that in the case of a transfer under Section 3.08, the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments be obligated to an Assignee unless pay such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyprocessing fee.
(b) From and after the date that the Administrative Agent notifies the Company and the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance which has been consented to by the Agent and by the Company (if required), and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that the Agent and the Company consent to such assignment in accordance with subsection 10.08(a), to the extent required), the Company shall shall, if requested, execute and deliver to the Administrative Agent, new Agent Notes evidencing such Assignee's assigned Loans and Commitment for the Assignee (if the Assignee was not previously a Bank under this Agreement) and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes is not retaining any interest in the principal amount of the Loans retained by the this Agreement such assignor Bank (such shall promptly cancel and return its Notes to be in exchange for, but not in payment of, the Notes held by such Bank)Agent for return to the Company. Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may may, with the written consent of the Company at all times other than during the existence of an Event of Default, which consent shall not be unreasonably withheld, at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Eligible Assignees (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" or "secret" by the Company and provided to it by the Company or any Subsidiary, if amounts outstanding or by the Agent on such Company's or Subsidiary's behalf, under this Agreement are due or any other Loan Document, and unpaidneither it nor any of its Affiliates shall disseminate such information except on a "need to know" basis to employees of such Bank or Affiliate, as the case may be, and their respective representatives or use any such information other than in connection with or in enforcement of this Agreement and the other Loan Documents; except to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by the Bank, or (ii) was or becomes available on a non-confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process (providedthat such Bank shall have been declared promptly notify the Company of any such subpoena or shall have become due process, unless it is legally prohibited from doing so, and payable upon cooperate with the occurrence Company at the Company's expense in obtaining a suitable order protecting the confidentiality of an such information); (C) when required to do so in accordance with the provisions of any applicable Requirement of Law; (D) to the extent reasonably required in connection with any litigation or proceeding to which the Agent, any Bank or their respective Affiliates may be party provided that such Bank will promptly notify the Company of any such disclosure and use reasonable efforts at the Company's expense to obtain a suitable order protecting the confidentiality of such information; (E) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (F) to such Bank's independent auditors and other professional advisors; and (G) to any Affiliate of such Bank, or to any Participant or Assignee, actual or (provided that there exists no Event of Default, each with the written consent of the Company,) potential, provided that such Affiliate, Participant shall be deemed or Assignee agrees in writing to have the right of set-off in respect of its participating interest in amounts owing under this Agreement keep such information confidential to the same extent required of the Banks hereunder. Notwithstanding anything to the contrary set forth herein or in any other agreement to which the parties hereto are parties or by which they are bound, the obligations of confidentiality contained herein and therein (the "Confidentiality Obligations"), as if they relate to the amount transactions contemplated by this Agreement, shall not apply to the "tax structure" or "tax treatment" of its participating interest were owing directly the transactions contemplated by this Agreement (as these terms are used in Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations (the "Confidentiality Regulation") promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended); and each party hereto (and any employee, representative, or agent of any party hereto) may disclose to any and all persons, without limitation of any kind, the "tax structure" and "tax treatment" of the transactions contemplated by this Agreement (as these terms are defined in the Confidentiality Regulation). In addition, each party hereto acknowledges that it as a Bank under has no proprietary or exclusive rights to any tax matter or tax idea related to the transactions contemplated by this Agreement.
(ef) Notwithstanding any other provision in this Agreement, without consent of the Company, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it (i) in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law, and (ii) to any direct or indirect counterparties in credit derivative transactions relating to the Loans for the purpose of the physical settlement of such transaction. If requested by any such Bank for purposes of this subsection 10.08(f), the Company shall execute and deliver Notes to such Bank.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (which shall be required only when both (i) no Event of Default has occurred and been continuing for thirty (30) or more days and (ii) the Commitments have not been terminated in accordance with Section 6 hereof) and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank or to a Federal Reserve Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 and incremental amounts of $1,000,000 in excess thereof; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until until: (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E G ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
2,500. (b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained and, to the consent of extent necessary, received the Documentation Agent) Company's consent, with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank hereunder and under the other Loan Documents, and (ii) the assignor Bank shall, to the extent that all rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default and of the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or to another Lender) (each an "Assignee") all, or any ratable part of all, of the (x) its Term Loan Commitment and Term Loans, and (y) its Revolving Loan Commitment and Revolving Loans (including its interest in the Commitments and L/C Obligations), in each case together with the other rights and obligations of such Bank hereunderLender hereunder with respect to the Commitments and Loans being so assigned and delegated, in a minimum amount for the Term Loan Commitment and Term Loans and for the Revolving Loan Commitment and Revolving Loans of $5,000,00010,000,000 or if less, all of such assignor Lender's rights and obligations with respect to the Commitments and Loans being assigned, as applicable; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E M ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,000; and (ii) if the assignor Bank Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank Lender shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank Lender or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) 108 117 the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents. Agent will record the information contained in the Assignment and Acceptance in the Register.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment if such consent is required in accordance with subsection 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 11.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.01, or any of the other Loan Documents4.03 and 11.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the 109 118 occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender (including the Issuing Bank) may, and with the prior written consent of the Agents, Company (at all times other than during the existence of an Event of Default) which consents consent of the Company shall not be unreasonably withheldwithheld and written consent of the Administrative Agent, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank the Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500.00, and (ii) if the assignor Bank Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank Lender shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all rights and obligations of such assignor Bank Lender or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with SUBSECTION 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankORIGINATING LENDER") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, the originating Lender shall remain a Lender for all purposes hereof and the other Loan Documents to which such originating Lender is a party, and the Participant may not become a Bank for purposes hereof or for any other of the Loan Documents, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the FIRST PROVISO to SECTION 11.
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan DocumentsDocuments (the Participant's rights against the granting Lender in respect of such participation being those set forth in the agreement creating or evidencing such participation with such Lender), and all amounts payable by the Company hereunder shall be determined as if such Bank Lender had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany and the Administrative Agent, which consents shall not be unreasonably withheld, conditioned or delayed and, which consent of the Company shall not be required if a Default or Event of Default shall have occurred and be continuing (it being understood (x) that any resulting obligation to pay increased costs or reserves pursuant to Section 3.01, 3.04 or 3.06 as of the date of any assignment would justify the Company’s refusal to consent thereto, (y) other Bankthan in the case of a failure of an assigning Bank to comply with clause (C) below, may that the consent of the Company will be deemed given unless the Company replies in writing to any request for consent within five Business Days after actual receipt of such request and (z) with respect to Eligible Assignees described in clause (f) of the definition thereof, that any assignment to any such Eligible Assignee is subject to the Company’s absolute discretion), and, if demanded by the Company pursuant to Section 3.09 shall, at any time assign and delegate to one or more Eligible Assignees (provided provided, however, that no written consent of either the Company or the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of the assigning Bank so long as the Company shall not be required to pay any further amounts pursuant to Section 3.01, 3.04 or 3.06 than would have been required to be paid but for such Bankassignment) (each an "“Assignee"”) all, all or any ratable part of all, of the Loans, the Commitments its Term Loan and the other rights and obligations of such Bank hereunder, in a minimum amount of $US$5,000,000; provided, however, that (iA) if a Default or Event of Default shall have occurred and be continuing, any Bank may assign each of its Term Loans to any third party, (B) following any assignment, the provisions of Sections 10.04 and 10.05 shall inure to the benefit of the assigning Bank to the extent related to events, circumstances, claims, costs, expenses or liabilities arising prior to such assignment, (C) in the case of an assignment to an entity described in clause (f) of the definition of Eligible Assignee, the relevant Bank shall furnish to the Company information and documents relating to the proposed assignee as the Company may request and (D) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee and the assignment will not be effective until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such the assigning Bank and the Assignee; (Bii) such the assigning Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance") ”), together with any Term Note or Notes subject to such assignment and assignment; (Ciii) the assignor assigning Bank or the Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]US$3,500 (such processing fee being payable for all assignments, including, but not limited to, an assignment by a Bank to another Bank); and (iiiv) except if an Event of Default has occurred and is continuing, the assignor Bank or any of its Affiliates is Assignee has delivered to the Company a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent copy of the Companytax residence certificate evidencing residency as set forth above.
(b) From and after the date that the Administrative Agent notifies the assignor assigning Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor assigning Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Administrative Agent’s Payment Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks, and the Term Commitments of, and principal amount of the Term Loans owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Company, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company and any Bank, at any reasonable time and from time to time upon reasonable prior notice.
(d) Within five ten Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with Section 10.08(a)), the Company shall execute and deliver to the Administrative Agent, Agent a new Notes evidencing Term Note in the amount of such Assignee's ’s assigned Loans and Commitment Term Loan and, if the assignor assigning Bank has retained a portion of its Loans and its CommitmentTerm Loan, replacement Term Notes in the principal amount of the Loans retained by for the assignor Bank (such Term Notes to be in exchange for, but not in payment of, the Term Notes held by such the assigning Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoTerm Loans.
(de) Any Bank (the “Originating Bank”) may at any time sell without any consent, but with the prior written notice to the Company, to one or more commercial banks or other Persons not Affiliates of the Company entities that would have been an Eligible Assignee (a "“Participant"”) participating interests in all or any part of its Term Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, Documents and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.01 and provided, further, that the Participant shall, at the time that it purchases the Participation and from time to time thereafter as the Company may reasonably request, provide to the Company documentation evidencing that it is an Eligible Assignee. In the case of any such participation, the Bank selling such participation shall be entitled to agree to pay over to the Participant shall not have any rights under this Agreement, or any of the other Loan Documentsamounts paid to such Bank pursuant to Sections 3.01 and 3.04, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant or (ii) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to paragraph (f) of this Section 10.08, the Company agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to paragraph (a) of this Section 10.08. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.10 as though it were a Bank, provided such Participant agrees to be subject to Section 2.13 as though it were a Bank.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.01, any 3.04, 3.05 or 3.06 than the applicable Bank would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s prior written consent.
(g) Any Bank may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest assignment shall release a Bank from any of its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto.
(h) If the consent of the Company to an assignment or to an Assignee is required hereunder (including a consent to an assignment which does not meet the minimum assignment threshold specified in any manner permitted under applicable lawSection 10.08(a)), the Company shall be deemed to have given its consent five Business Days after the date notice thereof has been actually received by the Company unless such consent is expressly refused by the Company prior to such fifth Business Day.
Appears in 1 contract
Samples: Loan Agreement (Gruma Sab De Cv)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany, the Agent and each Issuing Bank, which consents shall not be unreasonably withheldwithheld or delayed, any other Bank, may at any time assign and delegate to one or more Eligible Assignees or assign to any of its wholly owned Affiliates (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate each of such Bank) (each Eligible Assignees or Affiliates, an "Assignee") all, all or any ratable part of all, of the Loans, the Letter of Credit Obligations or the Commitments and the or any other rights and or obligations of such Bank hereunder, under this Agreement and the other Credit Documents in a minimum amount of Ten Million Dollars ($5,000,00010,000,000); provided, however, that (i) the Company Borrowers and the Agents may Agent shall be entitled to continue to deal solely and directly with such Bank in connection with the interest interests so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; Assignee and (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance Assumption in the form of Exhibit E O (an "Assignment and AcceptanceAssumption") ), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in of Two Thousand Five Hundred Dollars ($2,500) shall have been paid to the amount of its $[______________]; and (ii) if Agent by the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAssumption, (i) the Assignee thereunder shall be a party hereto to this Agreement and, to the extent that rights and obligations hereunder under this Agreement and the other Credit Documents have been assigned to it pursuant to such Assignment and AcceptanceAssumption, shall have the rights and obligations of a Bank under the Loan Credit Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder under this Agreement and under the other Loan Credit Documents have been assigned by it pursuant to such Assignment and AcceptanceAssumption, relinquish its rights and be released from its obligations under the Loan Credit Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent and the Issuing Bank, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments and L/C Obligations, and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,0005,000,000 (or, if less, the entire amount of such Bank's Loans, Commitment and L/C Obligations); providedPROVIDED, howeverHOWEVER, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit EXHIBIT E ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with Section 11.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoPRO TANTO.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "ParticipantPARTICIPANT") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; providedPROVIDED, howeverHOWEVER, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights tothe
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14ss.203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any anY manner permitted under applicable law.
(f) No assignee, participant or other transferee of any Bank's rights shall be entitled to receive any greater payment under Article IV than such Bank would have been entitled to receive with respect to the rights transferred or by reason of the provisions of Article IV requiring such Bank to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist.
Appears in 1 contract
Samples: Credit Agreement (International Alliance Services Inc)
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Lender may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that no written consent that:
(i) except in the case of either Agent shall be required an assignment of the entire remaining amount of the assigning Lender's Commitment and the Loans at the time owing to it or in connection with any the case of an assignment and delegation by to a Bank to an Eligible Assignee that is Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) of the assigning Lender subject to each such Bank) assignment, determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Administrative Agent, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part 110 of all, of all the Loans, the Commitments and the other assigning Lender's rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information under this Agreement with respect to the Assignee, shall have been given to Loans or the Company and Commitment assigned; (iii) any assignment of a Commitment must be approved by the Administrative Agent by such Bank unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed assignee would otherwise qualify as an Eligible Assignee); and (iv) the Assignee; (B) such Bank parties to each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Assumption Agreement, together with any Note or Notes subject a processing and recordation fee of $3,500. Subject to such assignment acceptance and (C) the assignor Bank or Assignee has paid to each recording thereof by the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect pursuant to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
subsection (b) From of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of Assumption Agreement, the above-referenced processing fee, (i) the Eligible Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and AcceptanceAssumption Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and AcceptanceAssumption Agreement, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Assumption Agreement covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.1, 4.3, 4.4, 11.4 and 11.5). Upon request, the Company (at its expense) shall execute and deliver new or replacement Notes evidencing Loans hereunder, if any, to the assigning Lender and the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (c) of this Section 11.8.
(b) The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Administrative Agent's office a copy of each Assignment and Assumption Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Company, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company and any Lender, at any reasonable time and from time to time upon reasonable prior notice.
(c) Within five Business Days after its receipt of Any Lender may, without the consent of, or notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feeto, the Company shall execute and deliver to or the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell participations to one or more commercial banks Lenders or other Persons not Affiliates of the Company entities (a "Participant") participating interests in any Loans, all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Company, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date upon which any payment of money is scheduled to be paid to such Participant, or (ii) reduce the principal, interest, fees or other amounts payable to such Participant. Subject to subsection 11.8(d), the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 4.1, 4.3, 4.4 and 11.5 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (a) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 11.10 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 2.15 as though it were a Lender.
(d) A Participant shall not be entitled to receive any greater payment under Section 4.1, 4.3 or 4.4 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 4.1 unless the Company is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Company, to comply with Section 4.1(g) as though it were a Bank under this AgreementLender.
(e) Notwithstanding any other provision in this Agreement, any Bank Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and (including under its Revolving Credit Promissory Note evidencing the Note held by it in favor Loans, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Farm Credit Bank; provided that no such pledge or security interest assignment shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. The Administrative Agent shall have no obligation nor shall it be required to acknowledge or execute any document evidencing any pledge or assignment by a Lender pursuant to this Section 11.8(e).
(f) If the consent of the Company to an assignment or to an Eligible Assignee is required hereunder (including a consent to an assignment which does not meet the minimum assignment threshold specified in any manner permitted under applicable lawclause (i) of the proviso to the first sentence of Section 11.8), the Company shall be deemed to have given its consent five Business Days after the date notice thereof has been delivered by the assigning Lender (through the Administrative Agent) unless such consent is expressly refused by the Company prior to such fifth Business Day.
(g) As used herein, the following terms have the following meanings:
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, hereunder in a an aggregate minimum amount of $5,000,0003,000,000 or a lesser amount to be agreed upon by the Administrative Agent and the Borrower (unless to an existing Bank, in which case no minimum assignment shall apply); provided that such Bank shall retain an aggregate amount of not less than $3,000,000 in respect thereof, unless such Bank assigns and delegates all of its rights and obligations hereunder to one or more Eligible Assignees at the time and subject to the conditions set forth herein; and provided, further, however, that (i) the Company Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") ), together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) 3,500. From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) . Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.08(a)), if the Assignee so requests, the Company Borrower shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment Commitments and, if the assignor Bank has retained a portion of its Loans and its CommitmentCommitments and so requests, replacement Notes in the principal amount or amounts of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment Commitments allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank tanto and the other interests of that Bank (Administrative Agent shall promptly prepare and distribute a new Schedule 2.01 reflecting the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights tonew commitments.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Short Term Revolving Credit Agreement (Ferrellgas Partners Finance Corp)
Assignments, Participations, etc. NYDOCS01/1613908 45
(ai) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (ix) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiy) if the assignor Bank no such assignment shall be made to any Defaulting Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this AgreementSubsidiaries, or any of the other Loan DocumentsPerson who, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatupon becoming a Lender hereunder, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as would constitute a Bank under this AgreementDefaulting Lender.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, Bank may at any time assign and delegate to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (a), participations in L/C Obligations) at the time owing to it); provided that no written consent (i) except in the case of either Agent shall be required an assignment of the entire remaining amount of the assigning Bank’s Commitment and the Loans at the time owing to it or in connection with any the case of an assignment and delegation by to a Bank to an Eligible Assignee that is or an Affiliate of a Bank or an Approved Fund with respect to a Bank, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) subject to each such Bank) assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrowers otherwise consent (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an "Assignee") all, or any ratable assignment of a proportionate part of allall the assigning Bank’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned; (iii) any assignment of a Commitment must be approved by the Administrative Agent, the Issuing Bank and, provided no Event of Default has occurred or is continuing, the Borrowers (such approval not to be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself a Bank; and (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (b) of this Section and subject to Section 11.08(d), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the Loansinterest assigned by such Assignment and Assumption, have the Commitments and the other rights and obligations of a Bank under this Agreement, and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank hereundershall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.01, 4.04, 4.05, 11.04 and 11.05 with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute and deliver a Note to the assignee Bank. Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with subsection (c) of this Section.
(b) The Administrative Agent, acting solely for this purpose as an agent of the applicable Borrower, shall maintain at the Administrative Agent’s office a minimum amount copy of $5,000,000each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitments of, and principal amounts of the Loans and L/C Obligations owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrowers and any Bank, at any reasonable time and from time to time upon reasonable prior notice.
(c) Any Bank may at any time, without the consent of, or notice to, the applicable Borrower or the Administrative Agent, sell participations to any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Bank’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Bank’s participations in L/C Obligations) owing to it); provided, however, provided that (i) such Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank shall remain solely responsible to the Company other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Agents may other Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, (such consent not to be unreasonably withheld or delayed) agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that directly affects such Participant. Subject to subsection (d) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.01, 4.04 and 4.05 to the same extent as if it were a Bank and had acquired its interest so assigned by assignment pursuant to subsection (a) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.10 as though it were a Bank, provided such Participant agrees to be subject to Section 2.14 and Section 11.09 as though it were a Bank.
(d) Neither an Eligible Assignee until nor a Participant shall be entitled to receive any greater payment under Section 4.01 or 4.04 than the applicable Bank granting the participation or assigning its interest in the Credit (Aor Commitment) written notice of such assignment, together with payment instructions, addresses and related information to the Eligible Assignee would have been entitled to receive with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note participation or Notes subject assigned interest or Commitment sold to such Eligible Assignee or Participant, unless the sale of the participation or assignment and (C) to such Participant or Eligible Assignee is made with the assignor Bank or Assignee has paid to each the Administrative Agent Borrower’s prior written consent. A Participant that would be a processing fee in the amount of its $[______________]; and (ii) foreign lender if the assignor Bank or any of its Affiliates is it were a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all be entitled to the benefits of its interest in Section 4.01 unless the 76 128 Loans and Borrower is notified of the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect participation sold to such Specified Swap ContractsParticipant and such Participant agrees, with for the consent benefit of the CompanyBorrower, to comply with Section 11.15 and 11.09 as though it were a Bank.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank may at any time sell to one pledge or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Note, if any) to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release such Bank from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto.
Appears in 1 contract
Samples: Credit Agreement (Zemex Corp)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsSwing Line Lender and the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees Persons (provided that no written consent of either the Swing Line Lender or the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000 (or, if less, all of such Lender's remaining rights and obligations hereunder); provided, however, that (x) no assignment and delegation may be made to any Person if, at the time of such assignment and delegation, (i) the Company would be obligated to pay any greater amount under Article III to the Assignee than the Company is then obligated to pay to the assigning Lender under such Article (and if any assignment is made in violation of the foregoing, the Company will not be required to pay the incremental amounts) and (ii) the Assignee has not presented evidence reasonably satisfactory to the Agent and the Agents Company that the Assignee is exempt from withholding taxes and (y) the Company, the Swing Line Lender and the Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E G ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company5,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent (and obtained received the consent of the Documentation AgentSwing Line Lender) with respect to) to an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank such Lender and the other interests of that Bank such Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Agent and the Agents Swing Line Lender shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not be entitled to the benefit of Sections 3.1, 3.2 and 10.5 as though it were also a Lender hereunder (provided that no Participant shall receive any greater amount pursuant to Article III than would have any rights under this Agreement, or any of been paid to the other Loan Documentsparticipating Lender if no participation had been sold), and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement. Notwithstanding any other provision of this Section, sales of participations required under the Intercreditor Agreement shall be permitted.
(ed) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Truserv Corp)
Assignments, Participations, etc. (a) Any Agent mayThe provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, and with except that the Company may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Bank and no Bank may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the Agentsprovisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section or (iii) pursuant to subsection (e) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Indemnified Persons) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Bank may at any time assign to one or more Eligible Assignees all or a portion of its Loan and its other rights and obligations under this Agreement; provided that (i) except in the case of an assignment of all of the assigning Bank’s Loan or in the case of an assignment to a Bank or an Affiliate of a Bank or an Approved Fund (as defined in subsection (f) of this Section) with respect to a Bank, the portion of the Loan subject to each such assignment, determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Acceptance, as of the Trade Date, shall not be less than $10,000,000 unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Company otherwise consents (which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one withheld or more Eligible Assignees delayed); (provided that no written consent ii) each partial assignment of either Agent a Loan shall be required made as an assignment of a proportionate part of all the assigning Bank’s rights and obligations under this Agreement; and (iii) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500. Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section, from and after the effective date specified in connection with any assignment each Assignment and delegation by a Bank to an Acceptance, the Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") allthereunder shall be a party to this Agreement and, or any ratable part of all, to the extent of the Loansinterest assigned by such Assignment and Acceptance, have the Commitments and the other rights and obligations of a Bank under this Agreement, and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank hereundershall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.1, 4.3, 4.4, 11.4 and 11.5 with respect to facts and circumstances occurring prior to the effective date of such assignment). Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance with subsection (d) of this Section.
(c) The Administrative Agent, acting solely for this purpose as an agent of the Company, shall maintain at the Payment Office a minimum copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks, and the principal amount of $5,000,000the Loan owing to each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Company, the Administrative Agent and the Banks may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company at any reasonable time and from time to time upon reasonable prior notice, and the Administrative Agent will provide a copy of the Register to the Company upon the Company’s reasonable request. In addition, at any time that a request for a consent for a material or other substantive change to the Loan Documents is pending, any Bank wishing to consult with other Banks in connection therewith may request and receive from the Administrative Agent a copy of the Register.
(d) Any Bank may at any time, without the consent of, or notice to, the Company or the Administrative Agent, sell participations to any Person (other than a natural person or the Company or any of the Company’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Bank’s Loan and its other rights and/or obligations under this Agreement; provided, however, provided that (i) such Bank’s obligations under this Agreement shall remain unchanged, (ii) such Bank shall remain solely responsible to the Company other parties hereto for the performance of such obligations and (iii) the Company, the Administrative Agent and the Agents may other Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clause (a) of Section 11.1 that directly affects such Participant. Subject to subsection (e) of this Section, the Company agrees that each Participant shall be entitled to the benefits of Sections 4.1, 4.3 and 4.4 to the same extent as if it were a Bank and had acquired its interest so assigned by assignment pursuant to an Assignee until subsection (Ab) written notice of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.10 as though it were a Bank, provided such assignment, together with Participant agrees to be subject to Sections 2.7 and 11.9 as though it were a Bank. A Participant shall not be entitled to receive any greater payment instructions, addresses and related information under Section 4.1 or 4.3 than the applicable Bank would have been entitled to receive with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject participation sold to such assignment and (C) Participant, unless the assignor sale of the participation to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign Bank or Assignee has paid to each the Administrative Agent if it were a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all be entitled to the benefits of its interest in Section 4.1 unless the 76 128 Loans and Company is notified of the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect participation sold to such Specified Swap ContractsParticipant and such Participant agrees, with for the consent benefit of the Company, to comply with Section 10.10 as though it were a Bank.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(de) Any Bank may at any time sell to one pledge or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor (including under its Note, if any) to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce Bank; provided that no such pledge or security interest in assignment shall release such Bank from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto.
(f) As used herein, the following terms have the following meanings:
Appears in 1 contract
Assignments, Participations, etc. (a) Subject to Sections 12.08(b) and 12.08(e):
(i) Any Agent may, and Lender may with the written prior consent of the AgentsCompany, the Agent, and the Issuing Bank (which consents will not be unreasonably withheld and which consent of the Company shall not be unreasonably withheld, any other Bank, may required if a Default or Event of Default exists) at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, all or any ratable part fraction of all, of the Loans, the Commitments its Commitment and the other rights and obligations of such Bank hereunder, outstanding Committed Loans in a minimum amount of $25,000,000 and in multiples of $1,000,000 in excess thereof or, if its Commitment is less than $25,000,000, in the amount of its Commitment.
(ii) Any Lender may without the prior consent of the Company assign to another Lender all or any fraction of its Commitment and outstanding Committed Loans in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof or, if the Commitment is less than $5,000,000, in the amount of its Commitment.
(iii) Any Lender may at any time assign all or any portion of its rights under this Agreement and any note issued pursuant to Section 2.05 to a Federal Reserve Bank; provided, however, that no such assignment shall release any Lender from its obligations hereunder.
(iiv) Any Lender, if so requested by the Company under Section 5.09, shall assign to another Eligible Assignee its entire Commitment and all outstanding Committed Loans.
(v) Except as provided in Section 12.08(a)(iii), no Lender may assign any Bid Loans made by it hereunder except to another Lender or to any other Person to which it is also assigning all or a fraction of its Commitment and outstanding Committed Loans pursuant to Section 12.08(a)(i).
(b) No assignment shall become effective, and the Company and the Agents may Agent shall be entitled to continue to deal solely and directly with such Bank each Lender in connection with the interest interests so assigned by such Lender to an Assignee Assignee, until (Ai) such Lender and such Assignee shall have executed an Assignment and Assumption Agreement substantially in the form of Exhibit 12.08(b) and written notice of such assignment, together with payment instructions, addresses addresses, and related information with respect to the Assignee, such Assignee shall have been given to the Company and the Administrative Agent by such Bank Lender and the such Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance , in substantially the form of Attachment A to Exhibit E 12.08 (a "Assignment and AcceptanceNotice of Assignment"); (ii) together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500 shall have been paid to the Agent by the assignor Lender or the Assignee; and (iii) either (A) five Business Days shall have elapsed after receipt by the Agent of the items referred to in clauses (i) and (ii) or (B) if earlier, the Agent has notified the assignor Bank or any Lender and the Assignee of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent receipt of the Companyitems mentioned in clauses (i) and (ii) and that it has acknowledged the assignment by countersigning the Notice of Assignment.
(bc) From and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeany assignment hereunder, (i) the Assignee thereunder shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and AcceptanceAssignee by the assignor Lender, shall have the rights and obligations of a Bank Lender hereunder and under the each other Loan DocumentsDocument, and (ii) the assignor Bank shallLender, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptancethe Assignee, relinquish its rights and shall be released from its future obligations hereunder and under the each other Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoDocument.
(d) Any Bank Subject to Section 12.08(e), any Lender may at any time sell to one or more commercial banks financial institutions or other Persons not Affiliates (each of the Company (such Persons being herein called a "Participant") participating interests in any of the Loans, the its Commitment of that Bank and the or other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documentssuch Lender hereunder; provided, however, that that
(i) the originating Bank's no participation contemplated in this Section 12.08(d) shall relieve such Lender from its Commitment or its other obligations hereunder or under this Agreement shall remain unchanged, any other Loan Document;
(ii) the originating Bank such Lender shall remain solely responsible for the performance of its Commitment and such other obligations, ;
(iii) the Company Company, the Agent, and the Agents Issuing Bank shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement and the each other Loan Documents, and Document; and
(iv) no Bank Participant, unless such Participant is an Affiliate of such Lender, shall transfer be entitled to require such Lender to take or grant refrain from taking any participating interest action hereunder or under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan DocumentsDocument, and all amounts payable by the Company hereunder shall be determined as if except that such Bank had not sold Lender may agree with any Participant that such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Lender
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount such that the Assignee after giving effect to such assignment shall hold at least $10,000,000 of $5,000,000the Commitments (or if less the aggregate amount of the Commitments of the Bank so assigning); provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and 3,500 (ii) if the assignor such processing fee to be payable, without limitation, in connection with assignments from a Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companyanother Bank).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 13.8(a)), the Company shall execute and deliver to the Administrative Agent, a new Notes Note evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.the
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 13.
011. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 3.1, 3.3 and 13.5 as though it were also a Bank hereunder, and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the prior written consent of the AgentsCompany at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 and multiples of $1,000,000 in excess thereof; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E D ("Notice of Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Notice of Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Notice of Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Notice of Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Notice of Assignment and Acceptance and payment of the processing fee, the Company shall shall, upon the request of the Assignee made through the Administrative Agent, execute and deliver to the Administrative Agent, one or more new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank had previously requested one or more Notes and has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Notice of Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.. 113
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such pledge assigned Loans or security interest in any manner permitted under applicable lawNotes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
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Samples: Reducing Revolving Credit Agreement (Cinemark Usa Inc /Tx)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsAgent, which consents consent shall not be unreasonably withheld, any other Bankand thirty (30) days prior written notice to the Companies, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of Ten Million Dollars ($5,000,00010,000,000) so long as the assigning Bank maintains a minimum amount of Ten Million Dollars ($10,000,000) of the -66- 72 Loans and Commitments; provided, however, that (i) the Company Companies and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Companies and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Companies and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its Three Thousand Dollars ($[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,000).
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company Companies shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the a Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Companies and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement entitled to the same extent benefit of Sections 3.1, 3.3 and 10.5 as if the amount of its participating interest though it were owing directly to it as also a Bank under this Agreement.hereunder, but shall not have
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Affiliates of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b) Any Lender may assign to one or more assignees (each, an "Assignee") all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each of the Borrower and the Administrative Agent may, and with the must give their prior written consent of the Agents, to such assignment (which consents consent shall not be unreasonably withheld), any other Bank, may at any time assign and delegate (ii) except in the case of an assignment to one a Lender or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any a Lender Affiliate or an assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loansentire remaining amount of the assigning Lender's Commitment, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that the Commitment of the assigning Lender subject to each such assignment (i) determined as of the Company date the Assignment and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information Acceptance with respect to the Assignee, shall have been given such assignment is delivered to the Company Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent by such Bank otherwise consent, (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, except that this clause (iii) shall not apply to rights in respect of outstanding Bid Loans, (iv) the Assignee and the Assignee; (B) such Bank Assignor in respect of each assignment shall execute and its Assignee shall have delivered deliver to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") , together with any Note or Notes subject to such assignment a processing and recordation fee of $3,500, and (Cv) the assignor Bank or Assignee has paid Assignee, if it shall not be a Lender, shall deliver to each the Administrative Agent a processing fee in the amount of its $[______________]an Administrative Questionnaire; and (ii) if the assignor Bank or provided further that any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
Borrower otherwise required under this paragraph shall not be required if an Event of Default under clause (bf) From or (g) of Section 8.01 has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed specified in each Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been of the interest assigned to it pursuant to by such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documentsthis Agreement, and (ii) the assignor Bank assigning Lender thereunder shall, to the extent that rights and obligations hereunder and under of the other Loan Documents have been interest assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under this Agreement (and, in the Loan Documentscase of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.05, 3.08, 3.09, 3.10, 3.11 and 10.05)(but only to the extent such Lender notifies the Borrower of any claim under such Section within 90 days after it obtains knowledge thereof). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.
(c) Within five Business Days after The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its receipt offices in the United States a copy of notice by the Administrative Agent that it has received an executed each Assignment and Acceptance delivered to it and payment a register for the recordation of the processing feenames and addresses of the Lenders, and the Company shall execute Commitment of, and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the assignor Bank (such Notes Borrower, and any Lender, at any reasonable time and from time to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately time upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoreasonable prior notice.
(d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the Assignee's completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(e) Any Bank may at any time Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more commercial banks or other Persons not Affiliates of the Company entities (each a "Participant") participating interests in any Loans, the all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan DocumentsLoans owing to it); provided, however, provided that (i) the originating Banksuch Lender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, obligations and (iii) the Company Borrower, the Administrative Agent and the Agents other Lenders shall continue to deal solely and directly with the originating Bank such Lender in connection with the originating Banksuch Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documentsto approve any amendment, and (iv) no Bank shall transfer modification or grant any participating interest under which the Participant has rights to
01. In the case waiver of any provision of this Agreement; provided that such participationagreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the proviso to Section 10.02 that affects such Participant. Subject to paragraph (f) of this Section, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, Borrower agrees that each Participant shall be deemed entitled to have the right benefits of set-off in respect of its participating interest in amounts owing under this Agreement Sections 3.05 (other than 3.05(f)), 3.06, 3.08, 3.09 and 3.10 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the amount extent permitted by law, each Participant also shall be entitled to the benefits of its participating interest Section 10.06 as though it were owing directly a Lender, provided such Participant agrees to be subject to Section 3.06 as though it as were a Bank under this AgreementLender.
(ef) Notwithstanding A Participant shall not be entitled to receive any other provision in this Agreementgreater payment under Section 3.05, any Bank 3.08, 3.09 or 3.10 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.05 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.05(f) as though it were a Lender.
(g) Any Lender may at any time create pledge or assign a security interest in, or pledge, in all or any portion of its rights under and interest in this Agreement and the Note held by it in favor to secure obligations of any such Lender to (i) a Federal Reserve Bank in accordance with Regulation A of or (ii) the FRB Farm Credit Funding Corp. or U.S. Treasury Regulation 31 CFR Section203.14to any other entity organized under the Farm Credit Act, as amended, and such Federal Reserve Bank may enforce this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest in shall release a Lender from any manner permitted under applicable lawof its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
Appears in 1 contract
Assignments, Participations, etc. (a1) Any Agent mayLender may at any time, and with the written consent of the AgentsAgent and, which consents shall but only so long as there does not be unreasonably withheldexist an Event of Default, any other Bankthe Company, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) financial institutions (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Loans and the other rights and obligations of such Bank hereunder, Lender hereunder in a minimum amount of $5,000,0005,000,000.00; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructionsinstitutions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") Agreement together with any Note or Notes subject to such assignment assignment; and (Ciii) the assignor Bank or Assignee has Agent shall have been paid to each the Administrative Agent a processing fee on account of such assignment in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) 2,500.00. From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing feeAgreement, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned to it pursuant to such Assignment and AcceptanceAcceptance Agreement, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and AcceptanceAcceptance Agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) . Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of Agreement, which notice shall also be sent by the processing feeAgent to each Lender, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if Loan funding commitment. Upon the assignor Bank has retained a portion effective date of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptanceassignment, this Agreement and the other Loan Documents shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments Percentage Share arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d2) Any Bank Lender may at any time sell to one or more commercial banks financial institutions or other Persons not Affiliates of the Company (each a "Participant") participating interests in any Loans, the Commitment funding commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank following such sale that Lender shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any continue to hold a Percentage Share of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had Credit Limit of not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementless than $5,000,000.00.
(e3) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank Lender may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with Lender or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable lawLender.
Appears in 1 contract
Samples: Credit Agreement (Franchise Mortgage Acceptance Co)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the prior written consent of the AgentsCompany at all times other than during the existence of an Event of Default, and the Administrative Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 and multiples of $1,000,000 in excess thereof; provided, however, that (i) the Company and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an a Notice of Assignment and Acceptance in the form of Exhibit E D ("Notice of Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company2,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Notice of Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Notice of Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Notice of Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Notice of Assignment and Acceptance and payment of the processing fee, the Company shall shall, upon the request of the Assignee made through the Administrative Agent, execute and deliver to the Administrative Agent, one or more new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank had previously requested one or more Notes and has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Notice of Assignment and Acceptance, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Administrative Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such pledge assigned Loans or security interest in any manner permitted under applicable lawNotes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 1 contract
Samples: Reducing Revolving Credit Agreement (Cinemark Usa Inc /Tx)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (at all times other than during the existence of an Event of Default) and the Agent and the Issuing Bank, which consents consent of the Company shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, the L/C Obligations and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute (and deliver provided that it consents to the Administrative Agentsuch assignment in accordance with subsection 13.8(a)), new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Company, the Issuing Bank and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 13.
011. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 4.1, or any of the other Loan Documents4.3 and 13.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note (if any) held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14Section 203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the Agents, Company (which consents consent shall not be unreasonably withheld, any withheld or delayed) at all times other than during the existence of an Event of Default and of the Agent and the Issuing Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company, the Agent or the Issuing Bank shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an a Bank Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, and if in part, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment assignment and Acceptance acceptance agreement in substantially the form of Exhibit E ("Assignment and Acceptance") B attached hereto, together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the 3,500. The consent of the CompanyCompany to any such assignment shall not be unreasonably withheld.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment assignment and Acceptance acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment assignment and Acceptanceacceptance agreement, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment assignment and Acceptanceacceptance agreement, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days Promptly after its receipt of notice by the Administrative Agent that it has received an executed Assignment assignment and Acceptance acceptance agreement and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, Agent a new Notes Note evidencing such Assignee's assigned Bid Loans and Commitment and, if the assignor Bank has not retained a any portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes shall return its original Note to be in exchange for, but not in payment of, the Notes held by such Bank)Company for cancellation. Immediately upon each Assignee's making its processing fee payment under the Assignment assignment and Acceptanceacceptance agreement, this Agreement Agreement, shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has shall have rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in clauses (a), (b) and (c) in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Each Bank agrees to take normal and reasonable precautions and exercise due care to maintain the confidentiality of all information identified as "confidential" by the Company and provided to it by the Company or any Subsidiary of the Company, or by the Agent on such Company's or Subsidiary's behalf, in connection with this Agreement or any other Loan Document, and neither it nor any of its Affiliates shall use any such information for any purpose or in any manner other than pursuant to the terms contemplated by this Agreement; except to the extent such information (i) was or becomes generally available to the public other than as a result of a disclosure by the Bank, or (ii) was or becomes available on a non -confidential basis from a source other than the Company, provided that such source is not bound by a confidentiality agreement with the Company known to the Bank; provided further, however, that any Bank may disclose such information (A) at the request or pursuant to any requirement of any Governmental Authority to which the Bank is subject or in connection with an examination of such Bank by any such authority; (B) pursuant to subpoena or other court process; (C) when required to do so in accordance with the provisions of any applicable requirement of law; and (D) to such Bank's independent auditors and other professional advisors. Notwithstanding the foregoing, the Company authorizes each Bank to disclose to any Participant or Assignee (each, a "Transferee") and to any prospective Transferee, such financial and other information in such Bank's possession concerning the Company or its Subsidiaries which has been delivered to Agent or the Banks pursuant to this Agreement or which has been delivered to the Agent or the Banks by the Company in connection with the Banks' credit evaluation of the Company prior to entering into this Agreement; provided that, unless otherwise agreed by the Company, such Transferee agrees in writing to such Bank to keep such information confidential to the same extent required of the Banks hereunder.
(f) Notwithstanding any other provision contained in this AgreementAgreement or any other Loan Document to the contrary, any Bank may at any time create a security interest in, or pledge, assign all or any portion of its rights under and interest in this Agreement and the Note Loans or Notes held by it in favor of to any Federal Reserve Bank in accordance with or the United States Treasury as collateral security pursuant to Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, Board of Governors of the Federal Reserve System and any Operating Circular issued by such Federal Reserve Bank, provided that any payment in respect of such assigned Loans or Notes made by the Company to or for the account of the assigning or pledging Bank may enforce in accordance with the terms of this Agreement shall satisfy the Company's obligations hereunder in respect to such pledge assigned Loans or security interest in any manner permitted under applicable lawNotes to the extent of such payment. No such assignment shall release the assigning Bank from its obligations hereunder.
Appears in 1 contract
Samples: Credit Agreement (Ceridian Corp)
Assignments, Participations, etc. (aA) Any Agent Bank may, and with the written --------------------------------- consent of the Agents, Agent and so long as no Event of Default exists Borrower (which consents shall not be unreasonably delayed or withheld), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Letters of Credit, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount equal to the lesser of such Bank's then-current Commitment or $5,000,0005,000,000.00; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment D -("Assignment and Acceptance") together with any Note or Notes subject ---------- to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500.00; and (ii) if the assignor provided, however, that no such processing fee shall be due in respect of any such assignment from any Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Companythereof.
(bB) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its and Borrower's consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(dD) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company any Borrower (a "Participant") participating interests in any Loans, the Letters of Credit, the Commitment of that Bank and the other interests of that Bank (the "originating BankOriginator") hereunder and under the other Loan loan Documents; provided, however, that (i) the originating BankOriginator's obligations Obligations under this Agreement shall remain unchanged, (ii) the originating Bank Originator shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower and the Agents Agent shall continue to deal solely and directly with the originating Bank Originator in connection with the originating BankOriginator's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.transfer
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsCompany at all times other than during the existence of an Event of Default or a Default and of the Agent, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender or, to another Lender) (each an "Assignee") all, or any ratable part of all(x) its Term Loan Commitment and Term Loans, and (y) its Revolving Loan Commitment and Revolving Loans (including its interest in the L/C Obligations) (and in the case of the Swing Line Lender, all of its Swing Line Loan Commitment and Swing Line Loans, the Commitments and but only to a Person who has been appointed a successor Agent pursuant to subsection 10.09), in each case together with the other rights and obligations of such Bank hereunderLender hereunder with respect to the Commitments and Loans being so assigned and delegated, in a minimum amount of $5,000,0005,000,000 or if less, all of such assignor Lender's rights and obligations with respect to the Term Loan Commitments, Term Loans, Revolving Loan Commitment and Revolving Loans or Swing Line Loan Commitment and Swing Line Loans being assigned, as applicable; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E H ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]3,500; and provided that any such assignment in accordance with this subsection 11.08(a) shall effect a pro rata assignment (iibased on the respective principal amounts thereof then outstanding or in effect) if of both the assignor Bank Term Loan Commitment or any the Term Loan of its Affiliates is a Swap Provider with respect to any Specified Swap Contractthe assigning Lender, such Bank shall not assign all of its interest in on the 76 128 Loans one hand, and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with Revolving Loan Commitment and the consent Revolving Loans of the Companyassigning Lender, on the other hand.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.Lender
Appears in 1 contract
Samples: Credit Agreement (Vans Inc)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsBorrower and the Agent, which consents consent of the Borrower shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided provided, that no written consent of either the Borrower or the Agent shall be required in connection with any assignment and delegation by a Bank to (x) an Eligible Assignee that is an Affiliate of such BankBank or (y) another Bank (each an "“Assignee"”)) all, or any ratable part of all, of the Loans, the Commitments Loans and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company Borrower and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("an “Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company4,000.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and the Borrower and the Agent have provided its their consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan DocumentsDocuments (and, in the case of an Assignment and Acceptance covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 4.1, 4.3, 4.4, 12.4 and 12.5 with respect to facts and circumstances occurring prior to the effective date of such assignment).
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided, that the Borrower consents to such assignment in accordance with Section 12.9(a)), the Company shall Borrower shall, if requested by the Assignee or the assignor Bank thereunder, execute and deliver to the Administrative Agent, Agent new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its CommitmentLoans, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank)) and the assignor Bank shall deliver its Note or Notes marked “exchanged” or “cancelled,” as applicable, to the Agent. Immediately upon each Assignee's making its payment of the processing fee payment under the Assignment and AcceptanceAcceptance and the satisfaction of the other conditions set forth in Section 12.9(a), this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tantoAssignee.
(d) The Agent shall maintain at its address referred to in Schedule 12.2 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Banks, and principal amount of the Loans owing to, each Bank from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agent and the Banks may treat each Person whose name is recorded in the Register as a Bank hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Bank at any reasonable time and from time to time upon reasonable prior notice. Any assignment of any Loan or other obligations shall be effective only upon an entry with respect thereto being made in the Register.
(e) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company Borrower (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank Loans and the other interests of that Bank (the "originating “Originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company Borrower, the Agent and the Agents other Banks shall continue to deal solely and directly with the originating Originating Bank in connection with the originating Originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no . Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall transfer retain the sole right to enforce this Agreement and to approve any amendment, modification or grant waiver of any participating interest under which provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the Participant has rights to
01consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to Section 12.1 that directly affects such Participant. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 4.1, 4.3, 4.4 and 12.5 as though it were also a Bank hereunder (but not in any greater amounts than would have been payable to the Bank selling the participation if no participation were sold), and not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company Borrower hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement, provided such Participant agrees to be subject to Section 2.14 as though it were a Bank.
(ef) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest Nothing contained in this Agreement and the Note held by it shall prevent a Bank from pledging its interest in favor of any its Loans to a Federal Reserve Bank in the Federal Reserve System of the United States in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(g) After payment in full of, and satisfaction of all Obligations under, any Note, the Bank or other party holding such Note agrees to promptly return such Note marked “Paid in Full” to the Borrower.
(h) Notwithstanding the foregoing provisions of this Section 12.9, no assignment or participation may be made if such assignment or participation involves, or could involve, the use of assets that constitute, or may be deemed under ERISA, the Code or any other applicable law, or any ruling or regulation issued thereunder, or any court decision, to constitute the assets of any employee benefit plan (as defined in section 3(3) of ERISA) or any plan as defined in section 4975(e)(1) of the Code).
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsBorrower (at all times other than during the existence of an Event of Default) and the Administrative Agent, which consents shall not be unreasonably withheld, any other and the Fronting Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Borrower or the Administrative Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the LoansLC -------- Obligations, the Commitments and the other rights and obligations of such Bank Lender hereunder, provided, however, that (w) the aggregate principal amount of -------- ------- the Commitment assigned by any Lender to someone other than another Lender shall be in a minimum amount of $5,000,000; provided5,000,000 (or if less, howeverthe entire Commitment then held by such Lender), that (ix) after giving effect to any such assignment by a Lender, the aggregate amount of the Commitments and/or LC Obligations held by such assigning Lender is at least $5,000,000 (unless such Lender has assigned the entire Commitment and LC Obligations then held by it), (y) after giving effect to any such assignment by a Lender, the Assignee Percentage under the Tranche A Commitment and Tranche B Commitment is the same and the Percentage of the assignor Lender under the Tranche A Commitment and the Tranche B Commitment is the same, and (z) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and provides the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in Borrower with the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee specified in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the CompanySection 9.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Letter of Credit Reimbursement Agreement (Max Re Capital LTD)
Assignments, Participations, etc. (a) Any Agent Bank may, and with the written consent of the AgentsCompany (at all times other than during the existence of an Event of Default) and the Agent, which consents consent of the Company and the Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each each, an "“Assignee"”) all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (i) the Company and the Agents Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (Bii) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("“Assignment and Acceptance"”) together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company3,500.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing feefee (and provided that it consents to such assignment in accordance with subsection 10.8(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's ’s assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's ’s making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "“Participant"”) participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "“originating Bank"”) hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's ’s obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's ’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to
01, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Banks as described in the first proviso to Section 10.1. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.1, or any of the other Loan Documents3.3, 3.6 and 10.5 as though it were also a Bank hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of and during the continuance of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the any Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Any Bank may at any time designate not more than one Designated Bank to fund Loans on behalf of such Designating Bank subject to the terms of this Section 10.8(f), and the provisions of Section 10.8(a) and (e) shall not apply to such designation. No Bank may have more than one Designated Bank at any time. Such designation may occur by the execution by such Bank and Designated Bank of a Designation Agreement substantially in the form of Exhibit G and delivery thereof to the Agent and the Company for their acceptance. Upon receipt of an appropriately completed Designation Agreement executed by a Designating Bank and a designee representing that it is a Designated Bank and consented to by the Company, the Agent will accept such Designation Agreement and will give prompt notice thereof to the Company and the other Banks, whereupon,
(i) the Company shall, upon the request of the Designating Bank, execute and deliver to the Designating Bank a Note payable to the order of the Designated Bank,
(ii) from and after the effective date specified in the Designation Agreement, the Designated Bank shall become a part to this Agreement with a right to make Loans on behalf of its Designating Bank pursuant to Section 2.1, and
(iii) the Designated Bank shall not be required to make payments with respect to any obligations in this Agreement except to the extent of excess cash flow of such Designated Bank which is not otherwise required to repay obligations of such Designated Bank which are then due and payable; provided, however, that regardless of such designation and assumption by the Designated Bank, the Designating Bank shall be and remain obligated to the Company, the Agent and the Banks for each and every obligation of the Designating Bank and its related Designated Bank with respect to this Agreement, including, without limitation, its Commitment, any indemnification obligations under Section 9.7 and any sums otherwise payable to the Company by the Designated Bank. Each Designating Bank, or a specified branch of affiliate thereof, shall serve as the administrative agent of its Designated Bank and shall on behalf of its Designated Bank: (x) receive any and all payments made for the benefit of such Designated Bank and (y) give and receive all communications and notices and take all actions hereunder, including, without limitation, votes, approvals, waivers, consents and amendments under or relating to this Agreement and the other Loan Documents. Any such notice, communication, vote, approval, waiver, consent or amendment shall be signed by a Designating Bank, or specified branch or affiliate thereof, as administrative agent for its Designated Bank and need not be signed by such Designated Bank on its own behalf and shall be binding upon such Designated Bank. The Company, the Agent and the Banks may rely thereon without any requirement that the Designated Bank sign or acknowledge the same. No Designated Bank may assign or transfer all or any portion of its interest hereunder or under any other Loan Document, other than via an assignment (by way of collateral, participation or conveyance) to its Designating Bank provided any such assignment shall be subject to the provisions of the Designation Agreement, or otherwise in accordance with the applicable provisions of this Section 10.8
Appears in 1 contract
Assignments, Participations, etc. (a) Any Agent Bank may, with the written consent of the Administrative Agent and with the written consent of the AgentsBorrower at all times other than during the existence of an Event of Default, which consents consent of the Borrower, if required, and the Administrative Agent shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "AssigneeASSIGNEE") all, or any ratable part of all, of the Loans, the Commitments Commitment and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,00010,000,000 (or the remaining amount of their Commitment, if lower); providedPROVIDED, howeverHOWEVER, that (i) such Bank also assigns and delegates to such Assignee(s) a ratable portion of its "Loans" and "Revolving Commitment" under the Company Mail-Well I Credit Agreement, and (ii) the Borrower and the Agents Administrative Agent may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E EXHIBIT D ("Assignment and AcceptanceASSIGNMENT AND ACCEPTANCE") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with 3,500. If the consent of the Company.
(b) From Administrative Agent and after of the date that Borrower shall be required for any such assignment, the Bank proposing to make such assignment shall give the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance Borrower no less than 20 calendar days' notice of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreementrequested consent.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Samples: Credit Agreement (Mail Well Inc)
Assignments, Participations, etc. (a) Any Agent Lender may, and with the written consent of the AgentsAgent, which consents and unless an Event of Default shall not have occurred and be unreasonably withheldcontinuing, any other Bankwith the written consent of the Company, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Company or the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Revolving Commitments and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of Five Million Dollars ($5,000,000); provided, however, that no Lender that is a party as of the Date of this Agreement, may assign or delegate any ratable part of its Loans, Revolving Commitments or other rights and obligations hereunder if, after giving effect to any such assignment or delegation, the sum of (i) the then outstanding principal balance of such Lender's Term Loan plus (ii) such Lender's Revolving Commitment is an amount greater than zero but less than Ten Million Dollars ($10,000,000); and provided, further, that the Company and the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (Ai) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank Lender and the Assignee; (Bii) such Bank the assignor Lender and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (Ciii) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its Three Thousand Five Hundred Dollars ($[______________]3,500), and unless an Event of Default shall have occurred and be continuing, with the written consent of the Company; and provided, further, that if (iii) if the assignor Bank Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank Contract and (ii) the assignor Lender shall not assign have assigned all of its interest in the 76 128 Loans and the Revolving Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of then such assignor Bank Lender and all of its Affiliates shall cease to be a Swap Provider and all Swap Contracts entered into by such assignor Lender or Affiliate with respect any of its Affiliates shall cease to be Specified Swap Contracts for purposes of this Agreement and the other Loan Documents; and provided, further, that notwithstanding anything in this Section 10.08(a) to the contrary, so long as no Event of Default shall have occurred and be continuing, no Lender may assign all or any portion of its interests hereunder to any Assignee if, on the date the assignment is to become effective, a payment made by Agent to such Specified Swap Contracts, with the Assignee would be subject to any U.S. withholding tax. Any consent to assignment required of the CompanyAgent or of the Company pursuant to this Section 10.08 74 shall not be unreasonably withheld.
(b) From and after the date that the Administrative Agent notifies the assignor Bank Lender that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank Lender under the Loan Documents, and (ii) the assignor Bank Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five (5) Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, (and provided that it consents to such assignment in accordance with subsection 10.08(a)), the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Revolving Commitment and, if the assignor Bank Lender has retained a portion of its Loans and its Revolving Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such BankLender). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Revolving Commitments arising therefrom. The Revolving Commitment allocated to each Assignee shall reduce such Revolving Commitments of the assigning Bank Lender pro tanto.
(d) Any Bank Lender may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Revolving Commitment of that Bank Lender and the other interests of that Bank Lender (the "originating BankLender") hereunder and under the other Loan Documents; provided, however, that (i) the originating BankLender's obligations under this Agreement shall remain unchanged, (ii) the originating Bank Lender shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents Agent shall continue to deal solely and directly with the originating Bank Lender in connection with the originating BankLender's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank Lender shall transfer or grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would require unanimous consent of the Lenders as described in the first proviso to Section 10.
01. In the case of any such participation, the Participant shall not have any rights under this Agreementbe entitled to the benefit of Sections 3.01, or any of the other Loan Documents3.03 and 10.05 as though it were also a Lender hereunder, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank Lender under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank Lender may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14(S)203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
(f) Notwithstanding any provision to the contrary contained elsewhere in this Agreement, any Lender (a "granting Lender") may from time to time designate a special purpose funding vehicle (an "SPFV") identified as such in writing by the granting Lender to the Agent and the Company, the option to fund all or any part of any Loan that such granting Lender would otherwise be obligated to fund hereunder; provided, however, that notwithstanding any such designation, (i) the granting Lender's obligations under this Agreement shall remain unchanged, and the granting Lender shall remain solely responsible for the performance of such obligations, including any failure by an SPFV to fund any Loan, (ii) the Company and the Agent shall continue to deal solely and directly with the granting Lender and shall deliver all notices, including borrowing notices, and make all payments, including with respect to any Loan or part thereof funded by an SPFV, directly and solely to the granting Lender, (iii) other than the right to receive payment in respect of any Loan or part thereof funded by an SPFV, no SPFV shall have any rights under the Loan Documents, including with respect to increased costs, funding losses in excess of what the granting Lender would have been entitled to if it had funded such Loan, and (iv) the granting Lender shall not grant an SPFV any rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document. Nothing herein shall constitute a commitment by any SPFV to make all or any part of any Loan. The making of a Loan or part thereof by an SPFV hereunder shall utilize the Commitment of the granting Lender to the same extent, and as if, such Loan or part thereof were made by such granting Lender. Each party hereto agrees that no SPFV shall be liable for any indemnity or similar payment obligation under this Agreement or any other Loan Document (all liability for which shall remain with the granting Lender). In furtherance of the foregoing, each party hereto agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPFV, it will not institute against, or join any other person in instituting against, such SPFV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding anything in this Section 10.08(f) to the contrary, any SPFV may (i) with notice to, but without the prior written consent of, the Company and the Agent and without paying any processing fee therefor, assign all or any portion of its interests in any Loans to the granting Lender or assign all or any portion of its interests in any Loan for security purposes to any financial institutions (consented to by the Company and the Agent) providing liquidity and/or credit support to or for the account of such SPFV to support the funding or maintenance of Loans and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPFV. As this Section 10.08(f) applies to any particular SPFV, this Section may not be amended without the written consent of such SPFV.
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Assignments, Participations, etc. (a) Any Agent may, and with the written consent of the Agents, which consents shall not be unreasonably withheld, any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either Agent shall be required in connection with any assignment and delegation by a Bank to an Eligible Assignee that is an Affiliate of such Bank) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments and the other rights and obligations of such Bank hereunder, in a minimum amount of $5,000,000; provided, however, that (i) the Company and the Agents may continue to deal solely and directly with such Bank in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company and the Administrative Agent by such Bank and the Assignee; (B) such Bank and its Assignee shall have delivered to the Company and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E ("Assignment and Acceptance") together with any Note or Notes subject to such assignment and (C) the assignor Bank or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; and (ii) if the assignor Bank or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 83 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this Agreement, or any of the other Loan Documents, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except that, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Bank under this Agreement.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
Appears in 1 contract
Assignments, Participations, etc. NYDOCS01/1362879.4
(ai) Any Agent Lender may, and with the written consent of the AgentsAgent and the Borrower, which consents consent shall not be unreasonably withheldwithheld (except Borrower’s consent shall not be required if a Default or an Event of Default exists and is continuing), any other Bank, may at any time assign and delegate to one or more Eligible Assignees (provided that no written consent of either the Agent shall be required in connection with any assignment and delegation by a Bank Lender to an Eligible Assignee that is an Affiliate of such BankLender) (each an "Assignee") all, or any ratable part of all, of the Loans, the Commitments Commitments, and the other rights and obligations of such Bank Lender hereunder, in a minimum amount of $5,000,00010,000,000; provided, however, that (ix) the Company and Borrower and, the Agents Agent may continue to deal solely and directly with such Bank Lender in connection with the interest so assigned to an Assignee until (A) written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, shall have been given to the Company Borrower and the Administrative Agent by such Bank Lender and the Assignee; (B) such Bank Lender and its Assignee shall have delivered to the Company Borrower and the Administrative Agent an Assignment and Acceptance in the form of Exhibit E F ("Assignment and Acceptance") together with any Note or Notes subject to such assignment assignment; and (C) the assignor Bank Lender or Assignee has paid to each the Administrative Agent a processing fee in the amount of its $[______________]; 3,500 and (iiy) if the assignor Bank no such assignment shall be made to any Defaulting Lender or any of its Affiliates is a Swap Provider with respect to any Specified Swap Contract, such Bank shall not assign all of its interest in the 76 128 Loans and the Commitments to an Assignee unless such Assignee, or an Affiliate of such Assignee, shall also assume all obligations of such assignor Bank or Affiliate with respect to such Specified Swap Contracts, with the consent of the Company.
(b) From and after the date that the Administrative Agent notifies the assignor Bank that it has received (and provided its consent and obtained the consent of the Documentation Agent) with respect to) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Bank under the Loan Documents, and (ii) the assignor Bank shall, to the extent that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents.
(c) Within five Business Days after its receipt of notice by the Administrative Agent that it has received an executed Assignment and Acceptance and payment of the processing fee, the Company shall execute and deliver to the Administrative Agent, new Notes evidencing such Assignee's assigned Loans and Commitment and, if the assignor Bank has retained a portion of its Loans and its Commitment, replacement Notes in the principal amount of the Loans retained by the assignor Bank (such Notes to be in exchange for, but not in payment of, the Notes held by such Bank). Immediately upon each Assignee's making its processing fee payment under the Assignment and Acceptance, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom. The Commitment allocated to each Assignee shall reduce such Commitments of the assigning Bank pro tanto.
(d) Any Bank may at any time sell to one or more commercial banks or other Persons not Affiliates of the Company (a "Participant") participating interests in any Loans, the Commitment of that Bank and the other interests of that Bank (the "originating Bank") hereunder and under the other Loan Documents; provided, however, that (i) the originating Bank's obligations under this Agreement shall remain unchanged, (ii) the originating Bank shall remain solely responsible for the performance of such obligations, (iii) the Company and the Agents shall continue to deal solely and directly with the originating Bank in connection with the originating Bank's rights and obligations under this Agreement and the other Loan Documents, and (iv) no Bank shall transfer or grant any participating interest under which the Participant has rights to
01. In the case of any such participation, the Participant shall not have any rights under this AgreementSubsidiaries, or any of the other Loan DocumentsPerson who, and all amounts payable by the Company hereunder shall be determined as if such Bank had not sold such participation; except thatupon becoming a Lender hereunder, if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as would constitute a Bank under this AgreementDefaulting Lender.
(e) Notwithstanding any other provision in this Agreement, any Bank may at any time create a security interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Note held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 CFR Section203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law.
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