Changes to the Lenders Clause Samples
The "Changes to the Lenders" clause defines the process and conditions under which the parties involved in a loan agreement can alter the composition of the lending group. This may include provisions for transferring or assigning a lender's rights and obligations to another financial institution, subject to certain approvals or notifications. The clause ensures that all parties are aware of and agree to any changes in the lenders, thereby maintaining transparency and stability in the lending relationship.
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Changes to the Lenders. Assignments and transfers by the Lenders
Changes to the Lenders. 24.1 Assignments and transfers by the Lenders Subject to this Clause 24, a Lender (the “Existing Lender”) may:
(a) assign any of its rights;
(b) transfer any of its rights and obligations; or
(c) enter into a sub-participation or similar agreement in relation to this Agreement, to another bank or financial institution (the “New Lender”).
Changes to the Lenders. Assignments and transfers by the Lenders Subject to this Clause 24, a Lender (the "Existing Lender") may:
Changes to the Lenders. 22.1 Assignments and transfers by the Lenders
(a) Subject to this Clause 22, a Lender (the Existing Lender) may:
(i) assign any of its rights; or
(ii) transfer by novation any of its rights and obligations, to another bank or financial institution (the New Lender).
(b) In addition to the other rights provided to Lenders under this Clause 22, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:
(i) any charge, assignment or other Security to secure obligations to a federal reserve, central bank or other applicable governing body or authority;
(ii) in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, except that no such charge or assignment of Security shall:
(A) release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or
(B) require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.
22.2 Parent consent
(a) The consent of the Parent is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is to another Lender or an Affiliate of any Lender or, if at the time of such assignment or transfer there is a continuing Event of Default.
(b) The consent of the Parent to an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent ten Business Days after it has received a written request from the Existing Lender unless consent is expressly refused by the Parent within that time.
22.3 Other conditions of assignment or transfer
(a) An assignment will only be effective on:
(i) receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it had been an Original Lender; and
(ii) ...
Changes to the Lenders. 21.1 Assignments and transfers by the Lenders Subject to this clause 21, a Lender (the "Existing Lender") may:
(A) assign any of its rights; or
(B) transfer by novation any of its rights and obligations, under the Finance Documents to another bank or financial institution or, with the prior written consent of the Borrower, to any other entity (the "New Lender") provided that such transfer or assignment is in a minimum amount of HK$10,000,000.
Changes to the Lenders. 92 24. CHANGES TO THE OBLIGORS.............................................. 97 25. ROLE OF THE AGENT AND THE ARRANGER................................... 97 26. CONDUCT OF BUSINESS BY THE FINANCE PARTIES........................... 103 27. SHARING AMONG THE FINANCE PARTIES.................................... 103 28.
Changes to the Lenders. 22.1 Assignments and transfers and changes in Facility Office by the Lenders
(A) (i) assign any of its rights; or
Changes to the Lenders. 24.1 Assignments and transfers by the Lenders
(a) assign any of its rights; or
(b) transfer by novation any of its rights and obligations, under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender").
Changes to the Lenders. Subject to this Clause 25 and to Clause 26 (Restriction on Debt Purchase Transactions), any Lender (an “Existing Lender”) may:
(a) assign any of its rights; or
(b) transfer (by way of novation) any of its rights and obligations, under any Finance Document to a bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets) (a “New Lender”).
Changes to the Lenders. 25.1 Assignments and transfers by the Lenders
(i) to another Lender or an Affiliate of a Lender;
(ii) to a reputable shipping bank which has a minimum rating of "BBB" at S&P or "Baa" at ▇▇▇▇▇'▇; or
(iii) made at a time when an Event of Default is continuing.