Changes to the Lenders. Cessions and delegations by the Lenders Subject to this Clause 23, a Lender (the Existing Lender) may transfer, cede and/or delegate any of its rights under any Finance Document (a Transfer) to an Eligible Institution 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). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. Conditions of Transfer The consent of the Parent is required for Transfer by an Existing Lender, unless the Transfer: 23. 3.1.1 is to another Lender or an Affiliate of a Lender; or 23. 3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer will only be effective if the procedure set out in Clause 23.6 (Procedure for transfer) is complied with. If: 23. 3.4.1 a Lender Transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23. 3.4.2 as a result of circumstances existing at the date the Transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23. 5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23. 5.1.2 the financial condition of any Obligor; 23. 5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23. 5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23. 5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23. 5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23. 5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23. 5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this 6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23. 6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Addendum to the Revolving Credit Facility Agreement (Gold Fields LTD)
Changes to the Lenders. Cessions and delegations by the Lenders Subject to this Clause 23, a Lender (the Existing Lender) may transfer, cede and/or delegate any of its rights under any Finance Document (a Transfer) to an Eligible Institution 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). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. Conditions of Transfer The consent of the Parent is required for Transfer by an Existing Lender, unless the Transfer: 23.
3.1.1 is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. 68 Conformed copy_ N1 ZAR RCF 2023.EXECUTION II COPY(14711136.2) The consent of the Parent to a Transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer will only be effective if the procedure set out in Clause 23.6 (Procedure for transfer) is complied with. If: 23.
3.4.1 a Lender Transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.
3.4.2 as a result of circumstances existing at the date the Transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 2369 Conformed copy_ N1 ZAR RCF 2023.EXECUTION II COPY(14711136.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Revolving Credit Facility Agreement (Gold Fields LTD)
Changes to the Lenders. Cessions 25.1 Assignments and delegations transfers by the Lenders Subject to this Clause 2325, a Lender (the "Existing Lender") may transfer, cede and/or delegate may:
(a) assign any of its rights; or
(b) transfer by novation any of its rights under any Finance Document (a Transfer) and obligations, to an Eligible Institution which is regularly engaged in another bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the "New Lender"). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. .
25.2 Conditions of Transfer assignment or transfer
(a) The consent of the Parent Company is required for Transfer an assignment or transfer by an Existing Lender, a Lender unless the Transfer: 23.
3.1.1 assignment or transfer is to another Lender or an Affiliate of a Lender; . Assignments or 23transfers by a Lender must be made in minimum amounts of $5,000,000.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. (b) The consent of the Parent Company to a Transfer (if required) an assignment or transfer must not be unreasonably withheld or delayed. The Parent Company will be deemed to have given its consent 5 (five) 10 Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent Company within that time. .
(c) The consent of the Company to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.
(d) An assignment will only be effective on 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 was an Original Lender.
(e) A Transfer transfer will only be effective if the procedure set out in Clause 23.6 25.5 (Procedure for transfer) is complied with. If: 23.
3.4.1 (f) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 14 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 15 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Multicurrency Revolving Facilities Agreement (Sage Group PLC)
Changes to the Lenders. Cessions and delegations by the Lenders Subject to this Clause 23, a Lender (the Existing Lender) may transfer, cede and/or delegate any of its rights under any Finance Document (a Transfer) to an Eligible Institution 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). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. Conditions of Transfer The consent of the Parent is required for Transfer by an Existing Lender, unless the Transfer: 23.
3.1.1 is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer will only be effective if the procedure set out in Clause 23.6 (Procedure for transfer) is complied with. If: 23.
3.4.1 a Lender Transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.
3.4.2 as a result of circumstances existing at the date the Transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR conformed copy Gold Fields RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23Agreement_Revised Execution II(14711163.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Zar Revolving Credit Facility Agreement (Gold Fields LTD)
Changes to the Lenders. Cessions 26.1 Assignments and delegations transfers by the Lenders
(a) The Senior Lenders Subject to this Clause 23may at any time assign, a Lender (the Existing Lender) may transfer, cede and/or delegate any or offer participations in all or a proportion of its rights under any Finance Document (a Transfer) to an Eligible Institution 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). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. Conditions of Transfer The consent of the Parent is required for Transfer by an Existing Lender, unless the Transfer: 23.
3.1.1 is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer (if required) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer will only be effective if the procedure set out in Clause 23.6 (Procedure for transfer) is complied with. If: 23.
3.4.1 a Lender Transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.
3.4.2 as a result of circumstances existing at the date the Transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its their rights and obligations under the Finance Documents. During the primary syndication period of 26 weeks which is intended to follow the date of this Agreement, the Senior Lenders shall consult with the Company before taking any action of the kind described in this Clause 26.1. Thereafter, the Senior Lenders shall not take any such action without the prior written consent of the Company and the Agent.
(b) Subject to obtaining the prior written consent of the Company (such consent not to be unreasonably withheld or delayed) each Senior Tranche B Lender may assign all or, if less than all, a portion equal to at least US$2,000,000 in the aggregate for the assigning Lender, of such rights and obligations under this Agreement to one or more persons, each of which assignees shall become a party to this Agreement as a Senior Tranche B Lender by execution of a Transfer Certificate; provided, that, the Obligors and Agent shall have received for its sole account the Existing Lender shall be released from further obligations towards one another under fee set forth in Clause 26.3 (Assignment or Transfer Fee). Anything contained herein to the Finance Documents and their respective rights against one another under contrary notwithstanding, the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each consent of the Obligors Company or the Agent shall not be required, the minimum assignment amount shall not be applicable, such Transfer Certificate shall not be required to be executed by or delivered to the Agent in order to be effective, and payments of the New processing fee shall not be required if (x) such assignment is in connection with any merger or consolidation of a Senior Tranche B Lender, (y) whilst a Default or Event of Default is continuing and has not been remedied or (z) in the case of any Senior Tranche B Lender, the assignee is an Affiliate of such Senior Tranche B Lender shall assume obligations towards one another and/or acquire rights against one another which differ from or any Related Fund, provided, however, that the Discharged Rights and Obligations only insofar as that Company, each other Obligor and the New Agent may continue to deal solely and directly with the assigning Senior Tranche B Lender in connection with the interest so assigned until such time as written notice of such assignment shall have been delivered by the assigning Senior Tranche B Lender or the assignee to the Agent.
(c) If a Lender grants any risk or funded participations to any other party, then such Lender shall nevertheless remain responsible for the performance of the obligations expressed to be assumed and/or acquired by it pursuant to the same in place Finance Documents. No such participant shall acquire any rights under any of that Obligor and the Existing Lender; 23Finance Documents.
Appears in 1 contract
Changes to the Lenders. Cessions 23.1 Assignments and delegations transfers by the Lenders Subject to this Clause 23, a Lender (the “Existing Lender”) may transfer, cede and/or delegate may:
(a) assign any of its rights; or
(b) transfer by novation any of its rights under any Finance Document (a Transfer) and obligations, to an Eligible Institution which is regularly engaged in another bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the “New Lender”). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. .
23.2 Conditions of Transfer assignment or transfer
(a) The consent of the Parent is required for Transfer an assignment or transfer by an Existing Lender, unless the Transfer: 23.assignment or transfer:
3.1.1 (i) takes effect after the earliest of (x) five days after the initial Utilisation Date, (y) the date falling six Months after the date of this Agreement or (z) the date on which an Event of Default has occurred and is continuing; or
(ii) is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. (b) The consent of the Parent to a Transfer (if required) an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. .
(c) The consent of the Parent to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.
(d) 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 was an Original Lender; and
(ii) performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.
(e) A Transfer transfer will only be effective if the procedure set out in Clause 23.6 23.5 (Procedure for transfer) is complied with. If: 23.
3.4.1 (f) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 (Increased Costscosts), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Facility Agreement (Gold Fields LTD)
Changes to the Lenders. Cessions 24.1 Assignments and delegations transfers by the Lenders Subject to this Clause 23, 24 a Lender (the “Existing Lender”) may transfer, cede and/or delegate may:
(a) assign any of its rights; or
(b) transfer by novation any of its rights under any Finance Document (a Transfer) and obligations, to an Eligible Institution which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets another bank (the “New Lender”). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. .
24.2 Conditions of Transfer assignment or transfer
(a) The consent of the Parent ABB is required for Transfer an assignment or transfer by an Existing a Lender, unless the Transfer: 23.
3.1.1 assignment or transfer is to another Lender or an Affiliate of a Lender; Lender or 23.
3.1.2 takes effect at a time when unless an Event of Default has occurred and is continuing. .
(b) The consent of the Parent ABB to a Transfer (if required) an assignment or transfer must not to be unreasonably withheld or delayed. The Parent ABB will be deemed to have given its consent 5 (five) within 10 Business Days after of receipt of a request for such consent unless expressly refused by ABB within that time.
(c) Nothing in this Agreement shall prevent any Lender from assigning or pledging all or any part of its rights or interests under this Agreement to any central bank or any supranational bank as security for its borrowings from that central bank or supranational bank, provided that such assignment or pledge does not involve a release of such Lender from any of its obligations under this Agreement.
(d) An assignment or transfer shall be in respect of a Commitment of at least $10,000,000 or, if less, the whole of the Commitment of the relevant assignor or transferor.
(e) An assignment will only be effective on:
(i) receipt by the Facility Agent of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Finance Parties and the Obligors as it would have been under if it was an Original Lender and that the New Lender is a Qualifying Lender; and
(ii) performance by the Facility Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender has requested it unless consent is expressly refused by and the Parent within that time. New Lender.
(f) A Transfer transfer will only be effective if the procedure set out in Clause 23.6 24.5 (Procedure for transfer) is complied with. If: 23with and, unless an Event of Default has occurred and is continuing, if the New Lender is a Qualifying Lender.
3.4.1 (g) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged obliged, or at such date it is reasonably foreseeable that an Obligor would be obliged, to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 13 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 14 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each .
(h) For so long as it is a requirement under Dutch law at the time of an assignment or transfer by way of novation that the New Lender qualifies as a PMP, a Lender may only assign or transfer by way of novation all or any of its rights, benefits and obligations hereunder to a New Lender if and to the extent that such new Lender qualifies as a PMP.
(i) For so long as it is a requirement of Dutch law that each Lender is a PMP and that the Dutch Borrower must verify the PMP status of a New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The proposed New Lender shallwhich is not a Verifiable PMP shall provide the Dutch Borrower, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless through the Facility Agent, with information in respect of itself reasonably requested by the Dutch Borrower with a view to enabling the Dutch Borrower to verify its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed PMP status at least ten Business Days prior to the contrary, an Existing Lender makes no representation proposed Transfer Date or warranty and assumes no responsibility the proposed date of assignment in relation to any assignment or transfer pursuant to which it would become a New Lender for: 23hereunder.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Changes to the Lenders. Cessions 27.1 Assignments and delegations transfers by the Lenders Subject to this Clause 2327, a Lender (the “Existing Lender”) may transfer, cede and/or delegate may:
(a) assign any of its rights under and benefits; or
(b) transfer by novation any Finance Document (a Transfer) of its rights, benefits and obligations, to an Eligible Institution which is regularly engaged in another bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the “New Lender”). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. .
27.2 Conditions of Transfer assignment or transfer
(a) The consent of the Parent is required for Transfer an assignment or transfer by an Existing Lender, unless an Event of Default has occurred and is continuing or unless the Transfer: 23.
3.1.1 assignment or transfer is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. (b) The consent of the Parent to a Transfer (if required) an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) ten Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer .
(c) The consent of the Parent to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.
(d) An assignment will only be effective on:
(i) receipt by the Facility Agent of a written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender; and
(ii) performance by the Facility Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.
(e) A transfer will only be effective on receipt by the Facility Agent if the procedure set out in Clause 23.6 27.5 (Procedure for transfer) is complied with. If: 23.
3.4.1 (f) Any assignment or transfer of part of its Commitment shall be in a minimum amount of £5,000,000.
(g) If:
(i) a Lender Transfers assigns or transfers any of its rights rights, benefits or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 16 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 17 (Increased Costscosts), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: £200,000,000 Multi Currency Term, Revolving Credit Facilities Agreement (Iron Mountain Inc)
Changes to the Lenders. Cessions and delegations (a) Transfers by the Lenders Lenders
(i) Subject to this Clause 23Section 9.04, a Lender (the “Existing Lender”) may transfer, cede and/or delegate transfer any of its rights under any Finance Document (a Transferincluding such as relate to that Lender’s participation in each Loan) and obligations, to an Eligible Institution which is regularly engaged in another bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the “New Lender”). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. Conditions of Transfer .
(ii) The consent of the Parent Finance Parties is hereby given to a transfer by an Existing Lender to a New Lender.
(b) Conditions of transfer
(i) Unless an Event of Default has occurred and is continuing, the consent of the Borrower is required for Transfer a transfer by an Existing Lender, unless provided that the Transfer: 23.
3.1.1 is Borrower hereby consents to a transfer to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. (ii) The consent of the Parent Borrower to a Transfer (if required) transfer must not be unreasonably withheld or delayeddelayed without reasonable grounds. The Parent Borrower will be deemed to have given its consent 5 five (five5) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent Borrower within that time. .
(iii) The consent of the Borrower to a transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.
(iv) A Transfer transfer will only be effective if the procedure set out in Clause 23.6 Section 9.04 (e) (Procedure for transfer) is complied with. If: 23.
3.4.1 (v) If (A) a Lender Transfers transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.
3.4.2 (B) as a result of circumstances existing at the date the Transfer transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 Section 2.19(a) (Tax Gross-up and Indemnities) or Clause 13 Section 2.13 (Increased CostsReserve Requirements; Change in Circumstances), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses Sections to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer transfer or change had not occurred. Each New Lender, by executing .
(vi) Any transfer will be of a minimum amount of $ 5,000,000 except in case of a transfer which has the effect of reducing the participation of the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority Lender to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the zero.
(vii) Any Existing Lender would have been had it remained which is a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Swingline Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent may (for i) transfer its own account) a fee of ZAR10,000.00 Revolving Credit Commitment (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 part thereof) without transferring its Swingline Commitment and/or (ii) transfer the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor whole of its obligations under the Finance Documents or Swingline Commitment (but not any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oralpart thereof) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) whereby its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it Revolving Credit Commitment is reduced by the Existing Lender in connection with any Finance Document; and 23amount corresponding to its Swingline Commitment.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Changes to the Lenders. Cessions 21.1 Assignments and delegations transfers by the Lenders Subject to this Clause 2321, a Lender (the "Existing Lender") may transfer, cede and/or delegate may:
(a) assign any of its rights; or
(b) transfer by novation any of its rights under any Finance Document (a Transfer) and obligations, to an Eligible Institution which is regularly engaged in another bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the "New Lender"). The Parent hereby consents to any splitting of claims which may arise as a result of a Transfer permitted by this Agreement. .
21.2 Conditions of Transfer The consent assignment or transfer
(a) An assignment will only be effective on receipt by the Facility Agent of written confirmation from the Parent is required for Transfer by New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Finance Parties as it would have been under if it was an Existing Original Lender, unless the Transfer: 23.
3.1.1 is to another Lender or an Affiliate of a Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer (if requiredb) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer transfer will only be effective if the procedure set out in Clause 23.6 21.5 (Procedure for transfer) is complied with. If: 23.
3.4.1 (c) Prior to the Syndication Date, a transfer will only be effective subject to the provisions of the Syndication Letter.
(d) After the Syndication Date, if:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor the Borrower would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 (Increased Costscosts) or Clause 14.2(c) (Other Indemnities), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment .
21.3 Assignment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer transfer fee The New Lender shall, on the date upon which a Transfer an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23EUR 2,000.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Changes to the Lenders. Cessions 30.1 Assignments and delegations transfers by the Lenders Lenders
(a) Subject to this Clause 2330 and to Clause 31 (Restrictions on debt purchase Transactions), a Lender (the "Existing Lender") may transfer, cede and/or delegate may:
(i) assign any of its rights; or
(ii) transfer by novation any of its rights and obligations, under any Finance Document (to another bank or financial institution or to a Transfer) to an Eligible Institution 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") subject to a minimum transfer amount of £1,000,000 (other than any transfer from a Lender to an Affiliate or a Related Fund of such Lender). The Parent hereby consents .
(b) Notwithstanding paragraph (a) above, no Lender may assign or transfer or sub-participate any of its rights and/or obligations under this Agreement to any splitting member of claims which may arise as a result the Group without the prior consent of a Transfer permitted by this Agreement. all the Lenders.
30.2 Conditions of Transfer The consent of assignment or transfer
(a) An Existing Lender must consult with the Parent is required for Transfer no more than 5 days before it may make an assignment or transfer in accordance with Clause 30.1 (Assignments and transfers by an Existing Lender, the Lenders) unless the Transfer: 23.assignment or transfer is:
3.1.1 is (i) to another Lender or an Affiliate of a Lender;
(ii) if the Existing Lender is a fund, to a fund which is a Related Fund of the Existing Lender; or 23.or
3.1.2 takes effect (iii) made at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer .
(if requiredb) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 [Intentionally blank]
(fivec) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer An assignment will only be effective on:
(i) receipt by the Agent (whether in the Assignment Agreement or otherwise) 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 and the other Secured Parties as it would have been under if it was an Original Lender;
(ii) the New Lender entering into the documentation required for it to accede as a party to the Intercreditor Agreement; and
(iii) the performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.
(d) A transfer will only be effective if the New Lender enters into the documentation required for it to accede as a party to the Intercreditor Agreement and if the procedure set out in Clause 23.6 30.5 (Procedure for transfer) is complied with. If: 23.
3.4.1 (e) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 18 (Tax Grossgross-up and Indemnitiesindemnities) or Clause 13 19 (Increased Costscosts), then (unless the assignment, transfer or charge has been made in mitigation in accordance with Clause 21 (Mitigation by the Lenders)) the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses that Clause to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. .
(f) Each New Lender, by executing the relevant Transfer CertificateCertificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless the Facility Agent, in its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23.
Appears in 1 contract
Samples: Senior Term and Revolving Facilities Agreement (Inspired Entertainment, Inc.)
Changes to the Lenders. Cessions 22.1 Assignments and delegations transfers by the Lenders Lenders
(a) Subject to this Clause 2322, 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 transferwithout consulting with or obtaining consent from any Obligor, cede and/or delegate 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 Transferfederal reserve, central bank or other applicable governing body or authority;
(ii) to an Eligible Institution in the case of any Lender which is regularly engaged in a fund, any charge, assignment or established 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 purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender). The Parent hereby consents Lender as a party to any splitting of claims which may arise as a result of a Transfer permitted the Finance Documents; or
(B) require any payments to be made by this Agreement. Conditions of Transfer 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 Transfer an assignment or transfer by an Existing Lender, unless the Transfer: 23.
3.1.1 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 Lender; or 23continuing Event of Default.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. (b) The consent of the Parent to a Transfer (if required) an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) ten Business Days after it has received a written request from the Existing Lender has requested it 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) performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.
(b) A Transfer transfer will only be effective if the procedure set out in Clause 23.6 22.6 (Procedure for transfer) is complied with. If: 23.
3.4.1 (c) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross-up and IndemnitiesGross Up) or Clause 13 (Increased Costs), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New LenderThis paragraph (c) shall not apply:
(i) in respect of an assignment or transfer made in the ordinary course of the primary syndication of any Facility; or
(ii) in relation to Clause 12.2 (Tax gross-up), by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver a UK Treaty Lender that has been approved by or on behalf included a confirmation of the requisite Lender or Lenders its scheme reference number and its jurisdiction of tax residence in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The New Lender shall, on the date upon which a Transfer takes effect, pay to the Facility Agent paragraph (for its own accounth)(ii)(B) a fee of ZAR10,000.00 Clause 12.2 (Ten Thousand RandTax gross-up), unless if the Facility Agent, in its sole discretion, agrees to waive UK Borrower making the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 23.
5.1.1 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 23.
5.1.2 the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender made a Borrower DTTP Filing in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by the New Lender by reason of the non- performance by any Obligor of its obligations under the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place respect of that Obligor and the Existing UK Treaty Lender; 23.
Appears in 1 contract
Changes to the Lenders. Cessions 24.1 Assignments and delegations transfers by the Lenders Lenders
(a) Subject to this Clause 2324, a Lender (the “Existing Lender”) may transfer, cede and/or delegate any may:
(i) assign all or part of its rights; or
(ii) transfer by novation all or part of its rights under and obligations, to any Finance Document (a Transfer) to an Eligible Institution which is regularly engaged in bank or established for the purpose of making, purchasing or investing in loans, securities or other financial assets institution (the “New Lender”). The Parent hereby consents to any splitting of claims which may arise as a result .
(b) In case of a Transfer permitted by this Agreement. Conditions of Transfer The consent of the Parent is required for Transfer proposed assignment and/or transfer by an Existing LenderLender it shall, unless through the Transfer: 23Facility Agent, notify the Dutch Borrower of the identity of any proposed New Lender at least 10 Business Days prior to the proposed Transfer Date in relation to such assignment and/or transfer.
3.1.1 is 24.2 Conditions of assignment or transfer
(a) An assignment will only be effective on receipt by the Facility Agent and the Company of written confirmation from the New Lender (in form and substance satisfactory to another the Facility Agent) that the New Lender or will assume the same obligations to the other Finance Parties and the Obligors as it would have been under if it was an Affiliate of a Original Lender; or 23.
3.1.2 takes effect at a time when an Event of Default has occurred and is continuing. The consent of the Parent to a Transfer (if requiredb) must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent 5 (five) Business Days after the Existing Lender has requested it unless consent is expressly refused by the Parent within that time. A Transfer transfer will only be effective if it is carried out in accordance with the procedure set out in Clause 23.6 24.5 (Procedure for transfer) is complied with. If: 23).
3.4.1 (c) If:
(i) a Lender Transfers assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 23.and
3.4.2 (ii) as a result of circumstances existing at the date the Transfer assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 13 (Tax Grossgross-up and Indemnitiesup) or Clause 13 14 (Increased Costscosts), then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the Transfer assignment, transfer or change had not occurred. Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the Transfer becomes effective in accordance with this Agreement and that .
(d) For so long as it is bound by a requirement of Dutch law that decision to the same extent as the Existing each Lender would have been had it remained is a Lender. - 73 - WA2 ZAR RCF 2023.CONFORMED COPY.EXECUTION COPY Transfer fee The PMP:
(i) any proposed New Lender shallshall provide the Dutch Borrowers, on the date upon which a Transfer takes effect, pay to the Facility Agent (for its own account) a fee of ZAR10,000.00 (Ten Thousand Rand), unless through the Facility Agent, with information in respect of itself with a view to enabling the Dutch Borrowers to verify its sole discretion, agrees to waive the payment of such fee. Limitation of responsibility of Existing Lenders Unless expressly agreed PMP status at least 10 Business Days prior to the contrary, an Existing Lender makes no representation proposed Transfer Date in relation to any assignment or warranty and assumes no responsibility transfer pursuant to which it would become a New Lender for: 23.hereunder;
5.1.1 (ii) unless the legalityNew Lender is a Verifiable PMP, validity, effectiveness, adequacy or enforceability the prior written consent of the Finance Documents Company is required for such assignment or any other documentstransfer; 23.and
5.1.2 (iii) if the financial condition of any Obligor; 23.
5.1.3 the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 23.
5.1.4 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, and any representations or warranties implied by law are excluded. Each New Lender confirms is not a Verifiable PMP the Company’s consent must not be unreasonably delayed or withheld. The Company will be deemed to have given its consent 10 Business Days after the Existing Lender and the other Finance Parties that it: 23.
5.2.1 has made requested it unless (and shall continue to makeA) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it such consent is expressly refused by the Existing Lender in connection with any Finance Document; and 23.
5.2.2 will continue to make its own independent appraisal of Company within that time on the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. Nothing in any Finance Document obliges an Existing Lender to: 23.
5.3.1 accept a re-transfer from a New Lender of any of the rights and obligations transferred under this Clause 23; or 23.
5.3.2 support any losses directly or indirectly incurred by basis that the New Lender by reason of is not a PMP, or (B) the non- performance by any Obligor of its obligations under Company has in good faith indicated that it is unable to determine whether the Finance Documents or otherwise. Procedure for transfer Subject to the conditions set out in Clause 23.3 (Conditions of transfer) a Transfer is effected in accordance with Clause 23.6.3 below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to Clause 23.6.2 below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this
6.3.1 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the Discharged Rights and Obligations); 23.
6.3.2 each of the Obligors and the proposed New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar qualifies as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 23a PMP.
Appears in 1 contract
Samples: Syndicated Revolving Credit Agreement (Koninklijke KPN N V)