Common use of Foreign Funding Subsidiaries Clause in Contracts

Foreign Funding Subsidiaries. Each Revolving Lender (a “Designating Revolving Lender”) shall have the right to designate a Subsidiary or Affiliate (a “Designated Funding Subsidiary”) to fund any Revolving Loan to the Foreign Borrower; provided that (i) the Designated Funding Subsidiary shall become a Lender under this Credit Agreement pursuant to documentation reasonably satisfactory to the Administrative Agent, (ii) the Designating Revolving Lender shall be responsible for funding its Revolving Commitment Percentage of any Revolving Loan to the Foreign Borrower to the extent such Designated Funding Subsidiary fails to fund such Revolving Loan, (iii) the Credit Parties, the Administrative Agent and the Lenders shall continue to deal with the Designating Revolving Lender rather than the Designated Funding Subsidiary for all purposes of this Credit Agreement, including for purposes of any notification to the Revolving Lenders (other than Notices of Borrowing and Notices of Conversion/Extension, which shall be sent to any Designated Funding Subsidiary to the extent applicable), (iv) any consent given by such Designating Revolving Lender with respect to any amendment, waiver or other modification of any term of a Credit Document shall be deemed given on behalf of itself and the Designated Funding Subsidiary and (v) unless otherwise directed in writing by such Designating Revolving Lender, any payments with respect to a Revolving Loan funded by the Designated Funding Subsidiary shall be made to such Designated Funding Subsidiary.

Appears in 2 contracts

Samples: Credit Agreement (Lionbridge Technologies Inc /De/), Credit Agreement (Lionbridge Technologies Inc /De/)

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Foreign Funding Subsidiaries. Each Revolving Lender (a “Designating Revolving Lender”) shall have the right to designate a Subsidiary or Affiliate (a “Designated Funding Subsidiary”) to fund any Revolving Loan to the a Foreign Borrower; provided that (i) the Designated Funding Subsidiary shall become a Lender under this Credit Agreement pursuant to documentation reasonably satisfactory to the Administrative Agent, (ii) the Designating Revolving Lender shall be responsible for funding its Revolving Commitment Percentage of any Revolving Loan to the a Foreign Borrower to the extent such Designated Funding Subsidiary fails to fund such Revolving Loan, (iii) the Credit Parties, the Administrative Agent and the Lenders shall continue to deal with the Designating Revolving Lender rather than the Designated Funding Subsidiary for all purposes of this Credit Agreement, including for purposes of any notification to the Revolving Lenders (other than Notices of Borrowing and Notices of Conversion/Extension, which shall be sent to any Designated Funding Subsidiary to the extent applicable), (iv) any consent given by such Designating Revolving Lender with respect to any amendment, waiver or other modification of any term of a Credit Document shall be deemed given on behalf of itself and the Designated Funding Subsidiary and (v) unless otherwise directed in writing by such Designating Revolving Lender, any payments with respect to a Revolving Loan funded by the Designated Funding Subsidiary shall be made to such Designated Funding Subsidiary.

Appears in 1 contract

Samples: Credit Agreement (Lionbridge Technologies Inc /De/)

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Foreign Funding Subsidiaries. Each Revolving Lender (a “Designating Revolving Lender”) shall have the right to designate a Subsidiary or Affiliate (a “Designated Funding Subsidiary”) to fund any Revolving Loan to the any Foreign Borrower; provided that (i) the Designated Funding Subsidiary shall become a Lender under this Credit Agreement pursuant to documentation reasonably satisfactory to the Administrative Agent, (ii) the Designating Revolving Lender shall be responsible for funding its Revolving Commitment Percentage and/or Term Commitment Percentage of any Revolving Loan and/or Term Loan to the such Foreign Borrower to the extent such Designated Funding Subsidiary fails to fund such Revolving Loan, (iii) the Credit Parties, the Administrative Agent and the Lenders shall continue to deal with the Designating Revolving Lender rather than the Designated Funding Subsidiary for all purposes of this Credit Agreement, including for purposes of any notification to the Revolving Lenders (other than Notices of Borrowing and Notices of Conversion/Extension, which shall be sent to any Designated Funding Subsidiary to the extent applicable), (iv) any consent given by such Designating Revolving Lender with respect to any amendment, waiver or other modification of any term of a Credit Document shall be deemed given on behalf of itself and the Designated Funding Subsidiary and (v) unless otherwise directed in writing by such Designating Revolving Lender, any payments with respect to a Revolving Loan funded by the Designated Funding Subsidiary shall be made to such Designated Funding Subsidiary.

Appears in 1 contract

Samples: Credit Agreement (Lionbridge Technologies Inc /De/)

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