Common use of Mitigation of Circumstances; Replacement of Lenders Clause in Contracts

Mitigation of Circumstances; Replacement of Lenders. (a) Each Lender shall promptly notify Borrower and Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrower to pay any amount pursuant to Section 7.9 or Section 8.1 or (ii) the occurrence of any circumstances described in Section 8.2 or Section 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower and Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower of) any event described in clause (i) or (ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Appears in 1 contract

Samples: Credit Agreement (Greenlight Capital Re, Ltd.)

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Mitigation of Circumstances; Replacement of Lenders. (a) Each --------------------------------------------------- Lender shall promptly notify Borrower the Loan Parties and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s 's sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrower the Loan Parties to pay any amount pursuant to Section 7.9 Sections 7.6 or Section 8.1 or (ii) the occurrence of any circumstances described in Section ------------ --- Sections 8.2 or Section 8.3 (and, if any Lender has given notice of any such event ------------ --- described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower the Loan Parties and the Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower the Loan Parties of) any event described in clause (i) or (ii) above and such designation will not, in such Lender’s 's sole judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Appears in 1 contract

Samples: Credit Agreement (Kv Pharmaceutical Co /De/)

Mitigation of Circumstances; Replacement of Lenders. (ai) Each Lender shall promptly notify Borrower and Administrative Agent in writing of any event of which it has knowledge which will result in, and will use commercially reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (iA) any obligation by Borrower to pay any amount pursuant to Section 7.9 Sections 3.9 or Section 8.1 3.10(a) or (iiB) the occurrence of any circumstances described in Section 8.2 Sections 3.10(b) or Section 8.3 3.10(c) (and, if any Lender has given notice of any such event described in clause (ia) or (iib) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower and Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower of) any event described in clause (ia) or (iib) above and such designation will not, in such Lender’s sole but reasonable judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Appears in 1 contract

Samples: Loan and Security Agreement (FrontView REIT, Inc.)

Mitigation of Circumstances; Replacement of Lenders. (aA) Each Lender shall promptly notify Borrower the Borrowers and the Administrative Agent of any event of which it has knowledge which that will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s 's sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrower the Borrowers to pay any amount pursuant to Section 7.9 SECTION 7.6 or Section 8.1 or (ii) the occurrence of any circumstances of the nature described in Section SECTION 8.2 or Section 8.3 (and, if any Lender has given notice of any such event described in clause CLAUSE (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower the Borrowers and the Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower the Borrowers of) any event described in clause CLAUSE (i) or (ii) above of the preceding sentence and such designation will not, in such Lender’s 's sole judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Appears in 1 contract

Samples: Credit Agreement (Rohn Industries Inc)

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Mitigation of Circumstances; Replacement of Lenders. (a) Each Lender shall promptly notify Borrower the Co-Borrowers and the Administrative Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender’s sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrower the Co-Borrowers to pay any amount pursuant to Section 7.9 Sections 7.6 or Section 8.1 8.1, or (ii) the occurrence of any circumstances described in Section Sections 8.2 or Section 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower the Co-Borrowers and the Administrative Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower the Co-Borrowers of) any event described in clause (i) or (ii) above and such designation will not, in such Lender’s sole judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

Appears in 1 contract

Samples: Credit Agreement (FreightCar America, Inc.)

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