Mitigation; Replacement of Purchasers Sample Clauses

The "Mitigation; Replacement of Purchasers" clause establishes the obligation for parties to minimize losses and allows for the substitution of purchasers under certain circumstances. In practice, this means that if a purchaser is unable or unwilling to fulfill their obligations, the seller or another party may seek to replace them with a new, qualified purchaser, often subject to specific conditions or approvals. This clause helps ensure that transactions can proceed smoothly despite unforeseen issues with original purchasers, thereby reducing potential disruptions and financial losses for the parties involved.
Mitigation; Replacement of Purchasers. (a) Any Affected Person claiming any additional amounts payable pursuant to this Section 1.10 agrees to use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its lending office if the making of such a change would avoid the need for, or reduce the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Affected Person, be otherwise disadvantageous to such Affected Person. (b) If any Affected Person requests compensation under Section 1.7, or if the Seller is required to pay any additional amount to any Affected Person or any Governmental Authority for the account of any Affected Person pursuant to Section 1.9, or if in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 6.1, the consent of the Majority Purchaser Agents shall have been obtained but the consent of one or more of such other Purchasers or Purchaser Agents whose consent is required shall not have been obtained, or if any other circumstance exists hereunder that gives the Seller the right to replace a Purchaser Agent as a party hereto, then the Seller may, at its sole expense and effort, upon notice to the Purchaser Agent for such Affected Person and the Administrator, require such Affected Person (or, in the case of an Affected Person not party to this Agreement, require the Purchaser to which such Affected Person is related), together with all other Purchasers in its related Purchaser Group and its related Purchaser Agent, to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 6.3), all of its interests, rights and obligations under this Agreement and the related Transaction Documents to an assignee that shall assume such obligations (which assignee may be another Purchaser, if such Purchaser accepts such assignment), provided that: (i) such Affected Person shall have received payment of an amount equal to 100% of its outstanding Capital, accrued Discount thereon, accrued Fees and all other amounts payable to it hereunder and under the other Transaction Documents (including any amounts under Section 1.8) from the assignee (to the extent of such outstanding Capital, Discount and Fees) or the Seller (in the case of all other amounts); (ii) in the case of any such assignment r...
Mitigation; Replacement of Purchasers. (a) IF ANY AFFECTED PARTY REQUESTS COMPENSATION UNDER SECTION 4.2, OR IF THE SELLER IS REQUIRED TO PAY ANY ADDITIONAL AMOUNT TO ANY AFFECTED PARTY OR ANY GOVERNMENTAL AUTHORITY FOR THE ACCOUNT OF ANY AFFECTED PARTY PURSUANT TO SECTION 3.3(E), THEN SUCH AFFECTED PARTY AND ITS RELATED PURCHASER AGENT SHALL USE REASONABLE EFFORTS TO DESIGNATE A DIFFERENT OFFICE, BRANCH OR AFFILIATE FOR FUNDING OR BOOKING ITS INVESTMENT HEREUNDER OR TO ASSIGN ITS RIGHTS AND OBLIGATIONS HEREUNDER TO ANOTHER OF ITS OFFICES, BRANCHES OR AFFILIATES, IF, IN THE REASONABLE JUDGMENT OF SUCH AFFECTED PARTY OR SUCH PURCHASER AGENT, SUCH DESIGNATION OR ASSIGNMENT (I) WOULD ELIMINATE OR REDUCE AMOUNTS PAYABLE PURSUANT TO SECTION 4.2 OR SECTION 3.3(E), IN THE FUTURE, AND