Obligation of Lenders to Mitigate Sample Clauses
The Obligation of Lenders to Mitigate clause requires lenders to take reasonable steps to minimize any losses or additional costs that may arise under a loan agreement, particularly in situations where a borrower’s actions or changes in law trigger increased expenses or liabilities. In practice, this might involve the lender transferring its rights or obligations to another office or affiliate, or taking other feasible actions to reduce the financial impact on the borrower. The core function of this clause is to ensure fairness by preventing lenders from unnecessarily passing avoidable costs onto borrowers, thereby promoting efficient risk management and cost allocation.
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Obligation of Lenders to Mitigate. Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering the Loans of such Lender becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under subsection 2.7, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts (i) to make, issue, fund or maintain the Commitments of such Lender or the affected Loans of such Lender through another lending office of such Lender, or (ii) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to subsection 2.7 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Commitments or Loans through such other lending office or in accordance with such other measures, as the case may be, would not otherwise materially adversely affect such Commitments or Loans or the interests of such Lender; provided that such Lender will not be obligated to utilize such other lending office pursuant to this subsection 2.8 unless Company agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other lending office as described in clause (i) above. A certificate as to the amount of any such expenses payable by Company pursuant to this subsection 2.8 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Company (with a copy to Administrative Agent) shall be conclusive absent manifest error.
Obligation of Lenders to Mitigate. Each Lender agrees that, as promptly as practicable after such Lender becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Sections 3.7 or 3.13, it will, to the extent not inconsistent with any applicable legal or regulatory restrictions, use reasonable efforts (i) to make, issue, fund or maintain the Commitments of such Lender or the affected Loans of such Lender through another lending office of such Lender, or (ii) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to Sections 3.7 or 3.13 would be reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Commitments or Loans through such other lending office or in accordance with such other measures, as the case may be, would not otherwise materially adversely affect such Commitments or Loans or would not be otherwise disadvantageous to the interests of such Lender.
Obligation of Lenders to Mitigate. Replacement of Lenders
Obligation of Lenders to Mitigate. 72 2.9 Obligations Joint and Several.................................................................72
Obligation of Lenders to Mitigate. 63 SECTION 3. [INTENTIONALLY OMITTED]........................................................... 63
Obligation of Lenders to Mitigate. 45 2.9 Removal or Replacement of a Lender.....................................46
Obligation of Lenders to Mitigate. Replacement of Lenders. 109 Section 11.10 Accommodations by Lenders................................. 111 Section 11.11 Rateable Payments......................................... 111 Section 11.12 Judgment Currency......................................... 112 Section 11.13
Obligation of Lenders to Mitigate. 69 2.9 OBLIGATIONS JOINT AND SEVERAL...................................70 2.10
Obligation of Lenders to Mitigate. 46 2.9 Removal of a Lender.. . . . . . . . . . . . . . . . 46 SECTION 3. [INTENTIONALLY OMITTED]. . . . . . . . . . . . 47
Obligation of Lenders to Mitigate. Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering the Loans of such Lender becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under subsection 2.7, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts (i) to make, issue, fund or maintain the Commitments of such Lender or the affected Loans of such Lender through another lending office of such Lender, or (ii) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender