Common use of Replacement of a Defaulting Lender Clause in Contracts

Replacement of a Defaulting Lender. (a) The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to an Eligible Institution (a Replacement Lender) which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 27 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either

Replacement of a Defaulting Lender. (a) The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 10 Business Days' ’ prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, law such Lender shall) assign or transfer pursuant to Clause 27 clause 31 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement (and any Security Document to which that Lender is a party in its capacity as a Lender) to an Eligible Institution (a Replacement Lender) which confirms its willingness to assume and does assume all the obligations, obligations or all the relevant obligations, obligations of the transferring assigning Lender in accordance with Clause 27 clause 31 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either:

Replacement of a Defaulting Lender. (a) The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 five (5) Business Days' ’ prior written notice to the Agent and such Lender, Lender replace such Lender by requiring such Lender to (and, and to the extent permitted by law, law such Lender shall) assign or transfer pursuant to Clause 27 clause 31 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement (and any Security Document to which that Lender is a party in its capacity as a Lender) to an Eligible Institution (a Replacement Lender) which confirms its willingness to assume and does assume or to undertake and does undertake all the obligations, obligations or all the relevant obligations, obligations of the assigning or transferring Lender in accordance with Clause 27 clause 31 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer which is either: ​ ​ ​