Replacement of a Lender. (i) If any Lender becomes a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 6 contracts
Samples: Loan and Servicing Agreement (HPS Corporate Lending Fund), Loan and Servicing Agreement (Franklin BSP Capital Corp), Loan and Servicing Agreement (Franklin BSP Capital Corp)
Replacement of a Lender. (a) If (i) If any Affected Party requests compensation under Section 2.09(a), 2.10(a), or 2.12 or any Lender ceases to make any Loans as a result of any condition described in Section 2.09(a), 2.10(a) or 2.12, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender, then the Borrower Borrowers may, at its their sole expense and effort, upon not less than five (5) Business Days advance notice to the related Lender and the Administrative Agent and (if different) the related Lendertogether with a copy of such notice posted to a Data Site), (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.0410.03), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided provided, that (A) the Borrower Borrowers shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not unreasonably be unreasonably withheld, conditioned or delayed, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the TransferorLoan Party, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances Loans funded or maintained by such Lender, together with all accrued interest Interest thereon and all accrued FeesFees and other Obligations payable to them hereunder and under the Loan Documents, from the assignee, (D) in the case of any such assignment resulting from a claim for compensation under Section 2.09(a), Section 2.10(a), or Section 2.12 such assignment will result in a reduction in such compensation or payments and (DE) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consentdeparture, waiver or amendment of the Transaction Loan Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower Borrowers owing to such Lender relating to the portion of the Advance Loans held by such Lender as of such termination date, without ; provided that in the payment case of any penaltysuch termination of a Non-Consenting Lender, fee such termination shall be sufficient (together with all other consenting Lenders) to cause the adoption of the applicable departure, waiver or premiumamendment of the Loan Documents. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Borrowers to require such assignment and delegation cease to exist.
Appears in 3 contracts
Samples: Loan Agreement (Invitation Homes Inc.), Loan Agreement (Invitation Homes Inc.), Loan Agreement (Invitation Homes Inc.)
Replacement of a Lender. If (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender (other than for breakage costs under subsection 2.6D), (ii) a Lender is a Defaulting Lender, (iii) a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or (iv) a Lender becomes an Affected Lender (any such Lender, a Defaulting “Subject Lender”), so long as (i) no Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements reasonably acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender and Administrative Agent and/or is unwilling to remedy its default upon three days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or the assignee, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 3 contracts
Samples: Credit Agreement (Ameriprise Financial Inc), Credit Agreement (Ameriprise Financial Inc), Credit Agreement (Stancorp Financial Group Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of Lenders or 100% of Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) all of the requirements for such assignment contained in subsection 10.1B, excluding payment of the processing fee otherwise required thereby, but including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such Subject Lender) and other supporting documents, have been fulfilled, and (3) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the applicable assignee shall have agreed toconsent of 100% of Lenders with Obligations directly affected thereby (which amendment, and shall be sufficient (together with modification or waiver did not accordingly require the consent of 100% of all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 3 contracts
Samples: Credit Agreement (FTD Inc), Security Agreement (FTD Group, Inc.), Credit Agreement (FTD Group, Inc.)
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or Section 5.6.1 [Increased Costs, Etc.], (ii) does not fund Loans because the making of such Loans would contravene any Lender becomes a Defaulting Lender or Law applicable to such Lender, (iii) is a Non-Consenting Complying Lender, (iv) is subject to an Insolvency Event or Insolvency Proceeding, or (v) becomes subject to the control of an Official Body (other than normal and customary supervision), then the Borrower shall have the right at its option, with the consent of the Administrative Agent, which consents shall not be unreasonably withheld, to prepay the Loans of such Lender in whole, together with all interest accrued thereon, and terminate such Lender’s Commitment within ninety (90) days after (x) receipt of such Lender’s notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or 5.6.1 [Increased Costs, Etc.], (y) the date such Lender has failed to fund Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender became subject to the control of an Official Body or subject to an Insolvency Event or Insolvency Proceeding, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 5.6 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, however, that the Commitment of such Lender shall be provided by one or more of the remaining Lenders or a replacement lender acceptable to the Administrative Agent; provided, further, the remaining Lenders shall have no obligation hereunder to increase their Commitments. Upon the occurrence of any such event, the Borrower may, at its sole expense and effortexpense, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in in, and consents required by, Section 12.0411.11 [Successors and Assigns]), all of its respective interests, rights and obligations under this Agreement and the related Loan Documents to an such assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)obligations; provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already however, a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existapply. Notwithstanding the foregoing, the Administrative Agent may only be replaced subject to the requirements of Section 10.14 [Successor Administrative Agent] and provided that all Letters of Credit issued by the Administrative Agent have expired or been terminated or replaced.
Appears in 3 contracts
Samples: Credit Agreement (Koppers Holdings Inc.), Credit Agreement (Koppers Holdings Inc.), Credit Agreement (Koppers Inc)
Replacement of a Lender. If (i) If any Company receives notice that it may incur Obligations under subsection 2.7 through a written statement delivered pursuant to subsection 2.8A from Administrative Agent or a Lender or otherwise (other than for breakage costs under subsection 2.6D or circumstances affecting all of the Lenders), (ii) a Lender is a Defaulting Lender, (iii) a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires the consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or (iv) a Lender becomes an Affected Lender (any such Lender, a Defaulting “Subject Lender”), so long as (A) no Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (B) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements reasonably acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made), (C) in the case of clause (iii) above, with respect to matters requiring the consent of 100% of the Lenders, Requisite Lenders have consented to such amendment, modification or waiver, and (D), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender and Administrative Agent and/or is unwilling to remedy its default upon three days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or the assignee, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 3 contracts
Samples: Credit Agreement (Ameriprise Financial Inc), Credit Agreement (Ameriprise Financial Inc), Credit Agreement (Ameriprise Financial Inc)
Replacement of a Lender. If a Lender (iother than the Agent as a Lender) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderReplacement Candidate (as defined below), then Borrower shall have the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice right to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign to another lender or other institution selected by Borrower and delegate, without recourse reasonably satisfactory to the Agent (which may be one or more of the Lenders) the Commitments and the Notes held by such Lender pursuant to the terms of an appropriately completed Assignment and Acceptance in accordance with and subject to Section 10.23; provided, that neither the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to nor any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment any obligation to Borrower to find any such lender or other institution and in order for Borrower to replace a Lender, Borrower must require such replacement within three (3) months of the date the Lender became a Replacement Candidate. Each Lender (other than the Agent as a Lender) agrees to its replacement at the option of Borrower pursuant to this Section 10.32; provided, that the assignee selected by Borrower shall purchase such Lender’s interest in the Loans owed to such Lender for cash in an aggregate amount equal to the aggregate unpaid principal thereof, all outstanding Advances funded or maintained by such Lenderunpaid interest accrued thereon, together with all unpaid fees accrued interest thereon and all accrued Fees, and (D) in for the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment account of such Lender and repay all Obligations of the Borrower other amounts then owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of hereunder or under any penalty, fee or premiumother Financing Agreement. A Lender shall not be required to make any such assignment and delegation ifwill become a “Replacement Candidate” if (i) it has made a demand under Sections 10.20, prior thereto10.21 or 10.22, as or (ii) is a result Defaulting Lender. The rights of a waiver by such Lender or otherwiseBorrower, the circumstances entitling Agent and the Borrower other Lenders under this Section 10.32 shall be in addition to require such assignment any other rights or remedies Borrower, the Agent and delegation cease the other Lenders may have under this Agreement, at law or in equity (including but not limited to existthe right of setoff with respect to the Liabilities owed to a Defaulting Lender).
Appears in 3 contracts
Samples: Loan Agreement (Andersons Inc), Loan Agreement (Andersons Inc), Loan Agreement (Andersons Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 3 contracts
Samples: Credit Agreement (Bare Escentuals Inc), Credit Agreement (Propex International Holdings II Inc.), Credit Agreement (Bare Escentuals Inc)
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender becomes a Defaulting Lender, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of Lenders or 100% of Lenders with Obligations directly affected and such amendment, modification or waiver has been approved by Requisite Lenders or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements reasonably acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii) if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8A and/or remains a Defaulting Lender, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, accrued interest, accrued fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8C (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents in respect of the interest so assigned, (2) the processing fee, if any, required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 3 contracts
Samples: Credit Agreement (Skilled Healthcare Group, Inc.), Credit Agreement (Skilled Healthcare Group, Inc.), Credit Agreement (Skilled Healthcare Group, Inc.)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2 or 3.5, (b) determines that maintenance of any Lender becomes of its Fixed Rate Loans at a Defaulting Lender suitable Lending Installation would violate any applicable Law and so notifies the Administrative Agent pursuant to Section 3.3, or (c) is a Non-Consenting Declining Lender, then the Borrower may, may within ninety (90) days after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at its sole expense and effort, upon not less than five any time prior to such Declining Lender’s Termination Date (5in the case of clause (c) Business Days advance notice to above) notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign its Revolving Credit Commitment, Revolving Credit Loans and delegateTerm Loans, without recourse provided that (i), in accordance the case of replacement of a Declining Lender that is a Declining Lender under only one Facility, such replacement may only be made with and respect to such Facility, but in all other cases such replacement shall be made with respect to each Facility under which such Affected Lender is a Lender; (ii) any Replacement Lender that, immediately prior to its replacement of a Lender hereunder, was not a Lender hereunder shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations the Administrative Agent (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld); provided that and (Aiii) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2 or 3.5 to the prior written consent Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving Credit Commitment, Loans and interests in outstanding Facility Letters of Credit and/or Term Loans hereunder to the Administrative Agent Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 and shall receive, concurrently with respect to any assignee that is not already a Lender hereundersuch assignments, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by amounts payable to such Lender, together Affected Lender with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, respect to the applicable assignee shall have agreed toFacility or Facilities, and shall be sufficient (together with all other consenting Lenders) to cause including without limitation the adoption of, the applicable consent, waiver or amendment aggregate outstanding principal amount of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance Loans held by such Lender as Affected Lender, all interest thereon to the date of the assignment, all accrued fees to the date of such termination date, without the assignment and any amounts payable under Section 3.4 with respect to any payment of any penalty, fee or premiumFixed Rate Loan resulting from such assignment. A Such Affected Lender shall not be required responsible for the payment to make any the Administrative Agent of the fee provided for in Section 13.3.2, which fee shall be paid by such Replacement Lender. In the case of an assignment by a Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of the Declining Lender shall agree at the time of such assignment to the extension to the Extension Date of the Facility Termination Date with respect to the applicable Facility or Facilities, which agreement shall be set forth in a written instrument delivered and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling satisfactory to the Borrower to require such assignment and delegation cease to existthe Administrative Agent.
Appears in 2 contracts
Samples: Credit Agreement (Toll Brothers Inc), Credit Agreement (Toll Brothers Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected and which receives the consent of Requisite Lenders or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and all other obligations of the Subject Lender hereunder and (ii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8A and/or is unwilling to consent to such amendment, modification or waiver, Company may require the Subject Lender to assign all of its Loans to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B (with such assignment being deemed a voluntary prepayment for purposes of subsection 2.4B(ii)); provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, prepayment premiums, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or such assignee, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (not to be unreasonably withheld or delayed) (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumassign its Loans. A Lender that has assigned its Loans and Commitments pursuant to this subsection 2.9 shall not continue to be required entitled to make any the benefits of subsections 2.6, 2.7 and 2.8 with respect to the periods during which such assignment and delegation if, prior thereto, as Person was a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existLender.
Appears in 2 contracts
Samples: Intercreditor Agreement (SafeNet Holding Corp), Assignment and Assumption (SafeNet Holding Corp)
Replacement of a Lender. In the event any Lender: (i) If gives notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or Section 5.5.1 [Increased Costs, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, (iii) becomes a Defaulting Lender Nonconsenting Lender, or a Non-Consenting Lender(iv) becomes subject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesthereon, and terminate such Lender’s Commitment within ninety (D90) in days after: (w) receipt of such Lender’s notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or 5.5.1 [Increased Costs, Etc.], (x) the case date such Lender has failed to fund Revolving Credit Loans because the making of such Loans would contravene any Law applicable to such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate such Lender becomes a Nonconsenting Lender or (z) the date such Lender became subject to the control of an Official Body, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 5.5 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, however, that the Commitment of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement bank acceptable to the portion of the Advance held by such Lender as of such termination dateAgent; provided, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwisefurther, the circumstances entitling remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the Borrower foregoing, the Agent may only be replaced subject to require such assignment the requirements of Section 10.14 [Successor Agent] and delegation cease to existprovided that all Letters of Credit have expired or been terminated or replaced.
Appears in 2 contracts
Samples: Credit Agreement (Rhino Resource Partners LP), Credit Agreement (Rhino Resource Partners, L.P.)
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 3.4 [Euro-Rate Unascertainable, etc.] or Section 4.5.1 [Increased Costs, etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, or (iii) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, withheld (B) the assignee shall not be except that during any period when an Affiliate Event of any of the BorrowerDefault exists and is continuing, the Servicer or Administrative Agent may withhold such consent in its sole discretion), to prepay the Transferor, (C) Loans of such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest and fees accrued interest thereon and all accrued Feesother amounts due and payable to such Lender under the Loan Documents, and terminate such Lender's Commitment within ninety (D90) in the case days after (x) receipt of any such assignment resulting from a Lender becoming a NonLender's notice under Section 3.4 [Euro-Consenting LenderRate Unascertainable, the applicable assignee shall have agreed toetc.] or 4.5.1 [Increased Costs, and shall be sufficient (together with all other consenting Lenders) to cause the adoption ofEtc.], the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the date such Lender has failed to fund Revolving Credit Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender became subject to the control of an Official Body, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 4.5 [Additional Compensation in Certain Circumstances] (except that the Borrower shall not be required to indemnify such Lender for liabilities, losses or expenses under Section 4.5.2(i) sustained by such Lender as a consequence of the prepayment of the Loans of such Lender in accordance with this Section 4.4.2 on a day other than the last day of an Interest Period with respect to Loans to which a Euro-Rate Option applies if the Loans of such Lender are being prepaid because such Lender has determined that the making, maintenance or funding of such Loans by such Lender under the Euro-Rate Option has been made unlawful or because such Lender has become subject to the control of an Official Body) and any accrued interest due on such amount and any related fees; provided, however, that the Commitment of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement bank acceptable to the portion Agents and the Issuing Banks; provided, further, that the remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the foregoing, the Administrative Agent may only be replaced subject to the requirements of the Advance held Section 9.14 [Successor Agents] and an Issuing Bank may only be replaced if all Letters of Credit issued by such Lender as of such termination date, without the payment of any penalty, fee Issuing Bank have expired or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender been terminated or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existreplaced.
Appears in 2 contracts
Samples: Credit Agreement (Arch Coal Inc), Pledge Agreement (Arch Coal Inc)
Replacement of a Lender. (i) If any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender becomes a Defaulting Lender or a Non-Consenting Lenderconsenting Lender (as defined below in this section), then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to such Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.048.04), all of its respective interests, rights (other than its existing rights to payments pursuant to Section 2.15 or Section 2.17) and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); provided that (Ai) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that (and if a Commitment is not already a Lender hereunderbeing assigned, the Issuing Bank and Swingline Lender), which consent shall not unreasonably be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (Cii) such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and participations in LC Disbursements and Swingline Loans, together with all accrued interest thereon thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued Feesinterest and fees) or the Borrower (in the case of all other amounts), and (Diii) in the case of any such assignment resulting from a Lender becoming claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a Non-Consenting Lender, reduction in future compensation or payments under the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumSection. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existapply. In the event that (i) the Borrower or the Administrative Agent have requested the Lenders to consent to a departure or waiver of any provisions of this Agreement or to agree to any other modification thereto, (ii) the consent, waiver or other modification in question requires the agreement of all Lenders and (iii) the Required Lenders have agreed to such consent, waiver or other modification, then any Lender who does not agree to such consent, waiver or other modification shall be deemed a “Non-consenting Lender”. In addition, each Rejecting Lender (as defined in the definition of the term Maturity Date) shall be a Non-consenting Lender hereunder.
Appears in 2 contracts
Samples: Credit Agreement (Leggett & Platt Inc), Credit Agreement (Leggett & Platt Inc)
Replacement of a Lender. If (ia) If any Lender becomes demands compensation under Section 4.7(c) or Section 4.7(d) (which compensation is not demanded by all of the Lenders of the same Class) and the Parent Borrower deems such additional amounts to be material, (b) the obligation of any Lender to make or maintain any Loan is suspended under Section 4.7(a) or Section 4.7(b), (c) any Lender is a Defaulting Lender or a Non-Consenting Lender, then or (d) any amount payable to any Lender by a Borrower established in France under this Agreement is not, or will not be (when the relevant corporate income tax is calculated) treated as a deductible charge or expense for French tax purposes for that Borrower by reason of that amount being (i) paid or accrued to a Lender incorporated, domiciled, established or acting through a Lending Office situated in a Non-Cooperative Jurisdiction, or (ii) paid to an account opened in the name of or for the benefit of that Lender in a financial institution situated in a Non-Cooperative Jurisdiction, then, in each case, the Parent Borrower may, so long as no Default or Event of Default has occurred and is continuing, obtain, at its sole the Parent Borrower’s expense and effort(or at the expense of a Defaulting Lender whose representation contained in clause (ii) of Section 2.1(b) proves to be false), upon not less than five (5) Business Days advance notice one or more other Lenders or, with the consent of the Administrative Agent, one or more replacement financial institutions reasonably satisfactory to the Administrative Agent and (if differentnot already a Lender) the related and willing to replace such Lender, (x) require and such Lender shall execute and deliver to assign such replacement Lender an Assignment and delegate, without recourse (in accordance Assumption with and subject respect to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations such Lender’s entire interest under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of for an amount equal to the principal balance of all outstanding Advances funded or maintained Loans and L/C Obligations held by such Lender, together with the affected Lender and all accrued interest thereon and all accrued Feesfees with respect thereto through the date of such assignment, and provided that (Di) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lendersthat demands compensation under Section 4.7(c) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (ySection 4.7(d) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Parent Borrower to require such assignment and delegation pursuant to clause (a) above cease to existapply, (ii) the Parent Borrower shall have paid to such affected Lender the compensation that it is entitled to receive under Section 4.7 through the date of such assignment, (iii) such assignment will result in a reduction in such compensation and (iv) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. Upon the execution by such replacement Lender of such Assignment and Assumption and compliance with the requirements of Section 13.7(b), such replacement Lender shall succeed to all of such Lender’s rights and duties under this Agreement. If the Parent Borrower exercises its election under this Section 4.7(f) to replace a Lender (other than a Defaulting Lender), the Parent Borrower shall pay the registration and processing fee payable to the Administrative Agent under Section 13.7(b).
Appears in 2 contracts
Samples: Credit Agreement (Brinks Co), Credit Agreement (Brinks Co)
Replacement of a Lender. If (i) If Borrower is required pursuant to Section 2.19 or 2.21 to make any additional payment to any Lender, (ii) any Lender becomes refuses to consent to a proposed amendment, modification, waiver, discharge or termination with respect to this Agreement that requires the consent of all Lenders (or all affected Lenders) pursuant to Section 10.2 and the same has been approved by the Required Lenders or all other affected Lenders, as applicable, or (iii) any Lender is a Defaulting Lender (any Lender described in clause (i), clause (ii) or a Non-Consenting clause (iii) being an “Affected Lender”), the Borrower may elect to replace the Revolving Commitment and/or Term Loans, as applicable, of such Affected Lender, then provided that no Event of Default shall have occurred and be continuing at the time of such termination or replacement, and provided further that, concurrently with such replacement, (y) another bank or other Person that is satisfactory to the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent shall agree, as of such date, to purchase for cash at par, the Revolving Credit Exposure and (if different) Term Loans of the related Lender, (x) require such Affected Lender pursuant to assign an Assignment and delegate, without recourse (in accordance with Acceptance and subject to the restrictions contained in Section 12.04), become a Lender for all of its respective interests, rights and obligations purposes under this Agreement and to an assignee that shall assume all obligations of the Affected Lender to be terminated as of such obligations date and to comply with the requirements of Section 10.4 applicable to assignments, and (which assignee may be another Lender if a Lender accepts such assignment); provided that (Az) the Borrower shall have received pay to such Affected Lender in immediately available funds on the prior written consent day of such replacement (A) all interest, fees and other amounts then accrued and unpaid that are owing to such Affected Lender by the Administrative Agent with respect Borrower hereunder to any assignee that is not already a and including the date of termination, including payments due to such Affected Lender hereunderunder Sections 2.19 and 2.21, which consent shall not be unreasonably withheld, and (B) the assignee shall not be an Affiliate of any of the Borroweramount, the Servicer or the Transferorif any, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall payment that would have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing been due to such Lender relating on the day of such replacement under Section 2.20 had the Loans of such Affected Lender been prepaid on such date rather than sold to the portion of replacement Lender, in each case to the Advance held extent not paid by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existpurchasing lender.
Appears in 2 contracts
Samples: Credit and Term Loan Agreement (Healthways, Inc), Revolving Credit and Term Loan Agreement (Healthways, Inc)
Replacement of a Lender. If the Borrowers are required pursuant to Section 3.1, Section 3.2, or Section 3.5 to make any additional payment to any Lender or if any Lender’s obligation to make or continue, or to convert Floating Rate Advances into, Eurodollar Advances shall be suspended pursuant to Section 3.3 (any Lender so affected an “Affected Lender”), the Borrowers may elect, if such amounts continue to be charged or such suspension is still effective, to replace such Affected Lender as a Lender party to this Agreement, provided that no Default or Unmatured Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (a) another bank or other entity which is reasonably satisfactory to the Borrowers and the Administrative Agent shall agree, as of such date, to purchase for cash the Advances and other Obligations due to the Affected Lender pursuant to an Assignment Agreement and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.1 applicable to assignments and (b) the Borrowers shall pay to such Affected Lender in same day funds on the day of such replacement (i) If any all interest, fees, and other amounts then accrued but unpaid to such Affected Lender becomes a Defaulting by the Borrowers hereunder to and including the date of termination, including, without limitation, payments due to such Affected Lender or a Non-Consenting Lenderunder Section 3.1, then the Borrower maySection 3.2, at its sole expense and effortSection 3.5 and (ii) an amount, upon not less than five (5) Business Days advance notice if any, equal to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (payment which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall would have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing been due to such Lender relating on the day of such replacement under Section 3.4 had the Loans of such Affected Lender been prepaid on such date rather than sold to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existreplacement Lender.
Appears in 2 contracts
Samples: Credit Agreement (K2 Inc), Credit Agreement (K2 Inc)
Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that: (i) If any Lender becomes shall give notice to the Borrower that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section 2.5, 2.6A or 2.6B (including, without limitation, any such payments resulting from any change by such Lender in the office through which it makes LIBOR Loans), the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and such Lender shall fail to withdraw such notice within five Business Days after the Borrower’s request for such withdrawal or (ii) at any time any Lender is a Defaulting Lender or a Non-Consenting Lender, then then, with respect to each such Lender (a “Terminated Lender”), the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective Commitment (if any), any outstanding Loans and other interests, rights and obligations hereunder to one or more Persons which are Eligible Assignees at such time (each a “Replacement Lender”) in accordance with the provisions of Section 8.1 (including the consents of the Administrative Agent required thereunder) for a purchase price equal to the aggregate outstanding principal amount of the Loans held by such Terminated Lender, together with accrued interest thereon and accrued and theretofore unpaid fees owing to such Terminated Lender under this Agreement Section 2.3 to an assignee that shall assume such obligations (which assignee may but not including the date of assignment, to be another paid by the relevant Replacement Lender if a Lender accepts on the date of such assignment); provided that (Aa) on the effective date of such assignment, the Borrower shall have received pay any amounts payable to such Terminated Lender to the prior written consent date of the Administrative Agent with respect such assignment pursuant to any assignee that is not already Section 2.5 or 2.6 or otherwise as if it were a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, prepayment and (Db) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lenderclaim for payments under Section 2.5, 2.6A or 2.6B, such assignment will result in the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause reduction in such payments. Upon the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment completion of such Lender assignment and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of all amounts owing to any penaltyTerminated Lender, fee or premium. A such Terminated Lender shall not be required no longer constitute a “Lender” for purposes hereof; provided that any right of such Terminated Lender to make any indemnification hereunder shall survive as to such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existTerminated Lender.
Appears in 2 contracts
Samples: Term Loan Agreement (Assurant Inc), Term Loan Agreement (Assurant Inc)
Replacement of a Lender. If any Lender (a “Non-Funding Lender”) fails to fund any Loan required to be funded by it in accordance with the terms hereof, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires a consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected, Borrower receives a statement of amounts due pursuant to subsection 2.8A from a Lender or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Borrower has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Borrower pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender and Agent, Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts, including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Agent (if required, provided that the consent of Agent, such consent not to be unreasonably withheld, shall be required in all instances of replacement of a Non-Funding Lender) and the receipt by Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing also requires each such Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 2 contracts
Samples: Credit Agreement (Joy Global Inc), Credit Agreement (Joy Global Inc)
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 3.4 [LIBO-Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] or Section 4.6.1 [Increased Costs or Reduced Return Resulting from Taxes, Reserves, Capital Adequacy Requirements, Expenses, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, or (iii) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesother Obligations owing to such Lender, and terminate such Lender’s Commitment within ninety (D90) in the case days after (x) receipt of any such assignment resulting Lender’s notice under Section 3.4 [LIBO-Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] or 4.6.1 [Increased Costs or Reduced Return Resulting from a Lender becoming a Non-Consenting LenderTaxes, the applicable assignee shall have agreed toReserves, and shall be sufficient (together with all other consenting Lenders) to cause the adoption ofCapital Adequacy Requirements, the applicable consentExpenses, waiver or amendment of the Transaction Documents or Etc.], (y) terminate the Commitment date such Lender has failed to fund Revolving Credit Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender and repay all Obligations became subject to the control of an Official Body, as applicable; provided that the Borrower owing shall also pay to such Lender relating at the time of such prepayment any amounts required under Section 4.6 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, further, the remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the foregoing, the Agent may only be replaced subject to the portion requirements of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existSection 9.14 [Successor Agent].
Appears in 2 contracts
Samples: Credit Agreement (Hovnanian Enterprises Inc), Credit Agreement (Hovnanian Enterprises Inc)
Replacement of a Lender. If a Lender (iother than the Agent as a Lender) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderReplacement Candidate (as defined below), then Borrower shall have the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice right to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign to another lender or other institution selected by Borrower and delegate, without recourse reasonably satisfactory to the Agent (which may be one or more of the Lenders) the Commitments and the Notes held by such Lender pursuant to the terms of an appropriately completed Assignment and Acceptance in accordance with and subject to Section 10.23; provided, that neither the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to nor any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment any obligation to Borrower to find any such lender or other institution and in order for Borrower to replace a Lender, Borrower must require such replacement within three (3) months of the date the Lender became a Replacement Candidate. Each Lender (other than the Agent as a Lender) agrees to its replacement at the option of Borrower pursuant to this Section 10.32; provided, that the assignee selected by Borrower shall purchase such Lender’s interest in the Loans and Liabilities owed to such Lender for cash in an aggregate amount equal to the aggregate unpaid principal thereof, all outstanding Advances funded or maintained by such Lenderunpaid interest accrued thereon, together with all unpaid fees accrued interest thereon and all accrued Fees, and (D) in for the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment account of such Lender and repay all Obligations of the Borrower other amounts then owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of hereunder or under any penalty, fee or premiumother Financing Agreement. A Lender will become a “Replacement Candidate” if (i) it has made a demand under Sections 10.20, 10.21 or 10.22, (ii) it has defaulted on any obligation under this Agreement or (iii) it has become insolvent and its assets become subject to a receiver, liquidator, trustee, custodian, or other officer having similar powers. The rights of Borrower under this Section 10.32 shall not be required in addition to make any such assignment and delegation if, prior thereto, other rights or remedies Borrower may have at law or in equity as a result of a waiver by such Lender or otherwise, the circumstances entitling events described in the Borrower to require such assignment and delegation cease to existdefinition of “Replacement Candidate”.
Appears in 2 contracts
Samples: Loan and Security Agreement (PSF Group Holdings Inc), Loan and Security Agreement (Premium Standard Farms, Inc.)
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender becomes a Defaulting Revolving Lender, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement (other than a consent to participate in the extensions of credit provided for in subsection 2.10) that, (1) pursuant to subsection 10.6, requires consent of 100% of the Lenders (other than Defaulting Revolving Lenders) or 100% of the Lenders (other than Defaulting Revolving Lenders) with Obligations directly affected and (2) Requisite Lenders have otherwise consented to, or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee (none of whom shall constitute a Defaulting Revolving Lender at the time of such replacement) to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders (other than Defaulting Revolving Lenders) with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders (other than Defaulting Revolving Lenders)), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of the Advance held assignments required by such Lender as this subsection 2.9 shall include all Loans and Commitments of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existNon-Consenting Lender.
Appears in 2 contracts
Samples: Credit Agreement (Hexcel Corp /De/), Credit Agreement (Hexcel Corp /De/)
Replacement of a Lender. If a Lender (iother than the Agent as a Lender) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderReplacement Candidate (as defined below), then Borrower shall have the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice right to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign to another lender or other institution selected by Borrower and delegate, without recourse reasonably satisfactory to the Agent (which may be one or more of the Lenders) the Commitments and the Notes held by such Lender pursuant to the terms of an appropriately completed Assignment and Acceptance in accordance with and subject to Section 10.23; provided, that neither the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to nor any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment any obligation to Borrower to find any such lender or other institution and in order for Borrower to replace a Lender, Borrower must require such replacement within three (3) months of the date the Lender became a Replacement Candidate. Each Lender (other than the Agent as a Lender) agrees to its replacement at the option of Borrower pursuant to this Section 10.32; provided, that the assignee selected by Borrower shall purchase such Lender’s interest in the Loans owed to such Lender for cash in an aggregate amount equal to the aggregate unpaid principal thereof, all outstanding Advances funded or maintained by such Lenderunpaid interest accrued thereon, together with all unpaid fees accrued interest thereon and all accrued Fees, and (D) in for the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment account of such Lender and repay all Obligations of the Borrower other amounts then owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of hereunder or under any penalty, fee or premiumother Financing Agreement. A Lender shall not be required will become a “Replacement Candidate” if (i) it has made a demand under Sections 10.20, 10.21 or 10.22, (ii) it declines to make any such assignment and delegation ifapprove an amendment or waiver that is approved by the Required Lenders, prior thereto, as or (iii) is a result Defaulting Lender. The rights of a waiver by such Lender or otherwiseBorrower, the circumstances entitling Agent and the Borrower other Lenders under this Section 10.32 shall be in addition to require such assignment any other rights or remedies Borrower, the Agent and delegation cease the other Lenders may have under this Agreement, at law or in equity (including but not limited to existthe right of setoff with respect to the Liabilities owed to a Defaulting Lender).
Appears in 2 contracts
Samples: Loan Agreement (Andersons, Inc.), Loan Agreement (Andersons Inc)
Replacement of a Lender. (i) If any Lender other than Xxxxxx Xxxxxxx becomes a Defaulting Lender or a Non-Consenting LenderLender other than Xxxxxx Xxxxxxx or any Affiliate thereof imposes or attempts to impose costs pursuant to Section 2.10, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, Originator and (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents Fees or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.), Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender (other than in respect of Eurocurrency liabilities under Regulation D), a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a "NON-CONSENTING LENDER") refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a "SUBJECT LENDER"), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender's Loans and assume the Subject Lender's Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement (1) Company has paid to the Lender giving such notice all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) through such date of replacement, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required), the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents and the payment to the Subject Lender of all amounts required under the Assignment Agreement, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 2 contracts
Samples: Credit Agreement (Oxford Health Plans Inc), Credit Agreement (Oxford Health Plans Inc)
Replacement of a Lender. In the event any Lender (any such Lender, a "DEFAULTING LENDER") (i) If gives notice under Section 2.9, 3.4 or 4.6.1, (ii) does not fund Revolving Credit Loans or otherwise fails to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due (unless the subject of a good faith dispute or unless such failure has been cured and all interest accruing as a result of such failure has been fully paid in accordance with the terms hereof), (iii) becomes subject to the control of an Official Body (other than normal and customary supervision), deemed insolvent by an Official Body or the subject of a Defaulting Lender bankruptcy, receivership, conservatorship or insolvency proceeding, or (iv) becomes a Non-Consenting LenderLender pursuant to Section 10.1, then the Borrower may, Borrowers shall have the right at its sole expense option to prepay the Loans of such Lender in whole, together with all interest accrued thereon, and effortterminate such Lender's Commitment within ninety (90) days after (x) receipt of such Lender's notice under Section 2.9, upon not less than five 3.4 or 4.6.1, (5y) Business Days advance notice the date such Lender has failed to fund Revolving Credit Loans or otherwise failed to pay over to the Administrative Agent and or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due as contemplated in clause (if differentii) above, or (z) the related Lender, (x) require date such Lender to assign and delegate, without recourse (in accordance with and became subject to the restrictions contained control of an Official Body or any other event contemplated in clause (iii) or (iv) above occurs, as applicable; provided that the Borrowers shall also pay to such Lender at the time of such prepayment any amounts required under Section 12.04), all of its respective interests, rights 4.6 and obligations under this Agreement to an assignee that shall assume any accrued interest due on such obligations amount and any related fees (which assignee may be another Lender except if a Lender accepts is a Defaulting Lender as a result of the operation of clause (ii) or (iii) above, in which event such assignmentLender shall be entitled to receive accrued interest only and not entitled to receive payment of any fees); provided provided, however, that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Revolving Credit Commitment of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement financial institution acceptable to the portion of the Advance held by such Lender as of such termination dateAdministrative Agent; provided, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwisefurther, the circumstances entitling remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the Borrower foregoing, the Administrative Agent may only be replaced subject to require such assignment the requirements of Section 9.14 and delegation cease to existprovided that all Letters of Credit have expired or been terminated or replaced.
Appears in 2 contracts
Samples: Credit Agreement (Glatfelter P H Co), Credit Agreement (Glatfelter P H Co)
Replacement of a Lender. (i) If any Lender other than Mxxxxx Sxxxxxx becomes a Defaulting Lender or a Non-Consenting LenderLender other than Mxxxxx Sxxxxxx or any Affiliate thereof imposes or attempts to impose costs pursuant to Section 2.10, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, Originator and (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents Fees or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.), Loan and Servicing Agreement (GOLUB CAPITAL BDC, Inc.)
Replacement of a Lender. (a) If (i) If any Affected Party requests compensation under Section 2.10(a), 2.11(a), or 2.13 or any Lender ceases to make any Loans as a result of any condition described in Section 2.10(a), 2.11(a) or 2.13, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender, then the Borrower Borrowers may, at its their sole expense and effort, upon not less than five (5) Business Days advance notice to the related Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.0410.03), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided provided, that (A) the Borrower Borrowers shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not unreasonably be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the TransferorLoan Party, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances Loans funded or maintained by such Lender, together with all accrued interest Interest thereon and all accrued FeesFees and other Obligations payable to them hereunder and under the Loan Documents, from the assignee, (D) in the case of any such assignment resulting from a claim for compensation under Section 2.10(a), Section 2.11(a), or Section 2.13 such assignment will result in a reduction in such compensation or payments and (DE) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consentdeparture, waiver or amendment of the Transaction Loan Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower Borrowers owing to such Lender relating to the portion of the Advance Loans held by such Lender as of such termination date, date (without the payment of any penaltyfees); provided that in the case of any such termination of a Non-Consenting Lender, fee such termination shall be sufficient (together with all other consenting Lenders) to cause the adoption of the applicable departure, waiver or premiumamendment of the Loan Documents. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Borrowers to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan Agreement (Bluerock Homes Trust, Inc.), Loan Agreement (Bluerock Residential Growth REIT, Inc.)
Replacement of a Lender. (i) If any Lender becomes a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumpremium (including the Prepayment Premium). A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (First Eagle Private Credit Fund), Loan and Servicing Agreement (First Eagle Private Credit Fund)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (a) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (b) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent (provided, however, that the Non-Consenting Lender or the Subject Lender shall not be required to pay such processing fee), (c) all of the requirements for such assignment contained in subsection 10.1B, including the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (d) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumassign its Loans and Commitments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.EXECUTION VERSION
Appears in 2 contracts
Samples: Credit Agreement (Ruths Chris Steak House, Inc.), Credit Agreement (Ruths Hospitality Group, Inc.)
Replacement of a Lender. Notwithstanding anything contained herein to the contrary, if (i) If any Lender, but not all of the Lenders, who has an Individual Commitment seeks additional compensation pursuant to Section 8.2 (the “Affected Lender”), or (ii) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions of this agreement that requires the consent of all of the Lenders, the consent of the Majority Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained, or (iii) any Lender becomes a Defaulting Lender or a Lender, then, in the case of each such Affected Lender, Non-Consenting Lender or Defaulting Lender (each, a “Terminated Lender, then ”) the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign its outstanding Accommodations and delegateIndividual Commitments, without recourse if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of this Section 8.4 provided, however, that incumbent Lenders shall have the right to assume any such Accommodations and subject Individual Commitments in accordance with their Pro Rata Shares in priority to any Person which is not a Lender at the time that the Borrower provided the afore-mentioned notice to the restrictions contained Administrative Agent. The Replacement Lender or Replacement Lenders shall, in Section 12.04the aggregate, advance all (but not part) of the Terminated Lender’s Pro Rata Share of the affected credit and, in the aggregate, assume all (but not part) of the Terminated Lender’s Individual Commitments and obligations under the Credit Facility and acquire all (but not part) of the rights of the Terminated Lender and assume all (but not part) of the obligations of the Terminated Lender under each of the other Credit Documents to the extent they relate to the Credit Facility (but in no event shall any other Lender or the Administrative Agent be obliged to do so). With respect to such advance, all acquisition and assumption, the Pro Rata Share of such credit of each Replacement Lender and the Individual Commitments and the obligations of such Replacement Lender under the Credit Facility and the rights and obligations of such Replacement Lender under each of the other Credit Documents to the extent they relate to the Credit Facility shall be increased by its respective interests, pro rata share (based on the relative Individual Commitments of the Replacement Lenders under the Credit Facility) of the Terminated Lender’s Pro Rata Share of such credit and Individual Commitments and obligations and rights and obligations under this Agreement each of the other Credit Documents to the extent they relate to the Credit Facility on a date mutually acceptable to the Replacement Lenders and the Borrower. On such date, each of the Replacement Lenders shall execute an assignee that instrument substantially in the form of Schedule C hereto and shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) extend to the Borrower the Terminated Lender’s Pro Rata Share of such credit and shall have received prepay to the prior written consent Terminated Lender the Accommodations of the Administrative Agent with respect to any assignee that is not already a Terminated Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderthen outstanding, together with all interest accrued interest thereon and all accrued Feesother amounts owing to the Terminated Lender hereunder, and, upon such advance and prepayment by the Replacement Lenders, the Terminated Lender shall cease to be a “Lender” in connection with the Credit Facility for purposes of this agreement and shall no longer have any obligations thereunder. In addition to the foregoing, in respect of any Replacement Lender that is not, on the relevant date, an existing Lender, such Replacement Lender shall execute and deliver a Joinder Agreement (in the form set forth in Schedule C-2 hereto), which shall be executed and delivered by the Borrower and the Administrative Agent, and (D) in each such Replacement Lender shall be bound by the case terms of any such assignment resulting from the Credit Documents as a Lender becoming Lender. Upon the assumption of the Terminated Lender’s Individual Commitments as aforesaid by a Non-Consenting Replacement Lender, the applicable assignee shall have agreed to, and Schedule A hereto shall be sufficient (together with all other consenting Lenders) deemed to cause be amended to reflect the adoption of, the applicable consent, waiver amended or amendment of the Transaction Documents or (y) terminate the Commitment new Individual Commitments of such Lender and repay all Obligations of Replacement Lenders under the Borrower owing to such Lender relating Credit Facility pursuant to the portion of the Advance held by such Lender as respective amounts of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existassumptions.
Appears in 2 contracts
Samples: Agreement (Triple Flag Precious Metals Corp.), Credit Agreement (Triple Flag Precious Metals Corp.)
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender claiming compensation or reimbursement pursuant to subsection 2.7A or 2.7B, a Revolving Lender becomes a Defaulting Lender, a Lender or (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement (other than a consent to participate in the extensions of credit provided for in subsection 2.10) that, (1) pursuant to subsection 10.6, requires consent of 100% of the Lenders (other than Defaulting Lenders) or 100% of the Lenders (other than Defaulting Lenders) with Obligations directly affected and (2) Requisite Lenders have otherwise consented to or a Lender becomes an Affected Lender, (any such Lender, a “Subject Lender”), so long as (i) no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee (none of whom shall constitute a Defaulting Lender at the time of such replacement) to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten (10) days prior written notice to the Subject Lender and Administrative Agent, then the Borrower Company may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the such Lender and Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), delegate all of its respective interests, rights (other than existing rights to payments pursuant to subsections 2.7A or 2.7B) and obligations under this the Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)or an Eligible Assignee; provided that that, prior to or concurrently with such replacement, (A1) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) and all amounts under subsection 10.1B with respect to any deficiencies owed by any Subject Lender that is a Defaulting Lender) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an amount equal executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to all outstanding Advances funded or maintained by execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, together with all accrued interest thereon and all accrued Feeshave been fulfilled, and (D4) in the case of any such assignment resulting from the claim for compensation under subsection 2.7A or payments required to be made under subsection 2.7B, such assignment will result in a reduction in such compensation or payments thereafter, and (5) such assignment does not conflict with applicable laws and (6) in the event such Subject Lender becoming is a Non-Consenting Lender, the applicable each assignee shall have agreed toconsent, at the time of such assignment, to each matter in respect of which such Subject Lender was a Non-Consenting Lender and shall be sufficient Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders (together with all other consenting than Defaulting Lenders) to cause with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the adoption ofconsent of 100% of all Lenders (other than Defaulting Lenders)), the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of the Advance held assignments required by such Lender as this subsection 2.9 shall include all Loans and Commitments of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existNon-Consenting Lender.
Appears in 2 contracts
Samples: Credit Agreement (Hexcel Corp /De/), Credit Agreement (Hexcel Corp /De/)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected and which receives the consent of Requisite Lenders or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8A and/or is unwilling to consent to such amendment, modification or waiver, and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or such assignee, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (not to be unreasonably withheld or delayed) (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premiumrefused to provide its consent. A Lender that has assigned its Loans and Commitments pursuant to this subsection 2.9 shall not continue to be required entitled to make any the benefits of subsections 2.6, 2.7 and 2.8 with respect to the periods during which such assignment and delegation if, prior thereto, as Person was a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existLender.
Appears in 2 contracts
Samples: Intercreditor Agreement (SafeNet Holding Corp), Assignment and Assumption (SafeNet Holding Corp)
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender claiming compensation or reimbursement pursuant to subsection 2.7, a Revolving Lender becomes a Defaulting Lender, a Lender or (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement (other than a consent to participate in the extensions of credit provided for in subsection 2.10) that, (1) pursuant to subsection 10.6, requires consent of 100% of the Lenders (other than Defaulting Lenders) or 100% of the Lenders (other than Defaulting Lenders) with Obligations directly affected and (2) Requisite Lenders have otherwise consented to or a Lender becomes an Affected Lender, (any such Lender, a “Subject Lender”), so long as (i) no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee (none of whom shall constitute a Defaulting Lender at the time of such replacement) to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten (10) days prior written notice to the Subject Lender and Administrative Agent, then the Borrower Company may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the such Lender and Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), delegate all of its respective interests, rights (other than existing rights to payments pursuant to subsections 2.7) and obligations under this the Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)or an Eligible Assignee; provided that that, prior to or concurrently with such replacement, (A1) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, or 2.7 (if applicable) and all amounts under subsection 10.1B with respect to any deficiencies owed by any Subject Lender that is a Defaulting Lender) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an amount equal executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to all outstanding Advances funded or maintained by execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, together with all accrued interest thereon and all accrued Feeshave been fulfilled, and (D4) in the case of any such assignment resulting from the claim for compensation under subsection 2.7A or payments required to be made under subsection 2.7B, such assignment will result in a reduction in such compensation or payments thereafter, and (5) such assignment does not conflict with applicable laws and (6) in the event such Subject Lender becoming is a Non-Consenting Lender, the applicable each assignee shall have agreed toconsent, at the time of such assignment, to each matter in respect of which such Subject Lender was a Non-Consenting Lender and shall be sufficient Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders (together with all other consenting than Defaulting Lenders) to cause with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the adoption ofconsent of 100% of all Lenders (other than Defaulting Lenders)), the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of the Advance held assignments required by such Lender as this subsection 2.9 shall include all Loans and Commitments of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existNon-Consenting Lender.
Appears in 2 contracts
Samples: Credit Agreement (Ferroglobe PLC), Credit Agreement (Globe Specialty Metals Inc)
Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that: (i) If any Lender becomes shall give notice to the Borrower that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section 2.5, 2.6A or 2.6B (including, without limitation, any such payments resulting from any change by such Lender in the office through which it makes LIBOR Loans), the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and such Lender shall fail to withdraw such notice within five Business Days after the Borrower’s request for such withdrawal or (ii) at any time any Lender is a Defaulting Lender or (iii) at any time any Lender ceases to be a Non-Consenting NAIC Qualified U.S. Financial Institution, then, with respect to each such Lender (a “Terminated Lender”), then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective Commitment (if any), any outstanding Credit Exposure and other interests, rights and obligations hereunder to one or more Persons which are Eligible Assignees at such time (each a “Replacement Lender”) in accordance with the provisions of Section 8.1 (including the consents of the Administrative Agent and each Fronted LC Issuing Bank required thereunder) for a purchase price equal to the sum of (x) the aggregate outstanding principal amount of the Loans held by such Terminated Lender and (y) the LC Disbursements funded by such Terminated Lender that have not then been reimbursed by the Borrower, together with accrued interest thereon and accrued and theretofore unpaid fees owing to such Terminated Lender under this Agreement Section 2.3 to an assignee that shall assume such obligations (which assignee may but not including the date of assignment, to be another paid by the relevant Replacement Lender if a Lender accepts on the date of such assignment); provided that (Aa) on the effective date of such assignment, the Borrower shall have received pay any amounts payable to such Terminated Lender to the prior written consent date of the Administrative Agent with respect such assignment pursuant to any assignee that is not already Section 2.5 or 2.6 or otherwise as if it were a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, prepayment and (Db) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lenderclaim for payments under Section 2.5, 2.6A or 2.6B, such assignment will result in the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause reduction in such payments. Upon the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment completion of such Lender assignment and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of all amounts owing to any penaltyTerminated Lender, fee or premium. A such Terminated Lender shall not be required no longer constitute a “Lender” for purposes hereof; provided that any right of such Terminated Lender to make any indemnification hereunder shall survive as to such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existTerminated Lender.
Appears in 2 contracts
Samples: Credit Agreement (Assurant Inc), Credit Agreement (Assurant Inc)
Replacement of a Lender. (i) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderLender or requests compensation under Section 2.10, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan and Servicing Agreement (AG Twin Brook Capital Income Fund), Loan and Servicing Agreement (AGTB Private BDC)
Replacement of a Lender. (a) If (i) If any Affected Party requests compensation under Section 2.09(a), 2.10(a), or 2.12 or any Lender ceases to make any Loans as a result of any condition described in Section 2.09(a), 2.10(a), or 2.12, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender, then the Borrower Borrowers may, at its their sole expense and effort, upon not less than five (5) Business Days advance notice to the related Lender and the Administrative Agent and (if different) the related Lendertogether with a copy of such notice posted to a Data Site), (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.0410.03), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided provided, that (A) the Borrower Borrowers shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not unreasonably be unreasonably withheld, conditioned or delayed, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the TransferorLoan Party, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances Loans funded or maintained by such Lender, together with all accrued interest Interest thereon and all accrued FeesFees and other Obligations payable to them hereunder and under the Loan Documents, from the assignee, (D) in the case of any such assignment resulting from a claim for compensation under Section 2.09(a), 2.10(a), or 2.12 such assignment will result in a reduction in such compensation or payments and (DE) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consentdeparture, waiver or amendment of the Transaction Loan Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower Borrowers owing to such Lender relating to the portion of the Advance Loans held by such Lender as of such termination date, without ; provided that in the payment case of any penaltysuch termination of a Non-Consenting Lender, fee such termination shall be sufficient (together with all other consenting Lenders) to cause the adoption of the applicable departure, waiver or premiumamendment of the Loan Documents. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Borrowers to require such assignment and delegation cease to exist.
Appears in 2 contracts
Samples: Loan Agreement (Invitation Homes Inc.), Loan Agreement (Invitation Homes Inc.)
Replacement of a Lender. In the event a Lender has given a notice to the Borrower pursuant to Section 8.1, 8.2 or 8.3, the Borrower shall (subject to the terms hereof) be entitled to require (with a copy to the Administrative Agent) the Lender having given such notice to assign to an alternate lender in accordance with Section 16.1.7 all of such Lender's rights and obligations hereunder and such alternate lender shall execute all such documents as may be reasonably required by the Administrative Agent, the Borrower and such Lender to effect such assignment, provided that (i) If any Lender becomes a Defaulting Lender or a Non-Consenting Lender, then each such assignment shall be arranged by the Borrower may, at its sole expense and effort, upon not less than five (5with such reasonable assistance from such Lender as the Borrower may request) Business Days advance notice to after consultation with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), shall be an assignment of all of its respective interests, the rights and obligations of the assigning Lender under this Agreement Agreement, (ii) no Lender shall be obligated to an assignee that shall assume make any such obligations (which assignee may be another Lender if assignment as a Lender accepts such assignment); provided that (A) result of a demand by the Borrower shall have received the prior written consent of the Administrative Agent with respect pursuant to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) this Section 8.5 unless and until such assigning Lender shall have received payment of from either the Borrower or the assignee in an aggregate amount at least equal to all the aggregate outstanding Advances funded or maintained by principal amount of the Loan and Bid Loan and any Money Market Loans owing to such Lender, together with all accrued interest thereon to the date of payment of such principal amount and all accrued Feesother amounts payable to such Lender under this Agreement (including, and (D) in the case without limitation, payment of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower amounts owing to such Lender relating pursuant to Section 8.1, 8.2 or 8.3, as applicable, prior to the portion of the Advance held by such Lender as effective date of such termination dateassignment), without (iii) such alternate lender shall have been approved in writing by the payment of any penaltyAdministrative Agent, fee or premium. A Lender shall such approval not to be required to make unreasonably withheld, and (iv) any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, shall be subject to the circumstances entitling the Borrower to require such assignment and delegation cease to existrestrictions set forth in Section 16.1.3.
Appears in 2 contracts
Samples: Credit Agreement (Black Hawk Merger Sub Inc), Credit Agreement (Black Hawk Merger Sub Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender defaults in its obligations to fund a Loan pursuant to this Agreement (a “Defaulting Lender”), a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of Lenders or 100% of Lenders with Obligations directly affected and consent of at least Requisite Lenders or a majority of Lenders with Obligations directly affected, as the case may be, has been obtained or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender becomes (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon two Business Days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents (excluding any claims against such Subject Lender if it is a Defaulting Lender), (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender or relating to the assignment of Loans and/or Commitments of such Subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 2 contracts
Samples: Credit Agreement (United Online Inc), Security Agreement (United Online Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.7A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 12.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected, or a Lender has, pursuant to subsection 2.9, declared its obligations under this Agreement with respect to certain Loans to be terminated (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Revolving Loan Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.7 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent and/or is unwilling to approve the applicable amendment, modification or waiver upon 5 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Revolving Loan Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 12.1B, provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6 and/or 2.7B (if applicable)) owed to it through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 12.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 12.1B including the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existRevolving Loan Commitments.
Appears in 2 contracts
Samples: Credit Agreement (NACG Holdings Inc.), Credit Agreement (Griffiths Pile Driving Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected and which receives the consent of Requisite Lenders or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii) if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8A and/or is unwilling to consent to such amendment, modification or waiver, and/or is unwilling to remedy its default upon five Business Days’ prior written notice to the Subject Lender and Administrative Agent, Company may either (x) with the consent of the Requisite Lenders, pay in full all outstanding principal, interest, fees and other amounts owed to any Non-Consenting Lender and terminate the Commitment of such Non-Consenting Lender or (y) require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or such assignee, (3) all of the requirements for such assignment contained in subsection 10.1B, including the consent of Administrative Agent (not to be unreasonably withheld or delayed) (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premiumrefused to provide its consent. A Lender that has assigned its Loans and Commitments pursuant to this subsection 2.9 shall not continue to be required entitled to make any the benefits of subsections 2.6, 2.7 and 2.8 with respect to the periods during which such assignment and delegation if, prior thereto, as Person was a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existLender.
Appears in 2 contracts
Samples: Credit Agreement (IntraLinks Holdings, Inc.), Credit Agreement (IntraLinks Holdings, Inc.)
Replacement of a Lender. In the event of a refusal by a Lender to consent to a proposed change, waiver, discharge or termination with respect to this Agreement which has been approved by the Requisite Lenders, Company shall have the right for a 60 day period following such refusal, to replace such Lender (a ``REPLACED LENDER'') with one or more Eligible Assignees (collectively, the ``REPLACEMENT LENDER'') acceptable to Agent, provided that (i) If at the time of any replacement pursuant to this subsection 2.10 the Replacement Lender becomes a Defaulting and Replaced Lender shall enter into one or a Non-Consenting more Assignment Agreements pursuant to subsection 10.1B (and with all fees payable pursuant to such subsection 10.1B to be paid by the Replacement Lender) pursuant to which the Replacement Lender shall acquire all of the outstanding Loans and Commitments of, then and in each case participations in Letters of Credit by, the Borrower mayReplaced Lender and, at its sole expense and effortin connection therewith, upon not less than five (5) Business Days advance notice shall pay to the Administrative Agent and (if different) the related Lender, (x) require such the Replaced Lender to assign and delegate, without recourse (in accordance with and subject respect thereof an amount equal to the restrictions contained in Section 12.04), all sum of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) an amount equal to the Borrower shall have received the prior written consent principal of, and all accrued interest on, all outstanding Loans of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheldReplaced Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances unpaid drawings with respect to Letters of Credit that have been funded or maintained by (and not reimbursed to) such Replaced Lender, together with all accrued then unpaid interest thereon with respect thereto at such time and (C) an amount equal to all accrued Feesaccrued, but theretofore unpaid, fees owing to the Replaced Lender with respect thereto, and (Dy) in the case appropriate Issuing Lender an amount equal to such Replaced Lender's Pro Rata Share of any unpaid drawings with respect to Letters of Credit (which at such assignment resulting from a Lender becoming a Non-Consenting time remains an unpaid drawing) issued by it to the extent such amount was not theretofore funded by such Replaced Lender, and (ii) all obligations (including without limitation all such amounts, if any, owing under subsection 2.6D) of Company owing to the applicable assignee shall have agreed toReplaced Lender (other than those specifically described in clause (i) above in respect of which the assignment purchase price has been, and or is concurrently being, paid), shall be sufficient (together paid in full to such Replaced Lender concurrently with all other consenting Lenders) to cause such replacement. Upon the adoption of, the applicable consent, waiver or amendment execution of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination daterespective Assignment Agreements, without the payment of any penaltyamounts referred to in clauses (i) and (ii) above and delivery to the Replacement Lender of the appropriate Note or Notes executed by Company, fee or premium. A the Replacement Lender shall not become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder except with respect to indemnification provisions under this Agreement which by the terms of this Agreement survive the termination of this Agreement, which indemnification provisions shall survive as to such Replaced Lender. Notwithstanding anything to the contrary contained above, no Issuing Lender may be required replaced hereunder at any time while it has Letters of Credit outstanding hereunder unless arrangements satisfactory to make any such assignment and delegation if, prior thereto, as a result Issuing Lender (including the furnishing of a waiver Standby Letter of Credit in form and substance, and issued by an issuer satisfactory to such Issuing Lender or otherwise, the circumstances entitling the Borrower furnishing of cash collateral in amounts and pursuant to require arrangements satisfactory to such assignment and delegation cease Issuing Lender) have been made with respect to existsuch outstanding Letters of Credit.
Appears in 1 contract
Replacement of a Lender. If a Lender (iother than the Agent as a Lender) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderReplacement Candidate (as defined below), then Borrower shall have the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice right to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign to another lender or other institution selected by Borrower and delegate, without recourse reasonably satisfactory to the Agent (which may be one or more of the Lenders) the Commitments and the Notes held by such Lender pursuant to the terms of an appropriately completed Assignment and Acceptance in accordance with and subject to Section 10.23; provided, that neither the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to nor any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment any obligation to Borrower to find any such lender or other institution and in order for Borrower to replace a Lender, Borrower must require such replacement within three (3) months of the date the Lender became a Replacement Candidate. Each Lender (other than the Agent as a Lender) agrees to its replacement at the option of Borrower pursuant to this Section 10.32; provided, that the assignee selected by Borrower shall purchase such Lender’s interest in the Loans owed to such Lender for cash in an aggregate amount equal to the aggregate unpaid principal thereof, all outstanding Advances funded or maintained by such Lenderunpaid interest accrued thereon, together with all unpaid fees accrued interest thereon and all accrued Fees, and (D) in for the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment account of such Lender and repay all Obligations of the Borrower other amounts then owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of hereunder or under any penalty, fee or premiumother Financing Agreement. A Lender will become a “Replacement Candidate” if (i) it has made a demand under Sections 10.20, 10.21 or 10.22, (ii) it has defaulted on any obligation under this Agreement or (iii) it has become insolvent and its assets become subject to a receiver, liquidator, trustee, custodian, or other officer having similar powers. The rights of Borrower under this Section 10.32 shall not be required in addition to make any such assignment and delegation if, prior thereto, other rights or remedies Borrower may have at law or in equity as a result of a waiver by such Lender or otherwise, the circumstances entitling events described in the Borrower to require such assignment and delegation cease to existdefinition of “Replacement Candidate”.
Appears in 1 contract
Samples: Loan Agreement (Andersons Inc)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Eurodollar Loans at a suitable Lending Installation would violate any applicable Law or it is otherwise impossible for such Lender becomes a Defaulting Lender (or its Lending Installation) to make, maintain or fund its Eurodollar Loan and so notifies the Administrative Agent pursuant to Section 3.3 or (c) is a Non-Consenting Lender, then the Borrower may, may within ninety (90) days after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at its sole expense and effort, upon not less than five any time after the date that it is determined that such Lender is a Non-Consenting Lender (5in the case of clause (c) Business Days advance notice to above) notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign and delegateits outstanding Term Loans, without recourse provided that (in accordance with and i) any Replacement Lender shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations the Administrative Agent (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld or delayed); provided that (Aii) any assignment to a Replacement Lender shall be subject to Section 13.3; and (iii) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the prior written consent of Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Term Loans hereunder to the Administrative Agent Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 and shall receive, concurrently with respect to any assignee that is not already a Lender hereundersuch assignments, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained amounts payable to such Affected Lender with respect to the aggregate outstanding principal amount of the Loans held by such Affected Lender, together with all interest thereon to the date of the assignment, all accrued interest thereon fees to the date of such assignment and all accrued Feesany amounts payable under Section 3.4 with respect to any payment of any Eurodollar Loan resulting from such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2, and (D) in which fee shall be paid by such Replacement Lender. In the case of any such an assignment resulting from a Lender becoming by a Non-Consenting LenderLender under this Section 2.20, the applicable Replacement Lender that is the assignee of the Non-Consenting Lender shall have agreed agree at the time of such assignment to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, and which agreement shall be sufficient (together with all other consenting Lenders) set forth in a written instrument delivered and satisfactory to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to and the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existAdministrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Toll Brothers Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a "NON-CONSENTING LENDER") refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of Lenders or 100% of Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a "SUBJECT LENDER"), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender's Loans and assume the Subject Lender's Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; PROVIDED that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) all of the requirements for such assignment contained in subsection 10.1B, excluding payment of the processing fee otherwise required thereby, but including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such Subject Lender) and other supporting documents, have been fulfilled, and (3) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender 62 solely because it refused to consent to an amendment, modification or waiver that required the applicable assignee shall have agreed toconsent of 100% of Lenders with Obligations directly affected thereby (which amendment, and shall be sufficient (together with modification or waiver did not accordingly require the consent of 100% of all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Samples: Credit Agreement (FTD Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a "NON-CONSENTING LENDER") refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a "SUBJECT LENDER"), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender's Loans and assume the Subject Lender's Commitments and all other obligations of the Subject Lender hereunder and (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made), Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; 59 PROVIDED that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender is a Defaulting Lender, a Lender becomes a Defaulting Lender an Affected Lender, Company is required to pay any additional amounts under subsection 2.7 or a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, then modification or waiver of this Agreement that, pursuant to subsection 10.6, either (i) requires consent of 100% of the Borrower mayLenders or 100% of the Lenders with Obligations directly affected or (ii) requires consent of Requisite Lenders, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related any such Lender, a “Subject Lender”), so long as (x1) require Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (2) such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to is not an assignee that shall assume such obligations (which assignee may be another Issuing Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (3), if applicable, the Subject Lender is not already a unwilling or unable to withdraw the notice delivered to Company pursuant to subsection 2.8, Company may require the Subject Lender hereunderto assign all of its Loans and Commitments to such other Lender, which consent shall not be unreasonably withheldLenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (A) Company has paid to the Lender giving such notice all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) through such date of replacement, (B) the assignee processing fee required to be paid by subsection 10.1B(i) shall not be an Affiliate of any of the Borrower, the Servicer or the Transferorhave been paid to Administrative Agent, (C) all of the requirements for such assigning Lender shall assignment contained in subsection 10.1B have received payment been fulfilled, including, the consent of Administrative Agent and, with respect to assignments of Revolving Loans and Revolving Loan Commitments, any Issuing Lender, and the receipt by Administrative Agent of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon executed Assignment Agreement and all accrued Feesother supporting documents, and (D) in the case of any event such assignment resulting from a Subject Lender becoming is a Non-Consenting Lender, the applicable each assignee shall have agreed toconsent, at the time of such assignment, to each matter in respect of which such Subject Lender was a Non-Consenting Lender and shall be sufficient Company requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. Each Lender and each Issuing Bank hereby grants to Administrative Agent an irrevocable power of attorney (together which power is coupled with all other consenting Lendersan interest) to cause the adoption ofexecute and deliver, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment on behalf of such Lender or such Issuing Bank, as the case may be, as assignor, any Assignment Agreement necessary to effectuate any assignment of such Lender’s or such Issuing Bank’s interests hereunder in the circumstances contemplated by this subsection 2.10. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders) the Loans and repay all Obligations Commitments of the Borrower owing to such Non-Consenting Lender relating that are subject to the portion of assignments required by this subsection 2.10 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Samples: Credit Agreement (Panolam Industries International Inc)
Replacement of a Lender. If (ia) If any Lender becomes demands compensation under Section 4.7.3 or Section 4.7.4 (which compensation is not demanded by all of the Lenders of the same Class) and the Parent Borrower deems such additional amounts to be material, (b) the obligation of any Lender to make or maintain any Loan is suspended under Section 4.7.1 or Section 4.7.2, (c) any Lender is a Defaulting Lender or a Non-Consenting Lender, then or (d) any amount payable to any Lender by a Borrower established in France under this Agreement is not, or will not be (when the relevant corporate income tax is calculated) treated as a deductible charge or expense for French tax purposes for that Borrower by reason of that amount being (i) paid or accrued to a Lender incorporated, domiciled, established or acting through a Lending Office situated in a Non-Cooperative Jurisdiction, or (ii) paid to an account opened in the name of or for the benefit of that Lender in a financial institution situated in a Non-Cooperative Jurisdiction, then, in each case, the Parent Borrower may, so long as no Default or Event of Default has occurred and is continuing, obtain, at its sole the Parent Borrower’s expense and effort(or at the expense of a Defaulting Lender whose representation contained in clause (iii) of Section 2.1.3 proves to be false), upon not less than five (5) Business Days advance notice one or more other Lenders or, with the consent of the Administrative Agent, one or more replacement financial institutions reasonably satisfactory to the Administrative Agent and (if differentnot already a Lender) the related and willing to replace such Lender, (x) require and such Lender shall execute and deliver to assign such replacement Lender an Assignment and delegate, without recourse (in accordance Assumption with and subject respect to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations such Lender’s entire interest under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of for an amount equal to the principal balance of all outstanding Advances funded or maintained Loans and L/C Obligations held by such Lender, together with the affected Lender and all accrued interest thereon and all accrued Feesfees with respect thereto through the date of such assignment, and provided that (Di) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver that demands compensation under Section 4.7.3 or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender Section 4.7.4 shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Parent Borrower to require such assignment and delegation pursuant to clause (a) above cease to existapply, (ii) the Parent Borrower shall have paid to such affected Lender the compensation that it is entitled to receive under Section 4.7 through the date of such assignment, (iii) such assignment will result in a reduction in such compensation and (iv) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented to the applicable amendment, waiver or consent. Upon the execution by such replacement Lender of such Assignment and Assumption and compliance with the requirements of Section 13.8.2, such replacement Lender shall succeed to all of such Lender’s rights and duties under this Agreement. If the Parent Borrower exercises its election under this Section 4.7.6 to replace a Lender (other than a Defaulting Lender), the Parent Borrower shall pay the registration and processing fee payable to the Administrative Agent under Section 13.8.2.
Appears in 1 contract
Samples: Joinder Agreement (Brinks Co)
Replacement of a Lender. If (ia) If a Lender sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2 or 3.5, (b) a Lender determines that maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any applicable Law and so notifies the Administrative Agent pursuant to Section 3.3, or (c) a Lender becomes is a Defaulting Lender or a Non-Consenting Declining Lender, then the Borrower may, may within ninety (90) days after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent's receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at its sole expense and effort, upon not less than five any time prior to such Declining Lender's Termination Date (5in the case of clause (c) Business Days advance notice to above) notify the Administrative Agent and (if different) such Lender that an Additional Lender designated by the related Borrower in the notice has agreed to replace such Lender, provided that (xi) require such any New Lender to assign and delegate, without recourse (in accordance with and shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations the Administrative Agent (which assignee may approval shall not be another Lender if a Lender accepts such assignment); provided that unreasonably withheld) and (Aii) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2 or 3.5 to the prior written consent Lender to be replaced on or before such replacement. The Lender to be replaced shall assign all of its Commitments and Loans and interests in outstanding Facility Letters of Credit hereunder to the Administrative Agent Additional Lender pursuant to the procedures for assignments contained in Section 13.3 and shall receive, concurrently with respect to any assignee that is not already a Lender hereundersuch assignments, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained amounts payable to such assigning Lender hereunder, including without limitation the aggregate outstanding principal amount of the Loans held by such Lender, together with all interest thereon to the date of the assignment, all accrued interest thereon and all accrued Fees, and (D) in fees to the case date of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together any amounts payable under Section 3.4 with all other consenting Lenders) respect to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the any payment of any penalty, fee or premiumFixed Rate Loan resulting from such assignment. A Such assigning Lender shall not be required responsible for the payment to make any the Administrative Agent of the fee provided for in Section 13.3.2, which fee shall be paid by such Additional Lender. In the case of an assignment by a Declining Lender under this Section 2.20, the Additional Lender that is the assignee of the Declining Lender shall agree at the time of such assignment to the extension to the applicable Extension Date of the Commitment assigned to it, which agreement shall be set forth in a written instrument delivered and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling satisfactory to the Borrower to require such assignment and delegation cease to existthe Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Toll Brothers Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.7A or 2.8A from a Lender or a Lender becomes an Affected Lender (any such Lender, a "Subject Lender"), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or a Non-Consenting an Eligible Assignee to purchase at par the Subject Lender, then 's Loans and assume the Borrower may, at its sole expense Subject Lender's Commitments and effort, upon not less than five (5) Business Days advance notice to all other obligations of the Administrative Agent and (if different) the related LenderSubject Lender hereunder, (xii) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to is not an assignee that shall assume such obligations (which assignee may be another Issuing Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iii), if applicable, the Subject Lender is not already a unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender hereunderand Agent, which consent shall not be unreasonably withheldCompany may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement (1) Company has paid to the Lender giving such notice all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) through such date of replacement, (B2) the assignee shall not processing fee required to be an Affiliate of any of the Borrower, the Servicer or the Transferor, (Cpaid by subsection 10.1B(i) such assigning Lender shall have received payment of an amount equal been paid to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued FeesAgent, and (D3) in all of the case of any requirements for such assignment resulting from a Lender becoming a Non-Consenting Lendercontained in subsection 10.1B, including, without limitation, the applicable assignee shall consent of Agent (if required) and the receipt by Agent of an executed Assignment Agreement and other supporting documents, have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existbeen fulfilled.
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.9A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made), and (iii) at any time when there are one or two Lender Groups, if the Subject Lender is also Administrative Agent, the Swing Line Lender or an Issuing Lender, the prior written approval of the Requisite Lenders (determined without taking into account the Term Loan Exposure or Revolving Loan Exposure of the Subject Lender) has been obtained by Company (such approval not to be unreasonably withheld, delayed or conditioned, it being understood that the failure of the Requisite Lenders to object to any such action within 10 Business Days following delivery by Company to Administrative Agent (for further transmittal to Lenders) of written notice of the proposed assignee or assignees, shall be deemed to constitute irrevocable and unconditional approval of such required assignment), Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.9B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all Company also requires each other consenting Lenders) Subject Lender that is a Non-Consenting Lender to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender assign its Loans and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Replacement of a Lender. If Borrower receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a "NON-CONSENTING LENDER") refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders (and such amendment, modification or waiver shall have been approved by Requisite Lenders) or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a "SUBJECT LENDER"), so long as (i) If any Lender becomes no Event of Default shall have occurred and be continuing and Borrower has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender's Loans and assume the Subject Lender's Commitments and all other obligations of the Subject Lender hereunder, (iii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iv), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Borrower pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, and (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Samples: Credit Agreement (Brand Services)
Replacement of a Lender. (i) If any Lender becomes Company receives a Defaulting statement of amounts due pursuant to subsection 2.7A from a Lender or a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, then modification or waiver of this Agreement that, pursuant to subsection 9.6, requires consent of 100% of the Borrower mayLenders or 100% of the Lenders with Obligations directly affected to which Requisite Lenders have consented, so long as (i) no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Non-Consenting Lender’s Loans and assume the Non-Consenting Lender’s Commitments and all other obligations of the Non-Consenting Lender hereunder and (ii), if applicable, the Non-Consenting Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.7 and/or is unwilling to remedy its sole expense and effort, default upon not less than five (5) Business Days advance 10 days prior written notice to the Non-Consenting Lender and Administrative Agent and (if different) Agent, Company may require the related Lender, (x) require such Non-Consenting Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interestsLoans and Commitments to such other Lender, rights and obligations under this Agreement Lenders, Eligible Assignee or Eligible Assignees pursuant to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)the provisions of subsection 9.1B; provided that that, prior to or concurrently with such replacement, (A1) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Non-Consenting Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6 and/or 2.7B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 9.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 9.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an amount equal executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case execute any Assignment Agreement on behalf of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion assignment of the Advance held by such Lender as Loans and/or Commitments of such termination datesubject Lender) and other supporting documents, without have been fulfilled, and (4) each assignee shall consent, at the payment time of any penaltysuch assignment, fee or premium. A to each matter in respect of which such Non-Consenting Lender shall not be required was a Non-Consenting Lender and Company also requires each other Non-Consenting Lender that is a Non-Consenting Lender to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Samples: Credit Agreement (Hypercom Corp)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Eurodollar Ratable Loans at a suitable Lending Installation would violate any applicable Law or it is otherwise impossible for such Lender becomes (or its Lending Installation) to make, maintain or fund its Eurodollar Ratable Loans and so notifies the Administrative Agent pursuant to Section 3.3, (c) is a Defaulting Revolving Credit Declining Lender or a Non-Consenting Lender or (d) is a Defaulting Lender, then the Borrower maymay on or after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at any time prior to such Revolving Credit Declining Lender’s Termination Date (in the case of clause (c) above) or at any time after the date that it is determined that such Lender is a Non-Consenting Lender (in the case of clause (c) above) or after it is reasonably determined by the Administrative Agent, at its sole expense and effortthe Administrative Agent has notified the Borrower, upon that such Lender is a Defaulting Lender (in the case of clause (d) above) (and such Lender has not less than five (5ceased to be a Defaulting Lender) Business Days advance notice to notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign its Revolving Credit Commitment and delegateRevolving Credit Loans, without recourse provided that (in accordance with and i) any Replacement Lender shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations the Administrative Agent (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld or delayed); provided that (Aii) any Replacement Lender shall not constitute a Defaulting Lender at the time of such replacement; (iii) any assignment to a Replacement Lender shall be subject to Section 13.3; and (iv) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the prior written consent Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving Credit Commitment, Loans and interests in outstanding Facility Letters of Credit hereunder to the Administrative Agent with respect Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 (except as to any assignee that is not already a minimum amount requirements set forth therein) and shall receive, concurrently with such assignments, payment from such Replacement Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained amounts payable to such Affected Lender with respect to the Revolving Credit Facility, including without limitation the aggregate outstanding principal amount of the Loans held by such Affected Lender, together with all interest thereon to the date of the assignment, all accrued interest thereon fees to the date of such assignment and all accrued Feesany amounts payable under Section 3.4 with respect to any payment of any Eurodollar Ratable Loan resulting from such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2, and (D) in which fee shall be paid by such Replacement Lender. In the case of any an assignment by (i) a Revolving Credit Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of the Revolving Credit Declining Lender shall agree at the time of such assignment resulting from to the extension to the Extension Date of the Revolving Credit Facility Termination Date with respect to the Revolving Credit Facility, which agreement shall be set forth in a Lender becoming written instrument delivered and satisfactory to the Borrower and (in its reasonable discretion) the Administrative Agent or (ii) a Non-Consenting LenderLender under this Section 2.20, the applicable Replacement Lender that is the assignee of the Non-Consenting Lender shall have agreed agree at the time of such assignment to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, and which agreement shall be sufficient (together with all other consenting Lenders) set forth in a written instrument delivered and satisfactory to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to and (in its reasonable discretion) the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existAdministrative Agent.
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes (an “Affected Lender”) (a) makes a Defaulting Lender demand upon the Borrower for amounts pursuant to Section 5.01 (and the payment of such amounts are, and are likely to continue to be, materially more onerous in the reasonable judgment of the Borrower than with respect to the other Lenders) or a Non-Consenting Lender(b) in connection with any proposed increase in the Borrowing Base pursuant to Section 2.07 refuses to consent to such increase, then the Borrower may, at its sole expense and effortwithin 30 days of receipt by the Borrower of such demand, upon not less than five give notice (5a “Replacement Notice”) Business Days advance notice in writing to the Administrative Agent and such Affected Lender of its intention to cause such Affected Lender to sell all of its Loans, Loan Commitments and/or Notes to an Eligible Assignee (a “Replacement Lender”) designated in such Replacement Notice; provided, however, that no Replacement Notice may be given by the Borrower and no Lender may be replaced pursuant to this Section 5.06 if (i) such replacement conflicts with any Governmental Requirements or regulation, (ii) any Event of Default shall have occurred and be continuing at the time of such replacement, or (iii) prior to any such replacement, such Affected Lender shall have taken any necessary action under Section 5.04 (if differentapplicable) so as to eliminate the related continued need for payment of amounts owing pursuant to Section 5.01 or shall have waived its right to payment of the specific amounts that give rise or would give rise to such Replacement Notice (it being understood for sake of clarity that the Affected Lender shall be under no obligation to waive such rights to payment and that such Affected Lender, (x) require such Lender to assign and delegate, without recourse (if it is replaced in accordance with this Section 5.06, shall be entitled to be reimbursed for all breakage losses in connection with such replacement). If the Administrative Agent shall in the exercise of its reasonable discretion and within 30 days of its receipt of such Replacement Notice, notify the Borrower and such Affected Lender in writing that the Replacement Lender is satisfactory to the Administrative Agent (such consent not being required where the Replacement Lender is already a Lender or an Affiliate of a Lender or an Eligible Assignee), then such Affected Lender shall, subject to the restrictions contained payment of any amounts due pursuant to Section 5.02, assign, in accordance with Section 12.04), all of its respective interestsLoan Commitments, Loans, Notes (if any), and other rights and obligations under this Agreement and all other Loan Documents (including Reimbursement Obligations, if applicable) designated in the Replacement Notice to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)Replacement Lender; provided provided, however, that (A) the Borrower such assignment shall have received the prior written consent of the Administrative Agent with respect be without recourse, representation or warranty and shall be on terms and conditions reasonably satisfactory to any assignee that is not already a such Affected Lender hereunder, which consent shall not be unreasonably withheldand such Replacement Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) purchase price paid by such assigning Replacement Lender shall have received payment be in the amount of an amount equal to all such Affected Lender’s Loans designated in the Replacement Notice, and/or its Percentage of outstanding Advances funded or maintained by such LenderReimbursement Obligations, as applicable, together with all accrued and unpaid interest thereon and fees in respect thereof, plus all accrued Feesother amounts (including the amounts demanded and unreimbursed under Section 5.01), and (DC) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, Borrower shall pay to the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Affected Lender and repay the Administrative Agent all Obligations of reasonable out-of-pocket expenses incurred by the Borrower owing to such Affected Lender relating to and the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any Administrative Agent in connection with such assignment and delegation ifassumption (including the processing fees described in Section 12.04). If the Affected Lender fails to execute an Assignment and Assumption after five Business Days notice from the Administrative Agent, prior theretosuch failure to execute shall not impair the validity of the removal of the Affected Lender and the mandatory assignment of such Affected Lender’s Loan Commitments, as a result Loans, Notes (if any), and other rights and obligations under this Agreement and all of a waiver the Loan Documents and such assignment shall be effective without the execution of an Assignment and Assumption by the Affected Lender. If the Administrative Agent fails to notify the Borrower within 30 days of its receipt of such Replacement Notice that such Replacement Lender or otherwiseis satisfactory, then such Replacement Lender shall be deemed satisfactory to the Administrative Agent. Upon the effective date of an assignment described above, the circumstances entitling Replacement Lender shall become a “Lender” for all purposes under the Borrower to require such assignment and delegation cease to existLoan Documents.
Appears in 1 contract
Samples: Credit Agreement (Constellation Energy Partners LLC)
Replacement of a Lender. (i) If any the Borrower receives a statement of amounts due pursuant to Section 2.08 or 4.05 from a Lender, a Lender becomes a Defaulting Lender, or a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that has been consented to by the Required Lenders but, pursuant to Section 12.02, also requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected (such Lender, a “Subject Lender”), so long as (i) the Borrower has obtained a commitment from another Lender or a prospective lender to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, and (ii) if applicable, the Subject Lender is unwilling to withdraw the notice delivered to the Borrower pursuant to Section 2.08 or 4.05 upon 10 days prior written notice to the Subject Lender and the Administrative Agent, the Collateral Agent may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, or prospective lender or lenders pursuant to the provisions of Section 12.07; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by Section 12.07(b)(i) shall have been paid to the Administrative Agent, (3) all of the requirements for such assignment contained in Section 12.07, including, without limitation, the consent of the Administrative Agent (if required) and the receipt by the Administrative Agent of an executed Assignment and Acceptance Agreement executed by the assignee (the Administrative Agent being hereby authorized to execute any Assignment and Acceptance Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such Subject Lender pursuant to this Section 4.07) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender. Notwithstanding the foregoing, the applicable assignee in no event shall have agreed toHighbridge, and shall or any of its Affiliates or Related Funds be sufficient (together with all other consenting Lenders) deemed to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existSubject Lender.
Appears in 1 contract
Samples: Financing Agreement (OTG EXP, Inc.)
Replacement of a Lender. If (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender becomes (other than for breakage costs under subsection 2.6D), (ii) a Lender is a Defaulting Lender or (iii) a Non-Consenting Lender becomes an Affected Lender (any such Lender, then a "Subject Lender"), so long as (i) no Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Borrower may, at its sole expense Subject Lender's Loans and effort, upon not less than five (5) Business Days advance notice to assume the Administrative Agent Subject Lender's Commitments and (if different) all other obligations of the related LenderSubject Lender hereunder, (xii) require such Lender to assign and delegate, without recourse (in accordance with and subject to is not the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Issuing Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements reasonably acceptable to the Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iii), if applicable, the Subject Lender is not already a unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender hereunderand Administrative Agent and/or is unwilling to remedy its default upon three days prior written notice to the Subject Lender and Administrative Agent, which consent shall not be unreasonably withheldCompany may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (B1) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Subject Lender shall have received payment in full of an amount equal all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to all outstanding Advances funded be paid by subsection 10.1B(i) shall have been paid to Administrative Agent by Company or maintained by such Lender, together with all accrued interest thereon and all accrued Feesthe assignee, and (D3) in all of the case of any requirements for such assignment resulting from a Lender becoming a Non-Consenting Lendercontained in subsection 10.1B, including, without limitation, the applicable assignee shall consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existbeen fulfilled.
Appears in 1 contract
Replacement of a Lender. Anything contained herein to the contrary notwithstanding, in the event that: (i) If any Lender becomes shall give notice to the Borrower that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section 2.5, 2.6A or 2.6B (including, without limitation, any such payments resulting from any change by such Lender in the office through which it makes Term Benchmark Loans), the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and such Lender shall fail to withdraw such notice within five Business Days after the Borrower’s request for such withdrawal or (ii) at any time any Lender is a Defaulting Lender or (iii) at any time any Lender ceases to be a Non-Consenting NAIC Qualified U.S. Financial Institution or (iv) any Lender does not consent to any proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the Required Lenders has been obtained), then, with respect to each such Lender (a “Terminated Lender”), then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective Commitment (if any), any outstanding Credit Exposure and other interests, rights and obligations hereunder to one or more Persons which are Eligible Assignees at such time (each a “Replacement Lender”) in accordance with the provisions of Section 8.1 (including the consents of the Administrative Agent and each Fronted LC Issuing Bank required thereunder) for a purchase price equal to the sum of (x) the aggregate outstanding principal amount of the Loans held by such Terminated Lender and (y) the LC Disbursements funded by such Terminated Lender that have not then been reimbursed by the Borrower, together with accrued interest thereon and accrued and theretofore unpaid fees owing to such Terminated Lender under this Agreement Section 2.3 to an assignee that shall assume such obligations (which assignee may but not including the date of assignment, to be another paid by the relevant Replacement Lender if a Lender accepts on the date of such assignment); provided that (Aa) on the effective date of such assignment, the Borrower shall have received pay any amounts payable to such Terminated Lender to the prior written consent date of the Administrative Agent with respect such assignment pursuant to any assignee that is not already Section 2.5 or 2.6 or otherwise as if it were a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, prepayment and (Db) in the case of any such assignment resulting from a Lender becoming a Non-Consenting claim for payments under Section 2.5, 2.6A or 2.6B, such assignment will result in the reduction in such payments. Upon the completion of such assignment and the payment of all amounts owing to any Terminated Lender, such Terminated Lender shall no longer constitute a “Lender” for purposes hereof; provided that any right of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender. Each party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the applicable Borrower, the Administrative Agent and the assignee shall have agreed to(or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto in order for such assignment to be effective and shall be sufficient (together with all other consenting Lenders) deemed to cause have consented to an be bound by the adoption ofterms thereof; provided that, following the effectiveness of any such assignment, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing other parties to such Lender relating assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make applicable Lender; provided that any such assignment and delegation if, prior documents shall be without recourse to or warranty by the parties thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 1 contract
Samples: Credit Agreement (Assurant, Inc.)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any applicable Law and so notifies the Administrative Agent pursuant to Section 3.3, (c) is a Revolving Credit Declining Lender, or (d) is a Defaulting Lender, the Borrower may within ninety (90) days after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender becomes under Section 3.3 (in the case of clause (b) above) or at any time prior to such Revolving Credit Declining Lender’s Termination Date (in the case of clause (c) above) or after it is reasonably determined by the Administrative Agent, and the Administrative Agent has notified the Borrower, that such Lender is a Defaulting Lender or (in the case of clause (d) above) (and such Lender has not ceased to be a Non-Consenting Defaulting Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign its Revolving Credit Commitment and delegateRevolving Credit Loans, without recourse provided that (in accordance with and i) any Replacement Lender shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights the Administrative Agent and obligations under this Agreement to an assignee that shall assume such obligations each Arranger (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld or delayed); provided that (Aii) any Replacement Lender shall not constitute a Defaulting Lender at the time of such replacement; (iii) any assignment to a Replacement Lender shall be subject to Section 13.3; and (iv) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the prior written consent Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving Credit Commitment, Loans and interests in outstanding Facility Letters of Credit hereunder to the Administrative Agent Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 and shall receive, concurrently with respect to any assignee that is not already a Lender hereundersuch assignments, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by amounts payable to such LenderAffected Lender with respect to the Revolving Credit Facility, together with all accrued interest thereon and all accrued Fees, and (D) in including without limitation the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment aggregate outstanding principal amount of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance Loans held by such Lender as Affected Lender, all interest thereon to the date of the assignment, all accrued fees to the date of such termination date, without the assignment and any amounts payable under Section 3.4 with respect to any payment of any penalty, fee or premiumFixed Rate Loan resulting from such assignment. A Such Affected Lender shall not be required responsible for the payment to make any the Administrative Agent of the fee provided for in Section 13.3.2, which fee shall be paid by such Replacement Lender. In the case of an assignment by a Revolving Credit Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of the Revolving Credit Declining Lender shall agree at the time of such assignment to the extension to the Extension Date of the Revolving Credit Facility Termination Date with respect to the Revolving Credit Facility, which agreement shall be set forth in a written instrument delivered and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling satisfactory to the Borrower to require such assignment and delegation cease to existthe Administrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Toll Brothers Inc)
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or Section 5.6.1 [Increased Costs, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, (iii) becomes a Defaulting Lender Nonconsenting Lender, or a Non-Consenting Lender(iv) becomes subject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesthereon, and terminate such Lender’s Commitment within ninety (D90) in days after (w) receipt of such Lender’s notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or 5.6.1 [Increased Costs, Etc.], (x) the case date such Lender has failed to fund Revolving Credit Loans because the making of any such assignment resulting from a Lender becoming a Non-Consenting Loans would contravene Law applicable to such Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate such Lender becomes a Nonconsenting Lender or (z) the date such Lender became subject to the control of an Official Body, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 5.6 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, however, that the Commitment and any Term Loan of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement bank acceptable to the portion of the Advance held by such Lender as of such termination dateAgent; provided, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwisefurther, the circumstances entitling remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the Borrower foregoing, the Agent may only be replaced subject to require such assignment the requirements of Section 10.14 [Successor Agent] and delegation cease to existprovided that all Letters of Credit have expired or been terminated or replaced.
Appears in 1 contract
Samples: Credit Agreement (Penn Virginia Resource Partners L P)
Replacement of a Lender. (i) If any Lender becomes (an “Affected Lender”) (a) makes a Defaulting demand upon the Borrower for amounts pursuant to Section 5.01 (and the payment of such amounts are, and are likely to continue to be, materially more onerous in the reasonable judgment of the Borrower than with respect to the other Lenders), (b) in connection with any proposed increase in the Borrowing Base pursuant to Section 2.07 refuses to consent to such increase, or (c) any Lender has not approved (or a Non-Consenting Lenderis not deemed to have approved) any amendment to, then or waiver of, the terms of this Agreement or any other Loan Document approved by Administrative Agent and Required Lenders, the Borrower may, at its sole expense and effortwithin 30 days of receipt by the Borrower of such demand or such non-consent or non-approval, upon not less than five as applicable, give notice (5a “Replacement Notice”) Business Days advance notice in writing to the Administrative Agent and such Affected Lender of its intention to cause such Affected Lender to sell all of its Loans, Loan Commitments and/or Notes to an Eligible Assignee (a “Replacement Lender”) designated in such Replacement Notice; provided, however, that no Replacement Notice may be given by the Borrower and no Lender may be replaced pursuant to this Section 5.06 if (i) such replacement conflicts with any Governmental Requirements or regulation, (ii) any Event of Default (other than an Event of Default that has been waived by the Required Lenders) shall have occurred and be continuing at the time of such replacement, or (iii) prior to any such replacement, such Affected Lender shall have taken any necessary action under Section 5.04 (if differentapplicable) so as to eliminate the related continued need for payment of amounts owing pursuant to Section 5.01 or shall, if applicable, have waived its right to payment of the specific amounts that give rise or would give rise to such Replacement Notice (it being understood for sake of clarity that the Affected Lender shall be under no obligation to waive such rights to payment and that such Affected Lender, (x) require such Lender to assign and delegate, without recourse (if it is replaced in accordance with this Section 5.06, shall be entitled to be reimbursed for all breakage losses in connection with such replacement). If the Administrative Agent shall in the exercise of its reasonable discretion and within 30 days of its receipt of such Replacement Notice, notify the Borrower and such Affected Lender in writing that the Replacement Lender is satisfactory to the Administrative Agent (such consent not being required where the Replacement Lender is already a Lender or an Affiliate of a Lender or an Eligible Assignee), then such Affected Lender shall, subject to the restrictions contained payment of any amounts due pursuant to Section 5.02, assign, in accordance with Section 12.04), all of its respective interestsLoan Commitments, Loans, Notes (if any), and other rights and obligations under this Agreement and all other Loan Documents (including Reimbursement Obligations, if applicable) designated in the Replacement Notice to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)Replacement Lender; provided provided, however, that (A) the Borrower such assignment shall have received the prior written consent of the Administrative Agent with respect be without recourse, representation or warranty (other than that it has not previously transferred its interest) and shall be on terms and conditions reasonably satisfactory to any assignee that is not already a such Affected Lender hereunder, which consent shall not be unreasonably withheldand such Replacement Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) purchase price paid by such assigning Replacement Lender shall have received payment be in the amount of an amount equal to all such Affected Lender’s Loans designated in the Replacement Notice, and/or its Percentage of outstanding Advances funded or maintained by such LenderReimbursement Obligations, as applicable, together with all accrued and unpaid interest thereon and fees in respect thereof, plus all accrued Feesother amounts (including the amounts demanded and unreimbursed under Section 5.01), and (DC) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, Borrower shall pay to the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Affected Lender and repay the Administrative Agent all Obligations of reasonable out-of-pocket expenses incurred by the Borrower owing to such Affected Lender relating to and 715347206 14464587 the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any Administrative Agent in connection with such assignment and delegation ifassumption (including the processing fees described in Section 12.04). If the Affected Lender fails to execute an Assignment and Assumption after five Business Days notice from the Administrative Agent, prior theretosuch failure to execute shall not impair the validity of the removal of the Affected Lender and the mandatory assignment of such Affected Lender’s Loan Commitments, as a result Loans, Notes (if any), and other rights and obligations under this Agreement and all of a waiver the Loan Documents and such assignment shall be effective without the execution of an Assignment and Assumption by the Affected Lender. If the Administrative Agent fails to notify the Borrower within 30 days of its receipt of such Replacement Notice that such Replacement Lender or otherwiseis satisfactory, then such Replacement Lender shall be deemed satisfactory to the Administrative Agent. Upon the effective date of an assignment described above, the circumstances entitling Replacement Lender shall become a “Lender” for all purposes under the Borrower to require such assignment and delegation cease to existLoan Documents.
Appears in 1 contract
Replacement of a Lender. Notwithstanding anything contained herein to the contrary, if (i) If any Lender, but not all of the Lenders, who has an Individual Commitment seeks additional compensation pursuant to Section 8.2 (the “Affected Lender”), or (ii) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions of this agreement that requires the consent of all of the Lenders, the consent of the Majority Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained, or (iii) any Lender becomes a Defaulting Lender or a Lender, then, in the case of each such Affected Lender, Non-Consenting Lender or Defaulting Lender (each, a “Terminated Lender, then ”) the Borrower Borrowers may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign its outstanding Accommodations and delegateIndividual Commitments, without recourse if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of this Section 8.4 provided, however, that incumbent Lenders shall have the right to assume any such Accommodations and subject Individual Commitments in accordance with their Pro Rata Shares in priority to any Person which is not a Lender at the time that the Borrowers provided the afore-mentioned notice to the restrictions contained Administrative Agent. The Replacement Lender or Replacement Lenders shall, in Section 12.04the aggregate, advance all (but not part) of the Terminated Lender’s Pro Rata Share of the affected credit and, in the aggregate, assume all (but not part) of the Terminated Lender’s Individual Commitments and obligations under the Credit Facility and acquire all (but not part) of the rights of the Terminated Lender and assume all (but not part) of the obligations of the Terminated Lender under each of the other Credit Documents to the extent they relate to the Credit Facility (but in no event shall any other Lender or the Administrative Agent be obliged to do so). With respect to such advance, all acquisition and assumption, the Pro Rata Share of such credit of each Replacement Lender and the Individual Commitments and the obligations of such Replacement Lender under the Credit Facility and the rights and obligations of such Replacement Lender under each of the other Credit Documents to the extent they relate to the Credit Facility shall be increased by its respective interests, pro rata share (based on the relative Individual Commitments of the Replacement Lenders under the Credit Facility) of the Terminated Lender’s Pro Rata Share of such credit and Individual Commitments and obligations and rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent each of the Administrative Agent with respect other Credit Documents to any assignee that is not already the extent they relate to the Credit Facility on a Lender hereunderdate mutually acceptable to the Replacement Lenders and the Borrowers. On such date, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any each of the Borrower, Replacement Lenders shall execute an instrument substantially in the Servicer or form of Schedule C hereto and shall extend to the Transferor, (C) Borrowers the Terminated Lender’s Pro Rata Share of such assigning credit and shall prepay to the Terminated Lender shall have received payment the Accommodations of an amount equal to all outstanding Advances funded or maintained by such Lenderthe Terminated Lender then outstanding, together with all interest accrued interest thereon and all accrued Feesother amounts owing to the Terminated Lender hereunder, and, upon such advance and prepayment by the Replacement Lenders, the Terminated Lender shall cease to be a “Lender” in connection with the Credit Facility for purposes of this agreement and shall no longer have any obligations thereunder. In addition to the foregoing, in respect of any Replacement Lender that is not, on the relevant date, an existing Lender, such Replacement Lender shall execute and deliver a Joinder Agreement (in the form set forth in Schedule C-2 hereto), which shall be executed and delivered by the Borrowers and the Administrative Agent, and (D) in each such Replacement Lender shall be bound by the case terms of any such assignment resulting from the Credit Documents as a Lender becoming Lender. Upon the assumption of the Terminated Lender’s Individual Commitments as aforesaid by a Non-Consenting Replacement Lender, the applicable assignee shall have agreed to, and Schedule A hereto shall be sufficient (together with all other consenting Lenders) deemed to cause be amended to reflect the adoption of, the applicable consent, waiver amended or amendment of the Transaction Documents or (y) terminate the Commitment new Individual Commitments of such Lender and repay all Obligations of Replacement Lenders under the Borrower owing to such Lender relating Credit Facility pursuant to the portion of the Advance held by such Lender as respective amounts of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existassumptions.
Appears in 1 contract
Samples: Credit Agreement (Triple Flag Precious Metals Corp.)
Replacement of a Lender. (i) If any Lender becomes (an "Affected Lender") (a) makes a Defaulting Lender demand upon the Borrower for amounts pursuant to Section 9.14 (and the payment of such amounts are, and are likely to continue to be, materially more onerous in the reasonable judgment of the Borrower than with respect to the other Lenders) or a Non-Consenting Lender(b) in connection with any proposed increase in the Borrowing Base pursuant to Section 2.8, then refuses to consent to such increase in the Borrowing Base, the Borrower may, at its sole expense and effortwithin 30 days of receipt by the Borrower of such demand, upon not less than five give notice (5a "Replacement Notice") Business Days advance notice in writing to the Administrative Agent and such Affected Lender of its intention to cause such Affected Lender to sell all of its Loans and Commitments to an Eligible Assignee (a "Replacement Lender") designated in such Replacement Notice; provided, however, that no Replacement Notice may be given by the Borrower and no Lender may be replaced pursuant to this Section 3.8 if (i) such replacement conflicts with any applicable law or regulation, (ii) any Event of Default shall have occurred and be continuing at the time of such replacement or (iii) prior to any such replacement, such Affected Lender shall have taken any necessary action under Section 9.14 (if differentapplicable) so as to eliminate the related continued need for payment of amounts owing pursuant to Section 9.14 or shall have waived its right to payment of the specific amounts that give rise or would give rise to such Replacement Notice (it being understood for sake of clarity that the Affected Lender shall be under no obligation to waive such rights to payment and that such Affected Lender, (x) require such Lender to assign and delegate, without recourse (if it is replaced in accordance with and subject this Section 3.8, shall be entitled to the restrictions contained be reimbursed for all breakage losses in Section 12.04connection with such replacement), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of . If the Administrative Agent with respect to any assignee that is not already a Lender hereundershall, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case exercise of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, its reasonable discretion and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment within 30 days of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.its receipt 38
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes a Defaulting Lender or a Non-Consenting LenderLender or requires compensation under Section 2.10, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (a) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (b) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (c) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (d) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.9A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.9 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.7D, 2.8 and/or 2.9B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.10 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. If (i) If any the Borrower receives notice that it may incur Obligations under subsection 2.7 through a written statement under subsection 2.8A from the Administrative Agent or a Lender or otherwise (other than for breakage costs under subsection 2.6D), (ii) a Lender is a Defaulting Lender, (iii) a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 9.6, requires the consent of such Lender and such amendment, modification or waiver has been approved by the Requisite Lenders, or (iv) a Lender becomes an Affected Lender (any such Lender, a Defaulting “Subject Lender”), so long as (i) no Event of Default shall have occurred and be continuing and the Borrower has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder and (ii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to the Borrower pursuant to subsection 2.8 upon 10 days prior written notice to the Subject Lender and the Administrative Agent and/or is unwilling to remedy its default upon three days prior written notice to the Subject Lender and the Administrative Agent, the Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 9.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts actually due and owing (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 9.1B(i) shall have been paid to the Administrative Agent by the Borrower or the assignee, (3) all of the requirements for such assignment contained in subsection 9.1B, including, without limitation, the consent of the Administrative Agent (if required) and the receipt by the Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 1 contract
Replacement of a Lender. If a Lender claims additional compensation or reduced amount pursuant to Section 3.9 or determines that its ability to make LIBOR Advances hereunder is suspended pursuant to Section 3.1.8 (any such Lender, a "Subject Lender"), so long as (i) If any Lender becomes no Default or Event of Default shall have occurred and be continuing and Borrowers have obtained a Defaulting commitment from another Lender or other Person acceptable to Agent to purchase at par the Subject Lender's Loans and assume the Subject Lender's Revolving Loan Commitment and all other obligations of the Subject Lender hereunder, (ii) such Lender is not the issuer or an Affiliate of the issuer of any Letters of Credit or LC Guaranties outstanding (unless all such Letters of Credit and LC Guaranties are terminated or arrangements acceptable to such Lender (such as cash collateral or a Non"back-Consenting Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5to-back" letter of credit) Business Days advance notice to the Administrative Agent are made) and (iii), if different) applicable, the related LenderSubject Lender is unwilling to withdraw the claim made pursuant to Section 3.9, (x) Borrowers may require such the Subject Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interestsLoans and Revolving Loan Commitment to such other Lender, rights and obligations under this Agreement Lenders, other Person or other Persons pursuant to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)the provisions of Section 11.9; provided that that, prior to or concurrently with such replacement, (A1) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under Section 3.9 (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 11.9.1 shall have been paid to Agent and (3) all of the requirements for such assignment contained in Section 11.9.1, including, without limitation, the consent of Agent and the receipt by Agent of an amount equal to all outstanding Advances funded or maintained by such Lenderexecuted Assignment Agreement and other supporting documents, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existbeen fulfilled.
Appears in 1 contract
Samples: Loan and Security Agreement (Restoration Hardware Inc)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its SOFR Loans at a suitable Lending Installation would violate any applicable Law or it is otherwise impossible for such Lender becomes (or its Lending Installation) to make, maintain or fund its SOFR Loans and so notifies the Administrative Agent, (c) is a Defaulting Revolving Credit Declining Lender or a Non-Consenting Lender or (d) is a Defaulting Lender, then the Borrower maymay on or after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender (in the case of clause (b) above) or at any time prior to such Revolving Credit Declining Lender’s Termination Date (in the case of clause (c) above) or at any time after the date that it is determined that such Lender is a Non-Consenting Lender (in the case of clause (c) above) or after it is reasonably determined by the Administrative Agent (or the Borrower), at its sole expense and effortthe Administrative Agent has notified the Borrower (or the Borrower has notified the Administrative Agent), upon that such Lender is a Defaulting Lender (in the case of clause (d) above) (and such Lender has not less than five (5ceased to be a Defaulting Lender) Business Days advance notice to notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign its Revolving Credit Commitment and delegateRevolving Credit Loans, without recourse provided that (in accordance with and i) any Replacement Lender shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations the Administrative Agent (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld or delayed); provided that (Aii) any Replacement Lender shall not constitute a Defaulting Lender at the time of such replacement; (iii) any assignment to a Replacement Lender shall be subject to Section 13.3; and (iv) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the prior written consent Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving Credit Commitment, Loans and interests in outstanding Facility Letters of Credit hereunder to the Administrative Agent with respect Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 (except as to any assignee that is not already a minimum amount requirements set forth therein) and shall receive, concurrently with such assignments, payment from such Replacement Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained amounts payable to such Affected Lender with respect to the Revolving Credit Facility, including without limitation the aggregate outstanding principal amount of the Loans held by such Affected Lender, together with all interest thereon to the date of the assignment, all accrued interest thereon fees to the date of such assignment and all accrued Feesany amounts payable under Section 3.4 with respect to any payment of any Term SOFR Ratable Loan resulting from such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2, and (D) in which fee shall be paid by such Replacement Lender. In the case of any an assignment by (i) a Revolving Credit Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of the Revolving Credit Declining Lender shall agree at the time of such assignment resulting from to the extension to the Extension Date of the Revolving Credit Facility Termination Date with respect to the Revolving Credit Facility, which agreement shall be set forth in a Lender becoming written instrument delivered and satisfactory to the Borrower and (in its reasonable discretion) the Administrative Agent or (ii) a Non-Consenting LenderLender under this Section 2.20, the applicable Replacement Lender that is the assignee of the Non-Consenting Lender shall have agreed agree at the time of such assignment to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, and which agreement shall be sufficient (together with all other consenting Lenders) set forth in a written instrument delivered and satisfactory to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to and (in its reasonable discretion) the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existAdministrative Agent.
Appears in 1 contract
Replacement of a Lender. If (ia) If any Lender becomes demands compensation under Section 4.7.3 or Section 4.7.4 (which compensation is not demanded by all of the Lenders of the same Class) and the Parent Borrower deems such additional amounts to be material, (b) the obligation of any Lender to make or maintain any Loan is suspended under Section 4.7.1 or Section 4.7.2 or (c) any Lender is a Defaulting Lender, then, in each case, the Parent Borrower may, so long as no Default or Event of Default has occurred and is continuing, obtain, at the Parent Borrower’s expense (or at the expense of a Defaulting Lender whose representation contained in clause (iii) of Section 2.1.3 proves to be false), one or a Non-Consenting Lendermore other Lenders or, then with the Borrower mayconsent of the Administrative Agent, at its sole expense and effort, upon not less than five (5) Business Days advance notice one or more replacement financial institutions reasonably satisfactory to the Administrative Agent and (if differentnot already a Lender) the related and willing to replace such Lender, (x) require and such Lender shall execute and deliver to assign such replacement Lender an Assignment and delegate, without recourse (in accordance Assumption with and subject respect to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations such Lender’s entire interest under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of for an amount equal to the principal balance of all outstanding Advances funded or maintained Loans and L/C Obligations held by such Lender, together with the affected Lender and all accrued interest thereon and all accrued Feesfees with respect thereto through the date of such assignment, and provided that (Di) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver that demands compensation under Section 4.7.3 or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender Section 4.7.4 shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Parent Borrower to require such assignment and delegation pursuant to clause (a) above cease to existapply, (ii) the Parent Borrower shall have paid to such affected Lender the compensation that it is entitled to receive under Section 4.7 through the date of such assignment and (iii) such assignment will result in a reduction in such compensation. Upon the execution by such replacement Lender of such Assignment and Assumption and compliance with the requirements of Section 13.8.2 hereof, such replacement Lender shall succeed to all of such Lender’s rights and duties under this Agreement. If the Parent Borrower exercises its election under this Section 4.7.6 to replace a Lender, the Parent Borrower shall pay the registration and processing fee payable to the Administrative Agent under Section 13.8.2.
Appears in 1 contract
Samples: Joinder Agreement (Brinks Co)
Replacement of a Lender. If Borrower is obligated to pay to any Lender any additional amount under Sections 2.6 hereof or if a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to Section 8.6, requires consent of one hundred percent (100%) of the Lenders or one hundred percent (100%) of the Lenders with Obligations directly affected (any such Lender, a “Subject Lender”), then so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Borrower has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume all other obligations of the Subject Lender hereunder, and (ii) if applicable, the Subject Lender is unwilling to withdraw its request for payment of any additional amount under Sections 2.6 hereof and/or is unwilling to remedy its default upon ten (10) days’ prior written notice to the Subject Lender, Borrower may require the Subject Lender to assign all of its Loans to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of Section 8.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest and other amounts (including all amounts under Sections 2.6 hereof (if applicable) through such date of replacement and a release from its obligations under this Agreement, (2) all of the requirements for such assignment contained in Section 8.1B have been fulfilled, and (3) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existassign its Loans.
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (ia “Non-Consenting Lender”) If any refuses to consent to an amendment, modification or waiver of this Agreement (other than a consent to participate in the extensions of credit provided for in subsections 2.1A(v) and 3.6) that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a Defaulting “Subject Lender”), so long as such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made), Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments, and (5) Requisite Lenders or Requisite Class Lenders, as the applicable assignee case may be, shall have agreed toapproved such amendment, modification or waiver of this Agreement. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), Company may, with prior consent from Administrative Agent (such consent not to be unreasonably withheld or delayed), require such Non-Consenting Lender to assign only those Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all that constitute the Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender refused to provide its consent. Table of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.Contents
Appears in 1 contract
Samples: Security Agreement (Urs Corp /New/)
Replacement of a Lender. If (ia) If any Lender becomes demands compensation under Section 4.7.3 or Section 4.7.4 (which compensation is not demanded by all of the Lenders of the same Class) and the Parent Borrower deems such additional amounts to be material, (b) the obligation of any Lender to make or maintain any Loan is suspended under Section 4.7.1 or Section 4.7.2 or (c) any Lender is a Defaulting Lender, then, in each case, the Parent Borrower may, so long as no Default or Event of Default has occurred and is continuing, obtain, at the Parent Borrower's expense (or at the expense of a Defaulting Lender whose representation contained in clause (iii) of Section 2.1.3 proves to be false), one or a Non-Consenting Lendermore other Lenders or, then with the Borrower mayconsent of the Administrative Agent, at its sole expense and effort, upon not less than five (5) Business Days advance notice one or more replacement financial institutions reasonably satisfactory to the Administrative Agent and (if differentnot already a Lender) the related and willing to replace such Lender, (x) require and such Lender shall execute and deliver to assign such replacement Lender an Assignment and delegate, without recourse (in accordance Assumption with and subject respect to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations such Lender's entire interest under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of for an amount equal to the principal balance of all outstanding Advances funded or maintained Loans and L/C Obligations held by such Lender, together with the affected Lender and all accrued interest thereon and all accrued Feesfees with respect thereto through the date of such assignment, and provided that (Di) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver that demands compensation under Section 4.7.3 or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender Section 4.7.4 shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Parent Borrower to require such assignment and delegation pursuant to clause (a) above cease to existapply, (ii) the Parent Borrower shall have paid to such affected Lender the compensation that it is entitled to receive under Section 4.7 through the date of such assignment and (iii) such assignment will result in a reduction in such compensation. Upon the execution by such replacement Lender of such Assignment and Assumption and compliance with the requirements of Section 13.8.2 hereof, such replacement Lender shall succeed to all of such Lender's rights and duties under this Agreement. If the Parent Borrower exercises its election under this Section 4.7.6 to replace a Lender, the Parent Borrower shall pay the registration and processing fee payable to the Administrative Agent under Section 13.8.2.
Appears in 1 contract
Samples: Credit Agreement (Brinks Co)
Replacement of a Lender. If Borrower is obligated to pay to any Lender any additional amount under subsections 2.6 (other than subsection 2.6D), 2.7 or 3.6 hereof, a Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of one hundred percent (100%) of the Lenders or one hundred percent (100%) of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Borrower has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, and (ii) if applicable, the Subject Lender is unwilling to withdraw its request for payment of any additional amount under subsections 2.6 (other than subsection 2.6D), 2.7 or 3.6 hereof and/or is unwilling to remedy its default upon ten (10) days’ prior written notice to the Subject Lender and Administrative Agent, Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6 (other than subsection 2.6D), 2.7 or 3.6 hereof (if applicable) through such date of replacement and a release from its obligations under the Credit Documents, (2) the processing fee required to be paid by subsection 10.1B shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes (an “Affected Lender”) (a) makes a Defaulting Lender demand upon the Borrower for amounts pursuant to Section 5.01 (and the payment of such amounts are, and are likely to continue to be, materially more onerous in the reasonable judgment of the Borrower than with respect to the other Lenders) or a Non-Consenting Lender(b) in connection with any proposed increase in the Borrowing Base pursuant to Section 2.07 refuses to consent to such increase, then the Borrower may, at its sole expense and effortwithin 30 days of receipt by the Borrower of such demand, upon not less than five give notice (5a “Replacement Notice”) Business Days advance notice in writing to the Administrative Agent and such Affected Lender of its intention to cause such Affected Lender to sell all of its Loans, Loan Commitments and/or Notes to an Eligible Assignee (a “Replacement Lender”) designated in such Replacement Notice; provided, however, that no Replacement Notice may be given by the Borrower and no Lender may be replaced pursuant to this Section 5.06 if (i) such replacement conflicts with any Governmental Requirements or regulation, (ii) any Event of Default shall have occurred and be continuing at the time of such replacement, or (iii) prior to any such replacement, such Affected Lender shall have taken any necessary action under Section 5.04 (if differentapplicable) so as to eliminate the related continued need for payment of amounts owing pursuant to Section 5.01 or shall have waived its right to payment of the specific amounts that give rise or would give rise to such Replacement Notice (it being understood for sake of clarity that the Affected Lender shall be under no obligation to waive such rights to payment and that such Affected Lender, (x) require such Lender to assign and delegate, without recourse (if it is replaced in accordance with this Section 5.06, shall be entitled to be reimbursed for all breakage losses in connection with such replacement). If the Administrative Agent shall in the exercise of its reasonable discretion and within 30 days of its receipt of such Replacement Notice, notify the Borrower and such Affected Lender in writing that the Replacement Lender is satisfactory to the Administrative Agent (such consent not being required where the Replacement Lender is already a Lender or an Affiliate of a Lender or an Eligible Assignee), then such Affected Lender shall, subject to the restrictions contained payment of any amounts due pursuant to Section 5.02, assign, in accordance with Section 12.04), all of its respective interestsLoan Commitments, Loans, Notes (if any), and other rights and obligations under this Agreement and all other Loan Documents (including Reimbursement Obligations, if applicable) designated in the Replacement Notice to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)Replacement Lender; provided provided, however, that (A) the Borrower such assignment shall have received the prior written consent of the Administrative Agent with respect be without recourse, representation or warranty and shall be on terms and conditions reasonably satisfactory to any assignee that is not already a such Affected Lender hereunder, which consent shall not be unreasonably withheldand such Replacement Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) purchase price paid by such assigning Replacement Lender shall have received payment be in the amount of an amount equal to all such Affected Lender’s Loans designated in the Replacement Notice, and/or its Percentage of outstanding Advances funded or maintained by such LenderReimbursement Obligations, as applicable, together with all accrued and unpaid interest thereon and fees in respect thereof, plus all accrued Feesother amounts (including the amounts demanded and unreimbursed under Section 5.01), and (DC) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, Borrower shall pay to the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Affected Lender and repay the Administrative Agent all Obligations of reasonable out-of-pocket expenses incurred by the Borrower owing to such Affected Lender relating to and the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any Administrative Agent in connection with such assignment and delegation ifassumption (including the processing fees described in Section 12.04). If the Affected Lender fails to execute an Assignment and Assumption after five Business Days notice from the Administrative Agent, prior theretosuch failure to execute shall not impair the validity of the removal of the Affected Lender and the mandatory assignment of such Affected Lender’s Loan Commitments, as a result Loans, Notes (if any), and other rights and obligations under this Agreement and all of a waiver the Loan documents and such assignment shall be effective without the execution of an Assignment and Assumption by the Affected Lender. If the Administrative Agent fails to notify Borrower within 30 days of its receipt of such Replacement Notice that such Replacement Lender or otherwiseis satisfactory, then such Replacement Lender shall be deemed satisfactory to the Administrative Agent. Upon the effective date of an assignment described above, the circumstances entitling Replacement Lender shall become a “Lender” for all purposes under the Borrower to require such assignment and delegation cease to existLoan Documents.
Appears in 1 contract
Samples: Credit Agreement (Constellation Energy Partners LLC)
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 3.4 [Euro-Rate Unascertainable, Etc.] or Section 4.6.1 [Increased Costs, Etc.], (ii) does not fund Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, or (iii) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) delayed or conditioned, to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesthereon, and terminate such Lender’s Commitment within ninety (D90) in the case days after (x) receipt of any such assignment resulting from a Lender becoming a NonLender’s notice under Section 3.4 [Euro-Consenting LenderRate Unascertainable, the applicable assignee shall have agreed toEtc.] or 4.6.1 [Increased Costs, and shall be sufficient (together with all other consenting Lenders) to cause the adoption ofEtc.], the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the date such Lender has failed to fund Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender became subject to the control of an Official Body, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 4.6 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, however, that the Commitment of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement lender acceptable to the portion of the Advance held by such Lender as of such termination dateAgent; provided, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwisefurther, the circumstances entitling remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the Borrower foregoing, the Agent may only be replaced subject to require such assignment and delegation cease to existthe requirements of Section 9.14 [Successor Agent] provided that all Letters of Credit have expired or been terminated or replaced.
Appears in 1 contract
Samples: Credit Agreement (Excelsior Lasalle Property Fund Inc)
Replacement of a Lender. (i) If In the event any Lender becomes (a) gives notice under Section 4.4 [Term SOFR Rate Unascertainable; Illegality; Increased Costs], (b) requests compensation under Section 5.8 [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount to any Lender or any Official Body for the account of any Lender pursuant to Section 5.9 [Taxes], (c) is a Defaulting Lender Lender, or (d) is a Non-Consenting LenderLender referred to in Section 11.1.4 [Non-Consenting Lenders], then in any such event the Borrower may, at its sole expense and effortexpense, upon not less than five (5) Business Days advance notice to such Lender and the applicable Administrative Agent Agent, either: prepay the Loans and Participation Advances of such Lender in whole, together with all interest accrued thereon and any accrued fees and all other amounts payable to such Lender hereunder and under the other Loan Documents (if different) the related Lenderincluding any amounts under Section 5.10 [Indemnity]), (x) and terminate such Xxxxxx’s Commitment; or at its sole expense, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in in, and consents required by, Section 12.0411.8 [Successors and Assigns]), all of its respective interests, rights (other than existing rights to payments pursuant to Section 5.8 [Increased Costs] or 5.9 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); , provided that (A) that: the Borrower or such assignee shall have received paid to the prior written consent of the applicable Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) assignment fee specified in Section 11.8 [Successors and Assigns]; such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and Participation Advances, together with all accrued interest thereon thereon, any premium that would be due pursuant to Section 5.6.4 [Prepayment Premium] if the Initial Term B Loans being assigned were being prepaid as if they were being prepaid (if such assignment was required to be made by a Term B Lender of its Initial Term B Loans due to its refusal to consent to an amendment described in clause (b) of the definition of “Repricing Event”, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10 [Indemnity]) from the assignee (to the extent of such outstanding principal and accrued Fees, interest and fees) or the Borrower (D) in the case of the prepayment premium and all other amounts)); in the case of any such assignment resulting from a Lender becoming claim for compensation under Section 5.8.1 [Increased Costs Generally] or payments required to be made pursuant to Section 5.9 [Taxes], such assignment will result in a Non-Consenting Lender, the reduction in such compensation or payments thereafter; and such assignment does not conflict with applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumLaw. A Lender shall not be required to make any such assignment and or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existapply. Each Lender agrees that, if the Borrower elects to replace such Lender in accordance with this Section 5.6.2 [Replacement of a Lender], it shall promptly execute and deliver to the applicable Administrative Agent an Assignment and Assumption Agreement to evidence the assignment and shall deliver to the applicable Administrative Agent any Note (if Notes have been issued in respect of such Lender’s Loans) subject to such Assignment and Assumption Agreement; provided that the failure of any such Lender to execute an Assignment and Assumption Agreement shall not render such assignment invalid, and such assignment shall be recorded in the Register if all other requirements of such assignments have been satisfied.
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes requests compensation under Section 5.8 [Increased Costs], or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account of any Lender pursuant to Section 5.9 [Taxes] and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 5.7(b), or if any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to such Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in in, and consents required by, Section 12.0412.9 [Successors and Assigns]), all of its respective interests, rights (other than its existing rights to payments pursuant to Section 5.8 [Increased Cost] or Section 5.9 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee Eligible Assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); provided that that: (Ai) the Borrower shall have received the prior written consent of paid to the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, the assignment fee (Bif any) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, specified in Section 12.9 [Successors and Assigns]; (Cii) such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and participations in Letter of Credit Borrowings, together with all accrued interest thereon thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10 [Indemnity]) from the assignee (to the extent of such outstanding principal and accrued Fees, interest and fees) or the Borrower (Din the case of all other amounts); (iii) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver claim for compensation under Section 5.8 [Increased Costs] or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be payments required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower be made pursuant to require such assignment and delegation cease to exist.58 135035202_4
Appears in 1 contract
Replacement of a Lender. If Borrower receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders (and such amendment, modification or waiver shall have been approved by Requisite Lenders) or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Event of Default shall have occurred and be continuing and Borrower has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Borrower pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Borrower may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including an amount equal to the amount of its Credit-Linked Deposit (if any) and all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i), if applicable, shall have been paid to Administrative Agent by Borrower, and (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being granted hereby an irrevocable power of attorney (which power is coupled with an interest) to execute and deliver, on behalf of such Subject Lender as assignor, any Assignment Agreement necessary to effectuate any assignment of such Subject Lender’s interests hereunder in the circumstances contemplated by this subsection 2.9) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Borrower also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. Alternatively, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed toLoans and Commitments of such Non-Consenting Lender that are subject to the assignments required by this subsection 2.9 may, at the option of Borrower, include only those Loans and shall be sufficient (together with all other consenting Lenders) Commitments that constitute the Obligations directly affected by the amendment, modification or waiver to cause which such Non-Consenting Lender refused to provide its consent. Without the adoption ofconsent of Administrative Agent, the applicable consent, waiver or amendment Credit-Linked Deposit funded by any Synthetic Letter of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Credit Lender shall not be required released in connection with any assignment of its Synthetic Letter of Credit Commitment, but shall instead be purchased by the relevant assignee and continue to make any be held for application (if not already applied) pursuant to subsections 3.3B(ii) and 3.3C(i)(b) in respect of such assignment and delegation if, prior thereto, as a result assignee’s obligations under the Synthetic Letter of a waiver by such Lender or otherwise, the circumstances entitling the Borrower Credit Commitment assigned to require such assignment and delegation cease to existit.
Appears in 1 contract
Samples: Credit Agreement (Brand Energy & Infrastructure Services, Inc)
Replacement of a Lender. (a) In the event any Lender (i) If gives notice under Section 3.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] or Section 4.6.1 [Increased Costs or Reduced Return Resulting from Taxes, Reserves, Capital Adequacy Requirements, Expenses, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, or (iii) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesother Obligations owing to such Lender, and terminate such Lender’s Commitment within ninety (D90) in the case days after (x) receipt of any such assignment resulting Lender’s notice under Section 3.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] or 4.6.1 [Increased Costs or Reduced Return Resulting from a Lender becoming a Non-Consenting LenderTaxes, the applicable assignee shall have agreed toReserves, and shall be sufficient (together with all other consenting Lenders) to cause the adoption ofCapital Adequacy Requirements, the applicable consentExpenses, waiver or amendment of the Transaction Documents or Etc.], (y) terminate the Commitment date such Lender has failed to fund Revolving Credit Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender and repay all Obligations became subject to the control of an Official Body, as applicable; provided that the Borrower owing shall also pay to such Lender relating at the time of such prepayment any amounts required under Section 4.6 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, further, the remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the foregoing, the Agent may only be replaced subject to the portion requirements of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existSection 9.14 [Successor Agent].
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting Lender or a Non-Consenting Lenderconsenting Lender (as defined below in this section), then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to such Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.048.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); provided that (Ai) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not unreasonably be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (Cii) such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and participations in LC Disbursements and Swingline Loans, together with all accrued interest thereon thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued Feesinterest and fees) or the Borrower (in the case of all other amounts), and (Diii) in the case of any such assignment resulting from a Lender becoming claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a Non-Consenting Lender, reduction in future compensation or payments under the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumSection. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existapply. In the event that (i) the Borrower or the Administrative Agent have requested the Lenders to consent to a departure or waiver of any provisions of this Agreement or to agree to any other modification thereto, (ii) the consent, waiver or other modification in question requires the agreement of all Lenders and (iii) the Required Lenders have agreed to such consent, waiver or other modification, then any Lender who does not agree to such consent, waiver or other modification shall be deemed a “Non-consenting Lender”. In addition, each Rejecting Lender (as defined in the definition of the term Maturity Date) shall be a Non-consenting Lender hereunder.
Appears in 1 contract
Replacement of a Lender. Notwithstanding anything contained herein to the contrary, if (i) If any Lender, but not all of the Lenders, who have Individual Commitments under the Credit Facility seeks additional compensation pursuant to Sections 8.2 or 8.3 (the “Affected Lender”), or (ii) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions of this agreement that requires the consent of all of the Lenders, the consent of the Majority Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non-Consenting Lender”) whose consent is required shall not have been obtained, or (iii) any Lender becomes a Defaulting Lender or a Lender, then, in the case of each such Affected Lender, Non-Consenting Lender or Defaulting Lender (each, a “Terminated Lender, then ”) the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance by giving written notice to the Administrative Agent and such Terminated Lender of its election to do so, elect to cause such Terminated Lender (if differentand such Terminated Lender hereby irrevocably agrees) the related Lender, (x) require such Lender to assign its outstanding Accommodations and delegateIndividual Commitments, without recourse if any, in full to one or more Eligible Assignees (each a “Replacement Lender”) in accordance with the provisions of this Section 8.4 provided, however, that incumbent Xxxxxxx shall have the right to assume any such Accommodations and subject Individual Commitment in accordance with their Pro Rata Shares in priority to any Person which is not a Lender at the time that the Borrower provided the afore-mentioned notice to the restrictions contained Administrative Agent. The Replacement Lender or Replacement Lenders shall, in Section 12.04the aggregate, advance all (but not part) of the Terminated Lender’s Pro Rata Share of the affected credit and, in the aggregate, assume all (but not part) of the Terminated Lender’s Individual Commitment and obligations under the Credit Facility and acquire all (but not part) of the rights of the Terminated Lender and assume all (but not part) of the obligations of the Terminated Lender under each of the other Credit Documents to the extent they relate to the Credit Facility (but in no event shall any other Lender or the Administrative Agent be obliged to do so). Second Amended and Restated Credit Agreement With respect to such advance, all acquisition and assumption, the Pro Rata Share of such credit of each Replacement Lender and the Individual Commitment and the obligations of such Replacement Lender under the Credit Facility and the rights and obligations of such Replacement Lender under each of the other Credit Documents to the extent they relate to the Credit Facility shall be increased by its respective interests, pro rata share (based on the relative Individual Commitments of the Replacement Lenders under the Credit Facility) of the Terminated Lender’s Pro Rata Share of such credit and Individual Commitment and obligations and rights and obligations under this Agreement each of the other Credit Documents to the extent they relate to the Credit Facility on a date mutually acceptable to the Replacement Lenders and the Borrower. On such date, each of the Replacement Lenders shall execute an assignee that instrument substantially in the form of Schedule C hereto and shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) extend to the Borrower the Terminated Lender’s Pro Rata Share of such credit and shall have received prepay to the prior written consent Terminated Lender the Accommodations of the Administrative Agent with respect to any assignee that is not already a Terminated Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderthen outstanding, together with all interest accrued interest thereon and all accrued Feesother amounts owing to the Terminated Lender hereunder, and, upon such advance and prepayment by the Replacement Lenders, the Terminated Lender shall cease to be a “Lender” in connection with the Credit Facility for purposes of this agreement and shall no longer have any obligations thereunder. In addition to the foregoing, in respect of any Replacement Lender that is not, on the relevant date, an existing Lender, such Replacement Lender shall execute and deliver a Joinder Agreement (in the form set forth in Schedule C-2 hereto), which shall be executed and delivered by the Borrower and the Administrative Agent, and (D) in each such Replacement Lender shall be bound by the case terms of any such assignment resulting from the Credit Documents as a Lender becoming Lender. Upon the assumption of the Terminated Xxxxxx’s Individual Commitment as aforesaid by a Non-Consenting Replacement Lender, the applicable assignee shall have agreed to, and Schedule A hereto shall be sufficient (together with all other consenting Lenders) deemed to cause be amended to reflect the adoption of, the applicable consent, waiver amended or amendment of the Transaction Documents or (y) terminate the Commitment new Individual Commitments of such Lender and repay all Obligations of Replacement Lenders under the Borrower owing to such Lender relating Credit Facility pursuant to the portion of the Advance held by such Lender as respective amounts of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existassumptions.
Appears in 1 contract
Samples: Credit Agreement (Ero Copper Corp.)
Replacement of a Lender. (i) If any Lender becomes a Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or a Non-Consenting disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. Notwithstanding any provision herein to the contrary, this Agreement may be amended to extend the Expiration Date with respect to the Revolving Credit Commitments of Lenders that agree to such extension with respect to their Revolving Credit Commitments with the written consent of each such approving Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent (and no other Lender) and, in connection therewith, to provide for different rates of the Administrative Agent interest and fees with respect to any assignee that is not already a Lender hereunderthe portion of the Revolving Credit Commitments with an Expiration Date so extended. In addition, which consent shall not be unreasonably withheldnotwithstanding the foregoing, (Ba) with the assignee shall not be an Affiliate of any consent of the Borrower, the Servicer Administrative Agent may amend, modify or supplement any Loan Document without the consent of any Lender or the TransferorRequired Lenders in order to correct or cure any ambiguity, inconsistency or defect or correct any typographical or ministerial error in any Loan Document (C) provided, that any such assigning Lender amendment, modification or supplement shall have received payment not be materially adverse to the interests of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Feesthe Lenders taken as a whole), and (Db) in without the consent of any Lender or the Borrower, within a reasonable time after (i) the effective date of any increase or addition to, extension of or decrease from, the Revolving Credit Commitments, or (ii) any assignment by any Lender of some or all of its Revolving Credit Commitments, the Administrative Agent shall, and is hereby authorized to, revise Schedule 1.1(A) and Schedule 1.1(B) to reflect such change, whereupon such revised Schedule 1.1(A) and Schedule 1.1(B), as the case may be, shall replace the old Schedule 1.1(A) and Schedule 1.1(B) and become part of this Agreement; provided, that the Administrative Agent will promptly provide the Borrower with a copy of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existupdated schedules.
Appears in 1 contract
Replacement of a Lender. Subject to the second and third paragraphs of this Section 11.5, if: (i) If any a Lender requests compensation under Sections 11.1(a) and (b) or Section 11.4 and other Lenders holding Commitments equal to at least one-third of the Total Commitments shall not have made a similar request; (ii) reserved; (iii) the obligation of a Lender to make Eurocurrency Loans or SOFR Loans or to Convert Base Rate Loans into SOFR Loans shall be suspended pursuant to Section 11.6 in circumstances in which such obligations of other Lenders holding Commitments equal to at least one-third of all Commitments shall not have been suspended; (iv) a Lender becomes a Defaulting Lender; or (v) any Lender that is not the Administrative Agent or an Affiliate of the Administrative Agent becomes a Non-Consenting Lender, then the Borrower may, at its sole expense so long as such condition occurs and effort, upon not less than five (5) Business Days advance notice to is continuing the Administrative Agent and (if differenti) the related Lender, (x) require may replace such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04“Affected Lender”), or cause such Affected Lender to be replaced, or (ii) upon the written request of AGCO, the Administrative Agent shall replace such Affected Lender with an Eligible Assignee identified by AGCO (the “Replacement Lender”), by having such Affected Lender sell and assign all of its respective interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that shall assume such obligations (which assignee may be another the Replacement Lender if a Lender accepts such assignment)pursuant to Section 10.6; provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (Di) in the case of any such assignment resulting from a claim for compensation under Section 11.1 or payments required to be made pursuant to Section 11.4, such assignment will result in a reduction in such compensation or payments thereafter, (ii) in case of any such assignment resulting from the suspension of the obligation of a Lender to make Eurocurrency Loans or SOFR Loans or to Convert Base Rate Loans into SOFR Loans pursuant to Section 11.6, such assignment will result in the revocation of such suspension, (iii) such assignment does not conflict with Applicable Law, and (iv) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee Replacement Lender shall have agreed to, and shall be sufficient (together with all other consenting Lenders) consented to cause the adoption of, the applicable consentamendment, waiver or amendment consent; provided, however, that neither the Administrative Agent nor any Lender shall have any obligation to identify or locate a Replacement Lender for the Borrowers (it being expressly agreed that in such circumstances it AGCO’s obligation to identify or locate a Replacement Lender). Upon receipt by any Affected Lender of a written notice from the Administrative Agent stating that the Administrative Agent or AGCO is exercising the replacement right set forth in this Section, such Affected Lender shall sell and assign all of its rights and obligations under this Agreement and the other Loan Documents to the Replacement Lender pursuant to an Assignment and Assumption and Section 10.6 for a purchase price equal to the sum of the Transaction Documents or (y) terminate the Commitment principal amount of such Lender Affected Lender’s Loans so sold and repay assigned, all Obligations accrued and unpaid interest thereon and its ratable share of all fees to which it is entitled through the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination assignment date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.
Appears in 1 contract
Samples: Version Active 63591839v76 Credit Agreement (Agco Corp /De)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (a) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (b) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (c) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (d) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 4.4 [Euro-Rate Unascertainable, Etc.] or Section 5.6.1 [Increased Costs, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, (iii) OMITTED, or (iv) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower mayBorrowers shall have the right at Borrowers' option, at its sole expense with the consent of the Agent (which consent will not be unreasonably withheld), to prepay the Loans of such Lender in whole, together with all interest accrued thereon, and effortterminate such Lender's Commitment within ninety (90) days after (w) receipt of such Lender's notice under Section 4.4 [Euro-Rate Unascertainable, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related LenderEtc.] or 5.6.1 [Increased Costs, Etc.], (x) require the date such Lender has failed to assign and delegatefund Revolving Credit Loans because the making of such Loans would contravene Law applicable to such Lender, without recourse (in accordance with and y) the date of obtaining the consent which such Lender has not approved, or (z) the date such Lender became subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment control of an amount equal Official Body, as applicable; PROVIDED that the Borrowers shall also pay to all outstanding Advances funded or maintained by such Lender, together with all Lender at the time of such prepayment any amounts required under Section 5.6 [Additional Compensation in Certain Circumstances] and any accrued interest thereon due on such amount and all accrued Feesany related fees; PROVIDED, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lenderhowever, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate that the Commitment of such Lender shall be assumed and repay all Obligations provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement lender acceptable to the portion Agent; PROVIDED, further, the remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the foregoing, the Agent and the Collateral Agent may only be replaced subject to the requirements of Section 9.14 [Successor Agent] and PROVIDED that all Letters of Credit and Bankers' Acceptances have expired or been terminated or replaced. The assumption by any successor Lender of the Advance held by such Lender as of such termination date, without the payment Commitment of any penalty, fee or premium. A other Lender shall not be required release the departing Lender from any liabilities arising prior to make any such the assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existassumption.
Appears in 1 contract
Samples: Credit Agreement (Newtech Corp)
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender is a Defaulting Lender, a Lender becomes a Defaulting Lender an Affected Lender, Company is required to pay any additional amounts under subsection 2.7 or a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, then modification or waiver of this Agreement that, pursuant to subsection 10.6, either (i) requires consent of 100% of the Borrower mayLenders or 100% of the Lenders with Obligations directly affected or (ii) requires consent of Requisite Lenders, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related any such Lender, a “Subject Lender”), so long as (x1) require Company has obtained a commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (2) such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to is not an assignee that shall assume such obligations (which assignee may be another Issuing Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (3), if applicable, the Subject Lender is not already a unwilling or unable to withdraw the notice delivered to Company pursuant to subsection 2.8, Company may require the Subject Lender hereunderto assign all of its Loans and Commitments to such other Lender, which consent shall not be unreasonably withheldLenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (A) Company has paid to the Lender giving such notice all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) through such date of replacement, (B) the assignee processing fee required to be paid by subsection 10.1B(i) shall not be an Affiliate of any of the Borrower, the Servicer or the Transferorhave been paid to Administrative Agent, (C) all of the requirements for such assigning Lender shall have received payment assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an amount equal executed Assignment Agreement (Administrative Agent being hereby authorized to all outstanding Advances funded or maintained by execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such Subject Lender) and other supporting documents, together with all accrued interest thereon and all accrued Feeshave been fulfilled, and (D) in the case of any event such assignment resulting from a Subject Lender becoming is a Non-Consenting Lender, the applicable each assignee shall have agreed toconsent, at the time of such assignment, to each matter in respect of which such Subject Lender was a Non-Consenting Lender and shall be sufficient Company requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (together with which amendment, modification or waiver did not accordingly require the consent of 100% of all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.10 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Samples: Credit Agreement (Panolam Industries International Inc)
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.7A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a "Non-Consenting Lender") refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 12.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected, or a Lender has, pursuant to subsection 2.9, declared its obligations under this Agreement with respect to certain Loans to be terminated (any such Lender, a "Subject Lender"), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender's Loans and assume the Subject Lender's Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a "back-to-back" letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.7 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent and/or is unwilling to approve the applicable amendment, modification or waiver upon 5 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 12.1B, provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6 and/or 2.7B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 12.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 12.1B including the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing Company also requires each other Subject Lender that is a Non-Consenting Lender to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment assign its Loans and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existCommitments.
Appears in 1 contract
Samples: Credit Agreement (Nacg Finance LLC)
Replacement of a Lender. In the event that (i) If any a Lender becomes a Defaulting Downgraded Lender, (ii) a Lender or becomes a Non- Extending Lender, (iii) a Lender becomes a Non-Consenting Lender, then (iv) a Lender requests compensation pursuant to Section 2.17 or 2.20, (v) a Lender's obligation to make LIBOR Loans has been suspended pursuant to Section 2.18 or (vi) a Lender shall have defaulted in its obligation to make any Loan required to be made by it hereunder, the Borrower mayshall have the right to either (a) subject to compliance with Section 10.6(c) (including the requirement of at least 10 days' advance notice to the Rating Agencies), at its sole expense and effortreplace such Lender, upon not less than five in whole or in part, with a Person which would be an Eligible Assignee or (5b) except in the case of clause (iii) above, terminate such Lender's Commitment, in whole, in each case by giving three Business Days advance prior written notice to the Administrative Agent and (if different) such Lender, specifying the related Lendereffective date of such replacement or termination; provided, however, that, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a clause (iii) above, all Non-Consenting Lenders with respect to any Specified Consent Request must be concurrently replaced in accordance with this Section 2.23 with replacement banks or financial institutions having aggregate Commitments equal to the aggregate Commitments of all such Non-Consenting Lenders, (y) no such replacement or termination shall be deemed to be a waiver of any rights which the Borrower, the Administrative Agent or any other Lender shall have against the replaced or terminated Lender and (z) no Commitment shall be terminated pursuant to this Section 2.23 to the extent that, after giving effect to such termination, the sum of the Commitments of the remaining Lenders and the 364-Day Liquidity Commitments would be less than the sum of (a) the Credits Outstanding on such day and (b) the Interest Component of all Commercial Paper Notes outstanding on such day. In the event of the replacement of a Lender, such Lender agrees to assign, without recourse, its rights and obligations hereunder (or a portion thereof, as the case may be) to a replacement bank selected by the Borrower upon payment by the replacement bank to such Lender of the principal amount of such Lender's outstanding Loans and any accrued and unpaid interest thereon, accrued Facility Fee and any other amounts owed to such Lender (or, in each case, the pro rata portion thereof being acquired by the replacement bank) and to execute and deliver an Assignment and Acceptance evidencing such assignment. In the event of the termination of a Lender, the applicable assignee shall have agreed toBorrower shall, and shall be sufficient (together with all other consenting Lenders) to cause on the adoption ofeffective date thereof, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing pay to such Lender relating the principal amount of such Lender's outstanding Loans and any accrued and unpaid interest thereon, accrued Facility Fees and any other amounts owed to such Lender. Prior to adding any replacement bank or financial institution as a Lender under this Section 2.23, the replacement bank shall have (i) paid to the portion Administrative Agent an administrative fee for processing such replacement in the amount of $3,000 and (ii) delivered to the Advance held by Rating Agencies and each Commercial Paper Dealer such Lender opinions of counsel as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not may be required by the Rating Agencies as to make any the enforceability of this Agreement against such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existbank.
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes (an “Affected Lender”) (a) makes a Defaulting demand upon the Borrower for amounts pursuant to Section 5.01 (and the payment of such amounts are, and are likely to continue to be, materially more onerous in the reasonable judgment of the Borrower than with respect to the other Lenders), (b) in connection with any proposed increase in the Borrowing Base pursuant to Section 2.07 refuses to consent to such increase[intentionally omitted], or (c) any Lender has not approved (or a Non-Consenting Lenderis not deemed to have approved) any amendment to, then or waiver of, the terms of this Agreement or any other Loan Document approved by Administrative Agent and RequiredMajority Lenders, the Borrower may, at its sole expense and effort733476286 14464587 within 30 days of receipt by the Borrower of such demand or such non-consent or non-approval, upon not less than five as applicable, give notice (5a “Replacement Notice”) Business Days advance notice in writing to the Administrative Agent and such Affected Lender of its intention to cause such Affected Lender to sell all of its Loans, Loan Commitments and/or Notes to an Eligible Assignee (a “Replacement Lender”) designated in such Replacement Notice; provided, however, that no Replacement Notice may be given by the Borrower and no Lender may be replaced pursuant to this Section 5.06 if (i) such replacement conflicts with any Governmental Requirements or regulation, (ii) any Event of Default (other than an Event of Default that has been waived by the RequiredMajority Lenders) shall have occurred and be continuing at the time of such replacement, or (iii) prior to any such replacement, such Affected Lender shall have taken any necessary action under Section 5.04 (if differentapplicable) so as to eliminate the related continued need for payment of amounts owing pursuant to Section 5.01 or shall, if applicable, have waived its right to payment of the specific amounts that give rise or would give rise to such Replacement Notice (it being understood for sake of clarity that the Affected Lender shall be under no obligation to waive such rights to payment and that such Affected Lender, (x) require such Lender to assign and delegate, without recourse (if it is replaced in accordance with this Section 5.06, shall be entitled to be reimbursed for all breakage losses in connection with such replacement). If the Administrative Agent shall in the exercise of its reasonable discretion and within 30 days of its receipt of such Replacement Notice, notify the Borrower and such Affected Lender in writing that the Replacement Lender is satisfactory to the Administrative Agent (such consent not being required where the Replacement Lender is already a Lender or an Affiliate of a Lender or an Eligible Assignee), then such Affected Lender shall, subject to the restrictions contained payment of any amounts due pursuant to Section 5.02, assign, in accordance with Section 12.04), all of its respective interestsLoan Commitments, Loans, Notes (if any), and other rights and obligations under this Agreement and all other Loan Documents (including Reimbursement Obligations, if applicable) designated in the Replacement Notice to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment)Replacement Lender; provided provided, however, that (A) the Borrower such assignment shall have received the prior written consent of the Administrative Agent with respect be without recourse, representation or warranty (other than that it has not previously transferred its interest) and shall be on terms and conditions reasonably satisfactory to any assignee that is not already a such Affected Lender hereunder, which consent shall not be unreasonably withheldand such Replacement Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) purchase price paid by such assigning Replacement Lender shall have received payment be in the amount of an amount equal to all such Affected Lender’s Loans designated in the Replacement Notice, and/or its Percentagepercentage of outstanding Advances funded or maintained by such LenderReimbursement Obligations, as applicable, together with all accrued and unpaid interest thereon and fees in respect thereof, plus all accrued Feesother amounts (including the amounts demanded and unreimbursed under Section 5.01), and (DC) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, Borrower shall pay to the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Affected Lender and repay the Administrative Agent all Obligations of reasonable out-of-pocket expenses incurred by the Borrower owing to such Affected Lender relating to and the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any Administrative Agent in connection with such assignment and delegation ifassumption (including the processing fees described in Section 12.04). If the Affected Lender fails to execute an Assignment and Assumption after five (5) Business Days’ notice from the Administrative Agent, prior theretosuch failure to execute shall not impair the validity of the removal of the Affected Lender and the mandatory assignment of such Affected Lender’s Loan Commitments, as a result Loans, Notes (if any), and other rights and obligations under this Agreement and all of a waiver the Loan Documents and such assignment shall be effective without the execution of an Assignment and Assumption by the Affected Lender. If the Administrative Agent fails to notify the Borrower within 30 days of its receipt of such Replacement Notice that such Replacement Lender or otherwiseis satisfactory, then such Replacement Lender shall be deemed satisfactory to the Administrative Agent. Upon the effective date of an assignment described above, the circumstances entitling Replacement Lender shall become a “Lender” for all purposes under the Borrower to require such assignment and delegation cease to exist.Loan Documents. 733476286 14464587
Appears in 1 contract
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 4.4(b) [Illegality], (ii) requests compensation under Section 5.8 [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount to any Lender becomes or any Official Body for the account of any Lender pursuant to Section 5.9 [Taxes], (iii) is a Defaulting Lender or has been a Defaulting Lender three or more times within a consecutive six month period, (iv) becomes subject to the control of an Official Body (other than normal and customary supervision), (v) fails or declines to extend its Commitment pursuant to an extension otherwise approved pursuant to Section 2.14 [Extension of Expiration Date], or (vi) is a Non-Consenting LenderLender referred to in Section 11.1 [Modifications, Amendments or Waivers], then in any such event the Borrower may, at its sole expense and effortexpense, upon not less than five (5) Business Days advance notice to such Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in in, and consents required by, Section 12.0411.8 [Successors and Assigns]), all of its respective interests, rights (other than existing rights to payments pursuant to Section 5.8 [Increased Costs] or 5.9 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); , provided that that: (Ai) the Borrower shall have received the prior written consent of paid to the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer assignment fee specified in Section 11.8 [Successors and Assigns] or the Transferor, Administrative Agent has agreed to waive such fee; (Cii) such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and Participation Advances, together with all accrued interest thereon thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10 [Indemnity]) from the assignee (to the extent of such outstanding principal and accrued Fees, interest and fees) or the Borrower (Din the case of all other amounts); (iii) in the case of any such assignment resulting from a Lender becoming claim for compensation under Section 5.8(a) [Increased Costs Generally] or payments required to be made pursuant to Section 5.9 [Taxes], such assignment will result in a Non-Consenting Lender, the reduction in such compensation or payments thereafter; and (iv) such assignment does not conflict with applicable assignee shall have agreed to, and shall be sufficient Law. (together with all other consenting Lendersv) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existapply.
Appears in 1 contract
Replacement of a Lender. In the event any Lender (i) If gives notice under [LIBO-Rate Unascertainable, Etc.] or Section 4.06(a) [Increased Costs, Etc.], (ii) does not fund Revolving Credit Loans because the making of such Loans would contravene any Lender Law applicable to such Lender, or (iii) becomes a Defaulting Lender or a Non-Consenting Lendersubject to the control of an Official Body (other than normal and customary supervision), then the Borrower may, shall have the right at its sole expense and effortoption, upon not less than five (5) Business Days advance notice to with the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunderAgent, which consent shall not be unreasonably withheld, (B) to prepay the assignee shall not be an Affiliate Loans of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lenderin whole, together with all interest accrued interest thereon and all accrued Feesthereon, and terminate such Lender's Commitment within ninety (D90) in the case days after (x) receipt of any such assignment resulting from a Lender becoming a NonLender's notice under Section 3.04 [LIBO-Consenting LenderRate Unascertainable, the applicable assignee shall have agreed toEtc.] or Section 4.06(a) [Increased Costs, and shall be sufficient (together with all other consenting Lenders) to cause the adoption ofEtc.], the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the date such Lender has failed to fund Revolving Credit Loans because the making of such Loans would contravene Law applicable to such Lender, or (z) the date such Lender became subject to the control of an Official Body, as applicable; provided that the Borrower shall also pay to such Lender at the time of such prepayment any amounts required under Section 4.06 [Additional Compensation in Certain Circumstances] and any accrued interest due on such amount and any related fees; provided, however, that the Commitment of such Lender and repay all Obligations shall be provided by one or more of the Borrower owing to such Lender relating remaining Lenders or a replacement bank acceptable to the portion of the Advance held by such Lender as of such termination dateAgent; provided, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwisefurther, the circumstances entitling remaining Lenders shall have no obligation hereunder to increase their Commitments. Notwithstanding the Borrower foregoing, the Agent may only be replaced subject to require such assignment the requirements of Section 9.14 [Successor Agent] and delegation cease to existprovided that all Letters of Credit have expired or been terminated or replaced.
Appears in 1 contract
Samples: Credit Agreement (Too Inc)
Replacement of a Lender. If Parent receives a statement of amounts due pursuant to subsection 2.8A from a Lender (other than with respect to amounts due under subsection 2.6D), a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of each Lender or of each Lender holding Obligations or having Commitments directly affected, or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Borrowers have obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, and (ii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Parent pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Parent may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Parent also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Lender (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, and (ii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. (i) If any Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender claiming compensation or reimbursement pursuant to subsection 2.7A or 2.7B, a Revolving Lender becomes a Defaulting Lender, a Lender or (a “Non-Consenting Lender”) refuses to consent to an amendment, then modification or waiver of this Agreement (other than a consent to participate in the Borrower mayextensions of credit provided for in subsection 2.10) that, at its sole expense and effort(1) pursuant to subsection 10.6, upon not less requires consent of 100% of the Lenders (other than five Defaulting Lenders) or 100% of the Lenders (5other than Defaulting Lenders) Business Days advance notice to the Administrative Agent with Obligations directly affected and (if different2) the related Requisite Lenders have otherwise consented to or a Lender becomes an Affected Lender, (xany such Lender, a “Subject Lender”), so long as (i) require no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a commitment from another Lender or an Eligible Assignee (none of whom shall constitute a Defaulting Lender at the time of such replacement) to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to is not an assignee that shall assume such obligations (which assignee may be another Issuing Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii), if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon ten (10) days prior written notice to the Subject Lender and Administrative Agent, or if any amount payable to any Lender by a Borrower or a Foreign Obligor established in France under a Loan Document is not, or will not be (when the relevant corporate income tax is calculated) treated as a deductible charge or expense for French tax purposes for that is not already Borrower or Foreign Obligor by reason of that amount being (i) paid or accrued to a Lender hereunderincorporated, which consent shall not be unreasonably withhelddomiciled, established or acting through an office situated in a Non-Cooperative Jurisdiction, or (ii) paid to an account opened in the name of or for the benefit of a Lender in a financial institution situated in a Non-Cooperative Jurisdiction, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (B1) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.7 and/or 2.8B (if applicable) and all amounts under subsection 10.1B with respect to any deficiencies owed by any Subject Lender that is a Defaulting Lender) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an amount equal executed Assignment Agreement executed by the assignee (Administrative Agent being hereby authorized to all outstanding Advances funded or maintained by execute any Assignment Agreement on behalf of a Subject Lender relating to the assignment of Loans and/or Commitments of such subject Lender) and other supporting documents, together with all accrued interest thereon and all accrued Feeshave been fulfilled, and (D4) in the case of any such assignment resulting from the claim for compensation under subsection 2.7A or payments required to be made under subsection 2.7B, such assignment will result in a reduction in such compensation or payments thereafter, and (5) such assignment does not conflict with applicable laws and (6) in the event such Subject Lender becoming is a Non-Consenting Lender, the applicable each assignee shall have agreed toconsent, at the time of such assignment, to each matter in respect of which such Subject Lender was a Non-Consenting Lender and shall be sufficient Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders (together with all other consenting than Defaulting Lenders) to cause with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the adoption ofconsent of 100% of all Lenders (other than Defaulting Lenders)), the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Loans and Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of the Advance held assignments required by such Lender as this subsection 2.9 shall include all Loans and Commitments of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existNon-Consenting Lender.
Appears in 1 contract
Samples: Credit Agreement (Hexcel Corp /De/)
Replacement of a Lender. If a Lender (i“Affected Lender”) If (a) sustains or incurs a loss or expense or reduction of income and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Fixed Rate Loans at a suitable Lending Installation would violate any applicable Law or it is otherwise impossible for such Lender becomes a Defaulting Lender (or its Lending Installation) to make, maintain or fund its Fixed Rate Loan and so notifies the Administrative Agent pursuant to Section 3.3, (c) is a Non-Consenting Lender or (d) is a Defaulting Lender, then the Borrower maymay within ninety (90) days after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the notice from such Lender under Section 3.3 (in the case of clause (b) above) or at any time after the date that it is determined that such Lender is a Non-Consenting Lender (in the case of clause (c) above) or after it is reasonably determined by the Administrative Agent, at its sole expense and effortthe Administrative Agent has notified the Borrower, upon that such Lender is a Defaulting Lender (in the case of clause (d) above) (and such Lender has not less than five (5ceased to be a Defaulting Lender) Business Days advance notice to notify the Administrative Agent and (if different) such Affected Lender that a Replacement Lender designated by the related Lender, (x) require Borrower in the notice has agreed to replace such Lender with respect to assign its Revolving Credit Commitment and delegateRevolving Credit Loans, without recourse provided that (in accordance with and i) any Replacement Lender shall be subject to the restrictions contained in Section 12.04), all approval of its respective interests, rights the Administrative Agent and obligations under this Agreement to an assignee that shall assume such obligations each Arranger (which assignee may approval shall not be another Lender if a Lender accepts such assignmentunreasonably withheld or delayed); provided that (Aii) any Replacement Lender shall not constitute a Defaulting Lender at the time of such replacement; (iii) any assignment to a Replacement Lender shall be subject to Section 13.3; and (iv) the Borrower shall have received paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the prior written consent of Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as applicable, its Revolving Credit Commitment and Loans hereunder to the Administrative Agent Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 and shall receive, concurrently with respect to any assignee that is not already a Lender hereundersuch assignments, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained amounts payable to such Affected Lender with respect to the Revolving Credit Facility, including without limitation the aggregate outstanding principal amount of the Loans held by such Affected Lender, together with all interest thereon to the date of the assignment, all accrued interest thereon fees to the date of such assignment and all accrued Feesany amounts payable under Section 3.4 with respect to any payment of any Fixed Rate Loan resulting from such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2, and (D) in which fee shall be paid by such Replacement Lender. In the case of any such an assignment resulting from a Lender becoming by a Non-Consenting LenderLender under this Section 2.20, the applicable Replacement Lender that is the assignee of the Non-Consenting Lender shall have agreed agree at the time of such assignment to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, and which agreement shall be sufficient (together with all other consenting Lenders) set forth in a written instrument delivered and satisfactory to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to and the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existAdministrative Agent.
Appears in 1 contract
Samples: Credit Agreement (Toll Brothers Inc)
Replacement of a Lender. In the event of a refusal by a Lender to consent to a proposed change, waiver, discharge or termination with respect to this Agreement which has been approved by the Requisite Lenders, Company shall have the right for a 60 day period following such refusal, to replace such Lender (a ``Replaced Lender'') with one or more Eligible Assignees (collectively, the ``Replacement Lender'') acceptable to Administrative Agent, provided that (i) If at the time of any replacement pursuant to this subsection 2.10 the Replacement Lender becomes a Defaulting and Replaced Lender shall enter into one or a Non-Consenting more Assignment Agreements pursuant to subsection 10.1B (and with all fees payable pursuant to such subsection 10.1B to be paid by the Replacement Lender) pursuant to which the Replacement Lender shall acquire all of the outstanding Loans and Commitments of, then and in each case participations in Letters of Credit by, the Borrower mayReplaced Lender and, at its sole expense and effortin connection therewith, upon not less than five (5) Business Days advance notice shall pay to the Administrative Agent and (if different) the related Lender, (x) require such the Replaced Lender to assign and delegate, without recourse (in accordance with and subject respect thereof an amount equal to the restrictions contained in Section 12.04), all sum of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) an amount equal to the Borrower shall have received the prior written consent principal of, and all accrued interest on, all outstanding Loans of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheldReplaced Lender, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances unpaid drawings with respect to Letters of Credit that have been funded or maintained by (and not reimbursed to) such Replaced Lender, together with all accrued then unpaid interest thereon with respect thereto at such time and (C) an amount equal to all accrued Feesaccrued, but theretofore unpaid, fees owing to the Replaced Lender with respect thereto, and (Dy) in the case appropriate Issuing Lender an amount equal to such Replaced Lender's Pro Rata Share of any unpaid drawings with respect to Letters of Credit (which at such assignment resulting from a Lender becoming a Non-Consenting time remains an unpaid drawing) issued by it to the extent such amount was not theretofore funded by such Replaced Lender, and (ii) all obligations (including without limitation all such amounts, if any, owing under subsection 2.6D) of Company owing to the applicable assignee shall have agreed toReplaced Lender (other than those specifically described in clause (i) above in respect of which the assignment purchase price has been, and or is concurrently being, paid), shall be sufficient (together paid in full to such Replaced Lender concurrently with all other consenting Lenders) to cause such replacement. Upon the adoption of, the applicable consent, waiver or amendment execution of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination daterespective Assignment Agreements, without the payment of any penaltyamounts referred to in clauses (i) and (ii) above and delivery to the Replacement Lender of the appropriate Note or Notes executed by Company, fee or premium. A the Replacement Lender shall not become a Lender hereunder and the Replaced Lender shall cease to constitute a Lender hereunder except with respect to indemnification provisions under this Agreement which by the terms of this Agreement survive the termination of this Agreement, which indemnification provisions shall survive as to such Replaced Lender. Notwithstanding anything to the contrary contained above, no Issuing Lender may be required replaced hereunder at any time while it has Letters of Credit outstanding hereunder unless arrangements satisfactory to make any such assignment and delegation if, prior thereto, as a result Issuing Lender (including the furnishing of a waiver Standby Letter of Credit in form and substance, and issued by an issuer satisfactory to such Issuing Lender or otherwise, the circumstances entitling the Borrower furnishing of cash collateral in amounts and pursuant to require arrangements satisfactory to such assignment and delegation cease Issuing Lender) have been made with respect to existsuch outstanding Letters of Credit.
Appears in 1 contract
Replacement of a Lender. In the event any Lender (i) If gives notice under Section 4.4(b) [Illegality], (ii) requests compensation under Section 5.8 [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount to any Lender becomes or any Governmental Authority for the account of any Lender pursuant to Section 5.9 [Taxes], (iii) is a Defaulting Lender or has been a Defaulting Lender three or more times within a consecutive six month period, (iv) becomes subject to the control of an Governmental Authority (other than normal and customary supervision), (v) fails or declines to extend its Commitment pursuant to an extension otherwise approved pursuant to Section 2.14 [Extension of Expiration Date], or (vi) is a Non-Consenting LenderLender referred to in Section 11.1 [Modifications, Amendments or Waivers], then in any such event the Borrower may, at its sole expense and effortexpense, upon not less than five (5) Business Days advance notice to such Lender and the Administrative Agent and (if different) the related LenderAgent, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in in, and consents required by, Section 12.0411.8 [Successors and Assigns]), all of its respective interests, rights (other than existing rights to payments pursuant to Section 5.8 [Increased Costs] or 5.9 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender Lender, if a Lender accepts such assignment); , provided that that: (Ai) the Borrower shall have received the prior written consent of paid to the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer assignment fee specified in Section 11.8 [Successors and Assigns] or the Transferor, Administrative Agent has agreed to waive such fee; (Cii) such assigning Lender shall have received payment of an amount equal to all the outstanding Advances funded or maintained by such Lenderprincipal of its Loans and Participation Advances, together with all accrued interest thereon thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.10 [Indemnity]) from the assignee (to the extent of such outstanding principal and accrued Fees, interest and fees) or the Borrower (Din the case of all other amounts); (iii) in the case of any such assignment resulting from a Lender becoming claim for compensation under Section 5.8(a) [Increased Costs Generally] or payments required to be made pursuant to Section 5.9 [Taxes], such assignment will result in a Non-Consenting Lender, the reduction in such compensation or payments thereafter; and (iv) such assignment does not conflict with applicable assignee shall have agreed to, and shall be sufficient Law. (together with all other consenting Lendersv) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required to make any such assignment and or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.apply. (c)
Appears in 1 contract
Replacement of a Lender. If Company receives a statement of amounts due pursuant to subsection 2.8A from a Lender, a Revolving Lender defaults in its obligations to fund a Revolving Loan pursuant to this Agreement, any Lender which is not an Underwriter or an Affiliate of an Underwriter or an entity whose right and power to vote as a Lender under this Agreement is controlled by an Underwriter or an Affiliate of an Underwriter (a “Non-Consenting Lender”) refuses to consent to an amendment, modification or waiver of this Agreement that, pursuant to subsection 10.6, requires consent of 100% of the Lenders or 100% of the Lenders with Obligations directly affected or a Lender becomes an Affected Lender (any such Lender, a “Subject Lender”), so long as (i) If any Lender becomes no Potential Event of Default or Event of Default shall have occurred and be continuing and Company has obtained a Defaulting commitment from another Lender or an Eligible Assignee to purchase at par the Subject Lender’s Loans and assume the Subject Lender’s Commitments and all other obligations of the Subject Lender hereunder, (ii) such Lender is not an Issuing Lender with respect to any Letters of Credit outstanding (unless all such Letters of Credit are terminated or arrangements acceptable to such Issuing Lender (such as a “back-to-back” letter of credit) are made) and (iii) if applicable, the Subject Lender is unwilling to withdraw the notice delivered to Company pursuant to subsection 2.8 and/or is unwilling to remedy its default upon 10 days prior written notice to the Subject Lender and Administrative Agent, Company may require the Subject Lender to assign all of its Loans and Commitments to such other Lender, Lenders, Eligible Assignee or Eligible Assignees pursuant to the provisions of subsection 10.1B; provided that, prior to or concurrently with such replacement, (1) the Subject Lender shall have received payment in full of all principal, interest, fees and other amounts (including all amounts under subsections 2.6D, 2.77 and/or 2.8B (if applicable)) through such date of replacement and a release from its obligations under the Loan Documents, (2) the processing fee required to be paid by subsection 10.1B(i) shall have been paid to Administrative Agent, (3) all of the requirements for such assignment contained in subsection 10.1B, including, without limitation, the consent of Administrative Agent (if required) and the receipt by Administrative Agent of an executed Assignment Agreement and other supporting documents, have been fulfilled, and (4) in the event such Subject Lender is a Non-Consenting Lender, then the Borrower mayeach assignee shall consent, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all time of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent , to each matter in respect of the Administrative Agent with respect to any assignee that is not already a which such Subject Lender hereunder, which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming was a Non-Consenting LenderLender and Company also requires each other Subject Lender that is a Non-Consenting Lender to assign its Loans and Commitments. For the avoidance of doubt, if a Lender is a Non-Consenting Lender solely because it refused to consent to an amendment, modification or waiver that required the consent of 100% of Lenders with Obligations directly affected thereby (which amendment, modification or waiver did not accordingly require the consent of 100% of all Lenders), the applicable assignee shall have agreed to, Loans and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents or (y) terminate the Commitment Commitments of such Non-Consenting Lender and repay all Obligations of the Borrower owing to such Lender relating that are subject to the portion of assignments required by this subsection 2.9 shall include only those Loans and Commitments that constitute the Advance held Obligations directly affected by the amendment, modification or waiver to which such Non-Consenting Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required refused to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to existprovide its consent.
Appears in 1 contract
Replacement of a Lender. (i) If any Lender becomes is a Defaulting Lender, a Non-Consenting Lender (as defined below) or a Non-Consenting Consensual Competitor Lender, then the Borrower may, at its sole expense and effort, upon not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require such Lender (including the Administrative Agent in its capacity as a Lender) to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04), all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder, which consent shall not unreasonably be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the Servicer or the Transferor, (C) such assigning Lender shall have received payment of an amount equal to all outstanding Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees, and (D) in the case of any such assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have agreed to, and shall be sufficient (together with all other consenting Lenders) to cause the adoption of, the applicable consent, waiver or amendment of the Transaction Documents Documents; or (y) terminate the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance held by such Lender as of such termination date, without the payment of any penalty, fee or premiumpremium (including the Prepayment Premium). A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to exist.. USActive 55125247.5 86
Appears in 1 contract
Samples: Loan and Servicing Agreement (BlackRock TCP Capital Corp.)