Restrictions on novations. Where a Funder novates part of its rights, benefits and obligations pursuant to clause 18.3, that Funder must novate equal fractions of its Commitment and Contribution (if any) in respect of the Facilities and, if at the time when such novation takes effect more than one Revolving Credit Advance is outstanding, the novation of its Contribution shall take effect in respect of the same fraction of each Revolving Credit Advance. The Substitution Certificate relating to any such novation shall be completed accordingly.
Restrictions on novations. Any novation by an Existing Bank which is transferring part (but not all) of its Commitment may only be made under this clause 16 if (i) it is made in respect of a Commitment of L.5,000,000 or any larger integral multiple of L.5,000,000 and (ii) as a consequence of such novation (or as a consequence of that and any other novation between the same or related parties taking effect at or about the same time) the Commitment of the Existing Bank would be less than L.5,000,000. If part (but not all) of a Bank's Contribution is being transferred, the previous sentence shall be read as if it referred to "Contribution", "
Restrictions on novations. Any novation by a Bank which is transferring part (but not all) of its Commitment may only be made if (a) it is made in respect of a Commitment of (pound)5,000,000 or any larger integral multiple of (pound)5,000,000 and (b) as a consequence of such novation (or as a consequence of that and any other novation between the same or related parties taking effect at or about the same time) the Commitment of the Existing Bank would be not less than (pound)5,000,000.
Restrictions on novations. Where a Bank novates part of its rights, benefits and obligations pursuant to clause 16.3, in respect of any Facility that Bank must novate equal fractions of its Commitment and Contributions (if any) in respect of such Facility and, except in relation to Term Loan B Facility, where Dollar-denominated Advances (or Advances that will, following the Switchover Date, become Dollar-denominated Advances) may be novated separately from euro-denominated Advances (or Advances that will, following the Switchover Date, become euro- denominated Advances) if at the time when such novation takes effect more than one Drawing is outstanding in respect of such Facility, the novation of its Contributions shall take effect in respect of the same fraction of each such Drawing. The Substitution Certificate relating to any such novation shall be completed accordingly. No novation shall be effected if, as a consequence of that novation (or as a consequence of that and any other novation between the same or related parties taking effect at or about the same time), the total Commitments of a Bank would be less than £5,000,000 Provided, however, that for these purposes persons that are Bank Affiliates of each other shall be treated together as one Bank so that individual Bank Affiliates may have total Commitments of less than £5,000,000 if the total Commitments of all such Bank Affiliates together are at least £5,000,000 where “Bank Affiliate” means (A) with respect to any person (other than a fund), any other person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such first person, where a person shall be deemed to have control of a corporation if such person possesses directly or indirectly, the power (1) to vote 25 per cent. or more of the securities having ordinary voting power for the election of directors of such corporation or (2) to direct or cause the direction of the management and policies of such corporation, whether through the ownership of voting securities, by contract or otherwise or (B) with respect to any person that is a fund, any other fund which is advised or managed by the same investment advisor or an affiliate of that investment advisor. 117 Back to Contents
