Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 If: (a) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up); (b) any Lender claims indemnification from the Borrowers under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costs); or (c) any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender, the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments of that Lender and their intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of their intention to replace that Lender in accordance with clause 7.4.4. 7.4.2 On receipt of a notice referred to in clause 7.4.1 above, the Commitments of that Lender shall immediately be reduced to zero and (unless the Commitments of the relevant Lender are replaced in accordance with clause 7.4.4) the remaining Ship Commitments shall each be reduced rateably. 7.4.3 On the last day of each Interest Period of each Tranche which ends after the Borrowers have given notice under clause 7.4.1 above (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s participation in each Tranche. 7.4.4 The Borrowers may, in the circumstances set out in clause 7.4.1, on 10 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of: (a) the outstanding principal amount of such Lender’s participation in the Loan; (b) all accrued interest owing to such Lender; (c) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (Break Costs) had the Borrowers prepaid in full that Lender’s participation in the Loan (and each Tranche) on the date of the transfer; and (d) all other amounts payable to that Lender under the Finance Documents on the date of the transfer. 7.4.5 The replacement of a Lender pursuant to clause 7.4.4 shall be subject to the following conditions: (a) the Borrowers shall have no right to replace the Agent; (b) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and (c) in no event shall the Lender replaced under clause 7.4.4 be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents. 7.4.6 If any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ notice of cancellation of the undrawn Commitments of that Lender. 7.4.7 On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 (a) If:
(ai) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);
(bii) any Lender claims indemnification from the Borrowers under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costsCosts); or;
(ciii) any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender; or
(iv) any Lender notifies the Agent of a sum under clause 10.3(ii) and that sum is materially greater than the equivalent sums notified by the other Lenders to the Agent under the same clause 10.3(ii), the Agent shall notify the Borrowers as soon as reasonably practicable following receipt of such a notification from any Lender and the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments Commitment of that Lender Xxxxxx and their intention to procure the repayment of that LenderXxxxxx’s participation in the Loan Loans or give the Agent notice of their intention to replace that Lender in accordance with clause 7.4.47.5(d).
7.4.2 (b) On receipt of a notice from the Borrowers referred to in clause 7.4.1 7.5(a) above, the Commitments Commitment of that Lender shall immediately be reduced to zero and (unless the Commitments Commitment of the relevant Lender are is replaced in accordance with clause 7.4.47.5(d)) the remaining Ship Total Commitments shall each be reduced rateably.
7.4.3 (c) On the last day of each Interest Period of each Tranche which ends after the Borrowers have given notice under clause 7.4.1 7.5(a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that LenderXxxxxx’s participation in each Tranchethe Loans.
7.4.4 (d) The Borrowers may, in the circumstances set out in clause 7.4.17.5(a), on with 10 Business Days’ prior notice to the Agent and that LenderXxxxxx, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 32 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 32 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(ai) the outstanding principal amount of such LenderXxxxxx’s participation in the Loaneach Loan and such Xxxxxx’s Revolving Loan Commitment;
(bii) all accrued interest owing to such Lender;
(ciii) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (Break Costs) had the Borrowers prepaid in full that LenderXxxxxx’s participation in the each Loan (and each Tranche) on the date of the transfer; and
(div) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 (e) The replacement of a Lender pursuant to clause 7.4.4 7.5(d) shall be subject to the following conditions:
(ai) the Borrowers shall have no right to replace the Agent;
(bii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and;
(ciii) in no event shall the Lender replaced under clause 7.4.4 7.5(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and
(iv) the Lender shall only be obliged to assign its rights pursuant to clause 7.5(d) above once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to that assignment and the Agent has approved such “know your customer” or other similar checks.
7.4.6 (f) A Lender shall perform the checks described in clause 7.5(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.5(d) above and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks.
(g) If any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 five Business Days’ notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 (h) On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 7.5.1 If:
(a) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);
(b) any Lender claims indemnification from the Borrowers Borrower under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costs); or
(c) any Lender refuses to consent to any amendments or waivers requested by the Borrowers Borrower pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender, the Borrowers Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments of that Lender and their its intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of their intention to replace that Lender in accordance with clause 7.4.47.5.4.
7.4.2 7.5.2 On receipt of a notice referred to in clause 7.4.1 7.5.1 above, the Commitments of that Lender shall immediately be reduced to zero and (unless the Commitments of the relevant Lender are replaced in accordance with clause 7.4.4) the remaining Ship Commitments shall each be reduced rateablyzero.
7.4.3 7.5.3 On the last day of each Interest Period of the Tranche A Loan and each Advance of the Tranche B Loan which ends after the Borrowers have Borrower has given notice under clause 7.4.1 7.5.1 above (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s participation in the Tranche A Loan and each TrancheAdvance of the Tranche B Loan.
7.4.4 7.5.4 The Borrowers Borrower may, in the circumstances set out in clause 7.4.17.5.1, on 10 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 32 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 32 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(a) the outstanding principal amount of such Lender’s participation in the Loan;
(b) all accrued interest owing to such Lender;
(c) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (Break Costs) had the Borrowers Borrower prepaid in full that Lender’s participation in the Loan (and each Tranche) on the date of the transfer; and
(d) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 7.5.5 The replacement of a Lender pursuant to clause 7.4.4 7.5.4 shall be subject to the following conditions:
(a) the Borrowers Borrower shall have no right to replace the Agent;
(b) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and
(c) in no event shall the Lender replaced under clause 7.4.4 7.5.4 be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.
7.4.6 7.5.6 If any Lender becomes a Defaulting Lender, the Borrowers Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 7.5.7 On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 (a) If:
(ai) any Lender notifies the Agent pursuant to clause 7.1 (Illegality);
(ii) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);
(biii) any Lender claims indemnification from the Borrowers Borrower under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costsCosts); or
(civ) any Lender refuses to consent to any amendments or waivers requested by the Borrowers Borrower pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender, the Borrowers Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments Commitment of that Lender and their its intention to procure the repayment of that Lender’s Xxxxxx's participation in the Loan or give the Agent notice of their its intention to replace that Lender in accordance with clause 7.4.47.5(d).
7.4.2 (a) On receipt of a notice referred to in clause 7.4.1 7.5(a) above, the Commitments Commitment of that Lender shall immediately be reduced to zero and (unless the Commitments Commitment of the relevant Lender are is replaced in accordance with clause 7.4.47.5(d)) the remaining Ship Total Commitments shall each be reduced rateably.
7.4.3 (b) On the last day of each Interest Period of each Tranche which ends after the Borrowers have Borrower has given notice under clause 7.4.1 7.5(a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s Xxxxxx's participation in each Tranchethe Loan.
7.4.4 (c) The Borrowers Borrower may, in the circumstances set out in clause 7.4.17.5(a), on with 10 Business Days’ ' prior notice to the Agent and that LenderXxxxxx, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 32 52 UK-#396550026-v7 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers Borrower which confirms its willingness to assume and does assume all the UK-#396550026-v7 obligations of the transferring Lender in accordance with clause 33 32 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(ai) the outstanding principal amount of such Lender’s Xxxxxx's participation in the Loan;
(bii) all accrued interest owing to such Lender;
(c) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (Break Costs) had the Borrowers prepaid in full that Lender’s participation in the Loan (and each Tranche) on the date of the transfer; and
(diii) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 (a) The replacement of a Lender pursuant to clause 7.4.4 7.5(d) shall be subject to the following conditions:
(ai) the Borrowers Borrower shall have no right to replace the Agent;
(bii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and;
(ciii) in no event shall the Lender replaced under clause 7.4.4 7.5(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and
(iv) the Lender shall only be obliged to assign its rights pursuant to clause 7.5(d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that assignment and the Agent has approved such "know your customer" or other similar checks.
7.4.6 (a) A Lender shall perform the checks described in clause 7.5(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.5(d) above and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks.
(b) If any Lender becomes a Defaulting Lender, the Borrowers Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ ' notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 (c) On such notice becoming effective, :
(d) the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.zero;
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 7.5.1 If:
(a) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);; or
(b) any Lender claims indemnification from the Borrowers Borrower under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costs); or
(c) any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender, the Borrowers Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments Commitment of that Lender and their its intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of their its intention to replace that Lender in accordance with clause 7.4.47.5.4.
7.4.2 7.5.2 On receipt of a notice referred to in clause 7.4.1 7.5.1 above, the Commitments Commitment of that Lender shall immediately be reduced to zero and (unless the Commitments of the relevant Lender are replaced in accordance with clause 7.4.4) the remaining Ship Commitments shall each be reduced rateablyzero.
7.4.3 7.5.3 On the last day of each Interest Period of each Tranche which ends after the Borrowers have Borrower has given notice under clause 7.4.1 7.5.1 above (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s participation in each Tranchethe Loan.
7.4.4 7.5.4 The Borrowers Borrower may, in the circumstances set out in clause 7.4.17.5.1, on 10 30 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 28 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 28 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(a) the outstanding principal amount of such Lender’s participation in the Loan;
(b) all accrued interest owing to such Lender;
(c) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 10.1 (Break Costs) had the Borrowers Borrower prepaid in full that Lender’s participation in the Loan (and each Tranche) on the date of the transfer; and
(d) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 7.5.5 The replacement of a Lender pursuant to clause 7.4.4 7.5.4 shall be subject to the following conditions:
(a) the Borrowers Borrower shall have no right to replace the Agent;
(b) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and
(c) in no event shall the Lender replaced under clause 7.4.4 7.5.4 be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.
7.4.6 If any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 7.5.1 If:
(a) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);; or
(b) any Lender claims indemnification from the Borrowers Borrower under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costs); or
(c) any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender, the Borrowers Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments Commitment of that Lender and their its intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of their its intention to replace that Lender in accordance with clause 7.4.47.5.4.
7.4.2 7.5.2 On receipt of a notice referred to in clause 7.4.1 7.5.1 above, the Commitments Commitment of that Lender shall immediately be reduced to zero and (unless the Commitments of the relevant Lender are replaced in accordance with clause 7.4.4) the remaining Ship Commitments shall each be reduced rateablyzero.
7.4.3 7.5.3 On the last day of each Interest Period of each Tranche which ends after the Borrowers have Borrower has given notice under clause 7.4.1 7.5.1 above (or, if earlier, the date specified by the Borrowers Borrower in that notice), the Borrowers Borrower shall repay that Lender’s participation in each Tranchethe Loan.
7.4.4 7.5.4 The Borrowers Borrower may, in the circumstances set out in clause 7.4.17.5.1, on 10 30 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 28 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 28 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(a) the outstanding principal amount of such Lender’s participation in the Loan;
(b) all accrued interest owing to such Lender;
(c) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 10.1 (Break Costs) had the Borrowers prepaid in full that Lender’s participation in the Loan (and each Tranche) on the date of the transfer; and
(d) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 The replacement of a Lender pursuant to clause 7.4.4 shall be subject to the following conditions:
(a) the Borrowers shall have no right to replace the Agent;
(b) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and
(c) in no event shall the Lender replaced under clause 7.4.4 be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents.
7.4.6 If any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
Right of replacement or cancellation and prepayment in relation to a single Lender. 7.4.1 (a) If:
(ai) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);
(bii) any Lender claims indemnification from the Borrowers under clause 12.3 (Tax indemnity) or clause 13.1 (Increased costsCosts); or;
(ciii) any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender; or
(iv) during a Market Disruption Event under clause 10.2 (Market Disruption Event), any Lender notifies the Agent of a sum under clause 10.3(a)(ii) and that sum is materially greater than the equivalent sums notified by the other Lenders to the Agent under the same clause 10.3(a)(ii), the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitments Commitment of that Lender Xxxxxx and their intention to procure the repayment of that Lender’s Xxxxxx's participation in the Loan or give the Agent notice of their its intention to replace that Lender in accordance with clause 7.4.47.4(d).
7.4.2 (b) On receipt of a notice referred to in clause 7.4.1 7.4(a) above, the Commitments Commitment of that Lender shall immediately be reduced to zero and (unless the Commitments Commitment of the relevant Lender are is replaced in accordance with clause 7.4.47.4(d)) the remaining Ship Total Commitments shall each be reduced rateably.
7.4.3 (c) On the last day of each Interest Period of each Tranche which ends after the Borrowers have given notice under clause 7.4.1 7.4(a) above in relation to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender’s Xxxxxx's participation in each Tranchethe Loan.
7.4.4 (d) The Borrowers may, in the circumstances set out in clause 7.4.17.4(a), on with 10 Business Days’ ' prior notice to the Agent and that LenderXxxxxx, replace that Lender by requiring that Lender to transfer (and, to the extent permitted by law, that Lender shall transfer) pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the aggregate of:
(ai) the outstanding principal amount of such Lender’s Xxxxxx's participation in the Loan;
(bii) all accrued interest owing to such Lender;
(ciii) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (Break Costs) had the Borrowers prepaid in full that Lender’s Xxxxxx's participation in the Loan (and each Tranche) on the date of the transfer; andand UK-#395507908-v8
(div) all other amounts payable to that Lender under the Finance Documents on the date of the transfer.
7.4.5 (e) The replacement of a Lender pursuant to clause 7.4.4 7.4(d) shall be subject to the following conditions:
(ai) the Borrowers shall have no right to replace the Agent;
(bii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender; and;
(ciii) in no event shall the Lender replaced under clause 7.4.4 7.4(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and
(iv) the Lender shall only be obliged to assign its rights pursuant to clause 7.4(d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that assignment and the Agent has approved such "know your customer" or other similar checks.
7.4.6 (f) A Lender shall perform the checks described in clause 7.4(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.4(d) above and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks.
(g) If any Lender becomes a Defaulting Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days’ ' notice of cancellation of the undrawn Commitments of that Lender.
7.4.7 (h) On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.
Appears in 1 contract
