Common use of Right of replacement Clause in Contracts

Right of replacement. or repayment and cancellation in relation to a single Senior Lender (A) If: (1) any sum payable to any Senior Lender by an Obligor is required to be increased under Clause 13.1 (Tax gross-up); or (2) any Senior Lender claims indemnification from an Obligor under Clause 13.2 (Tax indemnity) or Clause 14.1 (Increased costs), the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Senior Agent notice of cancellation of the Commitment of that Senior Lender and its intention to procure the repayment of that Senior Lender's participation in the Senior Loans. (B) On receipt of a notice of cancellation referred to in paragraph (A) above, the Commitment of that Senior Lender shall immediately be reduced to zero. (C) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (A) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay the relevant Senior Lender's participation in the Senior Loan together with all interest and other amounts accrued under the Finance Documents.

Right of replacement. or repayment and cancellation in relation to a single Senior Lender (A) If: (1) any sum payable to any Senior Lender by an Obligor is required to be increased under Clause 13.1 ‎13.1 (Tax gross-up); or (2) any Senior Lender claims indemnification from an Obligor under Clause 13.2 ‎13.2 (Tax indemnity) or Clause 14.1 ‎14.1 (Increased costs), EUI-1201462749v32 11 the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Senior Agent notice of cancellation of the Commitment of that Senior Lender and its intention to procure the repayment of that Senior Lender's participation in the Senior Loans. (B) On receipt of a notice of cancellation referred to in paragraph (A‎(A) above, the Commitment of that Senior Lender shall immediately be reduced to zero. (C) On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under paragraph (A‎(A) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay the relevant Senior Lender's participation in the Senior Loan together with all interest and other amounts accrued under the Finance Documents.

Right of replacement. or repayment and cancellation in relation to a single Senior Lender (Aa) If: (1i) any sum payable to any Senior Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.1 13.2 (Tax gross-up); or (2ii) any Senior Lender claims indemnification from an Obligor a Borrower under Clause 13.2 13.3 (Tax indemnity) or Clause 14.1 14 (Increased costs), the Borrower Parent may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Senior Agent notice of cancellation of the Commitment of that Senior Lender and its intention to procure the repayment of that Senior Lender's ’s participation in the Senior Loans. (Bb) On receipt of a notice of cancellation referred to in paragraph (Aa) aboveabove in relation to a Lender, the Commitment of that Senior Lender shall immediately be reduced to zero. (Cc) On the last day of each Interest Period which ends after the Borrower Parent has given notice of cancellation under paragraph (Aa) above (or, if earlier, the date specified by the Borrower Parent in that notice), the each Borrower to which a Loan is outstanding shall repay the relevant Senior that Lender's ’s participation in the Senior Loan together with all interest and other amounts accrued under the Finance Documentsthat Loan.