Substitute Bank Sample Clauses

Substitute Bank. (i) To the extent any Bank delivers a Termination Notice pursuant to Section 2.08(b) above or a Reduction Notice pursuant to Section 2.08(c) above, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, upon prior written notice to the Agent, such Terminating Bank or Reducing Bank, as applicable, request that one or more additional banks reasonably satisfactory to the Agent (each, a “Joining Bank”) and/or existing Banks (each such existing Bank or Joining Bank, a “Substitute Bank”) assume all or any portion of the Commitment Amount of such Terminating Bank or Reducing Bank, as applicable. Each Terminating Bank or Reducing Bank agrees that, should it be identified for replacement prior to its Specified Termination Date or Reduction Date, as applicable, pursuant to this Section 2.08(d)(i), it will promptly execute and deliver all documents and instruments reasonably required by the Borrower and/or the Agent to assign the relevant portion such Terminating Bank’s or Reducing Bank’s Loans and Commitment to the applicable Substitute Bank on the applicable Specified Termination Date or Reduction Date, as applicable. The parties hereto hereby acknowledge and agree that no existing Bank shall be obligated to assume any portion of the Commitment Amount of a Terminating Bank or Reducing Bank hereunder, and any election to do so shall be in the sole and absolute discretion of such Bank. (ii) In the event that any Terminating Bank was not replaced pursuant to Section 2.08(d)(i) above prior to its Specified Termination Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date, with prior written notice to the Agent, request that one or more Substitute Banks (x) in the case of Joining Banks, join this Agreement as Banks with Commitments and/or (y) in the case of existing Banks, increase their existing Commitments, in an aggregate Commitment Amount of up to the applicable Commitment Amount of such Terminating Bank immediately prior to the applicable Specified Termination Date. In the event that Commitments of any Reducing Bank equal to the applicable Reduced Amounts were not replaced with Commitments of Substitute Banks pursuant to Section 2.08(d)(i) above prior to the applicable Reduction Date, so long as no Default or Event of Default has occurred and is continuing, the Borrower may, at any time prior to the Termination Date, with prior written notice t...

Substitute Bank. 4.6.1 If any Bank (a "Declining Bank") gives notice in accordance with the provisions of Clause 4.1 (Bank Notification) that it does not agree to a requested extension, then the Account Party may designate by the date which falls four weeks prior to the Funds Date of such year an Approved Credit Institution (the "Substitute Bank") which is willing to assume all of the rights and obligations of the Declining Bank in respect of its participation in the relevant Letter of Credit (the "Old Letter of Credit"). 4.6.2 If the Account Party has found a Substitute Bank it shall promptly notify the Agent and the Declining Bank thereof and shall procure the release by Lloyd's of the Old Letter of Credit from the Funds at Lloyd's of the relevant Applicant. 4.6.3 The Declining Bank shall as soon as reasonably practicable and in any event no later than the date which falls two weeks prior to the Funds Date of such year transfer its rights and obligations hereunder to the Substitute Bank in accordance with the provisions of Clause 26.5 (Transfers by Banks). 4.6.4 The Substitute Bank shall pay to the Declining Bank all amounts then due and owing (and all fees accrued to but excluding the date of such transfer) to the Declining Bank in respect of its participation in the Old Letter of Credit.

Substitute Bank. 4.4.1 If any Bank (a “Declining Bank”) gives notice in accordance with the provisions of Clause 4.3 (

Substitute Bank. SECTION 2.