Substitute Lender Clause Samples
The Substitute Lender clause allows a borrower to replace an existing lender with another lender under certain conditions. Typically, this provision is invoked if the original lender is unable to fulfill its obligations, imposes increased costs, or is subject to legal restrictions that affect the loan. By enabling the substitution of lenders, this clause ensures the continuity of the loan agreement and protects the borrower from unfavorable changes in lending terms or lender incapacity.
Substitute Lender. With effect on and from the Substitution Date, (a) Substitute Lender is taken to be a party to the Debt Documents with Commitments equal to the Substituted Commitment and Part 2 of Schedule A of the Loan Agreement is amended accordingly; (b) a reference in the Loan Agreement to ‘Lender’ includes a reference to the Substitute Lender; (c) Substitute Lender is taken to be a party to the Security Trust Deed; (d) Substitute Lender becomes bound by the Security Trust Deed and has the same rights as if it were a party to the Security Trust Deed as a ‘Beneficiary’; and (e) each reference in the Security Trust Deed to a ‘Beneficiary’ is taken to include a reference to the Substitute Lender.
Substitute Lender. If in any year any Lender (a DECLINING LENDER) gives notice in accordance with the provisions of Clause 4.2 (LENDERS' RIGHTS) that it does not agree to the extension scheduled to occur on 31 December of that year, then the Account Party may designate by the date which falls no later than the close of business on the earlier of the date which falls four weeks prior to the Funds Date of that year and the date which falls four weeks prior to 1 December of that year an Approved Credit Institution (which may be an existing Lender or Lenders) (the SUBSTITUTE LENDER) which is willing to assume all of the rights and obligations of the Declining Lender in respect of its participation in the relevant Letter of Credit (the OLD LETTER OF CREDIT).
Substitute Lender. If any Declining Lender delivers a Termination Request, the Account Party may designate by the date which falls no later than two Business Days before the end of the corresponding Declining Lender Notice Period an Approved Credit Institution (which may be an existing Lender or Lenders) (the Substitute Lender) which is willing to assume all of the rights and obligations of the Declining Lender in respect of its participation in the relevant Letter of Credit (the Old Letter of Credit).
Substitute Lender. If in any year any Lender (a Declining Lender) gives notice in accordance with the provisions of Clause 4.2 (Lenders’ Rights) that it intends to terminate its participation in a Letter of Credit in accordance with that clause, then the Account Party may designate by the date which falls no later than the close of business on the earlier of the date which falls four weeks prior to the Funds Date of that year and the date which falls four weeks prior to 1 September of that year an Approved Credit Institution (which may be an existing Lender or Lenders) (the Substitute Lender) which is willing to assume all of the rights and obligations of the Declining Lender in respect of its participation in the relevant Letter of Credit (the Old Letter of Credit).
Substitute Lender. Section 29.8(a) of this Agreement. Term – Section 27 of this Agreement. Textron Financial – first paragraph of this Agreement. Total Credit Line – recital G of this Agreement. Transamerica Facility – Section 22 of this Agreement. Unfunded Portion of an Advance – Section 29.8(a) of this Agreement.