Common use of Substitution of Lender Clause in Contracts

Substitution of Lender. If (i) the obligation of any Lender to make or maintain Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03 or 8.04, the Borrower shall have the right, with the assistance of the Administrative Agent, to designate an Assignee which is a bank or other financial institution to purchase for cash, pursuant to an instrument executed by such Assignee and such Lender, the outstanding Loans and Commitment(s) of such Lender and to assume all of such Lender's other rights and obligations hereunder without recourse to or warranty by such Lender, for a purchase price equal to the principal amount of all of such Lender's outstanding Loans plus any accrued but unpaid interest thereon and the accrued but unpaid Fees in respect of such Lender's Commitment(s) hereunder plus such amount, if any, as would be payable pursuant to Section 2.13 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, plus the compensation then due and payable pursuant to Sections 8.03 and 8.04.

Appears in 2 contracts

Samples: Credit Agreement (Wiley John & Sons Inc), Credit Agreement (Wiley John & Sons Inc)

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Substitution of Lender. If (i) the obligation of any Lender to make or maintain Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under pursuant to Section 8.03 or 8.048.04 or defaulted in its obligation to make any Loan pursuant to the terms of this Agreement, the Borrower shall have the right, with the assistance of the Administrative Agent, right to designate an Assignee which is a bank or other financial institution not an affiliate of the Borrower to purchase for cash, pursuant to an instrument executed by such Assignee Assignment and such LenderAssumption Agreement substantially in the form of Exhibit D hereto, the outstanding Loans Outstanding Credit Exposure and Commitment(s) Commitment of such Lender and to assume all of such Lender's ’s other rights and obligations hereunder without recourse to or warranty by such Lender, for a purchase price equal to the principal amount of all of such Lender's outstanding Loans ’s Outstanding Credit Exposure plus any accrued but unpaid interest thereon and the accrued but unpaid Facility Fees in respect of such that Lender's Commitment(s) ’s Commitment hereunder plus such amount, if any, as would be payable pursuant to Section 2.13 2.22 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, plus the compensation then due and payable pursuant to Sections Section 8.03 and or 8.04.

Appears in 2 contracts

Samples: Long Term Credit Agreement (Emerson Electric Co), Long Term Credit Agreement (Emerson Electric Co)

Substitution of Lender. If (i) the obligation of any Lender to make or maintain Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under pursuant to Section 8.03 or 8.048.04 or defaulted in its obligation to make any Loan pursuant to the terms of this Agreement, the Borrower shall have the right, with the assistance of the Administrative Agent, right to designate an Assignee which is a bank or other financial institution not an affiliate of the Borrower to purchase for cash, pursuant to an instrument executed by such Assignee Assignment and such LenderAssumption Agreement substantially in the form of Exhibit D hereto, the outstanding Loans Outstanding Credit Exposure and Commitment(s) Commitment of such Lender and to assume all of such Lender's ’s other rights and obligations hereunder without recourse to or warranty by such Lender, for a purchase price equal to the principal amount of all of such Lender's outstanding Loans ’s Outstanding Credit Exposure plus any accrued but unpaid interest thereon and the accrued but unpaid Facility Fees in respect of such that Lender's Commitment(s) ’s Commitment hereunder plus such amount, if any, as would be payable pursuant to Section 2.13 2.14 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, plus the compensation then due and payable pursuant to Sections Section 8.03 and or 8.04.

Appears in 1 contract

Samples: Long Term Credit Agreement (Emerson Electric Co)

Substitution of Lender. If Provided that no Default shall have occurred and be continuing, if (i) the obligation of any Lender to make or maintain Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03 or 8.04, the Borrower shall have the right, with the assistance of the Administrative Agent, right to designate an Assignee which is a bank not the Borrower, any Subsidiary or other financial institution an Affiliate to purchase for cash, pursuant to an instrument executed by such Assignee Assignment and such LenderAssumption Agreement substantially in the form of Exhibit G hereto, the outstanding Loans and Commitment(s) of such Lender and to assume all of such Lender's other rights and obligations hereunder without recourse to or warranty by such Lender, for a purchase price equal to the principal amount of all of such Lender's outstanding Loans plus any accrued but unpaid interest thereon and the accrued but unpaid Fees facility fees in respect of such any Lender's Commitment(s) hereunder plus such amount, if any, as would be payable pursuant to Section 2.13 2.14 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, plus the compensation then due and payable pursuant to Sections 8.03 and 8.04.

Appears in 1 contract

Samples: Credit Agreement (Mallinckrodt Inc /Mo)

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Substitution of Lender. If Provided that no Default shall have occurred and be continuing, if (i) the obligation of any Lender to make or maintain Euro-Euro- Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03 or 8.04, 8.04 the Borrower shall have the right, with the assistance of the Administrative Agent, right to designate an Assignee which is a bank or other financial institution not an Affiliate to purchase for cash, pursuant to an instrument executed by such Assignee Assignment and such LenderAssumption Agreement substantially in the form of Exhibit G hereto, the outstanding Loans and Commitment(s) of such Lender and to assume all of such Lender's other rights and obligations hereunder without recourse to or warranty by such Lender, for a purchase price equal to the principal amount of all of such Lender's outstanding Loans plus any accrued but unpaid interest thereon and the accrued but unpaid Fees facility fees in respect of such any Lender's Commitment(s) hereunder plus such amount, if any, as would be payable pursuant to Section 2.13 2.14 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation of such assignment, plus the compensation then due and payable pursuant to Sections 8.03 and 8.04.

Appears in 1 contract

Samples: Credit Agreement (Mallinckrodt Inc /Mo)

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